UNITED COMPANY RUSAL, INTERNATIONALPUBLIC JOINT-STOCK COMPANY 486RUALRUAL United Company RUSAL, international public joint-stock company http://www.rusal.ru/en/investors/info.aspxhttp://rusal.ru/investors/info/moex/ 中期報告 二零二六年上半年 4 5 6 32 35 73 80 80 81 85 RA-550570(kA) 14699% Soderberg 5024 ESG 25 Evgenii Nikitin Bernard Zonneveld +0.1%36.42.4%22.3745.145.44.0%14.1 +0.5%36.61.8%13.60.3%23.0 +200300500700 +11%2.97 +(LME)30253107 1 +887.03,855.0 +Mozal490557.5108.70370 +2.8Mozal595 +60749.53,105.0 + 2.0101.9244.5%642622 7.6%3.663.4 Pioneer26%32589%Friguia38 (BAZ)(AGK)BAZAGK 12.8%10.9059.66862%770Dian-Dian4.28.25 Bauxites of Kindia386Friguia107 0.2%1.9001.904Achinsk 52.850.93.8%SayanalUral FoilSayana Foil2.0 Bogatyr Komir LLP35%7.4220.2%7.410 7,52081810.9%8,338 5,96667111.2%6,63723.6%2,6103,22733.4%2,5383,38610.0% 37741.4%22127.5%589427 50.8% 376205.3%3967.8%4.5% 75.3% 7.8% 6,1102003.3%6,31032.6%31.4%5.153.92 80135.3%1,084 96%2.1%7.0% 2,0281,41024.3%18.8% EBITDA7481,230EBITDA 423178Norilsk Nickel Norilsk Nickel6,7517,685 80113BEMOBoguchanskoye Energy and Metals ComplexBogatyr KomirLLPMega Business and Alliance 500125 81212 16612172.9%4595120 58424842.5%8321818647.5%267 41987 (1)(2) EBITDA Norilsk NickelNorilsk Nickel 4,5233,8404,2931483.4%4,441 1,4241158.1%1,539 1,5081107.3%1,398 652 13 15 6,2023,735 400888 52865593652707 799484315 1,0341,54345 38.9%38.3% 3.4%0.7% 1. 2.51.4 1.1. ++++++++ 362366 1.2. 3. ++++++ 3.1. SMART 2. 2.1. +++++ 3.2. +++ 2.2. +++RUSAL Medical Centre LLC+++++ 11 311513En+13En+ 421798116,89157400 EN+25,000742 CASE IN1316270760 3938(97.4%) 40181267 DevOps21 16— (RUSAL Leaders) 10,000 15088.77%(81.1%)7.6 Doing BusinessMSU BS251911 6738 1TRIZ87% 21823(19%) 8898% 13,014 28078%75% 7493.1%75% +14 1182%75%2582%75%80 TPS 4687%75% 10,440 295 79% 31,000UNIVER20,60045%49,6006249,0008.8 1,1141,00569.8%69.3% Kevin ParkerBernard ZonneveldAnna VasilenkoTimothy Talkington 1.2.3.4.5.6.7. 161614 Norilsk Nickel6,7515,7157,685Norilsk Nickel 10 B1 – Audit LLC75 Sadovnicheskaya Embankment,Moscow, 115035, RussiaTel: +7 495 705 9700+7 495 755 9700Fax:+7 495 755 9701www.b1.ru B1 – Audit LLC75 Sadovnicheskaya Embankment,Moscow, 115035, RussiaTel: +7 495 705 9700+7 495 755 9700Fax:+7 495 755 9701www.b1.ru 2410 34 IPJSC UC RUSAL UC RUSAL IPJSC34 111 Khachaturian Mikhail Sergeevich B1 – Audit Limited Liability Company21906108270 34 B1 – Audit LLC75 Sadovnicheskaya Embankment,Moscow, 115035, RussiaTel: +7 495 705 9700+7 495 755 9700Fax:+7 495 755 9701www.b1.ru B1 - Audit Limited Liability Company 1027739707203 75 SadovnicheskayaEmbankment, Moscow, 115035, Russia B1 - Audit Limited Liability CompanySodruzhestvoSelf-regulatory organizationof auditors AssociationSodruzhestvoB1 - Audit Limited Liability Company12006020327 UC RUSAL IPJSC 1203900011974Oktyabrskaya Street, building 12, office 6, Kaliningrad, Kaliningrad Region, 236006, Russia Evgenii Nikitin UC RUSAL IPJSC UC RUSAL IPJSC 1. EN+EN+ GROUP IPJSC50%EN+ GROUP IPJSC 35%EN+ GROUP IPJSCOleg DeripaskaEN+ GROUP IPJSC 35%EN+ GROUP IPJSC 44.95% (a) Sual Partners ILLCSual PartnersILLC25.52%2.99% United Company RUSAL, International Public Joint Stock CompanyUnitedCompany RUSAL PlcUC RUSAL IPJSCRUSAL LimitedRUSAL 17 www.rusal.com Moscow Exchange PJSC MICEX-RTS (b) UC RUSAL IPJSC (c) Oktyabrskaya st. 12, office 6, Kaliningrad, Kaliningrad Region, 236006, RussianFederation (d) EN+GROUP (EN+GROUPIPJSC)Oktyabrskaya st. 8, office 34, Kaliningrad, Kaliningrad Region, 236006, RussianFederation UC RUSAL IPJSC UC RUSAL IPJSC 2. (e) OFAC OFACSDNOFAC (a) EN+GROUP IPJSCEN+En+ Group Plc 34 OFACEn+OFACOFAC 3. (f) 97 97 ++(ESG)++ UC RUSAL IPJSC UC RUSAL IPJSC 4. 97 97 (a) +++ 11 Pioneer Aluminium Industries Limited10 +7+9+10+7+7+1+7+7+9 PJSC MMC Norilsk NickelNorilsk Nickel (b) UC RUSAL IPJSC UC RUSAL IPJSC (i) 7117833724 6(b) UC RUSAL IPJSC UC RUSAL IPJSC UC RUSAL IPJSC UC RUSAL IPJSC 5. UC RUSAL IPJSC UC RUSAL IPJSC 6. (c) EBITDA EBITDA UC RUSAL IPJSC UC RUSAL IPJSC 7. 8. 9. 8854 UC RUSAL IPJSC UC RUSAL IPJSC 10. 8616028PAIL 11. Norilsk Nickel Norilsk Nickel419211789375,5304,731 Norilsk Nickel6,7517,685 Pioneer Aluminium Industries LimitedPAIL Pioneer Aluminium Industries LimitedPAIL24626%PAIL50%PAIL1.5PAIL PAIL UC RUSAL IPJSC UC RUSAL IPJSC (i) 90 (ii) UC RUSAL IPJSC UC RUSAL IPJSC (f) RusHydro42,754,785,4669.7%9.6%RusHydro (g) (h) 1920 12. (b) UC RUSAL IPJSC UC RUSAL IPJSC 53213417 (c) 1(a) (b) (d) 13. 650BO-001P-1210.9%1 1,978BO-001P-1610.0%31 30BO-01 600BO-001P-056.7%2.5 (a) BO-001P-1411,20310.0%6 Norilsk Nickel25%27 43 6,2026,037 UC RUSAL IPJSC UC RUSAL IPJSC 14. UC RUSAL IPJSC UC RUSAL IPJSC 8854 12095 94886 39 +++++ UC RUSAL IPJSC UC RUSAL IPJSC 16. (d) 1413670 (a) 828907 17. (b) (a) 50%4630 (c) (b) 5611 (c