Public Joint Stock Company Raspadskaya (RASP) H1 2025 earnings summary

Executive summary

• Revenue for the first half of 2025 was $699 million, down from $999 million year-over-year, with a net loss of $199 million compared to a $99 million loss in the prior year.

• The group faced significant negative impacts from a stronger ruble and declining coal export prices, as well as ongoing international sanctions.

• The financial statements were prepared on a going concern basis, with management confident in the group’s liquidity despite adverse conditions.

Financial highlights

• Gross profit fell to $131 million from $479 million year-over-year.

• Operating loss reached $258 million, with basic and diluted loss per share at $0.30 versus $0.15 last year.

• Cash and equivalents increased to $68 million from $43 million at year-end 2024.

• Total assets rose to $2,996 million from $2,470 million at year-end 2024.

Outlook and guidance

• Management expects continued challenges from sanctions, currency volatility, and weak export prices, but does not foresee material uncertainty regarding going concern.

• Additional cost and capital expenditure reductions are planned if conditions worsen.