Public Joint Stock Company Mining and Metallurgical Company Norilsk Nickel
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Public Joint Stock Company Mining and Metallurgical Company Norilsk Nickel (GMKN) investor relations material

Public Joint Stock Company Mining and Metallurgical Company Norilsk Nickel H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary11 Feb, 2026

Executive summary

  • Revenue reached $13.8bn in 2025, up 10% year-over-year, driven by higher realized prices for copper, palladium, and platinum, despite a 10% drop in nickel prices.

  • Net income surged 36% to $2.5bn, with total comprehensive income at $4.96bn, reflecting strong operational performance.

  • EBITDA grew 9% to $5.7bn with a 41% margin, and free cash flow was $3.5bn, with adjusted FCF at $1.5bn after interest, lease, and minority dividends.

  • Strategic focus included operational efficiency, digital initiatives, and environmental programs, notably SO₂ emission reductions.

  • Major capital investments and reconfiguration of production facilities impacted asset values and provisions.

Financial highlights

  • Metal sales revenue in 2025 was $12,983M, up from $11,848M in 2024.

  • EBITDA for 2025 was $5,668M, compared to $5,196M in 2024.

  • Operating costs rose 11% to $5.7bn, but cash operating cost growth was below Russian inflation due to management efforts.

  • Net debt/EBITDA improved to 1.6x, reflecting a conservative debt policy and successful refinancing of ~$6.5bn in 2025.

  • CAPEX totaled $2.6bn, with significant investments in environmental and development projects.

Outlook and guidance

  • 2026 guidance expects nickel and copper production to remain stable, with a slight decline in platinum group metals due to ore composition changes.

  • Management expects continued adaptation to sanctions and supply chain disruptions.

  • No adverse impact on going concern is anticipated for at least 12 months after 2025.

  • Market outlook highlights potential nickel market rebalancing if Indonesia cuts mining quotas, and continued strong demand for copper and PGMs.

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Next Public Joint Stock Company Mining and Metallurgical Company Norilsk Nickel earnings date

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H1 20263 Aug, 2026
Public Joint Stock Company Mining and Metallurgical Company Norilsk Nickel
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