Pronounced difficulties with debt servicing (ICR less than 1) are observed only in certain organizations from the retail, development, and IT industries

Precious metals, mechanical engineering, coal industry. Metallurgical industry. Against the backdrop of declining demand from key customers from a number of industries, metal consumption in the Russian Federation is declining. Thus, based on the results of 9 months of 2025, the decrease in sales of new large-capacity or heavy trucks amounted to 57% y/y17, and the decrease in launches of new residential construction projects in January–October was 15% y/y18 (to 33.1 million sq. m). According to Rosstat, steel production in Russia for 9 months of 2025 decreased by 4.6%, to 51.3 million tons. However, most companies in the industry have historically had low leverage and remain resilient even as market conditions deteriorate. Coal industry. For 9 months of 2025, coal production in the Russian Federation amounted to 314 million tons (1.1% y/y)19. The industry remains in a difficult situation, primarily against the backdrop of falling world prices for coking and thermal coal, a decline in demand for steel in the Russian Federation by 15% y/y in the first half of 2025, the introduction of duties by China on the import of Russian coking coal in the amount of 6% from 2025, and external restrictions that force the redirection of part of export supplies to domestic consumers. In January–October 2025, coal loading on Russian Railways decreased by 1.7% year-on-year, to 268.8 million tons. At the same time, there is an increase in the export of hard coal to the east (5.4% y/y). In the first half of 2025, the average price for thermal coal in June decreased by 13.4% compared to the average price in January, and for metallurgical coal - by 28.2%. In the third and fourth quarters of 2025, prices stabilized and increased slightly: the price for thermal coal in October amounted to 84.2 US dollars/ton (3.5% compared to June), for metallurgical coal - 102.8 US dollars/ton (19.9% ​​compared to June)20. High interest rates also have a negative impact on the financial performance of companies, but this factor is not decisive. "Financial Stability Review" 2-3 sq. Central Bank of the Russian Federation.