Will there be dividends with $9 billion in debt?
Today, November 9, RUSAL's board of directors will consider issuing dividends for the 9 months of 2026. An extraordinary shareholders' meeting is scheduled for December 4 at the request of the SUAL Group.
BCS analysts do not include a payment in the baseline scenario: the company continues to have a high debt load. At the end of the first half of the year, net debt was $9 billion, and dividends may increase it.
In the most positive scenario, BCS allows a payment of 1.5 rubles per share - this is about 6% of the dividend yield. But this is an analyst estimate, not declared dividends. The recommendation for the shares remains the same - "hold".
What is more important to RUSAL now?
- Pay dividends to shareholders.
- Use the money to reduce debt.
- First we will wait for the council's decision.