13 February 11:16
Norilsk Nickel shared its financial results for 2025.
Consolidated revenue was US$13.8 billion, up 10% year-on-year. MMC's net profit also increased by 36% and amounted to $2.5 billion. Norilsk Nickel's net working capital in 2025 amounted to $2.9 billion, and the volume of capital investments amounted to $2.6 billion, which is 8% higher than in 2024.
The increase in financial indicators was a consequence, among other things, of the positive dynamics of metal prices. At the same time, the year was characterized by volatility in the commodity markets and other factors affecting the company.
“The past year was for us a year of high volatility in global commodity markets, increased sanctions pressure, as well as a high key rate and a strong ruble,” commented the company’s president Vladimir Potanin on the results of the year. “In these difficult conditions, Norilsk Nickel management was able to achieve the implementation of its plans, primarily in terms of production and sales of manufactured products. I would also like to note the successes in improving efficiency and digitalization of production, which made it possible to keep the growth of operating expenses at a level almost two times lower than inflation in Russia, and to maintain EBITDA margin at the level of last year.”
Vladimir Potanin also emphasized that the company continues to fulfill its social obligations, including through public-private partnerships. One of the flagship projects in this area is the Norilsk renovation program. In 2026, Norilsk Nickel intends to continue implementing strategic projects, which include fulfilling environmental obligations, investing in the renewal of fixed assets to improve the reliability of the production chain, as well as growth projects.
“We also maintain our leading position among metallurgical companies in terms of the volume of contributions to budgets of all levels. We expect key macroeconomic challenges to continue into 2026. In these circumstances, Norilsk Nickel continues to fulfill its obligations to all partners: the state, regions of presence, employees, clients and investors,” concluded the president of MMC.
