Financial Performance - Revenue for the year ended December 31, 2024, was $12,082 million, a decrease of 1.1% compared to $12,213 million in 2023[3]. - Adjusted EBITDA increased by 90.1% to $1,494 million from $786 million year-on-year, with an adjusted EBITDA margin of 12.4%[3]. - Net profit for the year was $803 million, representing a significant increase of 184.8% from $282 million in 2023[3]. - The company reported a significant increase in adjusted net profit to $983 million, up 1,246.6% from $73 million in 2023[6]. - The group's profit before tax increased to $858 million in 2024, compared to $244 million in 2023[40]. - The company reported a total comprehensive income for the year ended December 31, 2024, of $858 million, compared to $244 million in 2023, reflecting a significant improvement[109]. - The company reported a net profit of $803 million for the year ended December 31, 2024, compared to $282 million in 2023, marking a significant increase of 184%[66]. Assets and Liabilities - The total assets as of December 31, 2024, amounted to $22,201 million, reflecting a 3.4% increase from $21,464 million in 2023[7]. - Total liabilities rose by $537 million or 5.1% from $10,448 million as of December 31, 2023, to $10,985 million as of December 31, 2024[44]. - Total equity reached $11,216 million in 2024, up from $11,016 million in 2023, indicating a growth of about 1.8%[60]. - Current liabilities surged to $6,759 million in 2024 from $3,719 million in 2023, an increase of approximately 81.7%[62]. - The company’s total liabilities increased to $10,985 million in 2024, compared to $10,448 million in 2023, reflecting a growth of approximately 5.1%[62]. Production and Sales - Aluminum production for the year reached 3,992 thousand tons, a 3.7% increase from 3,848 thousand tons in 2023[4]. - Aluminum sales volume decreased by 7.1% to 3,859 thousand tons in 2024, while the sales of value-added products fell by 8.1% to 1,422 thousand tons, accounting for 37% of total sales[21]. - The average selling price of aluminum increased by 8.6% to $2,590 per ton compared to $2,385 per ton in 2023[4]. - Revenue from external customers in Russia increased to $3,736 million in 2024 from $3,486 million in 2023, a growth of 7.2%[115]. - Revenue from external customers in China rose significantly to $3,706 million in 2024, up 29.9% from $2,855 million in 2023[115]. Costs and Expenses - The total cost of sales decreased by $1,184 million or 11.3% to $9,261 million in 2024, compared to $10,445 million in 2023[28]. - Distribution expenses increased by 12.3% to $848 million in 2024, mainly due to the introduction of new sales channels[30]. - Employee costs increased to $1,091 million from $956 million, reflecting a growth of 14.1%[128]. - The cost of sales for alumina, bauxite, and other materials rose to $5,041 million, an increase of 2.4% from $4,921 million in 2023[120]. Cash Flow - Operating cash flow for the year was $483 million, a decrease of 72.6% from $1,760 million in 2023[8]. - Net cash from operating activities decreased to $483 million in 2024 from $1,760 million in 2023, due to an increase in working capital and provisions to $923 million[45]. - Cash used in investing activities amounted to $1,078 million in 2024, slightly higher than $1,030 million in 2023, indicating a 4.7% increase[69]. - Cash flow from financing activities generated $113 million in 2024, a significant recovery from a cash outflow of $1,747 million in 2023[69]. Geopolitical and Market Conditions - The company is continuously assessing the geopolitical situation and adjusting its supply and sales chains to maintain optimal financial ratios and ensure business continuity[17]. - The geopolitical situation remains unstable, potentially impacting sales channels and supply chain establishment[83]. - Management expects global commodity market prices to rise, improving operational performance[83]. Accounting and Financial Reporting - The financial statements are prepared under the assumption of going concern, with no adjustments made for asset recoverability or liabilities classification[83]. - The company is evaluating the impact of new and revised standards on existing practices, with no significant effects anticipated from recent amendments[89]. - The functional currency of the company is USD, reflecting the economic nature of its operations[94]. - The company is subject to various new accounting standards that will come into effect in the coming years, which may require additional disclosures[90]. Capital Expenditures and Investments - Total capital expenditure for 2024 was $1,366 million, aimed at maintaining existing production facilities[52]. - The company reported a total of $1,121 million in additions to property, plant, and equipment during the year, with significant contributions from construction in progress[186]. - The company recognized a total of $2,624 million in disposals of property, plant, and equipment, indicating a significant reduction in asset base[186]. Impairment and Asset Management - The company reported a significant impairment of non-current assets amounting to $580 million, compared to $321 million in the previous year[122]. - Impairment losses recognized for property, plant, and equipment amounted to $402 million as of December 31, 2024[193]. - The carrying amount of identified assets deemed unrecoverable was $173 million as of December 31, 2024, up from $111 million in 2023[194]. Executive Compensation - The total remuneration for executive directors in the year ending December 31, 2024, amounted to $8,093,000, an increase from $7,818,000 in the previous year[159]. - The highest paid individuals received a total compensation of $20,220,000 in 2024, down from $26,437,000 in 2023, with significant reductions in both salary and retirement plan contributions[164]. - The total remuneration for non-executive directors was $1,671,000 for the chairman and $300,000 for other independent directors in 2024[159].

有色铝：俄铝出口美国影响会议 20250308 摘要 Q&A 近期俄美关系有所缓和，普京提到俄罗斯可能向美国市场供应 200 万吨铝，这 对市场有何影响？ 普京在接受记者采访时表示，如果决定向俄罗斯生产商开放美国市场，俄罗斯 可以在美国销售大约 200 万吨铝。这一举措不会大幅影响价格，但会对价格产 生一定的抑制作用。俄铝年产量约为 400 万吨，其中 80%用于出口。在地缘政 治冲突前，54%的出口量发往欧洲，6%运往美国。普京提到的 200 万吨可能是考 虑到欧盟制裁，将原本运往欧洲的部分转移至美国。 从历史数据来看，美国从 俄罗斯进口铝合金的峰值在 2016-2017 年间达到 70 万吨。如果未来通过企业合 作，如俄铝收购中方企业股权或提供价格优势等方式，美国进口量有望超过这 • 俄铝寻求通过与美国公司合作，以恢复和扩大对美铝出口，潜在年出口量 或可达 70 万吨峰值水平，旨在缓解因欧盟制裁导致的销售困境，并推动绿 色铝发展。此举或将部分改变全球铝贸易流向。 • 俄铝与美国合作可降低生产成本，解决因地缘政治冲突导致的氧化铝供应 短缺问题。恢复乌克兰氧化铝厂生产是关键，但需大量资金支持，短期内 面临经济 ...

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） United Company RUSAL, international public joint-stock company（「本公司」）宣佈 將於二零二五年三月十三日（星期四）召開董事會會議，以（其中包括）批准本公司截 至二零二四年十二月三十一日止年度之全年財務業績公告。 為及代表 United Company RUSAL, international public joint-stock company 總經理、執行董事 Evgenii Nikitin 二零二五年三月三日 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 Ivanov ...

Summary of Conference Call Notes Industry Overview - The focus is on the aluminum sector, which is considered to have a clearer logic compared to copper and gold due to its domestic pricing structure in China. The domestic demand policy is expected to benefit aluminum significantly in the current year [1] - The supply-demand dynamics for aluminum are favorable, with supply growth projected at 1% and demand growth at 2%, indicating a potential long-term bull market for aluminum [1] Key Insights and Arguments - The recent easing of U.S.-Russia relations may lead to changes in the trade flow of aluminum, particularly with the potential lifting of sanctions on Russian aluminum [3] - The U.S. has a significant trade deficit in aluminum, prompting protective measures against imports. Currently, only four out of nine U.S. electrolytic aluminum plants are operational, with production capacity declining from 1.09 million tons in 2019 to an expected 770,000 tons by 2024 [5] - Russia's aluminum production is projected at 3.8 million tons for 2024, with a significant portion (around 300,000 tons) intended for export, primarily to China [7][8] - In 2024, China is expected to import 1.13 million tons of aluminum from Russia, which constitutes about 55% of its total aluminum imports [8] - The geopolitical landscape, particularly U.S.-Russia relations, is likely to influence aluminum supply and demand dynamics, potentially leading to a rapid decline in supply in the Chinese market [9] Additional Important Points - The U.S. has a demand for approximately 4 million tons of aluminum, with a gap of 2 million tons that needs to be filled, primarily through imports [10] - Canadian aluminum may shift towards European markets due to U.S. trade policies, which could affect global trade flows and pricing [11] - Historical context shows that previous sanctions on Russian aluminum have led to temporary price fluctuations, but the market has generally stabilized post-sanction [14][15] - The complexity of trade flows and frequent adjustments in policies may increase volatility in aluminum prices globally [18] - Geopolitical uncertainties remain high, and the future of trade policies is unpredictable, which could further impact aluminum pricing and market stability [19]

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） （股份代號：486） 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日、二零二三年十二月二十七日、二 零二四年十二月二十七日、二零二五年一月十日及二零二五年一月十七日有關先 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 根據上市規則第14A.81條，新熱能供應合約及先前披露的熱能供應合約項下擬進行 的持續關連交易應合併計算，原因為該等合約乃由本集團成員公司與En+的聯繫人 訂立，且各合約的標的事項均與En+的聯繫人向本集團供應的熱能有關。 – 2 – 根據上市規則第14A ...

茲提述本公司日期為二零二三年十二月二十日、二零二三年十二月二十七日、二 零二四年十二月二十七日及二零二五年一月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 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） （股份代號：486） 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日、二零二三年十二月二十七日、二零 二四年十二月二十七日及二零二五年一月十日有關先前披露的熱能供應合約的公 告。 – 1 – 本公司宣佈本集團成員公司已訂立新熱能供應合約，詳情如下： | | | | | | | | 截至二零二五年 | | ...

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） （股份代號：486） 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日、二零二三年十二月二十七日及二 零二四年十二月二十七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日、二零二三年十二月二十七日及二零 二四年十二月二十七日有關先前披露的熱能供應合約的公告。 – 1 – 本公司宣佈本集團成員公司已訂立新熱能供應合約，詳情如下： | | | | | | | | 截至二零二五年 | | | --- | --- | --- | -- ...

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） （股份代號：486） 持續關連交易 鋁銷售合約 本公司宣佈本集團一間成員公司已與 En+的聯繫人訂立一份合約，據此，En+的 聯繫人同意向本集團成員公司購買鋁材（「新鋁銷售合約」）。 新鋁銷售合約 本公司宣佈本集團一間成員公司與En+的聯繫人訂立一份合約，據此，En+的聯繫 人同意向本集團成員公司購買鋁材（「新鋁銷售合約」），詳情載列如下。 – 1 – | | | | | | | 截至 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 二零二五年 | | | | | | | | | 十二月三十一日 | | | | | | | | 年度 ...

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） （股份代號：486） 持續關連交易 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。 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日及二零二三年十二月二十七日有關 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日及二零二三年十二月二十七日有關先 前披露的熱能供應合約的公告。 – 1 – 本公司宣佈本集團成員公司已訂立新熱能供應合約，詳情如下： | 截至二零二五年 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- ...

Financial Performance - Revenue for the first half of 2024 was $5,695 million, a decrease of 4.2% compared to $5,945 million in the same period of 2023[3]. - Adjusted EBITDA increased significantly to $786 million, with an adjusted EBITDA margin of 13.8%, up from 4.9% in the previous year[3]. - Net profit rose to $565 million, representing a net profit margin of 9.9%, compared to 7.1% in the same period last year[3]. - The company achieved a significant increase in adjusted net profit to $446 million, with an adjusted net profit margin of 7.8%, up from 5.3%[3]. - The gross profit for the six months ended June 30, 2024, was $1,310 million, up from $728 million in the same period of 2023, with a gross margin increase from 12.2% to 23.0%[47]. - Operating profit for the period was $440 million, a turnaround from a loss of $33 million in the previous year[122]. - The company reported a total comprehensive income of $947 million, compared to a loss of $1,032 million in the same period last year, indicating a recovery in overall financial health[125]. - The company reported a net profit of $565 million for the six months ended June 30, 2024, compared to $420 million for the same period in 2023, an increase of 35%[136]. - Basic and diluted earnings per share increased to $0.0372 from $0.0276, indicating improved profitability on a per-share basis[122]. Production and Sales - The company's aluminum production increased by 2.3% year-on-year to 1.957 million tons in the first half of 2024, driven by the gradual ramp-up of production at the Taishet smelter[21]. - The company's alumina production surged by 18.94% year-on-year to 2.995 million tons in the first half of 2024, attributed to improved operational efficiency[23]. - The company's sales of downstream aluminum products reached 3.009 million tons in the first half of 2024, marking a 14.8% increase year-on-year[15]. - Revenue from aluminum sales was $4,597 million for the six months ended June 30, 2024, down from $4,839 million in the same period of 2023, a decline of 5.0%[180]. - The delivery volume of exports to China reached record levels, contributing to the recovery of the Russian market to pre-2022 levels[8]. Assets and Liabilities - The total assets as of June 30, 2024, were $22,032 million, an increase from $21,464 million at the end of 2023[3]. - Total liabilities decreased to $10,069 million from $10,448 million, a reduction of 4%[130]. - The company's working capital was $4,805 million, an increase from $3,665 million on December 31, 2023[66]. - Inventory increased by $262 million or 7.3% from $3,599 million on December 31, 2023, to $3,861 million on June 30, 2024[66]. - Non-current assets increased to $14,333 million as of June 30, 2024, compared to $13,522 million at the end of 2023, reflecting a growth of 6%[128]. Investments and Acquisitions - The company acquired equity in Hebei Wenfeng New Materials Co., Ltd. to restore self-sufficiency in alumina production[8]. - Rusal acquired a 30% stake in Hebei Wenfeng New Materials Co., a Chinese alumina production plant, for $264 million, with the rights transferred in April 2024[101]. - The company plans to fully launch the first phase of the Taishet aluminum smelter by the end of 2024[11]. - Rusal signed an agreement with the Khakass government on June 6, 2024, to develop a new aluminum foil production facility with an annual capacity of 46,000 tons[107]. Financial Management - Financial income decreased by $27 million or 10.0% from $269 million in 2023 to $242 million in 2024, primarily due to a decline in foreign exchange gains and dividends from other investments[50]. - Financial expenses decreased by $94 million or 34.8% from $270 million in 2023 to $176 million in 2024, mainly due to reduced interest expenses on loans and bonds[53]. - The company reported a current tax expense of $63 million for the six months ended June 30, 2024, compared to $134 million in the same period of 2023, reflecting a decrease of 53%[192]. - The company’s total borrowings for the six months ended June 30, 2024, amounted to $537 million, a decrease from $2,828 million in the same period of 2023, reflecting a strategic reduction in debt[138]. Employee and Corporate Governance - The total average number of employees as of June 30, 2024, was 56,769, slightly down from 56,828 in 2023[86]. - The company has established a comprehensive employee incentive system, focusing on performance-based compensation linked to individual and collective achievements[89]. - The audit committee held three meetings in the first half of 2024 to review financial statements and ensure compliance with international financial reporting standards[95]. - The company continues to prioritize employee welfare, offering various benefits beyond mandatory compensation, including health services and housing assistance[90]. Market and Economic Conditions - The geopolitical tensions and sanctions may significantly impact the company's operations, investments, and financing activities, highlighting ongoing risks[116]. - The group anticipates a rise in global commodity prices, which is expected to improve operational performance[155]. - The group is facing significant uncertainty regarding its ability to meet financial obligations due to fluctuations in commodity, stock, currency markets, and interest rates[155]. - The company continues to face risks associated with economic sanctions and political instability in its operating environments, which may impact future performance[150].