Raspadskaya net loss totals $199 mln, EBITDA negative $99 mln in H1

MOSCOW. Aug 15 (Interfax) - Raspadskaya had a net loss of $199 million in the first half of 2025, compared with a loss of $99 million a year previously, the company said in a report.

EBITDA was negative $99 million, compared with positive $213 million in H1 2024.

The coal company saw revenue fall 30% year-on-year to $699 million, compared with $999 million a year previously. Analysts had predicted $689 million in the consensus forecast.

The cash cost per tonne of concentrate remained unchanged year-on-year at $65, despite lower production, the strengthening of the ruble exchange rate and inflationary pressures, thanks to the company's optimization programs.

In H1, the ruble "appreciated significantly against the export trade currencies in which the group sells its products, while export prices for coal continued to fall", and these factors had a negative impact on the group's operating cash flows, Raspadskaya said.

The production of run-of-mine coal across all grades amounted to 8.9 million tonnes, compared to 9.9 million tonnes in H1 2024. Sales decreased 10% YoY to 6.4 million tonnes of coal products (7.1 million tonnes in the same period last year). The decline was primarily driven by lower run-of-mine coal output as well as unfavorable demand conditions both domestically in Russia and in export markets, including due to sanctions pressure.

Capital expenditure totaled $113 million in January-June compared to $152 million a year earlier.

Net operating cash flow after capital expenditures amounted to negative $3 million, versus negative $48 million in H1 2024. This metric improved in the reporting period due to reduced capital investment and positive changes in working capital structure.