Public Joint Stock Company "Novolipetsk Steel" (NLMK) H1 2025 earnings summary

Executive summary

• Revenue for the first half of 2025 was ₽438.7 billion, down from ₽517.8 billion year-over-year.

• Net profit for the first half of 2025 was ₽44.9 billion, a significant decrease from ₽81.6 billion in the same period last year.

• The company remains a leading vertically integrated steel producer with operations in Russia, the EU, and the US.

Financial highlights

• Gross profit for H1 2025 was ₽137.3 billion, compared to ₽219.7 billion in H1 2024.

• Operating profit for H1 2025 was ₽54.8 billion, down from ₽132.8 billion year-over-year.

• EBITDA and EBIT not explicitly stated, but operating and net profit both declined sharply.

• Basic and diluted EPS for H1 2025 was ₽7.49, compared to ₽13.62 in H1 2024.

• Cash and equivalents at June 30, 2025, were ₽79.8 billion, down from ₽87.7 billion at year-end 2024.

Outlook and guidance

• Management notes high market volatility and updated impairment models, but no impairment recognized.

• Effective tax rate for 2025 increased to 25% from 20% in 2024.