有色金属海外季报：俄铝2025年公司原铝产量同比减少1.9%至391.8万吨，报告期内调整后净利润为-7.87亿美元

Investment Rating - Industry rating: Recommended [6] Core Insights - In 2025, the company reported a decrease in primary aluminum production by 1.9% to 3.918 million tons, while alumina production increased by 6.7% to 6.858 million tons, and bauxite production rose by 16.2% to 18.453 million tons [2][7] - The average selling price of aluminum was $2,652 per ton, reflecting a year-on-year increase of 5.2% [2] - The company achieved a revenue of $14.812 billion, marking a 22.6% year-on-year growth [4][8] - The adjusted EBITDA for the year was $1.053 billion, a decrease of 29.5% compared to the previous year [5][8] - The net profit for the reporting period was -$787 million, down from a profit of $983 million in the previous year [5][8] Production and Operational Data - Bauxite production in 2025 was 18.453 million tons, up 16.2% from the previous year [2][7] - Alumina production reached 6.858 million tons, an increase of 6.7% year-on-year [2][7] - Primary aluminum production totaled 3.918 million tons, a decrease of 1.9% compared to the previous year [2][7] - The external sales volume of primary aluminum and alloys was 4.490 million tons, reflecting a 16.4% increase [2][7] Financial Performance - The company's total assets increased to $25.056 billion, up 12.9% from the previous year [5][8] - The net debt rose to $8.054 billion, a 25.5% increase year-on-year [5][8] - The gross profit for the year was $2.558 billion, down from $2.821 billion in the previous year [5] - The adjusted net profit margin was -5.3%, compared to 8.1% in the previous year [8]