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, driven by higher aluminium prices and increased sales volumes, despite significant macroeconomic and geopolitical headwinds.

• Net loss of USD87 million was recorded, compared to a profit of USD565 million in H1 2024, mainly due to higher costs, increased finance expenses, and foreign exchange losses.

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

• The company maintained its focus on decarbonization, innovation, and market diversification amid new EU restrictions and global trade disruptions.

• Announced unaudited interim results for the six months ended 30 June 2025.

Financial highlights

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

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

• Adjusted EBITDA: USD748 million (margin 9.9%, down from 13.8%).

• Net loss: USD87 million (vs. profit of USD565 million YoY); adjusted net loss: USD194 million.

• Total assets: USD24,053 million; net debt: USD7,378 million.

Outlook and guidance

• Management expects continued volatility due to trade wars, currency fluctuations, and sanctions.

• U.S. aluminium premiums likely to rise further in H2 2025; European and Asian premiums expected to remain subdued.

• Ongoing focus on decarbonization, recycled metals, and advanced product development.