Metinvest B.V. (Netherlands), the parent company of the Metinvest mining and metallurgical group, reduced its debt to $1.027 billion as of June 30, 2026, down from $2.242 billion at the end of 2021.
According to Metinvest B.V.’s annual report, released on Monday, Metinvest made significant progress in reducing its debt burden during the reporting period. As a result, total debt as of December 31, 2025, stood at $1.441 billion, a 15% decrease compared to the previous year. At the same time, the net debt-to-EBITDA ratio rose to 1.4x, an increase of 0.4x compared to the previous year.
It is noted that bonds listed on the Euronext Dublin stock exchange continued to constitute the bulk of the group’s capital structure—representing 88% of the debt portfolio, compared to 85% as of December 31, 2024.
Metinvest continued to actively manage its debt obligations. In the first half of 2025, the issued Senior Notes totaling EUR300 million were fully repaid upon maturity. As a result, the total amount of debt repaid since the beginning of 2022 reached $801 million.
In addition, it is noted that the overall reduction in debt during this period was driven by the full and timely repayment of senior bonds (two series); liability management measures, including cash tender offers and private repurchases; scheduled repayment of bank loans; a reduction in reliance on short-term trade finance; and the optimization of lease assets. These results were achieved despite the war and the loss of operational control over certain Ukrainian assets.
In parallel with measures to reduce its debt burden, Metinvest continued to secure targeted financing to support its operations and investment priorities. Specifically, in July 2025, a 11.5-year buyer’s credit facility in the amount of EUR23.6 million was secured for Northern GOK to finance the purchase of equipment for a project to thicken tailings. This credit line, guaranteed by the Finnish export credit agency Finnvera, marked Metinvest’s first instance of securing long-term financing for capital expenditures in Ukraine since the start of the full-scale invasion.
In addition, in April 2026, the group successfully completed the redemption of bonds maturing in 2026, marking another important milestone amid the ongoing war. To date, Metinvest has fully repaid three separate bond series, with total payments on these instruments exceeding $1 billion. These results were achieved despite the challenges of full-scale war, the loss of control over certain Ukrainian assets, and ongoing operational difficulties. At the same time, no debt has been restructured since the start of the war. According to pro forma figures, taking into account the redemption of the 2026 bonds, the group’s net debt-to-EBITDA ratio was less than 1x, the report notes.
As previously reported, Metinvest’s EBITDA in 2025 decreased by 24.2% compared to 2024—to $765 million from $1.009 billion. The year ended with a net loss of $191 million, compared to a net loss of $1.152 billion in 2024. Revenue decreased by 6% to $7.242 billion. At the same time, revenue from the mining segment fell by 25% year-over-year to $2.135 billion due to the absence of coking coal concentrate sales and a decline in iron ore product sales (by 11%). The segment’s contribution to total revenue was 29% (a decrease of 8 percentage points year-over-year).
In 2025, revenue from the metallurgical segment increased by 6% year-over-year to $5.107 billion, primarily due to growth in sales of finished products, semi-finished products (up 4% and 7%, respectively), and other products and services (up 40%). Meanwhile, coke sales fell by 20% year-over-year. This segment accounted for 71% of total revenue in the reporting period (an increase of 8 percentage points year-over-year).
For the year, the group posted an operating profit of $319 million, compared to an operating loss of $858 million in 2024.
At the time, Metinvest CEO Yuriy Ryzhenkov noted in his comments that the full-scale war continues to test both the nation and the group, which remains steadfast.
Metinvest is a vertically integrated group of mining and metallurgical enterprises. Its facilities are located in Ukraine—in the Donetsk, Luhansk, Zaporizhzhia, and Dnipropetrovsk regions—as well as in the European Union, the United Kingdom, and the United States. The holding company’s main shareholders are the SCM Group (71.24%) and Smart Holding (23.76%). Metinvest Holding LLC is the management company of the Metinvest Group.
