Public Joint Stock Company Magnitogorsk Iron & Steel Works (MAGN) Q2 2026 earnings summary

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.