United Company RUSAL (00486) released its unaudited results for the six months ended 30 June 2026, registering a solid rebound on the back of a sharp rise in aluminium prices.

Financial highlights • Revenue climbed 10.91% year-on-year to USD 8.34 billion, driven by a 23.6% jump in the realised aluminium price to USD 3,227 per tonne. • Adjusted EBITDA surged 64.4% to USD 1.23 billion, lifting the margin to 14.8% from 9.9% a year earlier. • Net profit reached USD 419 million, versus a USD 87 million loss in 1H 2025, translating into a 5.0% net margin. • Adjusted net profit totalled USD 196 million (vs. a USD 194 million loss), while recurring net profit (which adds RUSAL’s share of Norilsk Nickel earnings) rose to USD 615 million. • Energy-driven cost pressures kept cost of sales growth to 3.3%; electricity tariffs rose 31.4% year-on-year.

Operational performance • Primary aluminium output increased 4.5% to 2.01 million tonnes; alumina production grew 7.6% to 3.66 million tonnes. • Bauxite production rose 12.8% to 10.91 million tonnes, supported by expanded capacity at the Dian-Dian and Kindia mines in Guinea. • Value-added product volume fell 3.1% to 622 thousand tonnes amid softer demand.

Balance-sheet snapshot • Total assets stood at USD 25.53 billion (+1.90% versus end-2025). • Net debt increased 10.53% to USD 8.90 billion, partly reflecting higher working-capital needs; gearing edged up to 38.9%. • Capital expenditure reached USD 652 million, focused mainly on sustaining production facilities and environmental upgrades.

Market backdrop • Average LME aluminium price rose 33.4% year-on-year to USD 3,386 per tonne, though premiums remained volatile amid Middle-East supply disruptions and currency swings. • Global primary aluminium market recorded a 0.20 million-tonne deficit in 1H 2026 versus a 0.30 million-tonne shortage a year earlier; China remained in deficit while ex-China markets showed surplus.

Segment results • Aluminium segment EBITDA more than doubled to USD 1.40 billion, with margin expanding to 22.3%. • Alumina segment swung to a USD 156 million negative EBITDA, pressured by lower alumina prices (-27.5% to USD 427 per tonne) and higher input costs. • Share of profits from Norilsk Nickel contributed USD 419 million to earnings.

Strategic developments • Commercialisation of inert-anode technology advanced with the first retrofit of a Soderberg electrolyser. • RUSAL raised its alumina self-sufficiency to 89% following the 26% stake acquisition in India’s Pioneer alumina refinery in July 2025. • No interim dividend was declared; management continues to prioritise investment in efficiency, decarbonisation and digitalisation projects.

Outlook Management warned of continued volatility in aluminium pricing, energy costs and geopolitical conditions but remains focused on cost optimisation, technological upgrades and expanding low-carbon aluminium offerings.