United Company RUSAL, International Public Joint-Stock Company (486) H2 2024 earnings summary

Executive summary

• Revenue for 2024 was $12,082 million, down 1.1% year-over-year, while adjusted EBITDA surged 90.1% to $1,494 million, reflecting improved margins and cost controls.

• Net profit rose 184.8% to $803 million, with adjusted net profit up 1,246.6% to $983 million and recurring net profit up 89.5% to $1,330 million year-over-year.

• Gross margin improved to 23.3% from 14.5% in 2023, and profit margin increased to 6.6% from 2.3%.

• Total assets grew 3.4% to $22,201 million, and equity attributable to shareholders increased to $11,216 million.

Financial highlights

• Revenue from primary aluminium and alloys fell 4.0% due to a 7.1% drop in sales volume, partially offset by a 3.3% increase in realised price per tonne.

• Alumina sales revenue rose 33.2% on higher volumes and prices; foil and other aluminium products revenue increased 6.4%.

• Cost of sales decreased 11.3% to $9,261 million, mainly from lower raw material prices and inventory changes.

• Adjusted EBITDA margin doubled to 12.4% from 6.4% year-over-year.

• Net cash from operating activities dropped 72.6% to $483 million, while net debt increased 11.0% to $6,415 million.

Outlook and guidance

• Management highlights ongoing geopolitical tensions and market volatility, with forecasts subject to rapid change.

• The company is revising supply and sales chains, optimizing capital structure, and adapting to maintain operations amid uncertainties.