Hong Kong-listed United Company RUSAL (00486.HK) released its audited results for the year ended 31 December 2025.

1. Revenue and Profitability • Revenue rose 22.6% year on year to US$14.81 billion, supported by a 16.4% jump in primary aluminium sales volume to 4.49 million tonnes and a 5.2% increase in average realised aluminium price to US$2,652 per tonne. • Adjusted EBITDA fell 29.5% to US$1.05 billion; margin narrowed to 7.1% from 12.4% a year earlier. • The Group swung to a net loss of US$455 million (2024: profit of US$803 million), translating into basic loss per share of US$0.030. Pre-tax loss reached US$239 million (2024: profit of US$858 million). • Key profit headwinds included a 32.3% surge in cost of sales to US$12.25 billion, driven by higher energy tariffs (+28.7%), raw-material costs (+12.9%) and impairments of US$230 million (down from US$580 million in 2024). • Finance expenses more than doubled to US$1.16 billion as interest costs and a net foreign-exchange loss of US$431 million weighed on earnings.

2. Contributions from Associates and JVs • Share of profits from associates and joint ventures advanced 18.1% to US$666 million. • Norilsk Nickel contributed US$514 million (+48.1% YoY); the market value of RUSAL’s 26.39% stake increased to US$7.69 billion (2024: US$4.59 billion).

3. Cash Flow and Balance Sheet • Operating cash flow jumped to US$1.68 billion (2024: US$483 million) on lower inventory build-up. • Capital expenditure rose 8.1% to US$1.48 billion; interest paid expanded 73.1% to US$0.86 billion. • Net debt increased 25.5% to US$8.05 billion; total assets grew 12.9% to US$25.06 billion, while equity attributable to shareholders edged up 4.5% to US$11.73 billion. • Working capital contracted 16.3% to US$3.84 billion.

4. Production and Pricing • Primary aluminium output slipped 1.9% to 3.918 million tonnes, but alumina production rose 6.7% to 6.858 million tonnes and bauxite output gained 16.2% to 18.453 million tonnes. • LME aluminium prices averaged US$2,630 per tonne (+8.7%), while RUSAL’s average premium above LME halved to US$76 per tonne (-51.6%). • Production cost per tonne in the aluminium segment increased 12.4% to US$2,276, reflecting higher energy and raw-material prices.

5. Segment Performance • Aluminium segment EBITDA fell to US$1.56 billion (-14.6% YoY); margin compressed to 14.1%. • Alumina segment swung to negative EBITDA of US$58 million (2024: US$27 million) amid cost pressure. • Energy and Mining & Metals segments benefited from associate contributions, notably Norilsk Nickel.

6. Capital Projects and Commitments • Development capex reached US$587 million, while maintenance-related pot rebuilds and re-equipment consumed US$890 million. • Site restoration provisions rose to US$319 million; capital commitments stood at US$907 million.

7. Outlook and Risks Management highlighted heightened geopolitical uncertainty, sanctions risk, volatile commodity markets and higher financing costs as ongoing challenges. The Group continues to adjust supply chains, optimise its capital structure and focus on cost control to support operations.

8. Dividend No dividend was declared for 2025, consistent with the prior year.