Moscow, February 11, 2026 — PJSC MMC Norilsk Nickel the world’s largest palladium and a major producer of nickel, platinum and copper, reports audited consolidated IFRS financial results for the full year of 2025.

FY2025 HIGHLIGHTS

Consolidated revenue amounted to USD 13.8 billion on the back of improved metal prices;
EBITDA amounted to USD 5.7 billion driven by higher metal revenue. EBITDA margin remained flat at 41%;
Cash operating costs reached USD 5.7 billion, primarily due to inflationary pressure and the strengthening of Russian rouble. The growth rate of adjusted cash operating costs remains below the inflation rate in Russia due to execution of operating efficiency programme and digital transformation implemented by management;
Net profit amounted to USD 2.5 billion as a result of positive impact of exchange rate differences due to the year-on-year dynamics of the ruble exchange rate. The increase in income tax expenses was driven by an increase in the statutory income tax rate to 25% and an increase in taxable profit;
Net working capital amounted to USD 2.9 billion. The negative impact of rouble strengthening was offset by optimization of trade receivables and obtain advances from customers, as well as a reduction in metal inventories;
CAPEX amounted to USD 2.6 billion. The Company continues to implement strategic projects, which include fulfilling environment obligations, investments in upgrading fixed assets to improve the reliability of the production chain and growth projects;
Free cash flow totaled USD 3.5 billion, adjusted free cash flow amounted to USD 1.5 billion;
Net debt reached USD 9.1 billion primarily due to strengthening of Russian rouble (revaluation of the rouble component of the debt). Net debt/EBITDA ratio as of 31 December, 2025 was of 1.6x;
Optimization measures have kept growth in interest expenses despite increase in market interest rates and rebalance the Company’s debt portfolio to match its revenue mix. This lay the foundation for further reduction in interest expenses.

Nornickel reports FY2025 consolidated IFRS financial results