Nornickel (GMKN) stock in 2026: dividends, earnings and outlook
As of Nov 10, 2026, Nornickel (GMKN) trades at RUB 115.92 per share, P/E 6.5x, trailing dividend yield 1.6%. There is no manual review on the portal yet; below are reported figures and model outputs only. Below: 1H 2026 results, dividends paid and expected, and valuation. All figures come from the company card on the Frontier portal.
Nornickel: Добыча listed on the Moscow Exchange, covered by the Frontier portal.
What the 1H 2026 report showed
This is an automated earnings note built from portal data. The analysts have not published a manual review yet.
Nornickel half-year results
Nornickel, IFRS figures for the period
| Period | Revenue, RUB bn | YoY | EBITDA, RUB bn | YoY | Net profit, RUB bn | YoY |
|---|---|---|---|---|---|---|
| 1H 2024 | 509.0 | -7.9% | 179.9 | -30.5% | 75.3 | -8.9% |
| 2H 2024 | 680.2 | -14.3% | 269.4 | -26.9% | 97.0 | -47.8% |
| 1H 2025 | 564.6 | 10.9% | 196.0 | 9.0% | 73.5 | -2.3% |
| 2H 2025 | 543.0 | -20.2% | 230.3 | -14.5% | 124.6 | 28.5% |
| 1H 2026 | 635.6 | 12.6% | 293.9 | 49.9% | 153.3 | 108.4% |
In 1H 2026: revenue RUB 635.6 bn (+12.6% YoY), EBITDA RUB 293.9 bn (+49.9% YoY), net profit RUB 153.3 bn (+108.4% YoY). The full period table, balance sheet and cash flow are on the Nornickel card.
Nornickel dividends, paid and expected
Nornickel dividends by ex-dividend year, RUB per share
| Year | RUB per share |
|---|---|
| 2019 | 23.61 |
| 2020 | 12.22 |
| 2021 | 10.57 |
| 2022 | 27.35 |
| 2023 | 9.15 |
| 2026 | 1.85 |
Over the last 12 months the company paid RUB 1.85 per share, a 1.6% yield. The portal's dividend-potential model expects RUB 1.85 for the financial year (RUB 1.85 already paid or declared), a 1.6% forward yield at a 14% key rate. This is a model output, not an analyst forecast.
- Paid RUB 1.85 per share, ex-date Oct 9, 2026
- Paid RUB 9.15 per share, ex-date Dec 25, 2023
- Paid RUB 11.86 per share, ex-date Jun 9, 2022
Nornickel valuation by multiples
Nornickel (GMKN), multiples as of Nov 10, 2026
| Metric | Value |
|---|---|
| P/E (LTM) | 6.5x |
| P/B | 2.6x |
| EV/EBITDA | 5.2x |
| ROE | 32.1% |
| Dividend yield, LTM | 1.6% |
| Market cap | 1817.2 bn RUB |
LTM revenue RUB 1175.1 bln, net profit RUB 277.9 bln, EBITDA RUB 527 bln. Peer comparison and P/E history are on the company card.
FAQ
When is the next Nornickel dividend? The latest payment was RUB 1.85 per share, ex-date Oct 9, 2026. No new payout has been declared yet.
Will Nornickel pay dividends in 2026? No board decision yet. The portal model expects RUB 1.85 per share for the financial year.
What did the latest Nornickel report show? In 1H 2026: revenue RUB 635.6 bn (+12.6% YoY), EBITDA RUB 293.9 bn (+49.9% YoY), net profit RUB 153.3 bn (+108.4% YoY).
Other Добыча companies on the portal: Polyus (PLZL), Alrosa (ALRS), UGC (UGLD), Seligdar (SELG).
- Nornickel card on the Frontier portal
- Dividends and prices: Enhanced Investments EI1 database, Moscow Exchange
- Russian stocks: dividends, outlook and earnings 2026
Open the company's financial profile GMKN →
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