Nornickel doubles H1 net profit, says it will discuss interim dividend

Russia’s Norilsk Nickel, the world’s largest palladium producer, reported on Friday that its revenue and net profit in the first six months had sharply increased thanks to rising metal prices, allowing it to consider paying interim dividends.

Net profit for the first six months of 2026 had doubled to $2 billion from $842 million in the first six months of 2025, it said, while revenues had grown by 28% to $8.3 billion. Earnings before interest, tax, depreciation and amortization (EBITDA) were up by 50% to $3.9 billion.

It said rising priсes for non-ferrous and precious metals were mostly behind its improved financial performance. Sergei Malyshev, the company’s CFO, also said “profit margins (had) increased slightly.”

“According to the management, the strong financial results for the first half of the year provide grounds for shareholders to reconsider the issue of an interim dividend,” he said, saying a decision would be made after consultations with shareholders.

Nornickel did not pay out an annual dividend for 2025 amid “elevated macroeconomic instability” for the fourth year running. Malyshev said macroeconomic conditions remained challenging, citing a rising mineral extraction tax – which is linked to market prices for metals – inflationary pressure and logistical difficulties, caused by the geopolitical situation.

Nornickel is continuing to implement its three-year efficiency improvement program, which is expected to add 100 billion roubles to EBITDA in 2026, the company said.

(By Gleb Stolyarov and Anastasia Teterevleva; Editing by Andrew Osborn)