United Company RUSAL, International Public Joint-Stock Company (486) H2 2025 earnings summary

Executive summary

• Revenue grew 22.6% year-over-year to USD14,812 million, driven by higher aluminium sales volumes and prices.

• Despite revenue growth, the group reported a net loss of USD455 million versus a profit of USD803 million in 2024, mainly due to higher costs, increased finance expenses, and impairment charges.

• Adjusted EBITDA declined 29.5% year-over-year to USD1,053 million, with margin dropping to 7.1% from 12.4%.

• Total assets increased 12.9% to USD25,056 million, while net debt rose 25.5% to USD8,054 million.

Financial highlights

• Revenue from primary aluminium and alloys rose 22.4% to USD11,909 million, driven by a 16.4% increase in sales volume and a 5.2% rise in average realised price.

• Cost of sales increased 32.3% to USD12,254 million, outpacing revenue growth due to higher energy, raw material, and personnel costs.

• Gross profit fell to USD2,558 million (gross margin 17.3%), down from USD2,821 million (23.3%) in 2024.

• Distribution and administrative expenses rose 25% and 29.6% respectively, reflecting higher sales volumes, tariffs, and legal costs.

• Finance expenses more than doubled to USD1,155 million, mainly from increased interest and foreign exchange losses.

• Share of profits from associates and joint ventures increased 18.1% to USD666 million, with Norilsk Nickel contributing USD514 million.

• Adjusted net loss was USD787 million, compared to an adjusted net profit of USD983 million in 2024.

Outlook and guidance

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

• The group is redesigning supply and sales chains, focusing on maintaining operations and adapting to economic changes.