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Polyus (PLZL) RUB

At a glance: strengths & risks
✓Cheaper than own history (EV/EBITDA 3.7 vs avg 5.1)✗Margins compressing (71%→65%)

Sector: Mining

RU_PLZL

Price chart

1 212 RUBDay -5.89%

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
1 212 RUB · -5.89%
Market cap
1146.9 bn RUB

Growth

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

Multiples

P/E (LTM)
3.7x
3y avg: 6.1x
P/B (FY)
4.2x
P/E (ann.)
4.0x
EV/EBITDA (LTM)
3.7x
3y avg: 5.1x
EV/EBITDA (ann.)
3.3x

Cash return

Dividend yield
7.8%
FCF yield (LTM)
17.7%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-23.1%
↓ details

Liquidity

Daily turnover (MOEX)
15.3 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
2025-12-31H2 2025 (6M)OK403.0
y/y -9.8%
233.7
y/y -19.9%
23.7
y/y -8.0%
257.4
y/y -19.0%
141.7
y/y -12.8%
233.5-117.41250.4
y/y 8.6%
271.9
y/y 114.1%
124.6%553.8Report (PDF)
2025-06-30H1 2025 (6M)OK309.8
y/y 24.8%
184.3
y/y 15.8%
20.6
y/y 5.7%
205.0
y/y 14.7%
172.5
y/y 20.5%
284.2-98.01164.0
y/y 23.4%
232.3
y/y 167.7%
192.0%506.1Report (PDF)
2024-12-31H2 2024 (6M)OK446.6
y/y 67.2%
291.9
y/y 76.7%
25.8
y/y 11.9%
317.6
y/y 68.8%
162.4
y/y 49.0%
215.3-85.11151.9
y/y 38.3%
127.0
y/y —
285.9%628.7Report (PDF)
2024-06-30H1 2024 (6M)OK248.2
y/y 34.8%
159.2
y/y 50.6%
19.5
y/y 6.3%
178.7
y/y 44.0%
143.2
y/y 237.8%
160.1-52.6943.0
y/y 17.9%
86.8
y/y -79.0%
1871.3%544.3Report (PDF)
2023-12-31H2 2023 (6M)OK267.1
y/y —
165.2
y/y —
23.0
y/y —
188.2
y/y —
109.0
y/y —
194.3-63.6832.8
y/y —
-56.2
y/y —
84.6%655.5Report (PDF)
2023-06-30H1 2023 (6M)OK184.1
y/y —
105.7
y/y —
18.4
y/y —
124.0
y/y —
42.4
y/y —
100.3-39.0800.0
y/y —
413.9
y/y —
—160.8Report (PDF)

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

0100 000200 000300 000400 0002023 H12023 H22024 H12024 H22025 H12025 H2

Year-over-year change

-25%0%25%50%75%2023 H12023 H22024 H12024 H22025 H12025 H2

Cash flow

FCF (₽ mln)

050 000100 000150 000200 0002023 H12023 H22024 H12024 H22025 H12025 H2

Net debt / cash (₽ mln)

0200 000400 000600 0002023 H12023 FY2024 H12024 FY2025 H12025 FY

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

Production, Moz

2.902023320242.532025

Proved reserves

YearReserves, Moz
2020104

Production

YearProduction, Moz
20252.53
−15.7%
20243
+3.4%
20232.90

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

Key-commodity price — Gold (RUB)

Current 10 237 ₽/гspot vs LTM -4%

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.

Upside (conservative): -23% · spot -10% · 3-yr -36%

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×0.96 (-4%)
= Spot revenue687.4 bln RUB
Multiplier — 3-yr prices×0.84 (-16%)
= 3-yr-price revenue596.1 bln RUB
3 · Cost projection (+ RU inflation ~5%)
Cost multiplier×1.05 (+5%)
= Cash costs262.9 bln RUB
4 · EBITDA projection (revenue − costs)
= Spot EBITDA424.5 bln RUB
= 3-yr-price EBITDA333.1 bln RUB
= Avg-scenario EBITDA (spot + 3-yr)/2378.8 bln RUB
Conservative EBITDA = min(spot, avg(spot, 3-yr))378.8 bln RUB
5 · Valuation → target market cap
EV/EBITDA (current)5.5x
Target EV = EV/EBITDA × conservative EBITDA2.08 trn RUB
Net debt553.8 bln RUB
Target market cap = EV − net debt1.53 trn RUB
Current market cap1.99 trn RUB

Upside = target market cap ÷ current − 1 = -23%

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%10 237.0010 614.57-4%-4%-16%

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).

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 · 15.7%

Pay yearDividend /sh
202685.85 ₽
2025179.85 ₽
2024130.18 ₽
202165.46 ₽
202048.49 ₽
201930.66 ₽
201827.82 ₽
201725.67 ₽
Payments by period
PeriodEx-date/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: 51% buy — balanced5d: 51% buy — balanced20d: 48% buy — balanced

Iceberg levels last session: 15 bid / 21 ask; largest — bid 1237.2 (filled ×5.5 of displayed, 25 refills).
Robot clips (recurring characteristic order size): 24 bid / 24 ask; largest — ask 218 lots ×857 appearances across 177 price levels. Ping probes (1-2 lots, typical iceberg hunting): bid ×1256, ask ×1368.

DayBuyer initiativeIcebergs bid/askRobots bid/askTrades
23.0751%15/2124/2475,303
22.0752%42/5051/49135,929
21.0752%5/1341/4277,035
20.0751%1/126/2661,202
17.0749%24/1836/37102,151

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.

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.
22.07.26AGM / BoardРешения совета директоров (наблюдательного совета)
Совет директоров ПАО «Полюс» утвердил отчет об устойчивом развитии за 2025 год и дал согласие на заключение договора займа, сумма которого составляет менее 10% от балансовой стоимости активов компании. Кворум для голосования был достигнут, решения приняты единогласно.
20.07.26Material eventСобытия (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
17 июля 2026 года ПАО «Полюс» приняло решение о надбавке S в размере 1,2% годовых для биржевых облигаций серии ПБО-12. Это решение может повлиять на стоимость и котировки ценных бумаг компании.

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 8 of 17 funds, ≈1,6 млрд ₽ combined. Last month: added — 1, left top-10 — 1.

FundManagerWeight≈PositionΔ weight m/mDisclosure
AMRE АТОН – Российские акции +Атон-менеджмент7.42%45 млн ₽+0.63 pp29.05.2026
GROD ДОХОДЪ Индекс акций ростаДОХОДЪ7.10%12 млн ₽—29.05.2026
TRND Т-Капитал Трендовые акцииТ-Капитал5.65%28 млн ₽—29.05.2026
BCSR БКС Индекс Российского рынкаБрокеркредитсервис5.00%14 млн ₽—29.05.2026
SBPS Первая – Фонд Моя цель 2035Первая4.43%7 млн ₽—29.05.2026
TMOS Т-Капитал Индекс МосБиржиТ-Капитал3.73%449 млн ₽—29.05.2026
SBMX Первая - Фонд Топ Российских акцийПервая3.70%628 млн ₽—29.05.2026
EQMX Индекс МосБиржиВИМ Инвестиции3.69%434 млн ₽—29.05.2026
AKIE Альфа-Капитал Управляемые акции с выплатой доходаАльфа-Капиталleft top-10 (was 3.58%)29.05.2026

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.

Investment-community mentions

Substantive mentions last 7 days: 1 (1 positive), last 30 days: 10 (2 positive, 7 negative) across tracked channels, broker research and shows. 37 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.

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)

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

PLZL (Polyus) is a Russian gold mining company that explores, extracts, and processes gold ore to produce gold bullion and concentrates.

Frequently asked questions

What is Polyus (PLZL)'s P/E ratio?
Polyus (PLZL) trades at a P/E of 3.7x (price to trailing 12-month earnings).
What is Polyus (PLZL)'s EV/EBITDA?
Polyus (PLZL) trades at 3.7x EV/EBITDA.
What is Polyus (PLZL)'s P/B ratio?
Polyus (PLZL) trades at a P/B of 4.2x.
What is Polyus (PLZL)'s dividend yield?
Polyus (PLZL)'s trailing 12-month dividend yield is 7.8%.
What is Polyus (PLZL)'s return on equity (ROE)?
Polyus (PLZL)'s ROE is 104.2%.
What is Polyus (PLZL)'s market capitalization?
Polyus (PLZL)'s market cap is 1146.9 bn RUB.