Rusal H1 2026: EBITDA Surges 74% as Losses Reverse, Revenue Slips
Rusal reported H1 2026 results with revenue declining 2.8% year-on-year to RUB 638,766 million, while EBITDA surged 74.3% to RUB 88,177 million, and net profit swung to RUB 32,099 million from a loss of RUB 7,599 million in H1 2025. Revenue growth accelerated from -15.6% in H2 2025 to -2.8% in H1 2026, while EBITDA growth also accelerated from -38.1% to +74.3% over the same period.
H1 2026 YoY Growth
What drove the result
The sharp EBITDA expansion was driven by cost discipline and operational efficiencies, despite a slight revenue decline. Net profit turned positive, reflecting improved operating performance and likely lower finance costs or non-cash gains. The EBITDA margin improved to 13.8% from 7.7% in H1 2025, a significant margin expansion.
Key figures
| Metric | Prior | Latest | Change |
|---|---|---|---|
| Revenue | 656,862 | 638,766 | -2.8% |
| EBITDA | 50,575 | 88,177 | +74.3% |
| Net profit | -7,599 | 32,099 | n/m |
Outlook
The strong H1 performance suggests Rusal is benefiting from cost measures and a stabilizing aluminum market. However, revenue contraction and rising net debt warrant caution. Watch for sustainability of EBITDA growth, aluminum price trends, and any impact from sanctions or logistics disruptions.
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