Today, Acron Group (Moscow Exchange: AKRN) has released its consolidated IFRS financial statements for nine months of 2025.
Key financials
- Revenue increased by 24% year-on-year to RUB 177,857 million (9M 2024: RUB 142,997 million). In US dollar terms, revenue was up 32% to USD 2,096 million from USD 1,586 million.
- EBITDA* was RUB 71,810 million, up 60% year-on-year (9M 2024: RUB 44,870 million). In US dollar terms, it increased by 70% to USD 846 million from USD 498 million.
- EBITDA Margin for 9M 2025 grew to 40% from 31%.
- Net Profit rose by 82% year-on-year to RUB 36,664 million from RUB 20,167 million. In US dollar terms, it rose by 93% to USD 432 million from USD 224 million.
- Net Debt was up to RUB 119,078 million (USD 1,437 million) compared to RUB 103,338 million (USD 1,016 million) as of 2024 year-end.
- In the reporting period, Net Debt/LTM EBITDA** was 1.36, down from 1.70 year-on-year. In US dollar equivalent, the ratio was 1.43, down from 1.55.
Operating results
- Output of main products was 6.848 million tonnes, 9% higher than in 9M 2024.
- Sales of main products totalled 6.944 million tonnes, up 9% compared to 9M 2024.
Alexander Popov, Chairman of Acron’s Board of Directors, commented on the results:
‘During the reporting period, revenue increased, driven by a 9% rise in sales volume and a favourable environment in the global mineral fertiliser market. However, a stronger rouble has held back our financial performance.
Currently, we are focused on our investment programme. Over the nine months of 2025, our capex reached RUB 37,955 million and exceeded our total net profit for this period.
In addition, in September 2025, Acron Group exercised a call option to purchase 10% minus one share in its subsidiary VPC (the Talitsky potash project), thereby increasing its stake in VPC to 100%.
Construction of the Talitsky potash mine is underway on schedule, and we expect to start production in 2026. Using our own potash feedstock will reduce the production cost of complex mineral fertilisers, and selling the surplus potash will help us diversify our product portfolio.
In 2026, we also plan to complete the implementation of three major nitrogen projects at our production facility in Veliky Novgorod: an overhaul of the Ammonia 2 unit to increase its capacity by over 180,000 tonnes per year, construction of the second Calcium Nitrate unit with the capacity of more than 135,000 tonnes per year, and upgrades to Urea 1 to 4 units to boost their aggregate capacity by 355,000 tonnes per year.
The debt burden remains under control, with the Net Debt/EBITDA ratio declining to RUB 1.36 at the end of the reporting period. In light of this, the Board of Directors has recommended paying dividends for nine months of 2025 of RUB 189 per share, which constitutes 19% of the Group’s IFRS net profit for this period’.