Nornickel Gmk · RUS:GMKN
Nornickel Gmk — Nornickel — H1 2026 Earnings Presentation
37 slides from Nornickel Gmk's earnings presentation, Jul 31, 2026
Slide 1: 1H 2026 Financial Results Presentation
1H 2026 Financial Results Presentation 31 July 2026
Slide 2: Disclaimer
Norilsk Nickel 1H2026 Financial Results Presentation Disclaimer The information contained herein has been prepared using information available to PJSC MMC Norilsk Nickel (“Norilsk Nickel” or “Nornickel” or “NN”) at the time of preparation of the presentation. External or other factors may have impac
Slide 3: 1H2026 Financial Performance Highlights
Norilsk Nickel 1H2026 Financial Results Presentation 1H2026 Financial Performance Highlights Revenue Realised metal prices СAPEX Appreciation of RUB against USD $8.3 bn Production decrease $1.4 bn Increased investment in major projects, including key commercial projects, as well +28% y-o-y +26%
Slide 4: Health and Safety — Strategic Priority for the Management
Norilsk Nickel 1H2026 Financial Results Presentation | HSE Health and Safety — Strategic Priority for the Management Accident Statistics Key initiatives aimed at improving industrial safety: Number of employees • Improving control and preventive measures Lost time injury 4 • H&S incentive 2 Fatal 4
Slide 5: Markets Update
ee, Markets Update
Slide 6: Metal Markets Overview
Norilsk Nickel 1H2026 Financial Results Presentation | Markets Update Metal Markets Overview Balance incl. investments Metal Ni Cu Pd Pt [kt] [kt] [Moz] [Moz] Balance Balance Balance Balance 667 Production and 278 Consumption Balance 254 0.3 159 0.2 0.2 0.2 55 0.1 Forecast 20 (balance) (0.1) (balanc
Slide 7: The Average Nickel Price in 1H2026 increased by 15% YoY amid Changing Regulatory Policies in Indonesia
Norilsk Nickel 1H2026 Financial Results Presentation | Markets Update The Average Nickel Price in 1H2026 increased by 15% YoY amid Changing Regulatory Policies in Indonesia Indonesia is the Main Driver of Market Rebalancing Amid Policy Tightening in Indonesia, LME Stocks Stabilised, Most of the Incr
Slide 8: Indonesia's Ore Mining Quota Remains the Major Source of Uncertainty for Market
Norilsk Nickel 1H2026 Financial Results Presentation | Markets Update Indonesia’s Ore Mining Quota Remains the Major Source of Uncertainty for Market Indonesia's Plans to Reduce Production Quotas May Reduce Ni Supply and Bring the Market into Balance [Quotas and effective ore availability, Mt] [Ni M
Slide 9: Revision of Minimum Ore Prices Will Raise Nickel Production Costs
Norilsk Nickel 1H2026 Financial Results Presentation | Markets Update Revision of Minimum Ore Prices Will Raise Nickel Production Costs for Half of Indonesian Producers by 20–30% to $18–20k/t and Support Prices Minimum Prices (HPM) were Raised Significantly by Revising Correction Factor and Adding B
Slide 10: Nickel Demand: Moderate Growing Stainless Steel Demand
Norilsk Nickel 1H2026 Financial Results Presentation | Markets Update Nickel Demand: Moderate Growing Stainless Steel Demand, Solid Demand from Nickel- Containing Alloys and Special Steels sectors A Higher Share of Scrap in China Reduces the Demand for Robust Demand in Aviation and the Recovery of O
Slide 11: The Global Auto Market Experiences Stagnation amid Weak Growth in China and the US
Norilsk Nickel 1H2026 Financial Results Presentation | Markets Update The Global Auto Market Experiences Stagnation amid Weak Growth in China and the US. Output of ICE-Equipped Vehicles Down -5% YoY in 2026; BEV’s up +22% Global Vehicle Production: Revision of Expectations for 2026- Growth in LFP Sh
Slide 12: Nickel Market Balance Highly Dependent On Production Cuts in Indonesia
Norilsk Nickel 1H2026 Financial Results Presentation | Markets Update Nickel Market Balance Highly Dependent On the Volume of Production Cuts in Indonesia Market Balance: While Indonesian Production Remains at Demand: Restrained Growth In Stainless Steel Consumption Current expectations, Transition
Slide 13: Palladium Market: Balanced Amid Declining Demand in Auto Industry
Norilsk Nickel 1H2026 Financial Results Presentation | Markets Update Palladium Market: Balanced Amid Declining Demand in Auto Industry and Reduced Production in Russia and North America Demand: Pt Substitution with Pd and Loadings Growth in Market Balance1: is Expected to be Balanced in 2026-2027 A
Slide 14: Platinum Market Could Record Another Year of Deficit
Norilsk Nickel 1H2026 Financial Results Presentation | Markets Update Platinum Market Could Record Another Year of Deficit due to Sluggish Supply Growth, Particularly if Investment Demand Picks Up Demand: Decrease in Automotive Industry Demand due to Pt Market Balance: Much will Depend on Investment
Slide 15: Prices of All Precious Metals Corrected In 2026 Following Changes In Fed's Rhetoric
Norilsk Nickel 1H2026 Financial Results Presentation | Markets Update Prices of All Precious Metals Corrected In 2026 Following The Changes In Fed’s Rhetoric Outflow of Investment Demand from Precious Metals to Dollar-Denominated Assets Triggered a Decline in Prices [Change in precious metal prices,
Slide 16: Palladium and Platinum: Key Market Indicators Show Signs of Decreasing Volatility
Norilsk Nickel 1H2026 Financial Results Presentation | Markets Update Palladium and Platinum: Key Market Indicators Show Signs of Decreasing Volatility Palladium and Platinum ETF Holdings: Pt Down Since the Start Leasing Rates Stabilize After Peaks of the Year, Stable in Pd Палладий 3M Платина 3M Pa
Slide 17: Refined Copper: Supply Slowdown in 2026 With Stable Increase in Demand
Norilsk Nickel 1H2026 Financial Results Presentation | Markets Update Refined Copper: Supply Slowdown in 2026 With Stable Increase in Demand Demand: Maintaining Sustainable Growth Rates Market Balance: 2026 Balance Sheet Revision Reflects Higher- than-Expected Refined Copper Production from SX-EW an
Slide 18: Regional Copper Market Fragmentation
Norilsk Nickel 1H2026 Financial Results Presentation | Markets Update Regional Copper Market Fragmentation: in China due to Concentrates Inflow (Through Low TC) and in the US due to Refined Copper Inflow (Through Tariff Uncertainty) Inventories Grow, But Only Part Of Them Is Available For Consumptio
Slide 19: Metal Markets: Outlook on Long-Term Fundamentals
Norilsk Nickel 1H2026 Financial Results Presentation | Markets Update Metal Markets: Outlook on Long-Term Fundamentals Metal Ni Cu Pd Pt Market Balance Forecast В балансе Balance Дефицит Deficit Профицит Surplus1 1 В балансе Balance +5.7% +2.1% +3.3% +1.8% Supply (CAGR, %) 2026E 2030E 2026E 2030E 20
Slide 20: Financial Update
Financial Update
Slide 21: Metal Revenue Dynamics: Increase in Prices for Base and Precious Metals
Norilsk Nickel 1H2026 Financial Results Presentation | Financial Update Metal Revenue Dynamics: Increase in Prices for Base and Precious Metals Metal Revenue Change Factors [USD mln] Key revenue change factors: Macrofactors Operating factors 2,655 (893) • Increase in prices for base 7,862 and precio
Slide 22: EBITDA Dynamics: Increased Metal Prices Offset Negative Influence of Macrofactors
Norilsk Nickel 1H2026 Financial Results Presentation | Financial Update EBITDA Dynamics: Increased Metal Prices Offset the Negative Influence of Macrofactors and Decreased Sales Volume EBITDA and EBITDA Margin Change over 5-Year Cycle [USD mln] EBITDA 53% 47% 47% 8 000 42% 41% EBITDA margin 7 000 6
Slide 23: Cash Operating Costs: Growth Driven by Macrofactors
Norilsk Nickel 1H2026 Financial Results Presentation | Financial Update Cash Operating Costs: Growth Driven by Macrofactors Cash Operating Costs Change Factors [USD mln] Operating Macrofactors 649 factors 12 193 12 3,216 2,555 267 189 1H2025 FOREX Domestic Taxes and Other 1H2026 inflation other duti
Slide 24: Net Working Capital Dynamics: Reconfiguration of Sales and Distribution Channels
Norilsk Nickel 1H2026 Financial Results Presentation | Financial Update Net Working Capital Dynamics: Reconfiguration of Sales and Distribution Channels [USD mln] Macrofactors Operating factors 72 451 374 103 3,400 2,877 40 64 31 (26) (63) 31.12.2025 FOREX Realised Seasonal Changes Trade Increase Ot
Slide 25: Implementation of Strategic Plans Aimed at Safety Improvement of the Fixed Assets
Norilsk Nickel 1H2026 Financial Results Presentation | Financial Update The Implementation of Strategic Plans Aimed at Safety Improvement of the Fixed Assets and at Further Development CAPEX1 Breakdown by Projects CAPEX1 Allocation by Type: [USD mln]2 1,398 [USD mln]2 Sulphur Programme at the 228 Na
Slide 26: Free Cash Flow Change Factors: Decrease due to Change in NWC
Norilsk Nickel 1H2026 Financial Results Presentation | Financial Update 1 Free Cash Flow Change Factors: Decrease due to Change in NWC in Comparison with 2025 and Higher Income Tax Paid [USD mln] 1,305 (768) 1,435 (285) 23 1,151 (559) 224 243 1H2025 Higher Comparative effect Higher Higher income tax
Slide 27: Debt Portfolio Transformation to Optimize Cost of Funding
Norilsk Nickel 1H2026 Financial Results Presentation | Financial Update Debt Portfolio Transformation to Optimize Cost of Funding and Minimize Exposure to Financial Risks Net Debt and Leverage Highlights [$ bn] [x] • The Company recoveried and keeps balance of debt portfolio 12 1.1 1.2 1.7 1.6 1.3 c
Slide 28: Operations and Strategy Update
Operations and Strategy Update
Slide 29: 2025 Production and 2026 Guidance
Norilsk Nickel 1H2026 Financial Results Presentation | Operations and Strategy Update 2025 Production and 2026 Guidance1 Nickel and copper production, kt Palladium and platinum production, moz Ni Cu Pd Pt 2026E 193–203 336–356 2026E 2.4–2.5 ~0.6 2025 198 355 2025 2.7 0.7 2024 205 363 2024 2.8 0.7 20
Slide 30: Implementation of Strategic Plans to Improve the Reliability of the Production Chain
Norilsk Nickel 1H2026 Financial Results Presentation | Operations and Strategy Update Implementation of Strategic Plans to Improve the Reliability of the Production Chain and Further Development CAPEX Dynamics, Environmental projects $ bn Implementation of the Sulfur program on Nadezhda Metallurgica
Slide 31: Appendix
Appendix
Slide 32: Nornickel – a Reliable Social Partner of the State and a Leader in Russian Mining
Norilsk Nickel 1H2026 Financial Results Presentation | Appendix Nornickel – a Reliable Social Partner of the State and a Leader in the Russian Mining and Metallurgical Industry Nornickel's share in the country's economy and the Company's participation in the development of the Russian Arctic %9.0 %2
Slide 33: Nornickel Share Dynamics vs. Moscow Exchange Index
Norilsk Nickel 1H2026 Financial Results Presentation | Appendix Nornickel Share Dynamics vs. Moscow Exchange Index [bp] [RUB per share] 3,000 180 2,500 150 2,000 120 1,500 90 1,000 60 January-26 February-26 March-26 April-26 May-26 June-26 July-26 MOEX GMKN Source: Moscow Stock Exchange, company est
Slide 34: Nornickel Share Dynamics vs. the Group's Metal Basket
Norilsk Nickel 1H2026 Financial Results Presentation | Appendix Nornickel Share Dynamics vs. the Group's Metal Basket [trln RUB] [RUB per share] 2.0 180 1.8 160 1.6 140 1.4 120 1.2 100 1.0 80 0.8 60 0.6 0.4 40 0.2 20 0.0 0 January-26 February-26 March-26 April-26 May-26 June-26 July-26 Nornickel's M
Slide 35: Metal Basket Dynamics
Norilsk Nickel 1H2026 Financial Results Presentation | Appendix Metal Basket Dynamics Nickel Price Dynamics, $/t Copper Price Dynamics, $/t 22,000 14,000 18,000 12,000 10,000 14,000 8,000 10,000 6,000 January-25 May-25 September-25 January-26 May-26 January-25 May-25 September-25 January-26 May-26 P
Slide 36: Financial Performance Dynamics
Norilsk Nickel 1H2026 Financial Results Presentation | Appendix Financial Performance Dynamics Revenue Dynamics, USD bn Net Debt / 12M EBITDA 17.9 1.9х 16.9 1.7x 1.6x 14.4 13.8 12.5 1.2x 1.3х 1.1x 8.3 6.5 0.5x 2021 2022 2023 2024 2025 1H25 1H26 2021 2022 2023 2024 2025 1H25 1H26 EBITDA Dynamics, USD
Slide 37: Contact Details
Contact Details Tatiana Dykova Head of Investor Relations Department IR@nornik.ru Current news and updates for investors and shareholders Web site Telegram Pulse SMART-LAB