Consolidated Interim Condensed Financial Statements for the nine months ended 30 September 2025

PJSC "PhosAgro"

Contents

Report on Review of Consolidated Interim Condensed Financial Statements

Consolidated Interim Condensed Statement of Profit or Loss and Other Comprehensive Income 1

Consolidated Interim Condensed Statement of Financial Position 2

Consolidated Interim Condensed Statement of Cash Flows 3

Consolidated Interim Condensed Statement of Changes in Equity 4

Notes to the Consolidated Interim Condensed Financial Statements

1. Background 5

2. Basis of preparation 6

3. Fair value determination 7

4. Seasonality 7

5. Revenues 8

6. Cost of Group products sold 8

7. Administrative and selling expenses 9

8. Taxes, other than income tax 9

9. Other expenses, net 10

10. Finance income and finance costs 10

11. Income tax expense 10

12. Property, plant and equipment 11

13. Right-of-use assets 12

14. Inventories 13

15. Trade and other receivables 13

16. Cash and cash equivalents 14

17. Earnings per share 14

18. Loans and borrowings 15

19. Lease liabilities 18

20. Trade and other payables 18

21. Commitments 18

22. Related party transactions 19

23. Foreign currency risk 19

24. Subsequent events 20

Joint-Stock Company "Technologies of Trust - Audit"

("Technologies of Trust - Audit" JSC)

https://www.tedo.ru

Ferro-Plaza Business Centre,

14/3 Krzhizhanovsky street, bldg. 5/1, Akademichesky municipal district, Moscow, Russian Federation, 117218

+7 495 967 60 00

Report on Review of Consolidated Interim Condensed Financial Statements

To the Shareholders and Board of Directors of Public Joint-Stock Company "PhosAgro":

Introduction

We have reviewed the accompanying consolidated interim condensed financial statements of Public Joint-Stock Company "PhosAgro" and its subsidiaries (together - the "Group"), which comprise the consolidated interim condensed statement of financial position as at 30 September 2025, the consolidated interim condensed

statements of profit or loss and other comprehensive income for the three-month and nine-month periods then ended, cash flows and changes in equity for the nine-month period then ended, and the related explanatory notes. Management is responsible for the preparation and presentation of these consolidated interim condensed financial statements in accordance with IAS 34, "Interim Financial Reporting". Our responsibility is to express a conclusion on these consolidated interim condensed financial statements based on our review.

Scope of review

We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of

Interim Financial Information Performed by the Independent Auditor of the Entity". A review of consolidated interim condensed financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit.

Accordingly, we do not express an audit opinion.

Basis for qualified conclusion

Management of the Group has not disclosed segment information in the notes to the consolidated interim condensed financial statements as required by paragraph 16А (g) of IAS 34, "Interim Financial Reporting", for the nine months ended 30 September 2025 and for the comparative period nine months ended 30 September 2024.

Considering the undisclosed segment information required by paragraph 16А (g) of IAS 34, "Interim Financial Reporting", is unduly voluminous, presenting this undisclosed information in our report on review of consolidated interim condensed financial statements is not practicable.

Qualified conclusion

Based on our review, with the exception of the effects of the matter described in the Basis for qualified conclusion section, nothing has come to our attention that causes us to believe that the accompanying consolidated interim condensed financial statements are not prepared, in all material respects, in accordance with IAS 34, "Interim Financial Reporting".

20 November 2025

Moscow, Russian Federation

Fegetsin Alexey Iakovlevich is authorised to sign on behalf of the General Director of Joint-Stock Company "Technologies of Trust - Audit" (Principal Registration Number of the Record in the Register of Auditors and Audit Organizations (PRNR) - 12006020338), certified auditor (PRNR - 21906101957)

PCSC "PhosAgro"

Consolidated Interim Condensed Statement of Proflt Or Loss and Other Comprehensive income for

the three and nine months ended 30 September 2025

Nine months ended Three months ended

30 September 30 September

"Non-controlling interests mean minority shareholders of the subsidiaries of PJSC "PhosAgro"

The consolidated interim condensed financial statements were approved on 20 November 2025:

Chief executive officer

A.A. Gilgenberg

Deputy CEO for Finance and International Projects

A.F. Sharabaiko

2025

30 September

1 Changes in trade and other receivables and changes in trade and other payables include effect of foreign exchange differences from operating activities.

2 The Group received dividends cash refund from depositories as parties entitled for dividends didn't receive them due to reasons beyond the depositories' control.

PJSC "PhosAgro"

Consolidated Interim Condensed Statement of Changes in Equity for the nine months ended 30 September 2025

1 At 30 September 2025 the Company reversed RUB 5,512 million of declared and unclaimed dividends to non-resident shareholders in retained earnings due to termination of dividend liability.

The accompanying notes form an integral part of these consolidated interim condensed financial statement.

1. ‌BACKGROUND‌

   1. ‌Organisation structure and operations

      PJSC "PhosAgro" (the "Company" or the "Parent") is a public joint stock company registered in accordance with Russian legislation. PJSC "PhosAgro" and its subsidiaries (together referred to as the "Group") comprise Russian legal entities. The Company was registered in October 2001. The Company's address is Leninsky prospekt 55/1 building 1, Moscow, Russian Federation, 119333.

      The Group's principal activity is production of phosphate rock and mineral fertilisers at plants located in the cities of Kirovsk (Murmansk region), Cherepovets (Vologda region), Balakovo (Saratov region) and Volkhov (Leningrad region), and their distribution across the Russian Federation and abroad.

      At 30 September 2025 and 31 December 2024, PJSC "PhosAgro" does not have any senior parent or ultimate controlling party in accordance with control definition described in IFRS 10 Consolidated financial statements .

   2. ‌Russian business environment

      The Group's operations are primarily located in the Russian Federation. Consequently, the Group is exposed to the economic and financial conditions of the Russian Federation, which display certain characteristics of an emerging market. Its economy is particularly sensitive to oil and gas prices. The legal, tax and regulatory frameworks continue development, and are subject to varying interpretations and frequent changes. The Russian economy continues to be negatively impacted by ongoing political tension in the region and international sanctions against certain Russian companies and individuals.

      Geopolitical tension caused by the Ukrainian case in February 2022 continued in 2025. Geopolitical situation escalation resulted in significant exchange rates fluctuations and increased volatility in financial and commodity markets. Sanctions and restrictions have been and continue to be imposed towards a number of Russian entities such as access termination to European and USA financial markets, SWIFT international system and others. Price cap on Russian oil and gas and embargo on Russian petrochemicals were introduced. In June 2024, restrictive measures were introduced by the USA against Moscow Stock Exchange Group, which led to USD and EUR trading interruption and short-term delays in official exchange rate determination of these currencies against the rouble.

      The Central Bank of Russian Federation set the key rate at 18% per annum on 29 July 2024 with subsequent increase up to 19% on 16 September 2024, 21% on 28 October 2024 and decrease to 20% on

      9 June 2025, to 18% on 28 July 2025, to 17% on 15 September 2025 and to 16.5% on 27 October 2025.

      It's unknown how long the increased volatility will continue and when the above factors will stabilise. The future effects of current economic situation and the above measures are difficult to predict. Management's current expectations and estimates could differ from actual results.

      On 12 July 2024, Federal Law No. 176-FZ on Amendments to part one and part two of the Tax Code of the Russian Federation, certain legislative acts of the Russian Federation and on the invalidation of certain provisions of legislative acts of the Russian Federation was adopted. The Law introduced the following changes effective from 1 January 2025:

      • corporate income tax rate increase from 20% to 25%;

      • introduction of excise tax on natural gas for ammonia producers as a result of extended list of excisable products;

      • change in methodology of calculating mineral extraction tax: transition to the formula dependent on export quotations of phosphate ore - Morocco FOB and percentage of useful component in the mined ore. Base rate for phosphates - 4%.

        Since 1 July 2025 EU Council's decision on customs duties for Russian agricultural production and mineral fertilisers was put into force. Duties of 40 Euro per ton and 45 Euro per ton were introduced in addition to current 6.5% rate for nitrogen and complex fertilisers correspondingly. Duties will be further increased during three years. The Group's management does not expect significant impact on the Group's financial results and operations.

2. ‌BASIS OF PREPARATION‌

   1. ‌Statement of compliance

      The consolidated interim condensed financial statements have been prepared in accordance with IAS 34, Interim Financial Reporting.

      The Group additionally prepared consolidated interim condensed financial statements in the Russian language.

      These consolidated interim condensed financial statements do not include all the information required for presentation in a complete set of IFRS financial statements and therefore should be read in conjunction with the consolidated annual financial statements of PJSC "PhosAgro" for the year ended 31 December 2024.

   2. ‌Significant accounting policies

      The accounting policies used for the preparation of these consolidated interim condensed financial statements are consistent with those applied in the annual consolidated financial statements as of and for the year ended 31 December 2024.

   3. ‌Key accounting es timates and professional judgment

      The preparation of the consolidated interim condensed financial statements requires management to make estimates, judgements and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from those estimates.

      Management's significant estimates and judgments used in preparation of these consolidated interim condensed financial statements are consistent with those applied to the annual consolidated financial statements as of and for the year ended 31 December 2024.

   4. ‌New and amended standards adopted by the Group

      A number of new and revised standards and interpretations became effective from 1 January 2025, but did not have a material impact on the Group's consolidated interim condensed financial statements. New and revised standards and interpretations that are mandatory for the annual periods beginning on or after 1 January 2025 were disclosed in the consolidated financial statements for the year ended 31 December 2024.

   5. ‌Functional currency

      The national currency of the Russian Federation is the Russian Rouble ("RUB"), which is the functional currency of the Parent and its subsidiaries.

   6. ‌Presentation currency

      These consolidated interim condensed financial statements are presented in RUB. All financial information presented in RUB has been rounded to the nearest million, except earnings per share amounts.

3. ‌FAIR VALUE DETERMINATION‌

   When measuring a fair value of an asset or a liability, the Group uses market observable data as far as possible. Fair values are categorised into different levels of a fair value hierarchy based on the inputs used in the valuation techniques as follows:

   • Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;

   • Level 2: inputs other than quoted prices included in Level 1 that are observable, either directly (i.e. as prices) or indirectly (i.e. derived from prices);

   • Level 3: inputs for the asset and liability that are not based on observable market data (unobservable inputs).

   If inputs used to measure a fair value of an asset or a liability might be categorised into different levels of fair value hierarchy, then fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.

   The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.

   Fair values have been determined for measurement and / or disclosure purposes based on the methods described below. When applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability.

   1. ‌Financial assets and liabilities meas ured at amortised cost

      The fair value of financial assets and liabilities is represented by short-term loans issued, trade and other receivables (except for receivables measured at fair value under provisional pricing agreements), cash and cash equivalents, trade and other payables is categorised into level 3 of fair value hierarchy and approximates their carrying amounts at the reporting date.

      Bonds' fair value is measured based on quoted market prices for disclosure purposes and categorised into level 1 of the fair value hierarchy. Loans and borrowings and non-current receivables fair value is categorised into level 3 of the fair value hierarchy.

   2. ‌Financial ins truments meas ured at fair value

      The fair value of investments measured at fair value through profit or loss and receivables under provisionally priced sales agreements measured at fair value through profit or loss is determined using the valuation techniques and categorised into level 3 of the fair value hierarchy.

      The fair value of receivable under provisionally priced sales agreements is determined based on mineral fertiliser market prices expected at the date when the price is finalised. These assumptions are based on consensus prices forecasts prepared by independent analytical agencies, adjusted in accordance with price calculation formulas specified in existing delivery contracts.

4. ‌SEASONALITY‌

   The Group is subject to certain seasonal fluctuations in fertiliser demand due to the timing of fertiliser application and, as a result, fertiliser purchases by farmers. This normally results in increase of advances received from local customers at the year-end. However, the effect of seasonality on the Group's revenue is partially offset by the fact that the Group sells its fertilisers globally and fertiliser application and purchases vary by region.

   The Group's costs are generally stable throughout the year, however several maintenance activities undertaken at the Group's production facilities may not be evenly spread.

5. ‌REVENUES‌ Nine months ended 30 September Three months ended 30 September

   RUB million	2025	2024	2025	2024
   Phosphate-based and nitrogen-based products	421,305	360,268	137,384	124,292
   Other	20,431	10,767	5,796	5,180
   Revenues	441,736	371,035	143,180	129,472

6. ‌COST OF GROUP PRODUCTS SOLD‌ Nine months ended 30 September Three months ended 30 September

   RUB million	2025	2024	2025	2024
   Production expense for Group goods sold	(216,981)	(172,154)	(74,615)	(57,678)
   Personnel expenses	(30,167)	(26,690)	(9,537)	(9,034)
   Sulphur and sulphuric acid	(29,452)	(9,352)	(11,201)	(3,292)
   Depreciation	(27,397)	(25,464)	(9,519)	(8,516)
   Materials and services	(23,018)	(19,450)	(8,046)	(6,578)
   Potash	(19,172)	(13,455)	(7,945)	(4,339)
   Natural gas1	(16,980)	(12,366)	(5,509)	(3,844)
   Repair and maintenance expenses	(15,916)	(13,639)	(5,310)	(4,723)
   Transportation of phosphate rock	(15,461)	(12,783)	(5,185)	(4,503)
   Ammonia	(15,139)	(11,086)	(5,153)	(4,419)
   Electricity	(6,540)	(6,243)	(2,229)	(1,990)
   Fuel	(5,604)	(5,347)	(1,532)	(1,644)
   Anti-clodding agent	(3,076)	(2,948)	(1,055)	(1,044)
   Reagents	(2,597)	(2,764)	(767)	(949)
   Drilling and blasting operations expenses	(2,495)	(2,429)	(798)	(800)
   Ammonium sulphate	(2,165)	(2,342)	(395)	(809)
   Feedstock processing services	(1,802)	(5,796)	(434)	(1,194)
   Logistics expenses for Group goods sold	(24,580)	(46,407)	(8,014)	(14,590)
   Russian Railways infrastructure tariff and operators' fees	(16,716)	(14,685)	(5,274)	(5,004)
   Freight, port and stevedoring expenses	(8,365)	(8,111)	(2,353)	(2,529)
   Other services and materials	(895)	(737)	(374)	(297)
   Customs duties2	1,396	(22,874)	(13)	(6,760)
   Cost of Group products sold	(241,561)	(218,561)	(82,629)	(72,268)

   1 During the nine months ended 30 September 2025, natural gas expenses included excise tax on natural gas used for ammonia production of RUB 2,541 million. During the three months ended 30 September 2025 gas expenses included excise tax of RUB 966 million.

   2 During the nine months ended 30 September 2025, the Group recognised income of RUB 1,396 million from export duties based on the updated information from sales agreements with provisional prices.

   During the nine months ended 30 September 2025, the Group's contributions to Russian Social Fund of RUB 7,162 million (the nine months ended 30 September 2024: RUB 6,312 million) were included in personnel expenses line. During the three months ended 30 September 2025, the Group's contributions to Russian Social Fund of RUB 2,267 million (the three months ended 30 September 2024: RUB 2,117 million).

7. ‌ADMINISTRATIVE AND SELLING EXPENSES‌ Nine months ended 30 September Three months ended 30 September

   RUB million	2025	2024	2025	2024
   Administrative expenses:	(27,409)	(25,806)	(9,412)	(8,829)
   Personnel expenses	(18,566)	(18,254)	(6,080)	(6,131)
   Security and fire safety services	(1,814)	(1,453)	(616)	(530)
   Depreciation and amortisation	(1,784)	(1,339)	(650)	(484)
   Professional services	(1,733)	(1,748)	(669)	(609)
   Representative and travel expenses	(895)	(763)	(370)	(224)
   Office equipment and stationery	(788)	(698)	(318)	(276)
   Repair and maintenance services	(433)	(276)	(182)	(99)
   Utilities	(384)	(269)	(136)	(91)
   Advertising and brand promotion	(291)	(210)	(122)	(80)
   Insurance	(226)	(326)	(83)	(107)
   Other services	(495)	(470)	(186)	(198)
   Selling expenses:	(4,806)	(4,523)	(1,803)	(1,528)
   Personnel expenses	(2,396)	(2,358)	(822)	(783)
   Depreciation and amortisation	(1,162)	(1,120)	(425)	(364)
   Repair and maintenance services	(414)	(286)	(180)	(105)
   Advertising and brand promotion	(373)	(320)	(209)	(139)
   Other services	(461)	(439)	(167)	(137)
   Administrative and selling expenses	(32,215)	(30,329)	(11,215)	(10,357)

   During the nine months ended 30 September 2025, the Group's contributions to Russian Social Fund of RUB 3,883 million (the nine months ended 30 September 2024: RUB 3,714 million) were included in personnel expenses line. During the three months ended 30 September 2025, the Group's contributions to Russian Social Fund of RUB 1,220 million (the three months ended 30 September 2024: RUB 1,203 million).

8. ‌TAXES, OTHER THAN INCOME TAX‌ Nine months ended 30 September Three months ended 30 September

   RUB million	2025	2024	2025	2024
   Mineral extraction tax	(6,281)	(8,938)	(2,011)	(2,899)
   Property tax	(1,836)	(1,677)	(622)	(565)
   Land tax	(285)	(276)	(95)	(93)
   VAT included in expenses	(181)	(152)	(74)	(53)
   Environment pollution payment	(145)	(145)	(47)	(51)
   Using water objects payment	(79)	(64)	(27)	(22)
   Other taxes	(56)	(28)	(12)	(12)
   Taxes, other than income tax	(8,863)	(11,280)	(2,888)	(3,695)

9. ‌OTHER EXPENSES, NET‌ Nine months ended 30 September Three months ended 30 September

   RUB million	2025	2024	2025	2024
   Social expenditures	(8,380)	(8,163)	(2,996)	(2,922)
   (Loss)/gain on disposal of property, plant and
   equipment and intangible assets	(119)	165	(66)	236
   (Increase)/decrease in allowance for inventory
   obsolescence	(35)	(238)	(40)	2
   Fines, penalties and compensations received	1,338	653	183	322
   Gain on disposal of inventories	182	378	57	138
   Decrease/(increase) in credit loss allowance	59	(237)	(78)	(174)
   Reversal/(accrual) of contingent liabilities	45	60	83	(44)
   Other expenses, net	(120)	(99)	(114)	(95)
   Other expenses, net	(7,030)	(7,481)	(2,971)	(2,537)

10. ‌FINANCE INCOME AND FINANCE COSTS‌ Nine months ended 30 September Three months ended 30 September

    RUB million	2025	2024	2025	2024
    Interest income	2,180	4,190	687	1,439
    Unwinding of discount	-	623	-	214
    Other finance income	276	219	131	64
    Finance income	2,456	5,032	818	1,717
    Interest expense on borrowings (note 18)	(16,701)	(8,893)	(4,437)	(3,199)
    Early bonds repayment result	(512)	-	(7)	-
    Interest expense on lease liabilities (note 19)	(480)	(331)	(181)	(105)
    Bank fees	(166)	(176)	(47)	(106)
    Interest expense on defined benefit obligations	(130)	(98)	(42)	(32)
    Other finance costs	(328)	(228)	(98)	(49)
    Finance costs	(18,317)	(9,726)	(4,812)	(3,491)

11. ‌INCOME TAX EXPENSE‌

The Group's applicable corporate income tax rate is 25% (for the nine months ended 30 September 2024: 20%).

1. INCOME TAX EXPENSE (CONTINUED)

   Reconciliation of income tax:

   Nine months ended

   30 September

   RUB million	2025	2024
   Profit before tax	124,507	81,626
   Income tax at applicable tax rate	(31,127)	(16,325)
   Tax effect from reduced tax rate	2,361	1,620
   Tax effect of items which are not deductible/taxable	(49)	(2,164)
   Other	-	60
   Income tax expense	(28,815)	(16,809)

2. ‌PROPERTY, PLANT AND EQUIPMENT‌

During the nine months ended 30 September 2025, the Group capitalised borrowing costs in the amount of RUB 7,421 million (the nine months ended 30 September 2024: RUB 2,848 million) in the value of property, plant and equipment using the weighted average interest rate of 11.3% per year (the nine months ended 30 September 2024: 5.44% per year).

At 30 September 2025, the most significant construction in progress balances were represented by the following investment projects:

• Kirovsk branch of Apatit, JSC: Kirovsk mine extension and modernisation of RUB 11,286 million at 30 September 2025 and RUB 11,712 million at 31 December 2024;

• Kirovsk branch of Apatit, JSC: Rasvumchorrskiy mine extension and modernisation of RUB 7,064 million at 30 September 2025 and RUB 9,635 million at 31 December 2024;

• Kirovsk branch of Apatit, JSC: apatit-nepheline beneficiation plants extension and modernisation of RUB 4,787 million at 30 September 2025 and RUB 4,501 million at 31 December 2024;

• Balakovo branch of Apatit, JSC: phosphate-based fertilisers facilities modernisation of RUB 13,312 million at 30 September 2025 and RUB 11,260 million at 31 December 2024;

• Balakovo branch of Apatit, JSC: sulphuric acid facilities extension and modernisation of RUB 7,140 million at 30 September 2025 and RUB 7,148 million at 31 December 2024;

• Balakovo branch of Apatit, JSC: phosphoric acid facilities support and modernisation of RUB 3,321 million at 30 September 2025 and RUB 2,812 million at 31 December 2024;

  1. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)

• Balakovo branch of Apatit, JSC: feed monocalcium phosphate production facilities modernisation of RUB 1,485 million at 30 September 2025 and RUB 2,362 million at 31 December 2024;

• Apatit, JSC, Cherepovets: phosphoric acid facilities support and modernisation of RUB 7,782 million at 30 September 2025 and RUB 7,231 million at 31 December 2024;

• Apatit, JSC, Cherepovets: sulphuric acid facilities support and modernisation of RUB 7,701 million at 30 September 2025 and RUB 5,756 million at 31 December 2024;

• Apatit, JSC, Cherepovets: ammonia production facilities support and modernisation of RUB 3,301 million at 30 September 2025 and RUB 2,276 million at 31 December 2024;

• Apatit, JSC, Cherepovets: tailing pond modernisation for transition to dry method of phosphogypsum storage of RUB 3,236 million at 30 September 2025 and RUB 3,397 million at 31 December 2024.

1. ‌RIGHT-OF-USE ASSETS‌

The Group has the following types of right-of-use assets: railway wagons, production equipment, containers for bulk cargo, offices. The leases typically run for a period of 5 years, with an option to renew the lease after that period.

1. RIGHT-OF-USE ASSETS (CONTINUED)

   Amounts recognised in the consolidated interim condensed statement of cash flows:

   Nine months ended

   30 September

   RUB million	2025	2024
   Expenses relating to short-term leases	(918)	(411)
   Principal lease payments (note 19)	(875)	(1,167)
   Expenses relating to leases with variable payments	(672)	(410)
   Interest payments (note 19)	(480)	(331)
   Total payments	(2,945)	(2,319)

2. ‌INVENTORIES‌

   RUB million	30 September 2025	31 December 2024
   Raw materials and spare parts	29,147	26,450
   Finis hed goods: Mineral fertilisers	13,940	16,130
   Phosphate rock	714	868
   Other products	842	1,057
   Work-in-progress: Mineral fertilisers and other products	9,385	8,220
   Mineral fertilisers and other products for resale, purchased from third parties	3,674	3,347
   Other goods	265	331
   Allowance for inventory obsolescence	(333)	(298)
   Total inventories	57,634	56,105

3. ‌TRADE AND OTHER RECEIVABLES‌

1 At 31 December 2024, other receivables included advances on export duties of RUB 2,256 million which were fully repaid during 2025 as since 1 January 2025 export duties are equaled to 0%.

At 30 September 2025 and at 31 December 2024, the Group performed revaluation of receivables under provisionally priced sales agreements measured at fair value through profit or loss and recognised an adjustment within revenue.

1. TRADE AND OTHER RECEIVABLES (CONTINUED)

   The following information shows the movement of the Group's receivables under provisionally priced sales agreements:

   RUB million	2025	2024
   Balance at 1 January	54,443	33,586
   Receivables recognised	105,160	92,960
   Receivables redeemed	(100,110)	(89,499)
   Foreign exchange (loss)/gain, net	(9,848)	1,786
   (Loss)/gain from revaluation at fair value (unrealised)	(4,489)	488
   Balance at 30 September	45,156	39,321

   A 5% increase/(decrease) in forecasted market prices, with all other variables held constant, will lead to increase/(decrease) fair value of the Group's receivables under provisionally priced sales agreements at 30 September 2025 by RUB 2,012 million (at 30 September 2024: RUB 1,661 million).

   The movements of credit losses allowance are as follows:

   RUB million	2025	2024
   Balance at 1 January	(606)	(489)
   Reversal of allowance	76	26
   Use of allowance	18	165
   Increase in credit losses allowance	-	(262)
   Balance at 30 September	(512)	(560)

2. ‌CASH AND CASH EQUIVALENTS‌

   RUB million	30 September 2025	31 December 2024
   Cash in bank	22,381	10,139
   Call deposits	76	251
   Petty cash	7	8
   Total cash and cash equivalents	22,464	10,398

3. ‌EARNINGS PER SHARE‌

   Basic earnings per share are calculated based on the weighted average number of ordinary shares outstanding during the reporting period. Basic and diluted earnings per share are the same, as there is no effect of dilution.

   Nine months ended 30 September Three months ended 30 September

   2025 2024 2025 2024

   Weighted average number of ordinary shares in issue	129,500,000	129,500,000	129,500,000	129,500,000
   Profit for the period attributable to shareholders of the
   Company, RUB million	95,671	64,814	20,141	11,341
   Basic and diluted earnings per share, RUB	739	500	156	87

4. ‌LOANS AND BORROWINGS‌

This note provides information about the contractual terms of the Group's loans and borrowings. For more information about the leases, see note 19.

In June 2024, the Company issued USD 100 million in BO-P01-USD series 5-year bonds on Moscow Stock Exchange with quarterly coupon rate of 6.25% per year.

In September 2024, the Company issued RUB 35,000 million in BO-P02 series 2-year bonds on Moscow Stock Exchange with a floating coupon rate of key rate of Central Bank of Russia plus 1.1% per year.

In November 2024, the Company issued RUB 20,000 million in BO-02-01 series 5-year bonds on Moscow Stock Exchange with floating coupon rate of Russian Central Bank key rate plus 2% per year with early repayment offer available after two years. In January 2025, the Company obtained long-term financing of RUB 40,000 million from additional issue of these bonds. In June 2025, the Company repaid RUB 29,753 million of these bonds.

In February 2025, the Company issued CNY 1,000 million in BO-02-02 series bonds on Moscow Stock Exchange with a fixed coupon rate of 10.4% per annum and maturity period of 1.5 years.

In April 2025, the Company issued USD 250 million in BO-02-03 series bonds on Moscow Stock Exchange with a fixed coupon rate of 7.5% per annum and maturity period of 2.5 years. In June 2025, the Company obtained USD 392.2 million from additional issue of these bonds.

Information on the Group's bond loans is presented below:

RUB million 30 September 2025 31 December 2024

1 The date of early repayment offer.

The breakdown of the loans and borrowings denominated in different currencies is as follows:

1. LOANS AND BORROWINGS (CONTINUED)

   Analysis of Group's loans and borrowings changes related to cash and non-cash movements is presented below:

   RUB million	2025	2024
   Balance at 1 January	331,623	248,139
   Cash inflows	135,128	188,305
   Cash outflows	(166,568)	(108,455)
   Foreign exchange differences	(28,271)	10,595
   Interest accrued	16,701	8,893
   Interest paid	(17,412)	(8,632)
   Early bonds repayment result	512	-
   Amortisation of bank commission	253	120
   Other	(72)	-
   Balance at 30 September	271,894	338,965
   Under the terms of the Group's	long-term bank loans and bonds with a carrying	amount of

   RUB 14,328 million at 30 September 2025 (at 31 December 2024: RUB 19,117 million), the Group is required to comply with certain financial and non-financial covenants at the end of each annual and interim reporting period.

   Financial covenants include the following:

   • the ratio of consolidated total debt to EBITDA of the Group at the end of each reporting period must be not more than 3.5:1;

   • the ratio of consolidated net debt to consolidated EBITDA of the Group at the end of each reporting period must be not more than 3:1;

   • the ratio of consolidated net debt to equity of the Group at the end of each reporting period must be not more than 1.5:1;

   • the ratio of consolidated EBITDA to interest expense/ net interest expense of the Group at the end of each reporting period must be not less than 3:1.

   Financial covenants are calculated by the Group in accordance with definitions stipulated in the respective agreements.

   Non-financial covenants include compliance with a set of conditions, for example, intended use of loans, providing the documents specified in the respective loan agreements and financial statements, restriction on significant assets disposal, pledge of property, reorganisation and other.

   At 31 December 2024, the Group's consolidated net debt to equity ratio exceeded limit set by the loan agreement with one of the foreign banks. The agreement contained grace period for breach remediation, which was not expired at the date of consolidated financial statements for 2024 issue. In May 2025 the Group received a waiver from the exceed of this ratio as of 31 December 2024. At 30 September 2025, the Group was in compliance with the established covenants and did not expect to breach them.

   The Group manages its liquidity and ensures the timely obligations fulfilment using the Group's own and borrowed funds. In October and November 2025, the Group paid declared dividends of RUB 35,354 million, repaid bank loans of RUB 15,681 million and borrowed RUB 48,015 million.

2. ‌LEASE LIABILITIES‌

   RUB million	Lease liability without subsequent asset buyout	Lease liability with subsequent asset buyout	Total
   Balance as at 1 January 2024	846	3,385	4,231
   New lease contracts or modification of existing lease contracts	482	37	519
   Principal lease payments (note 13)	(389)	(778)	(1,167)
   Interest expense on lease liabilities	106	225	331
   Interest lease payments	(106)	(225)	(331)
   Disposal	(80)	-	(80)
   Foreign exchange differences	1	13	14
   Balance as at 30 September 2024	860	2,657	3,517
   Balance as at 1 January 2025	692	3,439	4,131
   New lease contracts or modification of existing lease contracts	653	1,291	1,944
   Principal lease payments (note 13)	(243)	(632)	(875)
   Interest expense on lease liabilities	120	360	480
   Interest lease payments	(120)	(360)	(480)
   Disposal	(40)	-	(40)
   Foreign exchange differences	(2)	(66)	(68)
   Balance as at 30 September 2025	1,060	4,032	5,092

3. ‌TRADE AND OTHER PAYABLES‌

   RUB million	30 September 2025	31 December 2024
   Financial liabilities Trade payables	23,604	30,506
   including payables for property, plant and equipment and intangible
   assets	6,724	10,277
   Other payables	89	121
   Non-financial liabilities Payables to employees	9,516	6,618
   Advances received (liabilities under the contracts with customers)	4,369	10,705
   Accrued expenses and provisions	202	247
   Other payables	1	197
   Total trade and other payables	37,781	48,394

4. ‌COMMITMENTS‌

   At 30 September 2025 the Group had contractual commitments for the purchase of property, plant and equipment of RUB 49,358 million (31 December 2024: RUB 48,972 million), including VAT where applicable.

5. ‌RELATED PARTY TRANSACTIONS‌

   ‌Parties are generally considered to be related if the parties are under common control or if one party has the ability to control the other party or can exercise significant influence or joint control over the other party in making financial and operational decisions. In considering each possible related party relationship, attention is directed to the substance of the relationship, not merely the legal form. Other related parties include entities controlled by the Company's key shareholders, having significant influence on the Group.

   The balances and transactions with related parties are usually unsecured and denominated in RUB.

   1. ‌Transactions with related parties

      Nine months ended 30 September

      RUB million	Nature of relationship	2025	2024
      Sales of goods and services	Associates	22	20
      Purchases of goods and services	Associates	(903)	(733)
      Other expenses, net	Associates	-	(178)
      Sales of goods and services	Other related parties	1,040	1,000
      Financial expenses, net	Other related parties	(251)	(404)
      Other expenses, net	Other related parties	(499)	(280)
      Purchases of goods and services	Other related parties	(2)	(3)
      During the nine months ended	30 September 2025, the	Company declared dividends,	including

      RUB 20,353 million to the shareholders holding more than 20% of the Company's shares (during the nine months ended 30 September 2024: RUB 24,085 million).

      During the nine months ended 30 September 2025, the Group received and repaid RUB 22,700 million of unsecured loans at interest rate of 23.00% per annum from a related party (during the nine months ended 30 September 2024: RUB 17,100 million at interest rate of 16.65% per annum).

   2. ‌Balances with related parties

      RUB million Nature of relationship

      30 September 2025 31 December 2024

      Trade and other receivables Associates 61 17

      Trade and other payables Associates (10) (91)

      Trade and other receivables Other related parties 80 506

      Trade and other payables Other related parties (47) (11)

   3. ‌Remuneration of key management pers onnel and Board of Directors members

      Remuneration of key management personnel consists of monthly compensation, annual performance bonus contingent on operating results and social security costs. The remuneration of the Board of Directors and key management personnel recognised as part of administrative and selling expenses amounted to RUB 2,482 million (the nine months ended 30 September 2024: RUB 2,833 million).

6. ‌FOREIGN CURRENCY RISK‌

   The Group has the following net monetary position of financial assets and liabilities denominated in foreign currencies:

   30 September 2025 31 December 2024

   RUB million

   USD denominated CNY denominated EUR denominated USD denominated CNY denominated EUR denominated

   Current assets	69,676	275	5,188	84,217	20	4,043
   Non-current liabilities	(106,629)	(1)	(1,070)	(59,519)	(33,380)	-
   Current liabilities	(17,182)	(62,482)	(1,440)	(80,461)	(53,300)	(3,943)
   Net position of the Group companies	(54,135)	(62,208)	2,678	(55,763)	(86,660)	100

   Net foreign exchange gain of RUB 6,422 million for the nine months ended 30 September 2025 (net foreign exchange loss of RUB 8,169 million for the nine months ended 30 September 2024 resulted from Russian rouble appreciation against other currencies during the reporting period (Russian rouble depreciation against other currencies during the comparative period) was recognised in profit or loss.

7. ‌SUBSEQUENT EVENTS‌

In October 2025, the Company issued 3-year bonds of BO-02-04 series on the Moscow Stock Exchange in the amount of USD 250 million with a fixed annual coupon rate of 7%.