About the company PhosAgro
Security pagePhosAgro is Russia's largest producer of phosphate-based fertilisers and one of the leading producers in the world. The company owns its own deposit of apatite-nepheline ore on the Kola Peninsula — the raw material from which phosphate fertilisers are made. The shares trade on the Moscow Exchange under the ticker PHOR.
What the company does
The key to understanding the company is its self-sufficiency in raw materials. Phosphate fertilisers are made from apatite concentrate, and producers that buy it on the market depend on someone else's price. PhosAgro has its own ore, and ore with a low level of impurities at that: the fertilisers come out cleaner, and the cost of producing a tonne is among the lowest in the industry.
Demand for fertilisers is steadier than for most industrial goods: a field has to be fertilised every season, whatever the phase of the economic cycle. The price, however, is volatile — it depends on global benchmark prices, on what competitors pay for gas and on the previous year's crop yields.
Revenue comes mostly from exports and is earned in foreign currency, while costs are in roubles. Hence the sensitivity to the exchange rate: a weaker rouble improves the result even when global prices do not change.
Business lines
Phosphate fertilisers
The core product line: complex fertilisers containing phosphorus, nitrogen and potassium.
Nitrogen fertilisers
Ammonia and its derivatives, where the key input is natural gas.
Raw material mining
The company's own deposit of apatite-nepheline ore on the Kola Peninsula.
Feed and industrial phosphates
Products for livestock farming and industry.
History
- 1929Development of the Khibiny apatite deposits begins — the historical foundation of the company.
- 2001A group is formed, bringing together mining and processing enterprises.
- 2011Share offering in London and Moscow.
- 2021–2022A sharp rise in global fertiliser prices; export duties and export quotas are introduced.
Business review
Strengths and weaknesses describe the business itself. Opportunities and threats describe what may happen around it.
Strengths
- Its own raw material with a low level of impurities: the products are suitable for markets with strict requirements.
- Production costs are among the lowest in the world.
- Food security makes fertilisers a commodity that rarely falls under restrictions.
Weaknesses
- Fertiliser prices move in cycles, following the prices of gas and food.
- Export duties and logistics costs eat up part of the revenue.
- Dependence on transport tariffs and on access to ports.
Opportunities
- Demand for food grows along with the population, and with it the need for fertilisers.
- Low-cost raw materials of its own protect the margin when prices fall.
- Expensive gas for foreign competitors makes Russian production relatively more profitable.
- A weaker rouble increases rouble revenue when prices are set in foreign currency.
Threats
- Fertiliser prices are volatile and are set by the global market.
- Export duties and quotas have been imposed by the state and have cut the profitability of exports.
- Export logistics have become more complicated: routes and freight now cost more.
- Rising domestic gas prices hit the nitrogen business.
Frequently asked questions
What does PhosAgro do?
The company mines apatite-nepheline ore, makes phosphate and complex fertilisers from it, as well as nitrogen products, and supplies them to farmers in Russia and in dozens of countries around the world.
Why does having its own raw material matter so much to a fertiliser producer?
Because apatite concentrate is the main cost item in phosphate fertilisers. A company with its own ore does not depend on the market price of the raw material and stays profitable at a point where competitors that buy their raw material are already operating at a loss.
Why is demand for fertilisers considered resilient?
Because the soil needs nutrients every season: a missed application results in a lower harvest. A farmer can put off buying machinery, but not fertilisers — so volumes hold up even in a weak economy, although the price still fluctuates.
Issuer profile
What the company does
The company is classified under the «Chemicals & fertilizers» sector, using the taxonomy we apply when comparing securities with one another.
The same sector holds 7 issuers on the platform, and their figures are computed by one method — so this company's revenue, profit and leverage can be compared with them directly.
The company is registered in Russia and identified in regulatory disclosure by tax number 7736216869. That number locates its statements in state registries regardless of how its name is spelled — and the spelling differs even between official documents.
Listed securities
The issuer has 8 securities listed: 1 share class, 7 bond issues. All are shown on this page, including those trading in different modes and different currencies.
A further 1 security have already matured or been delisted. They stay in the list below deliberately: together they show how long the company has been borrowing on the market and how regularly it repays.
Across Moscow Exchange quotation list levels the securities split as follows: 8 at level 1. The level reflects how strict the disclosure, turnover and track-record requirements the issue meets are — not how attractive the investment is.
Bond issues
The nearest issue matures on 18 September 2027 and the farthest on 27 October 2029. That spread means the issuer borrows both short and long, and the yields of these issues will differ for the simple reason that the money is lent for different terms.
The largest issue by face value is RU000A106G56, with a face value of 1,000.00 $ per bond, maturing on 16 September 2028. Bond prices in the order book are quoted as a percentage of face value, so a quote of 98.4 means 98.4 % of that amount rather than an absolute price.
Dividend history
Between 2015 and 2026 the issuer made 42 payouts whose record date has already passed. A board recommendation or a forecast does not enter this history, because no money has been paid on them yet.
The most recent payout was 150.90 ₽ per security with a record date of 1 October 2026. That is the amount before tax: the broker withholds it on crediting, so less arrives in the account.
Financial statements
The most recent annual report we hold is for 2025 under RAS. The standard is named for a reason: IFRS and RAS compute the same quantities by different rules, disagree by design and are never averaged.
Revenue for 2025 was 65.99B ₽.
That is 8.1 % less than in 2024, when revenue was 71.77B ₽. The comparison stays within one reporting standard — otherwise the decline could turn out to be a change of accounting rules and nothing more.
Net income for 2025 was 72.56B ₽.
Of every unit of revenue, 109.9 % remained as net income. This is the ratio of two figures already named above rather than a separate line from the report: comparing it across companies is meaningful only within one sector and one reporting standard.
Equity stands at 82.63B ₽ against total assets of 335.27B ₽. The difference between the two is the company's liabilities, and the larger it is relative to equity, the more the business depends on borrowed money.
This section is assembled from our own data on the company's securities, dividends and financial statements. It is a description, not a recommendation.