Moscow, August 4, 2025 — PJSC MMC Norilsk Nickel the world’s largest palladium and a major producer of nickel, platinum and copper, reports interim consolidated IFRS financial results for the first half of 2025.

1H2025 HIGHLIGHTS

Consolidated revenue increased 15% y-o-y to USD 6.5 billion mainly due to higher sales volumes from earlier accumulated stocks and overcoming logistical challenges of 1H 2024, as well as an increase in sales of other precious metals;
EBITDA increased 12% y-o-y to USD 2.6 billion, with EBITDA margin reaching 41% owing to higher revenue;
Cash operating costs increased 4% y-o-y to USD 2.6 billion. The negative impact of domestic inflation and rouble strengthening was largely offset by the expired temporary export customs duties;
СAPEX increased 15% y-o-y to USD 1.1 billion driven by stronger rouble exchange rate and implementation of strategic projects, aiming to meet our environmental obligations as well as investments into further upgrade of our energy and gas infrastructure, and improving reliability of equipment and renewal of operating facilities in the Norilsk Industrial District;
Since the start of the year, net working capital increased 12% to USD 3.4 billion driven mostly by strengthening of Russian rouble, which was partially offset by the positive impact from reduction of inventories;
Free cash flow increased almost 3-fold to USD 1.4 billion on the back of EBITDA increase, as well as owing to the comparative effect of the change in net working capital in the first half of 2025 compared to the first half of 2024. Adjusted free cash flow amounted to USD 224 million;
Net debt increased 22% year-to-date to USD 10.5 billion primarily due to strengthening of Russian rouble (revaluation of the rouble component of the debt). Net debt/EBITDA ratio as of June 30, 2025 was of 1.9x;
The Company successfully raised new hard currency-equivalent financing of over USD 2.4 billion in quasi-USD and quasi-CNY instruments in order to maintain a balanced currency structure of the debt portfolio.

RECENT DEVELOPMENTS

On August 1, the Company placed a new issue of exchange bonds in the amount of USD 975 million. The funds raised will be used to refinance current obligations.

Nornickel reports 1Н 2025 consolidated IFRS financial results