Public Joint Stock Company Raspadskaya (RASP) H2 2025 earnings summary

Executive summary

• Revenue declined 26% year-over-year to 119,238 million RUB in 2025, with a net loss of 53,045 million RUB compared to a net loss of 11,798 million RUB in 2024.

• Gross profit dropped sharply to 18,486 million RUB from 71,331 million RUB year-over-year.

• The company operates as a single segment, primarily producing coking coal, with 97% of revenue from this product.

Financial highlights

• Revenue: 119,238 million RUB in 2025, down from 160,605 million RUB in 2024.

• Net loss: 53,045 million RUB in 2025, compared to a net loss of 11,798 million RUB in 2024.

• Gross margin fell significantly due to higher cost of goods sold and increased reserves for inventory write-downs.

• EBITDA and operating income turned negative, with operating loss of 62,169 million RUB in 2025.

• Basic and diluted loss per share: (79.71) RUB in 2025 vs. (17.69) RUB in 2024.

Outlook and guidance

• Management expects continued challenges due to global coal market downturn, sanctions, and high volatility.

• Despite adverse conditions, management concluded there is no material uncertainty regarding going concern.