Moscow, 25 May 2026 — Nornickel, the world’s largest producer of palladium and a major producer of nickel, platinum, and copper, announces that in a majority vote the Board of Directors resolved to make a recommendation for the Annual General Meeting of Shareholders (AGM) not to pay dividends for the financial year 2025.

The Company emphasises that its Regulations on Dividend Policy prescribe that the cyclical nature of the metal markets produced by the Company and the need to maintain a high level of creditworthiness shall be taken into account when determining the amount of dividends.

Sergey Malyshev, First Vice President — Chief Financial Officer of the Company, commented: “We welcome the Board of Directors’ decision to support the recommendation not to pay dividends. At a time of heightened macroeconomic uncertainty, we believe it is appropriate to invest available free cash flow in strengthening the Company’s financial resilience, boosting operational reliability and safety, and reducing our debt.”

The Board of Directors also approved 30 June 2026 as the date of the AGM. The record date for determining shareholders entitled to vote on AGM resolutions is 5 June 2026.

Nornickel’s board of directors recommends not to pay dividends for 2025FY to shareholders