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Polyus USD

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_PLZL

Price chart

2 018 RUBDay -2.31%

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
2 018 RUB · -2.31%
Market cap
26.8 bn USD

Growth

Δ revenue y/y
-9.8%
Δ EBITDA y/y
-19.0%

Multiples

P/E (LTM)
6.1x
3y avg: 6.1x
P/B (FY)
7.0x
P/E (ann.)
6.3x
EV/EBITDA (LTM)
89.5x
3y avg: 112.1x
EV/EBITDA (ann.)
86.3x

Cash return

Dividend yield
7.8%
FCF yield (LTM)
288.6%

Liquidity

Daily turnover (MOEX)
821.8 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: 13 / Warn: 2 / Err: 0 / Autofix applied: 0
Port of PHP subtotal-total + sign-flip detection logic
PeriodIssues
2023-03-31 Q1✓OK
2023-06-30 Q2✓OK
2023-09-30 Q3✓OK
2023-12-31 FY⚠Warn 1
2023-12-31 Q4⚠Warn 1
2024-03-31 Q1✓OK
2024-06-30 Q2✓OK
2024-09-30 Q3✓OK
2024-12-31 FY✓OK
2024-12-31 Q4✓OK
2025-03-31 Q1✓OK
2025-06-30 Q2✓OK
2025-09-30 Q3✓OK
2025-12-31 FY✓OK
2025-12-31 Q4✓OK
✓ All checks pass · ⚠ Has warnings (review) · ✗ Has errors (needs fix) · ✓* Autofix applied (see evidence)

Financial dynamics

Monetary columns are in M USD, 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.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2025-12-31FY 2025 (12M)OK2825.9
y/y -9.8%
1754.3
y/y -25.6%
173.3
y/y -11.2%
1927.7
y/y -24.5%
921.2
y/y -22.2%
1518.9-876.317536.7
y/y 8.6%
3813.6
y/y 114.1%
—553756.0Link
2025-09-30Q3 2025 (3M)PARTIAL2825.8
y/y -9.8%
1523.5
y/y -12.3%
158.9
y/y -4.3%
1682.4
y/y -11.6%
1065.4
y/y -2.6%
1755.8-778.6—
y/y —
—
y/y —
—529927.0Link
2025-06-30Q2 2025 (3M)OK2172.4
y/y 24.8%
1292.6
y/y 15.8%
144.6
y/y 5.7%
1437.2
y/y 14.7%
1209.6
y/y 20.5%
1992.7-680.916324.9
y/y 23.4%
3257.7
y/y 167.7%
—506098.0Link
2025-03-31Q1 2025 (3M)PARTIAL2172.4
y/y 24.8%
1292.6
y/y 15.8%
144.6
y/y 5.7%
1437.2
y/y 14.7%
1209.6
y/y 20.5%
1992.7-680.9—
y/y —
—
y/y —
—567388.0Link
2024-12-31FY 2024 (12M)OK3131.8
y/y 78.0%
2356.9
y/y 84.8%
195.3
y/y 13.3%
2552.1
y/y 76.2%
1183.7
y/y 28.6%
1638.4-1422.516155.1
y/y 38.3%
1781.4
y/y 326.2%
—628679.0Link
2024-09-30Q3 2024 (3M)PARTIAL3131.8
y/y 57.6%
1736.5
y/y 66.9%
166.0
y/y 10.3%
1902.5
y/y 59.7%
1093.8
y/y 79.7%
1380.5-808.6—
y/y —
—
y/y —
—586468.0Link
2024-06-30Q2 2024 (3M)OK1740.2
y/y 36.4%
1116.1
y/y 50.6%
136.7
y/y 6.3%
1252.8
y/y 44.1%
1003.8
y/y 237.8%
1122.6-194.713225.7
y/y 17.9%
1216.7
y/y -79.0%
—544258.0Link
2024-03-31Q1 2024 (3M)PARTIAL1740.2
y/y 33.2%
1116.1
y/y 50.5%
136.7
y/y 6.3%
1252.8
y/y 43.9%
1003.8
y/y 237.8%
1122.6-194.7—
y/y —
—
y/y —
—599869.0Link
2023-12-31FY 2023 (12M)OK1759.4
y/y —
1275.2
y/y —
172.4
y/y —
1448.1
y/y —
920.2
y/y —
1581.9-352.111679.8
y/y —
-787.6
y/y —
—655480.0Link
2023-09-30Q3 2023 (3M)PARTIAL1986.8
y/y —
1040.5
y/y —
150.5
y/y —
1191.0
y/y —
608.7
y/y —
1142.6-278.7—
y/y —
—
y/y —
—160788.0Link
2023-06-30Q2 2023 (3M)OK1276.1
y/y —
741.2
y/y —
128.7
y/y —
869.4
y/y —
297.1
y/y —
703.3-205.211219.9
y/y —
5805.5
y/y —
—160788.0Link
2023-03-31Q1 2023 (3M)PARTIAL1306.3
y/y —
741.7
y/y —
128.7
y/y —
870.3
y/y —
297.1
y/y —
703.3-205.2—
y/y —
—
y/y —
—158687.0Link
Data quality — review suggested

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodTotal gold output
koz		Gold sold
koz
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)

Production & Reserves

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

Gold mining

Proved reserves
104 Moz
2020
Reserve life (R/P)
41.1 yrs
reserves ÷ annual output
Annual production
2.53 Moz
2025

Proved reserves

YearReserves, Moz
2020104

Production

YearProduction, Moz
20252.53
20243
20232.90

Polyus operating results FY2024/FY2025 (polyus.com); JORC ore reserves 104 Moz, last full estimate 2020 (largest gold reserves globally).

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01 0002 0003 0002023 q32023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q4

Year-over-year change

-25%0%25%50%75%2023 q32023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q4

Cash flow

Net debt / cash ($ mln)

0200 000400 000600 0002023 q32023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q4

Commodity price upside

The same staged build as the commodity players: revenue → costs → EBITDA → conservative EBITDA (min of the spot- and 3-yr-average-price cases) → target market cap at the current EV/EBITDA. Costs held flat (a producer has no commodity on the cost side).

USD/RUB: spot 73 vs LTM-avg 80 → ×0.91 (ruble stronger → less RUB revenue); applied to USD-priced commodities (RUB gold left as-is).

Upside (conservative): -27% · spot +2% · 3-yr -27%

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

1 · Reported baseline (latest FY)
Revenue712.8 bln RUB
EBITDA462.4 bln RUB
Cash costs (revenue − EBITDA)250.4 bln RUB
2 · Revenue projection
Multiplier — spot×1.01 (+1%)
= Spot revenue719.8 bln RUB
Multiplier — 3-yr prices×0.86 (-14%)
= 3-yr-price revenue615.2 bln RUB
3 · Cost projection (held flat)
Cost multiplier×1.00 (+0%)
= Cash costs250.4 bln RUB
4 · EBITDA projection (revenue − costs)
= Spot EBITDA469.4 bln RUB
= 3-yr-price EBITDA364.7 bln RUB
Conservative EBITDA = min(spot, 3-yr)364.7 bln RUB
5 · Valuation → target market cap
EV/EBITDA (current)5.5x
Target EV = EV/EBITDA × conservative EBITDA2.01 trn RUB
Net debt553.8 bln RUB
Target market cap = EV − net debt1.45 trn RUB
Current market cap1.99 trn RUB

Upside = target market cap ÷ current − 1 = -27%

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%10 146.0010 047.47+1%+1%-14%

Dividends

No dividend rows found for this issuer.

Investor reporting (IR): https://www.e-disclosure.ru/portal/files.aspx?id=7832

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