（根據澤西法律註冊成立的有限公司並在俄羅斯聯邦存續的國際公司） （香港聯交所股份代號：486；莫斯科交易所證券代碼：RUAL； 聖彼得堡交易所證券代碼：RUAL） 持續關連交易 連接電網合約 本公司宣佈，本集團成員公司於其一般日常業務過程中與En+的聯繫人JSC 「IENC」訂立合約，據此，JSC「IENC」同意向本集團成員公司提供連接電網服務。 本公司宣佈，本集團成員公司於其一般日常業務過程中與En+的聯繫人JSC「IENC」 訂立合約，據此，JSC「IENC」同意向本集團成員公司提供連接電網服務（「連接電網 合約」），詳情如下。 – 1 – 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部分內容而產生或因倚賴該等內容 而引致的任何損失承擔任何責任。 UNITED COMPANY RUSAL, INTERNATIONAL PUBLIC JOINT-STOCK COMPANY | | | | | | 截至二零二六年 | | | | --- | --- | --- | --- | --- | --- | --- | ...

Group 1 - The aluminum sector in the Hong Kong stock market experienced a significant rally, with notable increases in stock prices for various companies, including a rise of over 29% for China Aluminum International [1] - The surge in aluminum prices was driven by recent attacks on aluminum production facilities in the Middle East, exacerbating an already tight global supply situation [1] - The London Metal Exchange (LME) reported a peak aluminum price of $3,492 per ton, reflecting a substantial increase of 6% during early trading [1] Group 2 - Major aluminum producers in the Middle East, such as Emirates Global Aluminium, reported severe damage to their facilities, impacting production capabilities [1] - The ongoing geopolitical tensions in the region have led to significant supply constraints, with smelters unable to export finished aluminum or import raw materials [1] - The potential long-term disruption of production capacity could lead to an extended supply gap in the aluminum market, even if shipping routes like the Strait of Hormuz are restored [1] Group 3 - Specific stock performance data includes: - Nanshan Aluminum International: up 7.07% with a market cap of 34.744 billion and a year-to-date increase of 15.61% [2] - China Aluminum: up 5.64% with a market cap of 195.91 billion and a year-to-date decrease of 6.16% [2] - Innovation Industry: up 5.20% with a market cap of 60.424 billion and a year-to-date increase of 40.54% [2] - China Hongqiao: up 4.29% with a market cap of 359.034 billion and a year-to-date increase of 10.30% [2] - Rusal: up 3.90% with a market cap of 64.722 billion and a year-to-date decrease of 12.16% [2]

Financial Performance - Revenue for the year ended December 31, 2025, was $14,812 million, representing a 22.6% increase compared to $12,082 million in 2024[2] - Adjusted EBITDA decreased by 29.5% to $1,053 million from $1,494 million year-on-year, with an adjusted EBITDA margin of 7.1%[2] - The company reported a net loss of $455 million for the year, compared to a profit of $803 million in 2024[2] - Gross profit for the year ending December 31, 2025, was $2,558 million, down from $2,821 million in 2024, with gross margins of 17.3% and 23.3% respectively[28] - The group recorded a loss before tax of $239 million for the year ended December 31, 2025, compared to a profit before tax of $858 million for the year ended December 31, 2024[36] - The group reported a net loss of $239 million for the year, a decline from a profit of $858 million in the previous year, primarily due to increased financial expenses[98] Assets and Liabilities - Total assets rose by 12.9% to $25,056 million compared to $22,201 million in 2024[7] - Total liabilities rose by $2,345 million or 21.3% from $10,985 million as of December 31, 2024, to $13,330 million as of December 31, 2025, primarily due to an increase in outstanding financial debt[41] - The company's total assets increased by $2,855 million or 12.9% from $22,201 million as of December 31, 2024, to $25,056 million as of December 31, 2025[41] - Non-current assets rose to $16,803 million, an increase of 21.3% from $13,840 million in 2024[53] - Current liabilities surged to $9,336 million, up from $6,759 million in 2024, indicating a significant increase in short-term obligations[57] Cash Flow - Operating cash flow for the year was $1,676 million, a significant increase of 247.0% from $483 million in 2024[9] - Net cash generated from operating activities for the year ended December 31, 2025, was $1,676 million, compared to $483 million in the previous year, mainly due to a decrease in inventory[42] - Cash used in investing activities for the year ended December 31, 2025, was $1,354 million, compared to $1,078 million in the previous year, with cash spent on property, plant, and equipment amounting to $1,477 million[42] - Cash used in financing activities for the year ended December 31, 2025, was $332 million, up from $113 million in the previous fiscal year, primarily due to increased interest payments[42] Production and Sales - Alumina production increased by 0.7% to 3,458 thousand tons from 3,435 thousand tons year-on-year[3] - Sales of primary aluminum and alloys rose by 11.3% to 2,204 thousand tons compared to 1,980 thousand tons in the previous year[3] - The company's aluminum production for the year ending December 31, 2025, was 3,918 thousand tons, a decrease of approximately 1.9% from 3,992 thousand tons in 2024[18] - Aluminum sales increased by 16.4% to 4,490 thousand tons in 2025, compared to 3,859 thousand tons in 2024[18] - Revenue from primary aluminum and alloys rose by $2,183 million or 22.4% to $11,909 million in 2025, primarily due to a 16.4% increase in sales volume and a 5.2% rise in average realized aluminum price[23] Costs and Expenses - Total sales costs rose by $2,993 million or 32.3% to $12,254 million in 2025, compared to $9,261 million in 2024, mainly due to a 16.4% increase in primary aluminum sales volume[26] - Energy costs increased by $654 million or 28.7% to $2,931 million in 2025, attributed to a 31.3% rise in average electricity prices[26] - Distribution expenses increased by 25.0% to $1,060 million for the year ended December 31, 2025, compared to $848 million for the year ended December 31, 2024, primarily due to increased sales and rising transportation rates[29] - The company's alumina cost increased by $118 million or 5.4% to $2,286 million in 2025, primarily due to a 6.4% increase in procurement volume[26] Financial Position - Net debt increased by 25.5% to $8,054 million from $6,415 million in the previous year[7] - The company's equity totalled $11,726 million in 2025, a slight increase from $11,216 million in 2024[55] - The company experienced a foreign exchange gain of $1,155 million from equity accounted investments, contrasting with a loss of $496 million in 2024[51] - The company reported a significant foreign exchange loss of $431 million in 2025, contrasting with a gain of $283 million in 2024[61] Taxation - Income tax expense increased to $216 million for the year ended December 31, 2025, compared to $55 million for the year ended December 31, 2024[37] - The effective tax rate increased to 25% starting January 1, 2025, up from 20% in 2024 due to legislative changes[125] - Deferred tax expense for 2025 was $102 million, compared to a deferred tax income of $65 million in 2024[123] Geopolitical and Regulatory Environment - The geopolitical instability in Russia, Jamaica, and Guinea has significantly impacted the company's operations and financial condition, with ongoing risks not typically present in other markets[72] - The company was designated as a Specially Designated National (SDN) by OFAC in April 2018, leading to the blocking of all properties and interests in the U.S.[73] - The company and its major shareholder, EN+ Group, were removed from the OFAC SDN list in January 2019, contingent upon several conditions being met, including governance changes[74] Future Outlook - Management anticipates a rise in global commodity prices, which is expected to improve operational performance[75] - The company plans to continue focusing on market expansion and technological advancements to enhance its competitive position in the global market[100] - The aluminum sales price forecast for 2026 is $2,874 per ton, with a gradual increase projected through 2030, reaching $2,911 per ton[189] Segment Information - The group has four reportable segments: Aluminum, Alumina, Energy, and Mining and Metals, each managed separately and reviewed regularly by the CEO[91] - The Aluminum segment involves the production and sale of primary aluminum and related products, while the Alumina segment includes the refining of bauxite into alumina[92] - The Energy segment encompasses coal mining and sales, as well as power generation and distribution from multiple sources[92] Investments and Joint Ventures - The group's investment in joint ventures and associates increased to $6,828 million as of December 31, 2025, up from $4,868 million in 2024, representing a growth of 40.2%[199] - The group's share of profits from joint ventures and associates was $666 million for the year, compared to $564 million in the previous year, reflecting a year-over-year increase of 18.1%[199] - The group recognized a dividend distribution of $100 million from joint ventures, up from $34 million in the previous year, marking a substantial increase[199]

Group 1 - Aluminum stocks in Hong Kong have risen, with Innovation Industry leading the gains at over 8%, followed by China Aluminum at 5.5%, China Hongqiao at over 4%, Rusal at 4.2%, and Nanshan Aluminum International at 3.7% [1] - The escalation of conflicts in the Middle East has negatively impacted supply prospects, causing aluminum prices to reach their highest level in nearly four years [1] - At least two major smelting plants in the Middle East, located in Qatar and Bahrain, have been forced to suspend deliveries, prompting U.S. buyers to urgently seek alternative supplies from Asia [1] Group 2 - CICC's report indicates that the aluminum supply-demand gap is widening, and the vulnerabilities brought by the U.S.-Iran conflict, combined with positive global fiscal and monetary policies, suggest that aluminum prices may reach new highs [1] - With low-cost conditions, the profit per ton of aluminum is expected to further widen, and the report recommends focusing on companies with high self-sufficiency in electricity and alumina, specifically highlighting Nanshan Aluminum International, China Hongqiao, and China Aluminum [1]

Group 1 - The aluminum sector in the Hong Kong stock market is experiencing significant activity, with notable price increases among key companies [1] - China Hongqiao has seen its stock price rise over 3%, approaching historical highs [1] - China Aluminum's stock has increased by more than 2%, while other companies like Chuang Ke Industrial and Xingfa Aluminum have also shown positive movements, with increases of 1.9% and over 1%, respectively [1]

Group 1 - The aluminum sector in Hong Kong is experiencing significant activity, with China Hongqiao rising over 3%, China Aluminum increasing by more than 2%, and other companies like Chuangke Industrial and Xingfa Aluminum also seeing gains [1][1][1] - The LME aluminum price reached its highest level since May 2022, rising over 4% after a force majeure event at Alba [1][1][1] - By 2025, the Middle East is projected to have alumina production capacity of approximately 4.5 million tons per year, accounting for 2% of global capacity, and electrolytic aluminum capacity of about 6.92 million tons per year, representing 9% of global capacity [1][1][1] Group 2 - If the Strait of Hormuz remains blocked, oil and gas prices, as well as overseas electricity prices, may continue to rise significantly, leading to a potential secondary energy crisis [1][1][1] - The aluminum industry is particularly sensitive to energy price fluctuations due to its high electricity consumption [1][1][1] - China's energy import dependency is relatively low at 20%, and the country has competitive energy prices, which could enhance the profitability of domestic aluminum companies if an energy crisis occurs [1][1][1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不會對因本公告全部或任何部分內容而產生或因倚賴該等 內容而引致的任何損失承擔任何責任。 UNITED COMPANY RUSAL, INTERNATIONAL PUBLIC JOINT-STOCK COMPANY （根據澤西法律註冊成立的有限公司並在俄羅斯聯邦存續的國際公司） （香港聯交所股份代號：486；莫斯科交易所證券代碼：RUAL ； 聖彼得堡交易所證券代碼：RUAL） 董事會會議日期 United Company RUSAL, international public joint-stock company 總經理、執行董事 Evgenii Nikitin 二零二六年三月五日 於本公告之日期，董事會成員如下：執行董事為Evgenii Nikitin先生、Natalia Albrekht女士及Elena Ivanova女士，非執行董事為Semen Mironov先生、Anton Egorov先生及Anna Malevinskaya女士， 以及獨立非執行董事為Christopher ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: United Company RUSAL, international public joint-stock company 俄鋁 呈交日期: 2026年3月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00486 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | RUB | | 0.656517 RUB | | 13,130,340,000 | | 增加 / 減少 (-) | | | | | | RUB | | | | 本月底結存 | | | 20,000,000 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部分內容而產生或因倚賴該等內容 而引致的任何損失承擔任何責任。 UNITED COMPANY RUSAL, INTERNATIONAL PUBLIC JOINT-STOCK COMPANY （根據澤西法律註冊成立的有限公司並在俄羅斯聯邦存續的國際公司） （香港聯交所股份代號：486；莫斯科交易所證券代碼：RUAL； 聖彼得堡交易所證券代碼：RUAL） 持續關連交易 熱能供應合約 茲提述本公司日期為二零二三年十二月二十七日、二零二五年一月十日、二零 二五年一月十七日、二零二五年十二月二日及二零二六年一月二十日有關先前披 露的熱能供應合約的公告。 本公司宣佈，本集團成員公司已與En+的聯繫人訂立合約，據此，En+的聯繫人 同意向本集團成員公司供應熱能（「新熱能供應合約」）。 新熱能供應合約 茲提述本公司日期為二零二三年十二月二十七日、二零二五年一月十日、二零二五 年一月十七日、二零二五年十二月二日及二零二六年一月二十日有關先前披露的熱 能供應合約的公告。 – 1 – 本公 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: United Company RUSAL, international public joint-stock company 俄鋁 呈交日期: 2026年2月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00486 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | RUB | | 0.656517 RUB | | 13,130,340,000 | | 增加 / 減少 (-) | | | | | | RUB | | | | 本月底結存 | | | 20,000,000 ...