Sales of metal products: 5 % YoY 8,303 thousand tons. Revenue: -14 % YoY 543,328 million rubles (due to lower prices).
EBITDA: -40% YoY 114,154 million rubles. EBITDA margin: 21% (-9 percentage points YoY).
Q3 2025 vs Q3 2024 results:
Cast iron production: 12 % YoY 2.69 million tons. Steel production: 10% YoY 2.72 million tons (low base effect after furnace repair). Commercial steel sales: -8% YoY 1.11 million tons (decrease in demand).
GVA sales: -3% YoY 1.44 million tons (decrease in demand for large diameter pipes). Share of GVA in sales: 50% (-3 percentage points YoY).
Sales of iron ore to third parties: -64% YoY
Financial indicators:
Revenue: -18 % yoy 179 118 million rubles (falling prices and an increase in the share of semi-finished products).
EBITDA: -45% YoY 35,500 million rubles. EBITDA margin: 20% (-10 percentage points YoY).
Free cash flow: -82% YoY RUB 7,272 million (due to investments and lower EBITDA).
Investments: 26% YoY 40,208 million rubles (implementation of strategy 2028).
Financial position:
Cash resources: 72,188 million rubles (vs 128,571 million rubles as of 31.12.2024) — decrease due to investments.
Total debt: 70,737 million rubles (vs 108,503 million rubles as of 31.12.2024) — repayment of loans.
Net cash position: RUB 1,451 million Net debt/EBITDA: -0.01.
Conclusion. The company is showing growth in physical production and sales, but is facing significant margin pressure due to:
-falling market prices for metal products;
-shifting the sales structure towards less profitable semi-finished products;
-high investment costs.
Debt reduction and maintaining a positive monetary position indicate a moderately stable financial situation despite the challenges.
