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Update

Re-runs extraction for each period with period-end year from max(2023, current year − 2) through the current year, oldest first (up to three reporting years). This can take a long time.

Sector: Metals & Steel

RU_MAGN

Price chart

21.24 RUBDay 0.17%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
21.24 RUB · 0.17%
Market cap
3.3 bn USD

Growth

Δ revenue y/y
-18.6%
Δ EBITDA y/y
-58.3%

Multiples

P/E (LTM)
—
3y avg: 5.2x
P/B (FY)
0.4x
P/E (ann.)
<0
EV/EBITDA (LTM)
—

Cash return

Dividend yield
—
FCF yield (LTM)
-187.0%

Value creation

to fair market cap at the current EV/EBITDA
Upside (potential)
-38.4%
↓ details

Liquidity

Daily turnover (MOEX)
43.2 mln RUB

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

🔍 Sanity check — subtotal consistency (Level-1 + Level-2) OK: 5 / Warn: 2 / Err: 10 / Autofix applied: 0
Port of PHP subtotal-total + sign-flip detection logic
PeriodIssues
2023-03-31 Q1✓OK
2023-06-30 Q2✓OK
2023-09-30 9M✓OK
2023-09-30 Q3✓OK
2023-12-31 FY✓OK
2023-12-31 Q4⚠Warn 1
2024-03-31 Q1✗Errors 1Warn 1
2024-06-30 Q2⚠Warn 2
2024-09-30 Q3✗Errors 1Warn 1
2024-12-31 FY✗Errors 1Warn 2
2024-12-31 Q4✗Errors 1Warn 1
2025-03-31 Q1✗Errors 1Warn 3
2025-06-30 Q2✗Errors 1Warn 1
2025-09-30 Q3✗Errors 1Warn 2
2025-12-31 FY✗Errors 2Warn 2
2025-12-31 Q4✗Errors 2Warn 1
2026-03-31 Q1✗Errors 4Warn 6
✓ All checks pass · ⚠ Has warnings (review) · ✗ Has errors (needs fix) · ✓* Autofix applied (see evidence)

Financial dynamics

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-03-31Q1 2026 (3M)OK1.8
y/y -18.6%
-0.1
y/y -171.8%
0.2
y/y -4.9%
0.1
y/y -58.3%
0.0
y/y -143.7%
0.0-15.812.6
y/y 60.0%
9.3
y/y -2.9%
-0.8%-66.5Report (PDF)
2025-12-31Q4 2025 (3M)OK2.0
y/y -12.0%
0.0
y/y -63.3%
0.2
y/y 15.1%
0.3
y/y -15.6%
-0.4
y/y -313.9%
0.4-26.312.3
y/y -3.9%
9.3
y/y -3.6%
-2.2%-79.9Report (PDF)
2025-09-30Q3 2025 (3M)OK2.1
y/y -18.6%
0.1
y/y -83.2%
0.2
y/y 14.8%
0.3
y/y -47.2%
0.1
y/y -71.1%
0.3-21.38.0
y/y -37.3%
9.7
y/y 2.7%
1.0%-71.7Report (PDF)
2025-06-30Q2 2025 (3M)OK2.2
y/y -31.0%
0.1
y/y -79.3%
0.2
y/y 8.6%
0.3
y/y -56.1%
0.0
y/y -90.7%
0.3-23.912.6
y/y -0.4%
9.6
y/y 0.7%
1.4%-68.9Report (PDF)
2025-03-31Q1 2025 (3M)OK2.2
y/y -17.9%
0.1
y/y -78.5%
0.2
y/y 3.8%
0.3
y/y -53.3%
0.0
y/y -86.8%
0.3-20.87.8
y/y -40.1%
9.6
y/y -0.6%
1.8%-72.7Report (PDF)
2024-12-31Q4 2024 (3M)OK2.3
y/y -19.6%
0.1
y/y -76.5%
0.2
y/y -4.3%
0.3
y/y -56.5%
0.2
y/y -64.0%
0.5-28.412.8
y/y 1.2%
9.7
y/y 4.0%
11.7%-72.9Report (PDF)
2024-09-30Q3 2024 (3M)OK2.6
y/y -9.6%
0.3
y/y -44.1%
0.2
y/y 17.1%
0.5
y/y -30.8%
0.2
y/y -47.9%
0.4-25.412.8
y/y —
9.5
y/y —
3.4%-94.7Report (PDF)
2024-06-30Q2 2024 (3M)OK3.2
y/y 13.0%
0.5
y/y -15.6%
0.2
y/y 19.5%
0.7
y/y -8.5%
0.4
y/y -16.8%
0.7-25.612.6
y/y 9.0%
9.5
y/y 14.3%
15.5%-83.5Report (PDF)
2024-03-31Q1 2024 (3M)OK2.7
y/y 25.5%
0.4
y/y 37.1%
0.2
y/y 22.2%
0.6
y/y 32.1%
0.3
y/y 20.5%
0.4-21.813.1
y/y 3.5%
9.7
y/y 3.8%
14.1%-99.7Report (PDF)
2023-12-31Q4 2023 (3M)OK2.9
y/y —
0.5
y/y —
0.2
y/y —
0.7
y/y —
0.5
y/y —
0.6-45.112.7
y/y —
9.3
y/y —
—-92.9Report (PDF)
2023-09-30Q3 2023 (3M)PARTIAL2.9
y/y —
0.6
y/y —
0.2
y/y —
0.7
y/y —
0.5
y/y —
0.6-27.2—
y/y —
—
y/y —
—-87.9Report (PDF)
2023-06-30Q2 2023 (3M)OK2.8
y/y —
0.6
y/y —
0.2
y/y —
0.8
y/y —
0.4
y/y —
0.4-26.311.6
y/y —
8.4
y/y —
20.3%-82.8Report (PDF)
2023-03-31Q1 2023 (3M)OK2.2
y/y —
0.3
y/y —
0.2
y/y —
0.5
y/y —
0.3
y/y —
0.5-18.912.7
y/y —
9.3
y/y —
—-73.9Report (PDF)
Data quality — review suggested

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodCrude steel
mln t		Pig iron
mln t
Q4 2025-122.54
+6.0%		—
FY 2025-1210.10
−9.8%		9.10
−4.1%
Q3 2025-092.42
−2.3%		—
Q2 2025-062.56
−24.2%		—
Q1 2025-032.57
−13.4%		—
Q4 2024-122.40—
FY 2024-1211.209.49
Q3 2024-092.48—
Q2 2024-063.38—
Q1 2024-032.97—

ММК, операционные результаты Группы по кварталам (mmk.ru/ru/ir; Интерфакс/Ведомости/metalinfo). Выплавка стали, млн т — 2024: Q1 2,970 / Q2 3,377 / Q3 2,480 / Q4 2,400 (год 11,195); 2025: Q1 2,573 / Q3 2,423 / Q4 2,543 (Q2 2,561 — остаток до годовой суммы 10,1). Чугун — годовой: 9,49→9,1 млн т (2024 восстановлен).

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Steel

Annual production
10.16 Mt
2025

Production, Mt

12.99202311.20202410.162025

Production

YearProduction, Mt
202510.16
−9.3%
202411.20
−13.8%
202312.99

MMK (Magnitogorsk) official 12M2025 operational release: crude steel 10.159 Mt (-9.2% YoY). FY2024 11.195 Mt.

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01 0002 0003 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-200%0%200%400%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF ($ mln)

-750-500-25002505002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash ($ mln)

-100 000-80 000-60 000-40 000-20 00002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Key-commodity price — Iron & Steel Scrap

Current 597spot vs LTM +10%

Commodity price upside

The same staged build as the commodity players: revenue → costs → EBITDA → conservative EBITDA (min of the spot case and the spot/3-yr average) → target market cap at the current EV/EBITDA. Cash costs are indexed by RU inflation (~7%); a pure producer has no commodity cost driver to re-price.

USD/RUB: spot 72 vs LTM-avg 80 → ×0.90 (ruble stronger → less RUB revenue); applied to USD-priced commodities (RUB gold left as-is).

Upside (conservative): -38% · spot -28% · 3-yr -49%

How it is calculated — revenue → costs → EBITDA → conservative EBITDA → target market cap

1 · Reported baseline (latest FY)
Revenue609.9 bln RUB
EBITDA81.5 bln RUB
Cash costs (revenue − EBITDA)528.4 bln RUB
2 · Revenue projection
Multiplier — spot×0.99 (-1%)
= Spot revenue605.1 bln RUB
Multiplier — 3-yr prices×0.95 (-5%)
= 3-yr-price revenue580.7 bln RUB
3 · Cost projection (+ RU inflation ~5%)
Cost multiplier×1.05 (+5%)
= Cash costs554.8 bln RUB
4 · EBITDA projection (revenue − costs)
= Spot EBITDA50.3 bln RUB
= 3-yr-price EBITDA25.9 bln RUB
= Avg-scenario EBITDA (spot + 3-yr)/238.1 bln RUB
Conservative EBITDA = min(spot, avg(spot, 3-yr))38.1 bln RUB
5 · Valuation → target market cap
EV/EBITDA (current)2.5x
Target EV = EV/EBITDA × conservative EBITDA96.6 bln RUB
Net debt-79.9 bln RUB
Target market cap = EV − net debt176.5 bln RUB
Current market cap286.5 bln RUB

Upside = target market cap ÷ current − 1 = -38%

Product prices — move vs the LTM average; the 'RUB' columns include the USD/RUB move.

CommodityRevenue shareSpotLTM avg$ vs LTMRUB vs LTM (FX)RUB 3-yr (FX)
Iron & Steel Scrap90%596.69543.96+10%-1%-5%

Dividend potential

Dividends suspended (~1.7 yr without a payout)

The company has not paid a dividend for over 18 months — profit is going to capex or deleveraging (e.g. Nornickel, NLMK, RusHydro, FSK). The forecast payout is zeroed until distributions resume; profit and cash flow may still be healthy.

1 · Forecast dividend (per policy)
Smoothed net profit (median YTD-ann./LTM/FY)-15 bn RUB
Payout ratio48%
Free cash flow (FY, OCF − capex)6 bn RUB
Recent actual dividend (3-yr median)5.25 ₽
= Forecast dividend per share0.00 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.5%
Historical yield spread to rate (3-yr median)-7.7 pp
= Fair dividend yield11.0%
3 · Valuation → upside
Current price21.29 ₽
Forecast dividend yield—
Fair price (dividend-based)0 ₽

Forecast, not investment advice. Earnings annualization and policy assumptions are estimates.

Dividends

No dividend rows found for this issuer.

Investor reporting (IR): https://www.e-disclosure.ru/portal/files.aspx?id=9

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)