Rusal H1 2026 Financial Performance
Rusal, the world’s largest aluminium producer outside China, announced an adjusted net profit of $196 million for the six months ended 30 June 2026, a turnaround from an adjusted loss of $194 million in the comparable period of 2025. Revenue for the first half of 2026 increased 10.9% year‑on‑year to $8.34 billion, while total sales costs rose 3.3% to $6.31 billion, primarily due to higher energy expenses.
Share Price Reaction
The company’s Hong Kong‑listed shares responded positively, climbing more than 3% on the day of the announcement, reflecting investor optimism about the profit rebound and the favourable aluminium price environment.
Aluminium Market Context
Chairman Bernard Zonneveld noted that aluminium prices surged to four‑year highs within a few months before retreating to earlier levels, yet the price spike generated record‑high aluminium premiums in several markets, underpinning the profit recovery.
Energy Cost Outlook and Impairment Warning
Rusal indicated that recent electricity tariff increases are viewed as temporary and expects tariffs to stabilise over the medium term. However, the company warned that a sustained rise in electricity prices to the average levels observed in H1 2026 could trigger a material impairment, highlighting the sensitivity of its cost structure to energy pricing.
Outlook
The firm expects electricity tariffs to normalise and does not provide further guidance beyond the current medium‑term outlook.