RUSAL's stock price plummeted 7.24% at the market open on Wednesday, following the release of its annual financial results for 2025.

The Hong Kong-listed aluminium giant reported a net loss of $455 million for the year, a significant swing from a net profit of $803 million in 2024. The company cited higher cost of sales, which surged 32.3% to $12.25 billion driven by increased energy tariffs and raw-material costs, alongside a 1.9% decline in primary aluminium production as key factors weighing on profitability.

Despite a 22.6% increase in revenue to $14.81 billion, the company faced margin compression, with adjusted EBITDA falling 29.5% and its margin narrowing to 7.1%. Finance expenses more than doubled to $1.16 billion, further pressuring earnings. Management highlighted ongoing challenges including geopolitical uncertainty, sanctions risk, and volatile commodity markets.