Nornickel H1 2026: Revenue Growth Accelerates to +12.6% as EBITDA Margin Jumps to 46.2%

Nornickel reported H1 2026 revenue of RUB 635,624.6mn, up +12.6% y/y, a sharp reversal from the -20.2% y/y decline in H2 2025 — revenue growth accelerated. EBITDA rose +49.9% y/y to RUB 293,872.0mn and net profit more than doubled, +108.4% y/y to RUB 153,294.6mn, as margin expansion did the heavy lifting.

H1 2026 vs H1 2025: headline YoY growth

What drove the result

The story is margin, not volume. EBITDA margin expanded to 46.2% in H1 2026 from 34.7% in H1 2025, lifting EBITDA growth (+49.9%) far above revenue growth (+12.6%). Net margin rose to 24.1% from 13.0%. The EBITDA-to-net-profit conversion also improved: net profit grew +108.4% versus EBITDA's +49.9%, implying lower effective charges below the operating line. Revenue of RUB 635,624.6mn also exceeded the H2 2025 level of RUB 542,965.4mn, confirming a genuine sequential rebound rather than a base effect.

Key figures (RUB mn)

Outlook

The key question is sustainability of the margin step-up. H1 2026 EBITDA of RUB 293,872.0mn already exceeds the full H2 2025 figure of RUB 230,273.6mn, and the 46.2% margin is well above the 39.7% implied for FY 2025 (RUB 429,101.6mn / RUB 1,104,080.4mn). If that margin holds, consensus estimates for the full year look conservative; if it reflects a one-off cost or price tailwind, the second half could normalize. Watch the revenue run-rate: H1 2026 revenue of RUB 635,624.6mn is +17.1% above H2 2025's RUB 542,965.4mn, a strong sequential signal.

Bottom line: a strong beat on profitability, with EBITDA and net profit growth far outpacing revenue. The market will focus on whether the 46.2% EBITDA margin is the new base or a peak. With revenue growth re-accelerating to +12.6% from -20.2% in H2 2025, the top-line trajectory is supportive; the risk is margin mean-reversion. No consensus, dividend, or share-price data were provided, so we make no call on those.