Express Review of TMK's 2025 Report: Net Loss of 24.5 Billion Rubles

Pipe Metallurgical Company (TMK) published its 2025 financial results, showing a significant deterioration in performance. The company's revenue decreased by 24% to 404.4 billion rubles (~$5.21 billion), while its net loss amounted to 24.5 billion rubles (~$316 million). This figure, however, is slightly lower than the 27.7 billion ruble loss recorded in 2024. The primary reasons cited for the negative results are the high key interest rate and weak demand for pipes. Adjusted EBITDA stood at 68 billion rubles (~$876 million). TMK is a key pipe supplier for Russian oil and gas giants, providing up to 70% of pipes for Gazprom and Rosneft. The company's growth prospects are tied to major infrastructure projects, such as Power of Siberia-2, which requires 6 million tons of pipes, and Vostok Oil, which will need 7,000 km of pipelines.