Moscow, February 9, 2024 — PJSC MMC Norilsk Nickel the world’s largest palladium and high-grade nickel and a major producer of platinum and copper, reports audited consolidated IFRS financial results for the full year 2023.

FY2023 HIGHLIGHTS

Consolidated revenue decreased 15% y-o-y amounting to USD 14.4 billion following the decline of prices for nickel, copper, palladium and rhodium. The Company sold all metal volumes produced in 2023 as well as a part of stock accumulated in 2022;
EBITDA decreased 21% y-o-y to USD 6.9 billion owing to lower revenue while EBITDA margin remained at healthy 48%;
Cash operating costs decreased 19% y-o-y to USD 5.3 billion mostly driven by the weakening of Russian rouble, the termination of metal purchases from third parties as well as the execution on operating efficiencies that allowed to mitigate inflationary pressure on expenditures in spite of introduction of export duties in October 2023;
CAPEX decreased 29% y-o-y to USD 3 billion driven by softening of rouble exchange rate, optimization of payments to contractors as well as rescheduling of investment projects owing to voluntary self-sanctions imposed by foreign suppliers of equipment and technologies;
Net working capital decreased 23% year-to-date to USD 3.1 billion driven mostly by devaluation of rouble, partial sale of metal stock accumulated in 2022 and the use of factoring instruments for payments to suppliers and contractors;
Net debt decreased 18% y-o-y to USD 8.1 billion with net debt/EBITDA ratio as of December 31, 2023 remained at 1.2x;
The Company continued the optimization of its debt portfolio to adapt to changing debt market reality while servicing all its outstanding debt portfolio and maintaining comfortable liquidity level on its balance sheet and reserve credit lines;
On December 7, General Shareholders Meeting approved the split of ordinary shares with a ratio of 100 to 1 to improve their attractiveness to retail investors.

Nornickel reports FY2023 consolidated IFRS financial results