Bonds

In 2025, the Company placed two of the largest bond issues in the history of the Russian debt market, including:

• a USD 800 million five‑year 8% bond in March, with a one‑year put option (in May, the issue was upsized to USD 1 billion via a tap issue)
• a USD 850 million four‑year 6.4% bond in September, setting a record at the time of pricing for the lowest coupon paid on USD bonds in 2025.

In September, Nornickel repaid its eurobond and replacement bond at maturity in an aggregate principal amount of USD 500 million. In October, the Company repaid a RUB 25 billion bond issue ahead of maturity. In November and December 2025, the Company redeemed two bond issues totalling CNY 8.8 billion.

In addition, the Company timely renews permits from the Russian Government required to make payments of principal and interest in foreign currencies to foreign creditors. Nornickel continues to make split coupon payments on its eurobonds in accordance with the terms and conditions of the offering documents and the requirements of Russian laws: payments to holders whose rights are recorded by Russian depositories and holders whose rights are recorded by foreign institutions. The scheduled redemption of the eurobond in September 2025 also involved split payments.