Rusal: Adjusted EBITDA will reach 1.053 billion US dollars by 2025
March 18, 2026
Rusal announced that for the year ending December 31, 2025, it achieved a revenue of 14.812 billion US dollars, an increase of 22.6% compared to the previous year; the gross profit was 2.558 billion US dollars, compared to 2.821 billion US dollars in the same period of the previous year; the adjusted EBITDA was 1.053 billion US dollars, a decrease of 29.5% compared to the previous year; the adjusted net loss was 787 million US dollars, compared to an adjusted net profit of 983 million US dollars in the same period of the previous year; the basic loss per share was 0.03 US dollars.
According to the disclosure, the revenue from the sales of primary aluminum and alloys increased by 22.4% to $11.909 billion by 2025, compared with $9.726 billion in 2024. This was mainly due to an increase of 16.4% in sales volume during the comparable period, and an increase of 5.2% in the weighted average realized aluminum price per ton (from an average of $2,520 per ton in 2024 to $2,652 per ton in 2025), driven by the rise in the aluminum price on the London Metal Exchange (from an average of $2,419 per ton in 2024 to $2,630 per ton in 2025). The revenue from the sales of alumina increased by 42.6% year-on-year to $646 million in 2025, due to a 35.6% increase in sales volume and a 5.3% increase in the average selling price.
As of December 31, 2025, the group's annual primary aluminum production was 391.8 million tons, compared to 399.2 million tons in the same period of 2024, representing a year-on-year decrease of approximately 1.9%. In 2025, aluminum sales increased by 16.4% to 449 million tons, compared to 385.9 million tons in 2024. During this period, the sales of value-added products ("VAP") increased by 6.0% to 150.7 million tons (142.2 million tons in 2024). The sales of value-added products accounted for 34% of the total sales (37% in 2024). In 2025, the average realized price of aluminum increased by 5.2% year-on-year to $2,652 per ton. The increase was mainly driven by the rise in the London Metal Exchange Settlement Price (QP) (an increase of 9.0% year-on-year to $2,576 per ton), but part of the increase was offset by a 51.6% year-on-year decline in the average realized premium component to $76 per ton.
