Consolidated revenue amounted to USD 13.8 billion on the back of improved metal prices.
EBITDA amounted to USD 5.7 billion driven by higher metal revenue. EBITDA margin remained flat at 41%.
Cash operating costs reached USD 5.7 billion, primarily due to inflationary pressure and the strengthening of Russian rouble. The growth rate of adjusted cash operating costs remains below the inflation rate in Russia due to execution of operating efficiency programme and digital transformation implemented by management.
Net profit amounted to USD 2.5 billion as a result of positive impact of exchange rate differences due to the year‑on‑year dynamics of the ruble exchange rate. The increase in income tax expenses was driven by an increase in the statutory income tax rate to 25% and an increase in taxable profit.
Net working capital amounted to USD 2.9 billion. The negative impact of rouble strengthening was offset by optimization of trade receivables and obtain advances from customers, as well as a reduction in metal inventories.
CAPEX amounted to USD 2.6 billion. The Company continues to implement strategic projects, which include fulfilling environment obligations, investments in upgrading fixed assets to improve the reliability of the production chain and growth projects.
Net debt reached USD 9.1 billion primarily due to strengthening of Russian rouble (revaluation of the rouble component of the debt). Net debt/EBITDA ratio as of 31 December, 2025 was of 1.6x.
Optimization measures have kept growth in interest expenses despite increase in market interest rates and rebalance the Company’s debt portfolio to match its revenue mix. This lay the foundation for further reduction in interest expenses.
USD2.5 bn
net FX gains driven by y‑o‑y changes in the rouble exchange rate
EBITDAA non‑IFRS measure, for the calculation see thenotes below.
5,196
5,668
9%
EBITDA margin
41%
41%
0 p.p.
Net profit
1,815
2,470
36%
Capital expenditures
2,438
2,628
8%
Net working capitalA non‑IFRS measure, for the calculation see an analytical review document (“Data book”) available on the Company’s web site in the Shareholders and Investors section.
3,007
2,877
–4%
Net debtA non‑IFRS measure, for the calculation see an analytical review document (“Data book”) available on the Company’s web site in the Shareholders and Investors section.
8,586
9,138
6%
Net debt/12M EBITDA
1.7x
1.6x
–0.1x
Dividends paid per share (USD)
9.7Paid during the current period before the split of shares.
–
–100%
Free cash flowA non‑IFRS measure, for the calculation see an analytical review document (“Data book”) available on the Company’s web site in the Shareholders and Investors section.
1,858
3,486
88%
Free cash flow (adjusted)Free cash flow adjusted for regular financing outflows (interest paid, payments of lease liabilities, dividends paid to non‑controlling interests).
335
1,481
4x
Key segmental highlights,Segments are defined in the consolidated financial statements.USDmillion
Indicators
2024
2025
Change
Indicators
2024
2025
Change
Revenue
12,535
13,763
10%
GMK Group
9,653
11,053
15%
South cluster
715
909
27%
Kola division
6,684
7,068
6%
GRK Bystrinskoye
1,511
1,876
24%
Other non‑metallurgical
1,008
1,318
31%
Eliminations
–7,036
–8,461
20%
EBITDA
5,196
5,668
9%
GMK Group
3,594
3,797
6%
South cluster
251
301
20%
Kola division
882
773
–12%
GRK Bystrinskoye
1,108
1,438
30%
Other non‑metallurgical
–18
–12
–33%
Eliminations
58
38
–34%
Unallocated
–679
–667
–2%
EBITDA margin
41%
41%
0 p.p.
GMK Group
37%
34%
(3 p.p.)
South cluster
35%
33%
(2 p.p.)
Kola division
13%
11%
(2 p.p.)
GRK Bystrinskoye
73%
77%
4 p.p.
Other non‑metallurgical
–2%
–1%
1 p.p.
In 2025, revenue of GMK Group segment increased 15% to USD 11,053 million primarily owing to increased semi‑products sales and higher prices.
Revenue of South cluster segment increased 27% to USD 909 million driven by higher sales of semi‑products to GMK Group.
Revenue of Kola division segment increased 6% to USD 7,068 million primarily owing to higher precious metals prices and higher nickel sales volumes that was partly offset by lower nickel price.
Revenue of GRK Bystrinskoye segment increased 24% to USD 1,876 million driven by higher gold and copper prices.
Revenue of Other non‑metallurgical segment increased 31% and amounted to USD 1,318 million owing to metal resale in 2025, as well as increased sales of services to GMK Group and higher revenue from oil products sales.
In 2025, EBITDA of GMK Group segment increased 6% and amounted to USD 3,797 million primarily driven by higher revenue. This effect was partially offset by an increase in operating costs, primarily due to the appreciation of the Russian rouble.
EBITDA of South cluster segment increased 20% to USD 301 million primarily owing to higher revenue.
EBITDA of Kola division segment decreased 12% to USD 773 million primarily due to higher cost of semi‑products for further processing, which was partially offset by higher revenue.
EBITDA of GRK Bystrinskoye segment increased 30% to USD 1,438 million primarily due to higher revenue.
Negative EBITDA impact unallocated to segments decreased 2% and amounted to the negative USD 667 million mainly due to lower transportation costs. An increase in administrative costs was offset by lower expenses relating to change in provisions.
Metal sales
In 2025, revenue from metal sales increased 10% or USD 1,135 million y‑o‑y to USD 12,983 million primarily driven by an increase in prices for all key metals, except nickel, as well as an increase in sales volume of other precious metals.
Other sales
In 2025, other sales increased 14% or USD 93 million to USD 780 million primarily due to the Russian rouble appreciation against the US Dollar and increase in sales prices primarily for oil products.
Cost of sales
Cost of metal sales
In 2025, the cost of metal sales increased 11% or USD 699 million to USD 6,920 million, driven by the following factors:
increase in cash operating costs by 11% or USD 554 million;
increase in depreciation and amortization by 24% or USD 232 million primarily due to increase in property, plant and equipment as well as the appreciation of the Russian rouble;
comparative decrease in cost of metal sales by USD 87 million related to change in metal inventories y‑o‑y.
Cash operating costs
In 2025, total cash operating costs increased 11% or USD 554 million to USD 5,673 million mainly due to the Russian rouble appreciation against the US Dollar by USD 459 million and inflationary growth of cash operating costs by USD 266 million as well as purchases of refined metals for resale in 2025. These factors were partially offset by the net decrease in taxes and export customs duties by USD 219 million primarily due to the latter expiring in 2024.
Cost of metal sales, USDmillion
Indicators
2024
2025
Change
Indicators
2024
2025
Change
Labour
1,859
2,319
25%
Materials and supplies
918
1,020
11%
Third party services
784
887
13%
Mineral extraction tax and other levies
748
873
17%
Fuel
149
175
17%
Transportation expenses
157
132
–16%
Electricity and heat energy
108
127
18%
Purchases of refined metals for resale
–
95
100%
Purchases of raw materials and semi‑products
26
23
–12%
Export customs duties
350
–
–100%
Other costs
20
22
10%
Total cash operating costs
5,119
5,673
11%
Labour
In 2025, labour costs increased 25% or USD 460 million to USD 2,319 million amounting to 41% of the Group’s total cash operating costs driven by the following factors:
+USD 205 million – Russian rouble appreciation against US Dollar;
+USD 173 million – increase in labour costs due to indexation of salaries and wages;
+USD 82 million – increase in labour costs primarily due to the “Digital Investor” programme.
Materials and supplies
In 2025, expenses for materials and supplies increased 11% or USD 102 million to USD 1,020 million driven by the following factors:
+USD 118 million – Russian rouble appreciation against US Dollar;
+USD 31 million – inflationary growth of materials and supplies prices;
–USD 47 million – primarily decrease in expenses for materials and supplies due to lower repairs volume.
Third‑party services
In 2025, cost of third‑party services increased 13% or USD 103 million to USD 887 million driven by the following factors:
+USD 92 million – Russian rouble appreciation against US Dollar;
+USD 38 million – inflationary growth of third‑party services;
–USD 27 million – primarily lower repairs volume.
Mineral extraction tax and other levies
In 2025, mineral extraction tax and other levies increased 17% or USD 125 million to USD 873 million mainly due to higher metal prices.
Fuel
In 2025, fuel expenses increased 17% or USD 26 million to USD 175 million mainly due to the Russian rouble appreciation against the US Dollar (USD 16 million) and inflation of fuel prices (USD 12 million).
Transportation expenses
In 2025, transportation expenses decreased 16% or USD 25 million to USD 132 million primarily due to reconfiguration of logistics routes that was partly offset by the Russian rouble appreciation against the US Dollar.
Electricity and heat energy
In 2025, electricity and heat energy expenses increased 18% or USD 19 million to USD 127 million primarily due to inflationary growth of expenses (USD 11 million) and the Russian rouble appreciation against the US Dollar (USD 8 million).
Cost of other sales
In 2025, cost of other sales increased by USD 37 million to USD 693 million primarily due to the Russian rouble appreciation against the US Dollar.
In 2025,transportation costs decreased
by16%,
or USD25mln
Selling and distribution expenses
Selling and distribution expenses, USDmillion
Indicators
2024
2025
Change
Indicators
2024
2025
Change
Transportation expenses
129
150
16%
Third party services
29
49
69%
Staff costs
27
45
67%
Depreciation and amortisation
23
24
4%
Marketing expenses
23
23
0%
Export customs duties
176
–
–100%
Other
12
28
2x
Total
419
319
–24%
In 2025, selling and distribution expenses decreased 24% or USD 100 million to USD 319 million primarily driven by:
–USD 176 million – expiration of the export customs duties in 2024;
+USD 47 million – increase in third party services, staff costs and other expenses primarily due to higher repairs and maintenance expenditure;
+USD 27 million – Russian rouble appreciation against US Dollar.
General and administrative expenses
General and administrative expenses, USDmillion
Indicators
2024
2025
Change
Indicators
2024
2025
Change
Staff costs
665
813
22%
Third party services
183
213
16%
Property tax and other miscellaneous taxes
77
97
26%
Depreciation and amortisation
91
95
4%
Other
30
23
–23%
Total
1,046
1,241
19%
In 2025, general and administrative expenses increased 19% to USD 1,241 million. The main factors of the change were:
+USD 111 million – the Russian rouble appreciation against the US Dollar;
+USD 76 million – increase in staff costs primarily due to indexation of salaries.
Other operating expenses
Other operating expenses, NET, USDmillion
Indicators
2024
2025
Change
Indicators
2024
2025
Change
Social expenses
103
253
2x
Loss on disposal of property, plant and equipment and intangible assets
36
67
86%
Change in environmental provisions
3
–22
n.a.
Change in decommissioning obligations
5
53
11x
Change in other allowances
74
28
–62%
Proceeds from insurance claims settlements
–35
–42
20%
Other, net
–8
–4
–50%
Total
178
333
87%
In 2025, other operating expenses, net increased by USD 155 million to USD 333 million driven by the following factors:
+USD 150 million – increase in social expenses primarily due to the revaluation of provisions under agreements on social and economic development of Norilsk;
+USD 48 million – comparative effect of changes in decommissioning obligations including due to the comparative changes in discount rates;
–USD 25 million – comparative effect of changes in environmental provisions.
Finance costs
Finance costs, NET, USDmillion
Indicators
2024
2025
Change
Indicators
2024
2025
Change
Interest expense, net of amounts capitalised
620
537
–13%
Unwinding of discount on provisions
185
294
59%
Interest expense on lease liabilities
52
59
13%
Loss/(income) from currency conversion operations
45
43
–4%
Fair value loss/(gain) on the cross‑currency interest rate swap contracts
–16
–
–100%
Other, net
10
1
–90%
Total
896
934
4%
In 2025, finance costs, net increased 4% or USD 38 million y‑o‑y to USD 934 million primarily driven by the following factors:
–USD 83 million – decrease in interest expenses primarily due to the increase in the amount of capitalised interest;
+USD 109 million – increase in unwinding of discount on provisions due to the higher balance of provisions and comparative changes in discount rates.
Income tax expense
In 2025, income tax expense increased by 39% or USD 227 million, driven mostly by higher profit before tax and an increase in the statutory income tax rate in the Russian Federation to 25% starting from 2025.
EBITDA
EBITDA, USDmillion
Indicators
2024
2025
Change
Indicators
2024
2025
Change
Operating profit
3,574
3,938
10%
Depreciation and amortisation
1,181
1,411
19%
Impairment of non‑financial assets, net
441
319
–28%
EBITDA
5,196
5,668
9%
EBITDA margin
41%
41%
0 p.p.
In 2025, EBITDА increased 9% or USD 472 million to USD 5,668 million primarily driven by higher revenue and lower taxes and customs duties, which was partially offset by the Russian rouble appreciation against the US Dollar and the inflationary costs growth.
Statement of cash flows
Statement of cash flows, USDmillion
Indicators
2024
2025
Change
Indicators
2024
2025
Change
Cash generated from operations before changes in working capital and income tax
5,275
5,882
12%
Movements in working capital in the cash flow statement
–504
489
n.a.
Income tax paid
–338
–353
4%
Net cash generated from operating activities
4,433
6,018
36%
Capital expenditure
–2,438
–2,628
8%
Other investing activities
–137
96
n.a.
Net cash used in investing activities
–2,575
–2,532
–2%
Free cash flow
1,858
3,486
2x
Interest paid
–1,468
–1,700
16%
Payments of lease liabilities
–55
–75
36%
Dividends paid to non‑controlling interests
–
–230
–100%
Free cash flow (adjusted)
335
1,481
4x
Other financing activities
–519
–1,242
2x
Net cash used in financing activities
–2,042
–3,247
59%
Effects of foreign exchange differences on balances of cash and cash equivalents
–133
45
n.a.
Net change in cash and cash equivalents
–317
284
n.a.
Net cash generated from operating activities increased 36% to USD 6,018 million following the increase in EBITDA and decrease in working capital in 2025 compared to the increase in working capital in 2024.
In 2025, net cash used in investing activities decreased 2% to USD 2,532 million. Increase in net other investing cashflows was partly offset by the increase in capital expenditures.
In 2025, free cash flow almost doubled to USD 3,486 million following the increase in net cash generated from operating activities.
In 2025, free cash flow adjusted for regular financing outflows (interest paid, payments of lease liabilities, dividends paid to non‑controlling interests) increased by USD 1,146 million and amounted to USD 1,481 million following the increase in free cash flow, which was partly offset by increase in interest paid and dividends paid to non‑controlling interests.
Net working capital changes between the balance sheet and cash flow statement, USDmillion
Indicators
2024
2025
Indicators
2024
2025
Change of the net working capital in the balance sheet
85
130
Foreign exchange differences
–299
443
Change in income tax payable
–103
–20
Change of provisions, reserves and long term components of working capital included in cash flow statement
–161
–169
Other changes
–26
105
Change of working capital in the cash flow statement
–504
489
Capital investments breakdown by project, USDmillion
Indicators
2024
2025
Change
Indicators
2024
2025
Change
Mine development, including:
264
160
–39%
Skalisty mine
75
46
–39%
Taymirsky mine
121
56
–54%
Komsomolsky mine
16
9
–44%
Oktyabrsky mine
52
49
–6%
Talnakh Enrichment Plant
46
88
91%
Environmental programme (Sulphur Programme at the Nadezhda Plant)
343
377
10%
South cluster
185
188
2%
Energy and gas infrastructure modernization
355
429
21%
Bystrinsky project
98
113
15%
Other commercial
96
211
2x
Other stay‑in‑business
1,051
1,062
1%
Total
2,438
2,628
8%
In 2025, CAPEX increased 8% or USD 190 million to USD 2,628 million driven by the appreciation of the Russian rouble against the US dollar. The Company continues to implement the strategic projects which include complying with environmental obligations, the development of mining and processing and metallurgical facilities, the energy and gas infrastructure modernisation in the Norilsk Industrial District along with the CAPEX aimed at further equipment reliability improvement and renovation of the fixed assets.
Debt and liquidity management
Debt and liquidity, USDmillion
Indicators
As of 31 December 2025
As of 31 December 2024
Change
USD million
%
Indicators
As of 31 December 2025
As of 31 December 2024
Change
USD million
%
Non‑current loans and borrowings
7,587
7,112
475
7%
Current loans and borrowings
3,109
2,834
275
10%
Lease liabilities
548
462
86
19%
Total debt
11,244
10,408
836
8%
Cash and cash equivalents
2,106
1,822
284
16%
Net debt
9,138
8,586
552
6%
Net debt /12M EBITDA
1.6x
1.7x
–0.1x
As of December 31, 2025, the Company’s total debt increased 8% y‑o‑y compared to December 31, 2024 and amounted to USD 11,244 million. The increase in total debt was driven by the revaluation of RUB‑denominated debt due to appreciation of the Russian rouble against the US dollar.
As of December 31, 2025, the Company’s net debt increased by USD 552 million following the increase in total debt, which was partially offset by cash increase.
The Company fully meets its financial obligations in line with transactional documentation.
In April 2025, rating agency NCR confirmed the Company’s credit rating at the highest investment‑grade level of “ААА.ru”. In November 2025, rating agency Expert RA confirmed the Company’s credit rating at the highest investment‑grade level of “ruААА”.
