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Public Joint Stock Company Magnitogorsk Iron & Steel Works (MAGN) investor relations material
Public Joint Stock Company Magnitogorsk Iron & Steel Works Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue for Q2 2026 rose 18.8% sequentially to 153,286 million RUB, driven by higher sales volumes amid seasonal demand recovery.
EBITDA nearly doubled quarter-over-quarter to 16,086 million RUB, with EBITDA margin improving to 10.5%.
Net loss for Q2 2026 was -17,742 million RUB, mainly due to a 20,225 million RUB impairment in the coal mining segment amid challenging macroeconomic conditions.
Free cash flow for Q2 2026 reached 16,755 million RUB, supported by higher EBITDA and working capital inflows from inventory reductions.
Financial highlights
Six-month revenue declined 10.0% year-over-year to 282,311 million RUB, reflecting lower selling prices.
Six-month EBITDA dropped 40.9% year-over-year to 24,710 million RUB.
Net loss for the first half of 2026 was -19,112 million RUB, impacted by the coal segment impairment.
Free cash flow for the first half improved to 2,615 million RUB, mainly due to reduced capital expenditures.
Outlook and guidance
Q3 2026 is expected to see sustained strong domestic demand, supporting high capacity utilization and a high share of premium products in the sales mix.
- Revenue and EBITDA fell sharply, but the company maintained stability and advanced modernization and ESG efforts.MAGN
Q4 2025 - Revenue and profit fell significantly, with Russian steel as the main contributor.MAGN
Q3 2025 - Q1 2025 saw steep declines in revenue and profit, but net debt stayed negative as demand is set to recover.MAGN
Q1 2025 - Revenue and profit fell sharply year-over-year, with demand expected to remain weak in Q3.MAGN
Q2 2025
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