United Company RUSAL, International Public Joint-Stock Company (486) H2 2023 earnings summary

Executive summary

• Revenue for 2023 was $12,213 million, down 12.6% year-over-year due to lower aluminium prices despite higher sales volumes.

• Net profit for 2023 was $282 million, a significant decrease from $1,793 million in 2022, reflecting margin compression and lower contributions from associates.

• Adjusted EBITDA fell 61.2% to $786 million, with margin dropping to 6.4% from 14.5% in 2022.

• Total assets decreased to $21,464 million, and net debt was reduced to $5,779 million.

Financial highlights

• Gross profit declined to $1,768 million (14.5% margin) from $3,204 million (22.9% margin) in 2022.

• Operating loss of $79 million compared to $1,316 million profit in 2022.

• Finance expenses decreased by 31.6% to $573 million, while finance income rose to $144 million.

• Share of profits from Norilsk Nickel and other associates dropped 56.3% to $629 million.

• Adjusted net profit was $73 million, down from $725 million in 2022.

Outlook and guidance

• Management highlights ongoing geopolitical and market volatility, with continued focus on cost control, supply chain adaptation, and maintaining operational continuity.

• Strategic priorities include further decarbonization, expansion of low-carbon aluminium, and investment in modernization and digitalization.