Nornickel’s net profit more than doubles to $2 bln in 1H

Nornickel’s net profit more than doubles to $2 bln in 1H Revenue rose by 28% in the reporting period to $8.3 blnMOSCOW, July 31. /TASS/. Nornickel’s net profit under International Financial Reporting Standards (IFRS) grew 2.4-fold to $2.001 bln in the first half of 2026 compared to $842 mln in the previous year, while EBITDA increased by 50% to $3.9 bln, according to the company’s report. Revenue rose by 28% in the reporting period to $8.3 bln. EBITDA margin stood at 47%. Cash operating expenses amounted to $3.2 bln, driven primarily by the strengthening of the ruble, inflation, and an increase in mineral extraction tax payments, which are linked to metal prices. Nornickel’s net working capital equaled $3.4 bln, while its free cash flow declined by 20% to $1.2 bln, primarily due to an increase in net working capital and capital expenditures. Adjusted free cash flow amounted to $0.2 bln, up by 8%. Net debt remained at $9.1 bln. Net debt/EBITDA ratio as of June 30, 2026, was 1.3x. Norilsk Nickel is a diversified metals and mining company. Its production units are located in the Norilsk Industrial District, on the Kola Peninsula and the Trans-Baikal Territory in Russia, as well as in Finland. 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