Moscow, 24 December 2025 — Nornickel, the world’s largest producer of palladium and a major producer of nickel, platinum, and copper, announces that its Board of Directors has unanimously approved the Company’s 2026 budget.

The budget for the next financial year reflects the ongoing geopolitical risks, macroeconomic challenges, and volatility in key markets. This balanced approach secures the funding required to deliver the Company’s long-term development strategy while driving its financial resilience. The Company will continue to meet its social commitments and fund activities that improve the reliability of its fixed assets and reduce environmental impact.

The 2026 budget includes a range of initiatives to streamline operations, curb inflationary cost growth, and enhance working capital management. One example is the operational efficiency programme, which has already delivered positive results this year.

Capital expenditures planned for 2026 will total close to RUB 240 billion. We continue to advance our strategic plans, which include fulfilling our environmental and social commitments, improving equipment reliability, as well as reconfigure our production facilities. Particular focus will be placed on upgrading mining equipment as part of our import substitution programme.

Sergey Malyshev, First Vice President — Chief Financial Officer, commented on the adopted 2026 budget: «Nornickel’s Management Board welcomes the Board of Directors’ approval of the budget for the coming financial year. Driving the Company’s financial stability and maintaining a conservative leverage profile remain top priorities for management. At the same time, despite the current headwinds, we reaffirm our commitment to maintain the required level of investment in our mining and processing projects».

Nornickel’s Board of Directors approves 2026 budget