Terrafame revenue climbs to €266 million but remains in the red

Finnish battery chemical and multi-metal company Terrafame improved its profitability in the first half of 2026, though its operating result stayed negative, the firm reported to Yle.

Revenue rose 13.9% to €266 million, while operating profit doubled to €51 million, driven by operational efficiency gains and stronger nickel market prices. Battery chemical sales held steady as production was temporarily scaled back due to higher intermediate product prices, while multi-metal intermediate sales grew 28.7% year-on-year.

The operating result stood at a loss of €8.5 million, down from a €24 million loss in the same period last year, as large investments weighed on depreciation. CEO Antti Koulumies cited cost inflation for chemicals and fuels, temporary adjustments in battery chemical production, and higher mining and electricity taxes introduced at the start of the year as key pressures on profitability.

Without the tax hikes, Koulumies stated, Terrafame’s result would have turned positive. In response to the increased mining tax, the company launched negotiations in spring and later announced plans to cut up to 109 jobs in Sotkamo.