Nornickel’s authorised capital is made up of 15,286,339,700 ordinary shares with a nominal value of RUB 0.01 each. The Company’s Articles of Association do not provide for the issuance of preferred shares. Voting at the Meeting of Shareholders follows the “one voting share, one vote” principle, except for cumulative voting, used when electing members of the Board of Directors. No part of the Company’s authorised capital is held by the Russian Federation, any constituent entity of the Russian Federation, or any municipal entity, and no special rights (“golden shares”) are issued.
Authorised capital
RUB152,863,397
Total shares as at 30 December 2025
15,286,339,700 shares,
including 14,499,193,660 voting shares
Nominal value per share
RUB0.01
Share price as at 30 December 2025
RUB149
Market capitalisation as at 30 December 2025
RUB2,285 bn
USD29.5 bn
Annual low
RUB100
Average traded price over the year
RUB122
Annual high
RUB152
As of the end of 2025, the main shareholders of PJSC MMC Norilsk Nickel are the Interros Group and MKPAO En+ Group.
All shareholders enjoy equal rights and treatment in their relations with Nornickel. Shareholders may attend sessions of the Company’s General Meetings of Shareholders regardless of their location or place of residence, as well as vote in absentia, including via electronic services. Shareholders can exercise their rights as prescribed by the Company’s Articles of Association, federal laws On Joint Stock Companies and On the Securities Market as well as other regulations of the Russian Federation.
Nornickel shareholders and their holdingsData as at the dates of the Annual General Meetings of Shareholders. Holdings in the authorised capital.
Shares
Share split as at yearend 2025,
%
Stock exchange information
Shares (ordinary) in PJSC MMC NORILSK NICKEL
Moscow Exchange ticker
GMKN
Quotation list
First‑level
Registered number
1‑01‑40155‑F
Issue registration / trading start date
1997/2001
ISIN
RU0007288411
Registrar
IRC – R.O.S.T.
Nornickel shares have been traded in the Russian stock market since 2001. Starting from 2014, the shares have been on the first‑level quotation list of the Moscow Exchange (ticker: GMKN).
American depositary receipts
Nornickel had an ADR programme for Nornickel shares between 2001 and 2023 under a depository agreement with The Bank of New York Mellon.
Before March 2022, Nornickel ADRs were traded on the US OTC market, as well as on the London, Berlin, and Frankfurt exchanges (OTC electronic trading platforms). The depository agreement with The Bank of New York Mellon was terminated on 23 May 2023, and trading in ADRs was discontinued. In accordance with the law, shares held in DR programme depo accounts, representing 5.15% of the Company’s authorised capital, do not carry voting rights. Persons who were ADR holders as at 28 April 2023 and who received Company shares upon conversion of the ADRs belonging to them may claim unpaid dividends as per the procedure established for the unclaimed dividends by the Federal Law On Joint Stock Companies within three years upon such conversion.
Registrar
IRC – R.O.S.T. (the “Registrar”) keeps the Company’s shareholder register, including opening and maintaining customer and other accounts as well as providing customer account information to the relevant registered person.
The Registrar enables shareholders, including those owning shares via nominee holders, to participate in voting in absentia at General Meetings of Shareholders via e‑ballots by using the Shareholder’s Personal Account online service.
The access procedure for the Shareholder’s Personal Account is detailed on the Registrar’s website
Shareholders can also use the Shareholder.online mobile app.
2025 highlights
Key drivers
Nornickel shares outperformed the stock and commodities markets in 2025. From the start of 2025, Company shares gained 29%, while the Moscow Exchange index fell 4% over the same period.
Key tailwinds for the stock included higher prices for key metals as well as expectations of a weaker rouble and anticipated dividend payments. Accordingly, the Group’s basket of key metals also rose, increasing by 21% in roubles (or 51% in US dollars) since the start of the year. In 2025, precious metals posted one of the strongest annual gains in history: palladium surged 78% to USD 1,600/oz, returning to its January 2023 highs, while platinum more than doubled to USD 2,000/oz, surpassing its 2008 levels. Copper rose as much as 44% since the start of the year, to USD 12,500/t, while nickel grew 9% to USD 16,500/t. For more details, please see the Metals Market section in this Report.
Share performance on the Moscow ExchangeCompany calculations based on closing prices on the Moscow Exchange.
Indicators
2023
2024Taking into account the share split.
2025
Low (RUB)
14,218
95
100
High (RUB)
18,078
165
152
Average traded price (RUB)
15,766
131
122
Year‑end price (RUB)
16,172
116
149
Total shares outstanding
152,863,397
15,286,339,700
15,286,339,700
Market capitalisation as at the year‑end (RUB bn)
2,472
1,766
2,285
Market capitalisation as at the year‑end (USD bn)
27
17
30
Nornickel’s weightings in key indices,
%Data as at the last business day in the respective year.
Index
2023
2024
2025
MOEX Russia Index (IMOEX)
6.98
3.69
4.15
Blue Chip Index (MOEXBC)
9.63
4.76
5.47
Metals and Mining Index (MOEXMM)
14.32
14.40
16.03
Broad Market Index (MOEXBMI)
6.98
3.41
3.78
MOEX–RSPP
Sustainability Vector Index (MRSV)
4.84
6.17
5.14
MOEX–RSPP
Sustainability and Transparency Index (MRRT)
9.48
6.65
8.22
Nornickel share performance in 2025More details on share price performance for all periods are available on the Company website.
Analyst coverage
As at 2025‑end, 13 investment banks covered Nornickel shares. From the start of 2025, the forecast price target for Nornickel rose 16% to RUB 163 per share, with a “Buy” recommendation.
Analyst recommendations on Company shares,
%
Broker ratings on Nornickel sharesMetals & Mining stock recommendations as at 31 December 2025 as published by Interfax.
