Moscow, July 31, 2026 — 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 2026.

1H2026 HIGHLIGHTS

Consolidated revenue increased to USD 8.3 billion owing to higher prices for base and precious metals;
EBITDA increased to USD 3.9 billion due to higher revenue. EBITDA margin amounted to 47%;
Cash operating costs increased to USD 3.2 billion primarily due to strengthening of Russian rouble, inflationary pressure and higher mineral extraction tax (MET) payments, which are linked to metal prices;
Net working capital increased to USD 3.4 billion primarily due to a temporary increase in accounts receivable resulting from the restructuring of sales chains amidst heightened geopolitical uncertainties;
Capex increased to USD 1.4 billion primarily driven by stronger rouble exchange rate. The Company continues to implement strategic projects, which include fulfilling environment obligations, investments in expanding mining, processing and refining capacities and upgrading of infrastructure to improve the reliability of the production chain as well as the replacement of the fixed assets;
Free cash flow decreased to USD 1.2 billion primarily due to increase in net working capital and capital expenditures. Free cash flow adjusted amounted to USD 0.2 billion;
Net debt remained USD 9.1 billion. Net debt/EBITDA ratio as of 30 June 2026 was of 1.3x. Optimisation measures allowed to reduce interest payments by 37% year-on-year. The Company continues to meet its debt obligations in full and maintains a comfortable level of liquidity and committed credit lines on its balance sheet.

Nornickel reports first half 2026 interim consolidated IFRS financial results