Public Joint Stock Company Polyus (PLZL) H1 2025 earnings summary

Executive summary

• Gold output declined 11% year-over-year to 1,310.9 koz, mainly due to planned reduction at Olimpiada.

• Revenue rose 35% year-over-year to $3,688 million, driven by higher average realized gold prices.

• Adjusted EBITDA increased 32% year-over-year to $2,676 million, offsetting lower sales volumes.

• Net debt/adjusted EBITDA improved to 1.0x from 1.1x at end-2024.

• Capex more than doubled year-over-year to $932 million, reflecting investment in growth projects.

Financial highlights

• Total gold sales fell 5% year-over-year to 1,189 koz, due to lower output at Olimpiada.

• TCC rose 54% year-over-year to $653/oz, mainly from higher MET expenses and a new MET surcharge.

• All-in sustaining costs (AISC) increased 65% year-over-year to $1,255/oz.

• Operating profit grew 26% year-over-year to $2,210 million; net profit up 27% to $2,018 million.

• Net cash flow from operations surged 80% year-over-year to $2,796 million.

Outlook and guidance

• Gold output for FY2025 expected within 2.5–2.6 million ounces, in line with previous guidance.

• Normalized TCC for 1H 2025 remained within the $525–575/oz guidance range.