Moscow, August 23, 2024 — PJSC MMC Norilsk Nickel the world’s largest palladium and Class I nickel and a major producer of platinum and copper, reports interim consolidated IFRS financial results for the first half of 2024.

1H2024 HIGHLIGHTS

Consolidated revenue decreased 22% y-o-y amounting to USD 5.6 billion driven by the decline of metal prices as well as the accumulation of nickel and copper inventories following the maritime traffic restrictions in the Red Sea and other logistic issues;
EBITDA decreased 30% y-o-y to USD 2.3 billion owing to lower revenue while EBITDA margin was also down 5 percentage points;
Cash operating costs decreased 9% y-o-y to USD 2.4 billion mostly driven by the weakening of Russian rouble, decrease in mineral extraction tax owing to lower metal prices and continuing execution of operating efficiency programme that allowed to mitigate the surge of inflation in Russian economy and the introduction of export duties in October 2023;
CAPEX decreased 34% y-o-y to USD 1 billion driven by lower rouble exchange rate, optimization of payments to contractors as well as increased efficiency during the execution of investment projects;
Net working capital increased 20% year-to-date to USD 3.7 billion driven mostly by the accumulation of saleable metal inventory owing to logistic issues as well as the increase of receivables caused by the persisting difficulties with cross-border payments;
Free cash flow was down 61% to USD 525 mln. Free cash flow adjusted for interest and lease payments slipped into negative territory amounting to USD −159 mln;
Net debt increased 24% year-to-date to USD 10.1 billion with net debt/EBITDA ratio as of June 30, 2024 remained at 1.7x.

Nornickel reports 1Н 2024 consolidated IFRS financial results