Today, PJSC Acron (Moscow Exchange: AKRN) has released its consolidated IFRS financial statements for 2025.
Key Financials
- Revenue was RUB 237,638 million, up 20% from RUB 198,167 million in 2024. In US dollar terms, revenue increased 33% to USD 2,842 million from USD 2,141 million.
- EBITDA* was up 51% year-on-year, to RUB 91,672 million from RUB 60,721 million. In US dollar terms, it increased 67% to USD 1,096 million from USD 656 million.
- EBITDA margin grew to 39% from 31% in 2024.
- Net Profit was RUB 39,776 million, up 30% from RUB 30,520 million in 2024. In US dollar terms, it increased 44% to USD 476 million from USD 330 million.
- Net Debt increased to RUB 115,044 million (USD 1,471 million) from RUB 103,338 million (USD 1,016 million) as of 2024 year-end.
- Net debt/EBITDA for the period decreased to 1.25 from 1.70 a year ago. In US dollar terms, the ratio was down to 1.34 from 1.55.
Operating Results
- Output of main products was 8.983 million tonnes, up 7% year-on-year.
- Sales of main products totalled 9.151 million tonnes, up 8% year-on-year.
Alexander Popov, Chairman of Acron’s Board of Directors, commented on the results:
‘In 2025, the Group achieved record-breaking operating results, with product sales rising 8% to exceed 9 million tonnes. This was made possible due to the systematic upgrades at our production sites and the coordinated efforts of our distribution units. The higher finished product output was driven mainly by the upgrades to the Ammonia-3 unit in Veliky Novgorod, which were completed at the beginning of the reporting year and increased the unit’s annual capacity by 230,000 tonnes. The Group’s total annual ammonia output exceeded 3 million tonnes for the first time.
In 2026, we plan to complete three major projects at our Veliky Novgorod production site: upgrades to the Ammonia-2 unit to increase capacity by 270,000 tonnes per year, the overhaul of the Urea 1–4 units to ramp up capacity by 355,000 tonnes per year, and the construction of the second calcium nitrate unit with a capacity of 175,000 tonnes per year.
The Oleniy Ruchey mine continued to develop its underground operations by launching the second main air heater and the third crushing and conveying complex, thereby boosting the underground ore extraction capacity. Currently, half of the mine’s ore originates from underground operations. Increased ore mining and strong demand for apatite concentrate resulted in its record-high output of 1,450,000 tonnes.
The Group continued to implement the Talitsky potash project, putting the cage shaft hoist into operation and conducting the start-up and commissioning of the skip shaft hoist. Four roadheaders were installed in the underground mine. The cage shaft was connected to the skip shaft, and primary development was underway. The project is on schedule, with production expected to commence in the second half of 2026.
Our capex reached a record level of RUB 54.5 billion in 2025. In accordance with its dividend policy, the Group paid dividends twice, allocating RUB 17.3 billion for this purpose.
In the reporting period, the Group acquired a stake of 10% plus one share in the Talitsky potash project from its partner banks, bringing its shareholding to 100%. Consequently, while our net debt has grown slightly, the net debt/EBITDA ratio has decreased and remains at a comfortable level’.