Frontierby eninvs

Language: EN · RU

← Region

Rusal RUB

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_RUAL

Price chart

36.16 RUBDay -3.38%

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
36.16 RUB · -3.38%
Market cap
549.4 bn RUB

Growth

Δ revenue y/y
-15.6%
Δ EBITDA y/y
-38.1%

Multiples

P/E (LTM)
—
3y avg: 13.5x
P/B (FY)
0.6x
EV/EBITDA (LTM)
10.2x
3y avg: 18.6x
EV/EBITDA (ann.)
40.7x

Cash return

Dividend yield
—
FCF yield (LTM)
2.9%

Liquidity

Daily turnover (MOEX)
1 bln 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: 3 / Warn: 1 / Err: 5 / Autofix applied: 0
Port of PHP subtotal-total + sign-flip detection logic
PeriodIssues
2023-06-30 H1✓OK
2023-12-31 FY✓OK
2023-12-31 H2✓OK
2024-06-30 H1✗Errors 1Warn 1
2024-12-31 FY⚠Warn 2
2024-12-31 H2✗Errors 1Warn 1
2025-06-30 H1✗Errors 1Warn 2
2025-12-31 FY✗Errors 1Warn 1
2025-12-31 H2✗Errors 1Warn 2
✓ All checks pass · ⚠ Has warnings (review) · ✗ Has errors (needs fix) · ✓* Autofix applied (see evidence)

Financial dynamics

Monetary columns are in B RUB, 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 RUBOperating profitB RUBD&AB RUBEBITDAB RUBNet profitB RUBOperating CFB RUBCapex + M&AB RUBAssetsB RUBEquityB RUBROE (annualized)Net debtB RUBSource
2025-12-31FY 2025 (12M)OK531.4
y/y -15.6%
-11.9
y/y -136.8%
26.4
y/y -7.2%
65.1
y/y 177.8%
-28.9
y/y -216.1%
56.9-117.41970.7
y/y -12.7%
922.2
y/y -19.1%
-3.9%631.0Link
2025-06-30Q2 2025 (3M)OK656.9
y/y 27.0%
22.0
y/y -44.9%
28.6
y/y 26.3%
50.6
y/y -19.2%
-7.6
y/y -114.8%
77.6-1.01887.4
y/y -0.1%
949.8
y/y -7.4%
-1.5%555.9Link
2024-12-31FY 2024 (12M)OK629.4
y/y -7.9%
34.9
y/y 821.0%
28.4
y/y -8.7%
86.0
y/y 226.9%
24.9
y/y 512.0%
82.4-128.52257.4
y/y 16.4%
1140.4
y/y 14.6%
7.0%639.2Link
2024-06-30Q2 2024 (3M)OK517.1
y/y 12.6%
39.9
y/y 1667.8%
22.6
y/y 16.7%
62.6
y/y 271.6%
51.3
y/y 58.2%
-36.6-1.11889.2
y/y -1.5%
1025.8
y/y 1.6%
10.2%531.9Link
2023-12-31FY 2023 (12M)OK683.6
y/y —
-4.8
y/y —
31.1
y/y —
26.3
y/y —
26.4
y/y —
146.4-98.31939.5
y/y —
995.4
y/y —
2.6%482.3Link
2023-06-30Q2 2023 (3M)OK459.0
y/y —
-2.5
y/y —
19.4
y/y —
16.8
y/y —
32.4
y/y —
18.2-0.51918.6
y/y —
1009.9
y/y —
—562.0Link
Data quality No obvious scale, balance-sheet, or cash-flow sanity issues in the displayed periods.

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodAluminium
млн т		Alumina
млн т		Bauxite
млн т		Aluminium sales
млн т
FY 2025-123.92
−1.9%		6.86
+6.7%		18.45
+16.2%		4.49
+16.0%
FY 2024-123.996.4315.883.87

РУСАЛ, операционные результаты за 2025 г. (rusal.ru, мар. 2026): алюминий 3,918 млн т (-1,9% г/г), глинозём 6,858 млн т (+6,7%), бокситы 18,453 млн т (+16,2%), реализация алюминия и сплавов 4,49 млн т (+16%). 2024 г. восстановлен из заявленных темпов.

Production & Reserves

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

Aluminium

Annual production
3.92 Mt
2025

Production

YearProduction, Mt
20253.92
20243.99
20233.85

Rusal FY2025 primary aluminium 3.918 Mt (-1.9% YoY). FY2024 3.99 Mt. Bauxite reserves not disclosed as aluminium metal.

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

0200 000400 000600 0002023 H12023 H22024 H12024 H22025 H12025 H2

Year-over-year change

-100%0%100%200%300%2023 H12023 H22024 H12024 H22025 H12025 H2

Cash flow

Net debt / cash ($ mln)

0200 000400 000600 0002023 H12023 FY2024 H12024 FY2025 H12025 FY

Commodity price upside

The same staged build as the commodity players: revenue → costs → EBITDA → conservative EBITDA (min of the spot- and 3-yr-average-price cases) → target market cap at the current EV/EBITDA. Costs held flat (a producer has no commodity on the cost side).

USD/RUB: spot 73 vs LTM-avg 80 → ×0.91 (ruble stronger → less RUB revenue); applied to USD-priced commodities (RUB gold left as-is). EV/EBITDA capped at 10x (actual 18.0× distorted by a low-EBITDA year).

Upside (conservative): -90% · spot +264% · 3-yr -90%

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

1 · Reported baseline (latest FY)
Revenue1.19 trn RUB
EBITDA65.1 bln RUB
Cash costs (revenue − EBITDA)1.12 trn RUB
2 · Revenue projection
Multiplier — spot×1.16 (+16%)
= Spot revenue1.38 trn RUB
Multiplier — 3-yr prices×0.89 (-11%)
= 3-yr-price revenue1.06 trn RUB
3 · Cost projection (held flat)
Cost multiplier×1.00 (+0%)
= Cash costs1.12 trn RUB
4 · EBITDA projection (revenue − costs)
= Spot EBITDA260.8 bln RUB
= 3-yr-price EBITDA-60.4 bln RUB
Conservative EBITDA = min(spot, 3-yr)-60.4 bln RUB
5 · Valuation → target market cap
EV/EBITDA (current, capped 10x)10.0x
Target EV = EV/EBITDA × conservative EBITDA-604.0 bln RUB
Net debt631.0 bln RUB
Target market cap = EV − net debt0 mln RUB
Current market cap542.9 bln RUB

Upside = target market cap ÷ current − 1 = -90%

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)
Aluminum90%3 599.802 782.71+29%+18%-12%

Dividends

No dividend rows found for this issuer.

Investor reporting (IR): https://www.e-disclosure.ru/portal/files.aspx?id=38288

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