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Polyus (PLZL) RUB

Polyus is Russia's largest gold miner, with mines in Krasnoyarsk Krai, Irkutsk and Magadan regions and Yakutia and the giant Sukhoi Log deposit under development.

At a glance: strengths & risks
✓Revenue growing (+14% y/y, Q2 2026)✓Cheaper than own history (EV/EBITDA 3.8 vs avg 5.2)✗Profit falling (-64% y/y, Q2 2026)

Sector: Mining

RU_PLZL

Price chart

1 151.2 RUBDay -2.23%

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
1 151.2 RUB · -2.23%
Market cap
1089.3 bn RUB

Growth

Δ revenue y/y
13.8%
Δ EBITDA y/y
-6.8%

Multiples

P/E (LTM)
3.5x
3y avg: 6.1x
P/B (FY)
4.0x
P/E (ann.)
8.9x
EV/EBITDA (LTM)
3.8x
3y avg: 5.2x
EV/EBITDA (ann.)
3.6x

Cash return

Dividend yield
16.4%
FCF yield (LTM)
27.7%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+41.2%
↓ details

Liquidity

Daily turnover (MOEX)
1.7 bln 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.

Financial results

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
2026-06-30Q2 2026 (3M)OK176.3
y/y 13.8%
—
y/y —
—
y/y —
—
y/y —
30.6
y/y -64.5%
——1385.5
y/y 19.0%
252.8
y/y 8.8%
46.7%≈ 553.8Report (PDF)
2025-12-31Q4 2025 (3M)OK201.5
y/y -9.8%
108.6
y/y -12.3%
11.3
y/y -4.3%
120.0
y/y -11.6%
76.0
y/y -2.6%
125.2-55.51250.4
y/y 8.6%
271.9
y/y 114.1%
124.6%649.2Report (PDF)
2025-06-30Q2 2025 (3M)OK154.9
y/y 24.8%
92.2
y/y 15.8%
10.3
y/y 5.7%
102.5
y/y 14.7%
86.2
y/y 20.5%
142.1-48.51164.0
y/y 23.4%
232.3
y/y 167.7%
192.0%595.7Report (PDF)
2024-12-31Q4 2024 (3M)OK223.3
y/y 78.0%
123.8
y/y 36.2%
11.8
y/y -3.7%
135.7
y/y 31.4%
78.0
y/y 18.9%
98.4-57.71151.9
y/y 38.3%
127.0
y/y —
285.9%719.4Report (PDF)
2024-06-30Q2 2024 (3M)OK124.1
y/y 36.4%
79.6
y/y 50.6%
9.8
y/y 6.3%
89.3
y/y 44.1%
71.6
y/y 237.8%
80.0-13.9943.0
y/y 17.9%
86.8
y/y -79.0%
1871.3%537.9Report (PDF)
2023-12-31Q4 2023 (3M)OK125.5
y/y —
90.9
y/y —
12.3
y/y —
103.3
y/y —
65.6
y/y —
112.8-53.5832.8
y/y —
-56.2
y/y —
—622.6Report (PDF)
2023-09-30Q3 2023 (3M)PARTIAL141.7
y/y —
74.2
y/y —
10.7
y/y —
84.9
y/y —
43.4
y/y —
81.5-19.9—
y/y —
—
y/y —
—160.8Report (PDF)
2023-06-30Q2 2023 (3M)OK91.0
y/y —
52.8
y/y —
9.2
y/y —
62.0
y/y —
21.2
y/y —
50.1-14.6800.0
y/y —
413.9
y/y —
—119.7Report (PDF)
2023-03-31Q1 2023 (3M)PARTIAL93.1
y/y —
52.9
y/y —
9.2
y/y —
62.1
y/y —
21.2
y/y —
50.1-14.6—
y/y —
—
y/y —
—158.7Report (PDF)

Net debt structure (leases included, IFRS 16) 2025-12-31

Short-term debt (incl. ST leases)9 222
Long-term debt (incl. LT leases)779 049
− Cash & equivalents139 061
Net debt649 210

Net debt / LTM EBITDA: 1.4x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

050 000100 000150 000200 000250 0002023 q12023 q22023 q32023 q42024 q22024 q42025 q22025 q42026 q2

Year-over-year change

-25%0%25%50%75%100%2023 q12023 q22023 q32023 q42024 q22024 q42025 q22025 q42026 q2

Cash flow

Operating and investing cash flow (OCF + ICF) (₽ mln)

020 00040 00060 00080 000100 0002023 q12023 q22023 q32023 q42024 q22024 q42025 q22025 q42026 q2

Net debt / cash (₽ mln)

0200 000400 000600 000800 0002023 q12023 q22023 q32023 q42024 H12024 FY2025 H12025 FY2026 H1

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 1.46x of reported net profit; after capex, 0.96x.
year20212022202320242025
cash flow / profit1.46x1.32x1.95x1.23x1.65x
accruals, % of assets-13.1%-5.2%-17.2%-6.1%-16.3%
Last twelve months (to 2025-12-31): 1.65x of profit came back as operating cash flow.
net debt / EBITDA 1.2x · EBIT covers interest 6.2x · capex 3.3x of depreciation · dividends 31% of free cash flow · share count -39.6% a year
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodTotal gold output
koz		Gold sold
koz
H1 2026-061 286.90
−1.8%		—
H2 2025-121 217.90
−20.3%		1 346
FY 2025-122 528.80
−15.8%		2 535
H1 2025-061 310.90
−11.0%		1 189
H2 2024-121 528.70—
FY 2024-123 001.60—
H1 2024-061 472.90—

Polyus trading updates (polyus.com/en/investors) — operational production results; H2 derived as FY − H1 (gold output/sales are additive) | H1 2026 (03.09.2026): производство золота 1 286,9 тыс. унц. (-2% г/г, плановое снижение на Красноярских активах) — производств. релиз Полюса 1П2026 (1prime/Vedomosti/Fomag). Продажи золота отдельно не раскрыты в этом релизе -> пусто.

Production & Reserves

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

Gold mining

Proved reserves
105.20 Moz
2024
Reserve life (R/P)
41.6 yrs
reserves ÷ annual output
Annual production
2.53 Moz
2025

Production, Moz

2.9020233.0020242.532025

Proved reserves

YearReserves, Moz
2024105.20

Production

YearProduction, Moz
20252.53
−15.8%
20243.00
+3.5%
20232.90

Polyus FY2025 results (polyus.com, 16 Mar 2026): 2,528.8 koz, -16% YoY (FY2024 3,002 koz). JORC ore reserves 105.2 Moz at 31 Dec 2024 (polyus.com reserves page, factsheet); PRIME reports 106.8 Moz at 31 Dec 2025 from the annual review, not yet on polyus.com.

Quality / corporate governance

Potential discount −45% (factor 0.55)

This company's ranking potential is scaled down by a quality/governance factor from the signals below — de-prioritising 'cheap but problematic' names.

Key-commodity price — Gold (RUB)

Current 10 994 ₽/гspot vs LTM +20%

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 company's 3-YEAR MEDIAN EV/EBITDA (clamped to 1-10x). Cash costs are indexed by RU inflation (~7%); a pure producer has no commodity cost driver to re-price.

USD/RUB: spot 82 vs LTM-avg 79 → ×1.05 (ruble weaker → more RUB revenue); applied to USD-priced commodities (RUB gold left as-is).

Upside (conservative): +41% · spot +64% · 3-yr +18%

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

1 · Reported baseline (latest FY, 2025-12-31)
Revenue712.8 bln RUB
EBITDA462.4 bln RUB
Cash costs (revenue − EBITDA)250.4 bln RUB
2 · Revenue projection
Multiplier — spot×1.20 (+20%)
= Spot revenue855.7 bln RUB
Multiplier — 3-yr prices×1.02 (+2%)
= 3-yr-price revenue729.5 bln RUB
3 · Cost projection (+ RU inflation ~5%)
Cost multiplier×1.05 (+5%)
= Cash costs262.9 bln RUB
4 · EBITDA projection (revenue − costs)
= Spot EBITDA592.8 bln RUB
= 3-yr-price EBITDA466.6 bln RUB
= Avg-scenario EBITDA (spot + 3-yr)/2529.7 bln RUB
Conservative EBITDA = min(spot, avg(spot, 3-yr))529.7 bln RUB
5 · Valuation → target market cap
EV/EBITDA (3y hist. p75)4.0x
Target EV = EV/EBITDA × conservative EBITDA2.12 trn RUB
Net debt (as of 2025-12-31)553.8 bln RUB
Target market cap = EV − net debt1.57 trn RUB
Current market cap1.11 trn RUB

Upside = target market cap ÷ current − 1 = +41%

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)
Gold (RUB)100%10 994.509 158.07+20%+20%+2%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth +3% vs +54% the year before — a -51.4 pp move. 3-year CAGR +34%.
revenue growth by year: 2023 +53% · 2024 +54% · 2025 +3%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — daily history

Current 3.8x · 3-year 75th pct 6.0x

EV/EBITDA3-year 75th pct

Peer comparison

Group: Mining. Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
Yuzhuralzoloto GroupRussia2.33.7x
NornickelRussia25.05.1x
SeligdarRussia0.65.3x
AlrosaRussia2.25.8x
RusolovoRussia0.217.7x
Group median5.3x
Group average7.5x
This companyRussia15.63.8x

Group median 5.3x; this company 3.8x — a 29% discount.

Group average 7.5x; against the average this company is at a 50% discount. The average sits 43% above the median: Rusolovo (17.7x) skews the group.

At the adjusted group median the market cap would be +64% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 21.1x, Russia 4.0x, South Africa 5.1x, Kazakhstan 6.2x, India 18.8x, Indonesia 4.7x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-20; the company's own is live.

Dividend potential

No dividend planned

Polyus's board accepted management's recommendation to suspend dividends until 2030 (10.07.2026). The Q1-2026 dividend (29.05 RUB) was paid, but no further payouts are planned through 2030 — there is no dividend potential.

Dividend history

Paid, trailing 12-mo: 192.70 RUB/sh · 16.4%

Pay yearDividend /sh
202685.85 ₽
2025179.85 ₽
2024130.18 ₽
202165.46 ₽
202048.49 ₽
201930.66 ₽
201827.82 ₽
201725.67 ₽
Payments by period
PeriodLast day to buy/sh
2026 q32026-07-1029.05 ₽
2026 q22026-05-1556.80 ₽
2025 q42025-12-19106.85 ₽
2025 q22025-04-2473.00 ₽
2024 q42024-12-12130.18 ₽
2021 q42021-10-0726.75 ₽
2021 q22021-06-0338.72 ₽
2020 q42020-10-1624.02 ₽
2020 q32020-08-2624.48 ₽
2019 q42019-10-0816.30 ₽

Dividends

No dividend rows found for this issuer.

Trading microstructure: order book & tape

Share of volume initiated by buyers (crossing the spread):
1d: 41% buy — sellers5d: 51% buy — balanced20d: 52% buy — balanced

Iceberg levels last session: 1 bid / 0 ask; largest — bid 1177 (filled ×3.7 of displayed, 108 refills).
Robot clips (recurring characteristic order size): 1 bid / 1 ask; largest — ask 24 lots ×261 appearances across 67 price levels.

DayBuyer initiativeIcebergs bid/askRobots bid/askTrades
20.1041%1/01/114,784
19.1050%2/44/444,459
16.1058%33/244/473,200
15.1051%11/51/337,427
14.1045%19/1412/871,971

Source: L2 order book + trade tape (TQBR main session, ~23 liquid names). Trade side = the aggressor crossing the spread. Iceberg = level filled a multiple of its displayed size with regular refills. Robot clip = a non-round order size recurring hundreds of times across dozens of price levels (an algo's fingerprint migrating with price); ping = 1-2 lot probe orders. Updated nightly.

Investment-community mentions

Substantive mentions last 7 days: 2 (1 negative), last 30 days: 8 (3 positive, 3 negative) across tracked channels, broker research and shows. 29 passing mentions (digests, calendars) hidden.

Sources: Telegram channels (bloggers — blue chip, broker research — green), YouTube shows via transcripts (orange). Tone (▲/▼) is an automatic assessment in the stock's context. Quotes are fragmentary; authors' views are not our recommendations.

Corporate events

17.07.26Filing★ ▲ Присвоение или изменение рейтинга эмиссионных ценных бумаг эмитента рейтинговым агентством или иной организацией на основании договора
16 июля 2026 года рейтинговое агентство «Эксперт РА» присвоило ожидаемый кредитный рейтинг ruAAА(EXP) облигациям ПАО «Полюс» (серия ПБО-12). Рейтинг был присвоен в рамках Программы биржевых облигаций.
01.07.26Filing★ ▲ Дата определения (фиксации) лиц, имеющих право на осуществление прав по ценным бумагам эмитента
30 июня 2026 года акционеры ПАО «Полюс» смогут получить дивиденды по результатам 1 квартала 2026 года. Дата определения прав на акции назначена на 13 июля 2026 года.
01.07.26AGM / Board★ ▲ Решения общих собраний участников (акционеров)
На внеочередном собрании акционеров ПАО «Полюс» было принято решение о выплате дивидендов в размере 29,05 руб. на акцию по результатам 1 квартала 2026 года. Дата определения лиц, имеющих право на получение дивидендов, установлена на 13 июля 2026 года.
25.05.26Filing★ ▲ Проведение заседания совета директоров (наблюдательного совета) и его повестка дня
Совет директоров ПАО «Полюс» проведет заседание 27 мая 2026 года, на котором будет обсуждаться рекомендация по размеру дивидендов по акциям и порядок их выплаты. Также в повестке дня значится проведение внеочередного заочного голосования и согласие на совершение сделки с заинтересованностью.
07.10.26Material eventСобытия (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
ПАО «Полюс» разместило 20 млн биржевых облигаций по цене 1 тыс. руб. за облигацию. Размещение состоялось 7 октября 2026 года, при этом 100% от общего количества облигаций было размещено в рамках открытой подписки.
07.10.26AGM / BoardРешения совета директоров (наблюдательного совета)
Совет директоров ПАО «Полюс» принял решения о заключении дополнительного соглашения к договору займа, оценив предмет сделки как менее 10% от балансовой стоимости активов компании. Все 7 членов совета проголосовали 'ЗА' обеих вопросов повестки дня.

Source: e-disclosure material filings over the last 180 days; ★ — flagged important by the classifier; summaries are automatic.

RU equity fund ownership

Disclosed in the top-10 of 2 of 17 funds, ≈48 млн ₽ combined. Last month: trimmed — 1.

FundManagerWeight≈PositionΔ weight m/mDisclosure
AMRE АТОН – Российские акции +Атон-менеджмент4.66%40 млн ₽—31.08.2026
GROD ДОХОДЪ Индекс акций ростаДОХОДЪ4.45%8 млн ₽-0.66 pp31.08.2026

Source: monthly fund portfolio disclosures (investfunds); NAV is daily. Disclosures list each fund's top-10 only, so absence does not mean no position. Weight changes mix revaluation with trading. Fund flows and betas live in the fund monitor on the RU region page.

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

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Polyus (PLZL) — from primary filings.

Frequently asked questions

What is Polyus (PLZL)'s P/E ratio?
Polyus (PLZL) trades at a P/E of 3.5x (price to trailing 12-month earnings).
What is Polyus (PLZL)'s EV/EBITDA?
Polyus (PLZL) trades at 3.8x EV/EBITDA.
What is Polyus (PLZL)'s P/B ratio?
Polyus (PLZL) trades at a P/B of 4.0x.
What is Polyus (PLZL)'s dividend yield?
Polyus (PLZL)'s trailing 12-month dividend yield is 16.4%.
What is Polyus (PLZL)'s return on equity (ROE)?
Polyus (PLZL)'s ROE is 46.7%.
What is Polyus (PLZL)'s market capitalization?
Polyus (PLZL)'s market cap is 1089.3 bn RUB.

Bonds by this issuer

IssueYTMCouponPrice, %1DVolume today, ₽Avg vol. 20D, ₽Maturity
Полюс Б1P16.3%0.01%99.95—325K—put 04.2026
Полюс Б1P28.2%3.8%96.65-0.55%72K23.7M08.2027
Полюс Б1P314.7%10.4%95.59-0.04%295K1.7M02.2028
ПолюсЗО28Д9.5%3.25%89.09-0.10%1.6M27.5M10.2028
Полюс Б1P49.2%6.2%94.01-0.52%749K12.7M05.2029
Полюс Б1P68.8%7.65%97.97+0.38%61K72.1Mput 07.2029
PolyusZL1—3.1%————07.2029
ПолюсБ1P104.8%7.65%108.59+0.00%26K33Kput 11.2029
Полюс Б1P59.5%7.75%95.95-0.60%5.8M21.7Mput 04.2030
Полюс Б1P84.8%7.65%110.00+0.00%14K24Kput 05.2030
ПолюсБ1P12floatfloat99.86-0.14%215K2.1Mput 07.2030
ПолюсБ1P119.2%7.8%96.05-0.47%1.4M15.1Mput 06.2031

Price, YTM and turnover from MOEX; 1D is the current price vs the previous session close; floaters have no fixed YTM. Not investment advice.

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