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Nornickel RUB

Update

Re-runs extraction for each period with period-end year from max(2023, current year − 2) through the current year, oldest first (up to three reporting years). This can take a long time.

Sector: Mining

RU_GMKN

Price chart

129.44 RUBDay 0.09%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
129.44 RUB · 0.09%
Market cap
1978.7 bn RUB

Growth

Δ revenue y/y
-20.2%
Δ EBITDA y/y
-14.5%

Multiples

P/E (LTM)
10.0x
3y avg: 10.3x
P/B (FY)
2.2x
P/E (ann.)
7.9x
EV/EBITDA (LTM)
6.7x
3y avg: 6.4x
EV/EBITDA (ann.)
6.2x

Cash return

Dividend yield
—
FCF yield (LTM)
6.0%

Value creation

to fair market cap at the current EV/EBITDA
Upside (potential)
-34.8%
↓ details

Liquidity

Daily turnover (MOEX)
215.8 mln RUB

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

🔍 Sanity check — subtotal consistency (Level-1 + Level-2) OK: 3 / Warn: 0 / Err: 6 / Autofix applied: 0
Port of PHP subtotal-total + sign-flip detection logic
PeriodIssues
2023-06-30 H1✓OK
2023-12-31 FY✓OK
2023-12-31 H2✓OK
2024-06-30 H1✗Errors 1Warn 1
2024-12-31 FY✗Errors 1Warn 2
2024-12-31 H2✗Errors 2Warn 2
2025-06-30 H1✗Errors 1Warn 1
2025-12-31 FY✗Errors 1Warn 2
2025-12-31 H2✗Errors 2Warn 1
✓ All checks pass · ⚠ Has warnings (review) · ✗ Has errors (needs fix) · ✓* Autofix applied (see evidence)

Financial dynamics

Monetary columns are in B RUB, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB RUBOperating profitB RUBD&AB RUBEBITDAB RUBNet profitB RUBOperating CFB RUBCapex + M&AB RUBAssetsB RUBEquityB RUBROE (annualized)Net debtB RUBSource
2025-12-31H2 2025 (6M)OK539.5
y/y -20.7%
177.3
y/y -15.0%
55.8
y/y -11.0%
233.1
y/y -14.1%
124.6
y/y 28.5%
267.0-113.62458.3
y/y 4.3%
890.0
y/y 27.3%
23.7%904.4Report (PDF)
2025-06-30H1 2025 (6M)OK564.6
y/y 10.9%
138.6
y/y 6.3%
57.4
y/y 16.2%
196.0
y/y 9.0%
73.5
y/y -2.3%
244.1-97.22436.3
y/y 11.4%
782.9
y/y 23.6%
19.8%977.7Report (PDF)
2024-12-31H2 2024 (6M)OK680.5
y/y -14.4%
208.7
y/y -31.4%
62.7
y/y -2.6%
271.4
y/y -26.3%
97.0
y/y -47.8%
300.8-143.72355.9
y/y 10.6%
699.3
y/y 21.0%
25.8%1068.3Report (PDF)
2024-06-30H1 2024 (6M)OK509.0
y/y -7.9%
130.5
y/y -39.1%
49.4
y/y 10.7%
179.9
y/y -30.5%
75.3
y/y -8.9%
151.9-87.62186.4
y/y 6.2%
633.5
y/y 9.5%
24.9%1032.9Report (PDF)
2023-12-31H2 2023 (6M)OK795.2
y/y —
304.0
y/y —
64.4
y/y —
368.4
y/y —
185.9
y/y —
379.3-171.02130.7
y/y —
577.9
y/y —
46.4%1023.5Report (PDF)
2023-06-30H1 2023 (6M)OK552.9
y/y —
214.3
y/y —
44.6
y/y —
259.0
y/y —
82.6
y/y —
265.5-113.32058.1
y/y —
578.3
y/y —
—942.9Report (PDF)
Data quality No obvious scale, balance-sheet, or cash-flow sanity issues in the displayed periods.

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodNickel
тыс. т		Copper
тыс. т		Palladium
koz		Platinum
koz
FY 2025-12198.50
−3.2%		425.30
−1.8%		2 725
−1.3%		667
+0.0%
FY 2024-122054332 762667

Норникель, итоги производственной деятельности за 2025 г. (nornickel.ru, 28 янв. 2026): никель 198,5 тыс. т, медь 425,3 тыс. т, палладий 2 725 koz, платина 667 koz; 2024 г. — данные предыдущего релиза (Ni 205 / Cu 433 / Pd 2 762 / Pt 667).

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Nickel & PGM

Annual production
198.50 kt
2025

Production, kt

20920232052024198.502025

Production

YearProduction, kt
2025198.50
−3.2%
2024205
−1.9%
2023209

Nornickel consolidated production results FY2025 (nornickel.com, 28 Jan 2026): nickel 198.5 kt (198,521 t, -3% YoY, within 196-204 kt guidance), palladium 2.725 Moz. FY2024 nickel 205 kt. Metal-content reserves not disclosed in comparable form.

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

0200 000400 000600 000800 0002023 H12023 H22024 H12024 H22025 H12025 H2

Year-over-year change

-40%-20%0%20%2023 H12023 H22024 H12024 H22025 H12025 H2

Cash flow

FCF ($ mln)

0100 000200 000300 000400 0002023 H12023 H22024 H12024 H22025 H12025 H2

Net debt / cash ($ mln)

0250 000500 000750 0001 000 0002023 H12023 FY2024 H12024 FY2025 H12025 FY

Key-commodity price — Palladium

Current 1 284spot vs LTM -5%

Commodity price upside

The same staged build as the commodity players: revenue → costs → EBITDA → conservative EBITDA (min of the spot case and the spot/3-yr average) → target market cap at the current EV/EBITDA. Cash costs are indexed by RU inflation (~7%); a pure producer has no commodity cost driver to re-price.

USD/RUB: spot 72 vs LTM-avg 80 → ×0.90 (ruble stronger → less RUB revenue); applied to USD-priced commodities (RUB gold left as-is).

Upside (conservative): -35% · spot -18% · 3-yr -52%

How it is calculated — revenue → costs → EBITDA → conservative EBITDA → target market cap

1 · Reported baseline (latest FY)
Revenue1.10 trn RUB
EBITDA429.1 bln RUB
Cash costs (revenue − EBITDA)675.0 bln RUB
2 · Revenue projection
Multiplier — spot×0.98 (-2%)
= Spot revenue1.09 trn RUB
Multiplier — 3-yr prices×0.89 (-11%)
= 3-yr-price revenue984.7 bln RUB
3 · Cost projection (+ RU inflation ~5%)
Cost multiplier×1.05 (+5%)
= Cash costs708.7 bln RUB
4 · EBITDA projection (revenue − costs)
= Spot EBITDA376.7 bln RUB
= 3-yr-price EBITDA275.9 bln RUB
= Avg-scenario EBITDA (spot + 3-yr)/2326.3 bln RUB
Conservative EBITDA = min(spot, avg(spot, 3-yr))326.3 bln RUB
5 · Valuation → target market cap
EV/EBITDA (current)6.8x
Target EV = EV/EBITDA × conservative EBITDA2.20 trn RUB
Net debt904.4 bln RUB
Target market cap = EV − net debt1.30 trn RUB
Current market cap1.99 trn RUB

Upside = target market cap ÷ current − 1 = -35%

Product prices — move vs the LTM average; the 'RUB' columns include the USD/RUB move.

CommodityRevenue shareSpotLTM avg$ vs LTMRUB vs LTM (FX)RUB 3-yr (FX)
Palladium35%1 283.501 355.17-5%-14%-19%
Nickel30%17 685.8815 767.72+12%+1%+1%
Copper25%14 174.9211 460.76+24%+12%-17%

Dividend potential

Dividends suspended (~2.5 yr without a payout)

The company has not paid a dividend for over 18 months — profit is going to capex or deleveraging (e.g. Nornickel, NLMK, RusHydro, FSK). The forecast payout is zeroed until distributions resume; profit and cash flow may still be healthy.

1 · Forecast dividend (per policy)
Smoothed net profit (median YTD-ann./LTM/FY)198 bn RUB
Payout ratio83%
Free cash flow (FY, OCF − capex) — caps payout300 bn RUB
Recent actual dividend (3-yr median)915.33 ₽
= Forecast dividend per share0.00 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.5%
= Fair dividend yield12.0%
3 · Valuation → upside
Current price129.40 ₽
Forecast dividend yield—
Fair price (dividend-based)-9 ₽

Forecast, not investment advice. Earnings annualization and policy assumptions are estimates.

Dividends

No dividend rows found for this issuer.

Investor reporting (IR): https://www.e-disclosure.ru/portal/files.aspx?id=564

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)