Nornickel H1 2026: Revenue and Profit Surge, EBITDA Accelerates

Nornickel reported a strong first half of 2026, with revenue of RUB 635.6bn (+12.6% YoY) and net profit of RUB 153.3bn (+108.4% YoY), while EBITDA reached RUB 293.9bn (+49.9% YoY). Revenue growth accelerated sharply from the -20.2% YoY decline seen in H2 2025, and EBITDA growth also accelerated from -14.5% YoY in the prior half.

H1 2026 YoY Growth

What drove the result

The sharp acceleration in revenue and EBITDA was driven by a combination of higher metal prices and volumes, as well as cost discipline. EBITDA margin expanded to 46.2% in H1 2026 from 34.7% in H1 2025, reflecting strong operational leverage. Net profit more than doubled, supported by the EBITDA growth and lower finance costs.

Key figures

Outlook

With a strong H1 2026, Nornickel is well-positioned for the full year, though sustainability of metal prices remains a key swing factor. Investors should watch for any updates to the company's dividend policy and capital expenditure plans in the coming quarters.