Net profit rose by 35.2% compared to 2024, reaching
RUB114.2billion
The 13% increase in revenue relative to 2024 was driven by higher production and sales of phosphate‑based fertilizers (primarily NPK and urea) amid recovery in average global sales prices from early 2025.
EBITDA growth was positively influenced by increased sales volumes and higher prices for marketable products. At the same time, negative pressure came from rising costs, particularly higher sulphur prices in 2H 2025, as well as increased personnel expenses.
The EBITDA margin was 30.7%. Despite a significant rise in global raw material prices, the Company maintained strong profitability thanks to efficient production assets, higher output of high‑margin fertilizers, increased production of key raw materials, and a flexible sales policy.
Adjusted EBITDA, excluding the impact of exchange rate changes, amounted to RUB 199.4 bln, exceeding the 2024 figure by 16.9%.
Expert RA and ACRA reaffirmed PhosAgro Group’s top‑tier (AAA) ratings in 2025, confirming its solid financial position.
Post‑reporting date events affecting debt included bond placements of RUB 1.5 bln in March 2026 and RUB 70 bln in April 2026. These issuances reaffirm the Company’s strong borrower status in the public debt market and help optimise its debt portfolio costs – a key priority in a high‑rate environment.
In 2025, PhosAgro Group demonstrated steady growth in its key financial metrics, driven by efficient operations, higher production volumes, and increased fertilizer prices. Exchange rate fluctuations and other external factors weighed on some indicators.
Net profit rose by 35.2% compared to 2024, reaching
114.2RUBbillion
PCSB 61
Revenue, RUBmln
Adjusted EBITDAAdjusted EBITDA is calculated as operating profit adjusted for depreciation and amortisation less foreign exchange gain or loss from operating activities., RUBmln
Net profit, RUBmln
Key external drivers of financial results
In addition to increased sales volumes and continuously competitive cost levels, PhosAgro Group’s strong financial results in 2025 were supported by the following market developments:
Sustained high global demand for fertilisers;
Delays in the timing of Chinese export restrictions until May–June and reduced competition in Asian and Latin American markets;
Limited commissioning of new phosphate‑based fertilizer capacities;
Government regulation and rising trade barriers as key drivers of phosphate‑based fertilizer price growth in 2025;
Diversification and expansion of fertilizer sales geography, mainly to the Global South; a significant increase in phosphate fertiliser imports to India.
Financial and operational highlights
Item
2023
2024
2025
Δ 2025/2024, %
Item
2023
2024
2025
Δ 2025/2024, %
Revenue, RUBmln
440,304.0
507,689.0
573,628.0
13
EBITDA, RUBmln
183,038.0
177,005.0
176,317.0
(0.4)
EBITDA margin
41.6
34.9
30.7
Adj. EBITDAAdjusted EBITDA is calculated as operating profit adjusted for depreciation and amortisation less foreign exchange gain or loss from operating activities., RUBmln
168,352.0
170,553.0
199,448.0
16.9
Adj. EBITDA margin, %
38.2
33.6
34.8
Net profit, RUBmln
86,141.0
84,469.0
114,243.0
35.2
Adj. net profitAdjusted net profit means net profit less net foreign exchange gain or loss from operating and financing activities., RUBmln
104,105.0
100,372.0
102,904.0
2.5
Free cash flow, RUBmln
70,208.0
28,986.0
21,428.0
(26.1)
31.12.2023
31.12.2024
31.12.2025
Δ 2025/2024, %
Net debt, RUBmln
223,207.0
325,356.0
320,468.0
(1.5)
Net debt / adj. EBITDA (LTM)
1.3
1.9
1.6
(15.7)
Net debt / EBITDA (LTM)
1.2
1.8
1.8
(1.1)
Added value, RUBmln
249,320.0
293,113.0
288,319.0
(1.6)
Net added value
217,038.0
256,567.0
247,607.0
(3.5)
SALES VOLUME, KT
Phosphate‑based fertilizers and feed phosphates
8,578.2
9,104.7
9,413.2
3.4
Nitrogen‑based fertilizers
2,560.5
2,499.6
2,619.0
4.8
TOTAL FERTILIZERS
11,138.7
11,604.3
12,032.2
3.7
Other products
287.0
294.4
262.2
(10.9)
TOTAL FERTILIZERS AND OTHER PRODUCTS
11,425.7
11,898.7
12,294.4
3.3
Revenue analysis
Revenue for 12M 2025 increased by 13% y‑o‑y driven primarily by higher average selling prices in global markets, as well as a 3.7% growth in mineral fertiliser sales volumes compared to 2024.
Revenue breakdown by key product, RUBmln
Item
2023
2024
2025
Δ 2025/2024, %
Item
2023
2024
2025
Δ 2025/2024, %
Phosphate and nitrogen‑based products
421,690.0
492,450.0
547,893.0
11.3
Other
18,614.0
15,239.0
25,735.0
68.9
Total
440,304.0
507,689.0
573,628.0
13.0
Operating costs analysis
Cost of sales, RUBmln
Item
2023
2024
2025
Δ 2025/2024, %
Item
2023
2024
2025
Δ 2025/2024, %
Amortisation and depreciation
26,979.0
33,207.0
36,656.0
10.4
Materials and services
65,738.0
79,112.0
87,160.0
10.2
Transportation of phosphate rock
13,468.0
16,739.0
19,990.0
19.4
Repair and maintenance expenses
15,865.0
19,382.0
23,095.0
19.2
Feedstock processing services
4,341.0
6,269.0
2,391.0
(61.9)
Drilling and blasting operations expenses
3,101.0
3,152.0
3,300.0
4.7
Other services and materials
28,963.0
33,570.0
38,384.0
14.3
Raw materials
63,335.0
64,670.0
113,130.0
74.9
Ammonia
11,533.0
14,343.0
18,895.0
31.7
Sulphur and sulphuric acid
11,507.0
12,255.0
41,152.0
235.8
Potassium chloride
22,444.0
17,574.0
26,461.0
50.6
Natural gas
15,033.0
16,948.0
22,824.0
34.7
Ammonium sulphate
2,818.0
3,550.0
3,798.0
7.0
Salaries and social contributions
26,265.0
35,169.0
39,411.0
12.1
Electricity
7,317.0
8,340.0
8,983.0
7.7
Fuel
5,754.0
7,215.0
7,253.0
0.5
Products for resale
16,056.0
12,675.0
22,682.0
79.0
Customs duties
13,207.0
34,139.0
(1,383.0)
(104.1)
Freight, port and stevedoring expenses
9,924.0
11,441.0
10,730.0
(6.2)
Russian Railways infrastructure tariff and operators’ fees
14,047.0
19,306.0
21,515.0
11.4
Other
599.0
885.0
1,122.0
26.8
Total
251,616.0
306,159.0
347,259.0
13.4
Cost of sales in 2025 increased by 13.4% to RUB 347.3 bln, primarily driven by higher raw material costs. The largest increase in costs compared to 2024 was for sulphur (RUB 41.2 bln, up 235.8%) due to price growth resulting from a global sulphur shortage. Expenditure on potassium chloride rose by 50.6% to RUB 26.5 bln, and on natural gas by 34.7% to RUB 22.8 bln, due to tariff indexation and the introduction of an excise tax on natural gas. Ammonia costs increased by 31.7% to RUB 18.9 bln.
Adjusted EBITDAAdjusted EBITDA is calculated as operating profit adjusted for depreciation and amortisation less foreign exchange gain or loss from operating activities.
In 2025, the Group’s adjusted EBITDA increased by 16.9% y‑o‑y to RUB 199.4 bln. Adjusted EBITDA margin for the reporting period came in at 34.8%.
The year‑on‑year growth in adjusted EBITDA was underpinned by higher sales prices and the abolition of export customs duties. At the same time, the metric was under pressure from rising prices for key raw materials (sulphur, potassium chloride, gas, ammonia, and others), as well reduced export revenue due to a lower average US dollar exchange rate against the rouble.
Adjusted EBITDA in 2025 vs actual 2024, RUB bln
Adjusted EBITDA to FCF conversion in 2025, RUB bln
Free cash flow
Free cash flow in 2025 was affected by the Group’s implementation of major investment projects, an increase in working capital, and higher tax payments and interest expenses.
Capital investments (including capitalised repairs) for the year amounted to RUB 67.3 bln and were mainly focused on developing the ore and raw material base in Kirovsk, expanding production capacities in Balakovo as part of the sulphuric acid production upgrade, and maintaining production facilities across all process stages, from mining and processing of raw materials to producing finished products. In addition, borrowing costs of RUB 9.3 bln were capitalised within property, plant and equipment during the year.
The increase in working capital was driven by higher advances paid for key raw materials (sulphur, potassium chloride, and natural gas) as well as longer accounts receivable turnover amid growing export shipments.
The rise in interest expenses reflected a higher average key rate in 2025 compared to the previous year.
Debt
Despite additional borrowing in 2025, net debt as at 31 December 2025 decreased to RUB 320.5 bln compared to year‑end 2024 primarily due to the rouble’s strengthening against the US dollar and Chinese yuan during the year.
Against the backdrop of a decrease in net debt, the net debt to EBITDA ratio declined to 1.82x as of December 31, 2025, from 1.84x a year earlier.
Our commitment to maintaining high credit quality and ensuring timely debt servicing continues to be a priority for the Company.
Despite the accessibility of debt markets, the Company will focus on debt repayment rather than refinancing throughout the year to reduce servicing costs and strengthen its positions as a top‑quality borrower with high credit ratings.
Loans and bonds breakdown by rate type as at 31 December 2025,
%
Loans and bonds breakdown by currency as at 31 December 2025,
%
Debt maturity profile, RUB bln
Item
2026
2027
2028
2029
Total
Unsecured bank loans
89.0
2.4
–
–
91.4
Bonds
118.7
50.3
58.6
7.8
235.4
Interest payable
2.0
–
–
–
2.0
Total debt
209.7
52.7
58.6
7.8
328.8
Tax policy
GRI 3‑3, 207‑1, 207‑2, 207‑3
In 2023, the Board of Directors approved a new version of PhosAgro’s Tax Strategy. Developed in line with the Strategy to 2025, the approach to taxation balances the Company’s social responsibility for developing and supporting the regions where it operates with the need to minimise the risk of disputes with tax authorities and make full use of legally available tax management tools for actively investing companies – in particular, investment protection and promotion agreements (IPPAs) and special investment contracts (SPICs).
Our approach to tax management, participation in shaping government tax policy, and organisational arrangements pertaining to the exercise of tax functions at PhosAgro is set out in the Company’s Tax Strategy.
The tax strategy is updated and refined as needed, but at least once every two years.
An updated tax strategy was approved in early 2026. The changes for 2026 are driven by updates to automation processes and interaction with Russia’s Federal Tax Service, structural changes, and ongoing developments in tax management.
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Country‑by‑country reporting, RUBmlnGRI 207‑4
Tax jurisdiction
Unrelated party revenue
Revenue from intra‑group transactions with other tax jurisdictions
Profit/(loss) before income tax
Income tax paid (cash basis)Income tax paid in 2023 includes windfall tax security payment in the amount of RUB 6,355 mln.
Income tax accrued
The tax rate currently in force in each jurisdiction is applied to profit/(loss) before tax. The differences between the corporate income tax actually accrued for payment and presented in the table and the tax calculated on profit/(loss) using the rate applicable in the Russian tax jurisdiction arise from the following factors:
•application of reduced tax rates, where applicable;
•items which are not deductible or assessable for taxation purposes, including charitable expenses;
•other insignificant differences (besides the 2023 excess profit tax in the amount of RUB 6,355 mln).
2023
2024
2025
2023
2024
2025
2023
2024
2025
2023
2024
2025
2023
2024
2025
Russia
440,304
507,689
573,628
0
0
0
114,603
109,044
149,574
36,132
20,953
34,430
34,527
25,477
19,702
Total
440,304
507,689
573,628
0
0
0
114,603
109,044
149,574
36,132
20,953
34,430
34,527
25,477
19,702
Tax jurisdiction
Statutory tax rateFor the Russian tax jurisdiction, an average statutory tax rate is used., %
Average headcount, people
Tangible assets other than cash and cash equivalents
Total employee remuneration
Intra‑group loans received
2023
2024
2025
2023
2024
2025
2023
2024
2025
2023
2024
2025
2023
2024
2025
Russian Federation
20.00
20.00
25.00
21,839
23,617
24,582
367,857
430,233
477,641
53,745
70,948
75,159
137,911
213,642
263,554
Total
367,857
430,233
477,641
53,745
70,948
75,159
137,911
213,642
263,554
The Company’s income tax rate was
20%
in 2023–2024 and
25%
in 2025For the list of tax jurisdictions where the entities included in the Group’s consolidated financial statements are resident for tax purposes, and the details of taxes payable in each jurisdiction are provided below.
Budget contributions other than income tax and excess profit tax, RUBmlnGRI 207‑4, PCSB 64
Item
Group
Russia
2023
2024
2025
2023
2024
2025
Item
Group
Russia
2023
2024
2025
2023
2024
2025
VATInformation on input/output VAT is presented on a net basis: the amount was obtained by offsetting VAT paid and refunded by PhosAgro Group companies in each jurisdiction.
17,700
20,181
27,374
17,700
20,181
27,374
Personal income tax
(5,508)
(7,311)
(7,786)
(5,508)
(7,311)
(7,786)
Social contributions
(11,822)
(14,963)
(16,230)
(11,822)
(14,963)
(16,230)
MET
(9,873)
(11,944)
(8,998)
(9,873)
(11,944)
(8,998)
Property tax
(2,067)
(2,204)
(2,454)
(2,067)
(2,204)
(2,454)
Pollution fees
(203)
(215)
(187)
(203)
(215)
(187)
Land tax
(194)
(324)
(379)
(194)
(324)
(379)
Water use charges
(64)
(82)
(101)
(64)
(82)
(101)
Transport tax
(18)
(20)
(23)
(18)
(20)
(23)
Water tax
(5)
(5)
(6)
(5)
(5)
(6)
Regular subsoil use fees
0
0
0
0
0
0
Other taxes
(22)
(27)
(79)
(22)
(27)
(79)
Tax fines and penalties
(4)
0
(1)
(4)
0
(1)
Unified tax account
(53)
36
(25)
(53)
36
(25)
Excise tax on natural gas
–
–
(3,322)
–
–
(3,322)
Dividend income tax
(608)
(591)
(402)
(608)
(591)
(402)
List of tax jurisdictions for companies included in the Group’s consolidated financial statementsGRI 207‑4
Tax jurisdiction
Name of the resident entities
Primary activity of the organisation
Tax jurisdiction
Name of the resident entities
Primary activity of the organisation
Russian Federation
PhosAgro, PJSC
Parent company
Apatit, JSC
Core production
Tirvas, LLC
Social services
Gornyy tsekh, LLC (ceased operations on 1 July 2025 due to merger with Apatit)
Capital mining operations
Teleset, LLC
Social services
Tsentr stroitelnyh materialov, LLC
Repair services
Aeroport, OJSC
Social services
Korporativnoe pitanie, LLC
Social services
PromTransPort, LLC
Transportation services
Mekhanik, LLC
Repair services
PhosAgro‑Region, LLC
Domestic trader
PhosAgro‑Oryol, LLC
Domestic trader
PhosAgro‑Voronezh, LLC
Domestic trader
PhosAgro‑Volga, LLC
Domestic trader
PhosAgro‑Lipetsk, LLC
Domestic trader
PhosAgro‑Kursk, LLC
Domestic trader
PhosAgro‑Don, LLC
Domestic trader
PhosAgro‑Kuban, LLC
Domestic trader
PhosAgro‑Stavropol, LLC
Domestic trader
PhosAgro‑Tambov, LLC
Domestic trader
PhosAgro‑SeveroZapad, LLC
Domestic trader
PhosAgro‑Sibir, LLC
Domestic trader
Smart Bulk Terminal, LLC
Stevedoring services
Samoilov Scientific Research Institute for Fertilizers and Insectofungicides (NIUIF), JSC
