Public Joint Stock Company Mining and Metallurgical Company Norilsk Nickel (GMKN) H1 2026 earnings summary

Executive summary

• Revenue for the first half of 2026 reached ₽542.6 billion, up 19% year-over-year from ₽456.6 billion.

• Net profit for the period was ₽76.9 billion, a 31% increase compared to ₽58.6 billion in the same period last year.

• No dividends were declared for the reporting period.

Financial highlights

• Gross profit rose to ₽233.8 billion from ₽175.3 billion year-over-year.

• Operating profit from sales increased to ₽191.9 billion from ₽136.0 billion.

• Basic earnings per share grew to ₽5.03 from ₽3.83 year-over-year.

• Total assets as of June 30, 2026, were ₽2.26 trillion, up from ₽2.17 trillion at year-end 2025.

• Cash and equivalents at period end were ₽63.8 billion, down from ₽88.3 billion at the start of the year.

Outlook and guidance

• The company continues to focus on full-cycle metal production and centralized management, with no new accounting standards affecting 2026 reporting.