Moscow, February 10, 2025 — PJSC MMC Norilsk Nickel the world’s largest palladium and Class I nickel and a major producer of platinum and copper, reports audited consolidated IFRS financial results for the full year of 2024.

FY2024 HIGHLIGHTS

Consolidated revenue decreased 13% y-o-y amounting to USD 12.5 billion driven by the decline of nickel and PGM prices;
EBITDA decreased 25% y-o-y to USD 5.2 billion owing to lower revenue and export duties effective for the full year, while EBITDA margin was down 7 p.p. to 41%;
Cash operating costs decreased 3% y-o-y to USD 5.1 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 growing inflation in Russia and the expenses related to export duties;
CAPEX decreased 20% y-o-y to USD 2.4 billion driven by lower rouble exchange rate, as well as the execution of investment efficiency programme including optimization of payments to contractors and prioritization of investment projects using risk-based approach;
The Sulphur Programme at Nadezhda Plant reached its designed capacity with sulfur dioxide emissions being reduced by 390 thousand tonnes y-o-y and the efficiency of cleaning sulfur-containing gases confirmed by the government watchdog Rosprirodnadzor at 99.1%;
Net working capital decreased 3% y-o-y to USD 3 billion driven mostly by lower work-in-progress metal inventory and materials as well as weaker Russian rouble;
Free cash flow was down 31% to USD 1.9 billion. Free cash flow adjusted for interest and lease payments amounted to USD 335 mln;
Net debt increased 6% y-o-y to USD 8.6 billion with net debt/EBITDA ratio as of December 31, 2024 remained at conservative level of 1.7x;
In March and October, the Company placed two 100-billion roubles corporate bonds, which became a record on the Russian public debt market.

Nornickel reports full year 2024 audited consolidated IFRS financial results