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

Executive summary

• Revenue for the six months ended 30 June 2025 reached $3,688 million, up 35% year-over-year, driven by higher average realized gold prices.

• Net profit attributable to shareholders was $2,018 million, a 27% increase year-over-year.

• Total comprehensive income rose to $2,513 million from $1,607 million year-over-year.

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

• The group continued to focus on gold extraction, refining, and sales, with operations in several Russian regions.

Financial highlights

• Gross profit increased to $2,611 million from $1,967 million year-over-year.

• Operating profit grew 26% year-over-year to $2,210 million.

• Adjusted EBITDA from continuing operations reached $2,676 million, up 32% year-over-year.

• Earnings per share (basic) were $2.13, up 27% year-over-year (adjusted for share split).

• Net cash generated by operating activities was $2,796 million, up 80% year-over-year.

Outlook and guidance

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

• Management considers the group has adequate resources to continue operations for at least the next 12 months.

• The group is adapting to ongoing sanctions and supply chain changes, focusing on operational continuity and organic asset development.

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