United Company RUSAL, International Public Joint-Stock Company (486) H1 2025 earnings summary

Executive summary

• Revenue rose 32% year-over-year to USD7,520 million for H1 2025, but net loss reached USD87 million versus a profit of USD565 million in H1 2024, mainly due to higher costs and adverse FX impacts.

• Adjusted EBITDA declined 4.8% to USD748 million, with margin dropping to 9.9% from 13.8% year-over-year.

• The period was marked by global trade wars, EU restrictions on Russian aluminium, and a 25% rouble appreciation, offsetting gains from higher aluminium prices.

• The company advanced its decarbonisation strategy, expanded recycled aluminium output, and launched new low-carbon products.

Financial highlights

• Revenue: USD7,520 million (+32% year-over-year); cost of sales: USD6,110 million (+39.3%).

• Gross profit: USD1,410 million (gross margin 18.8%, down from 23.0%).

• Net loss: USD87 million (net margin -1.2%) vs. profit of USD565 million (net margin 9.9%) in H1 2024.

• Adjusted net loss: USD194 million; recurring net loss: USD16 million.

• Basic and diluted EPS: USD -0.0057 (vs. USD 0.0372 in H1 2024).

• Net debt increased to USD7,378 million from USD6,415 million at year-end 2024.

Outlook and guidance

• Management expects continued volatility due to geopolitical tensions, sanctions, and FX fluctuations.

• The company is revising supply and sales chains, focusing on resilience, and expects commodity prices to improve operating results.

• No interim dividend was declared for H1 2025.