Norilsk Nickel is the world's leading producer of nickel and palladium. The group also produces and sells silver and copper. Net sales break down by activity as follows: - sale of metals (94.8%): palladium (39% of net sales), copper (22.2%), nickel (21.2%), rhodium (6.2%), platinum (4%), gold (3.8%) and other (3.6%); - other (5.2%): primarily electricity production and transportation and logistics services.

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Specialty Mining & Metals

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Analysis / Opinion

Nornickel: Despite all geopolitical issues, the underlying strength is real

September 18, 2026 at 10:21 am

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Annual profits - Rate of surprise

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End-of-day quote Moscow Micex - RTS 08/07/2022			5-day change	1st Jan Change
167.20 ^RUB	+1.03%		-.--%	-

09-18	Nornickel: Despite all geopolitical issues, the underlying strength is real
09-09	A balanced copper exposure trumps the often-chased pure-play one

Market Cap	40.55B 3,427B 35.67B 33.73B 30.59B 57.45B 3,893B 57.78B 404B 156B 1,986B 152B 149B 6,383B	P/E 2024	30.9x	P/E 2025	20.8x
Enterprise Value	49.69B 4,199B 43.7B 41.33B 37.48B 70.4B 4,770B 70.81B 495B 191B 2,434B 187B 183B 7,822B	EV / Sales 2024	3.92x	EV / Sales 2025	3.61x
Free-Float	37.98%	Yield 2024 *	-	Yield 2025	-

09-18	Nornickel: Despite all geopolitical issues, the underlying strength is real
09-09	A balanced copper exposure trumps the often-chased pure-play one
08-31	Nornickel: 2026: A long-awaited reminder of Russian metals' might
08-26	Russia's Nornickel recommends 6-month dividend of 1.85 roubles a share	RE
08-26	Russia's Nornickel says board recommends 6-month dividend of 1.85 roubles per share	RE
08-17	Aluminium vs. Copper: an interesting battle is underway
07-31	Russia's Nornickel doubles H1 net profit, says it will discuss interim dividend	RE
07-31	Nornickel H1 net profit doubled to $2 billion, company says	RE
07-31	Public Joint Stock Company Mining and Metallurgical Company Norilsk Nickel Reports Earnings Results for the Half Year Ended June 30, 2026	CI
07-28	An unusual yet intriguing pair trade opportunity
06-25	Copper miners cave in, but the rest seem collateral damage
06-24	Russia's copper concentrate output seen up 10% in 2026, Nornickel says	RE
06-23	Russia's Norilsk Nickel sees 2026 global palladium surplus of 0.3 million ounces	RE

09-23	Are Russian metals returning to the West-
09-18	Nornickel: Despite all geopolitical issues, the underlying strength is real
09-09	A balanced copper exposure trumps the often-chased pure-play one
08-31	Nornickel: 2026: A long-awaited reminder of Russian metals' might
08-17	Aluminium vs. Copper: an interesting battle is underway

Nornickel ADR Share Price

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RU0007288411

Specialty Mining & Metals

Valuation: Nornickel ADR

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Analysis / Opinion

Annual profits - Rate of surprise

09-23	Size matters: Nornickel releases large sturgeon juveniles in Dudinka	PU
09-10	Nornickel : launches five unique wells at the Pelyatka gas field	PU
09-07	Nornickel : and BelAZ agree to establish a joint venture	PU
08-11	High Court Orders Russian Oligarch Vladimir Potanin To Disclose Documents Held By Norilsk Nickel In Major Commercial Dispute	AQ
07-31	Nornickel : reports first half 2026 interim consolidated IFRS financial results	PU

04-23	La fortune des milliardaires russes a augmenté de 11% en un an, malgré la guerre et les sanctions-Forbes
04-23	Magazin: Russische Milliardäre steigern Vermögen auf Rekordwert
01-28	Rusa Nornickel prevé una producción de níquel de entre 193.000 y 203.000 toneladas en 2026
01-27	Cinese Anta Sports compra 29% Puma per 1,5 mld euro ma non punta al 100%
21/02/25	Putin dice que Rusia debe acelerar sus planes de extracción de litio

Manager	Title	Age	Since
Vladimir Potanin CEO	Chief Executive Officer	65	16/12/2012
Sergey Malyshev DFI	Director of Finance/CFO	57	20/03/2013
Evegeny Fyodorov COO	Chief Operating Officer	48	28/09/2025

Director	Title	Age	Since
Sergei Batekhin BRD	Director/Board Member	61	31/12/2019
Marianna Aleksandrovna Zakharova BRD	Director/Board Member	50	31/05/2010
Andrey Bugrov CHM	Chairman	74	02/06/2022

Add to a list 0 selected To use this feature you must be a member Log in Sign up	Change	5-day change	1-year change	3-year change	Capi.($)
NORNICKEL ADR	+1.03%	-.--%	-.--%	-.--%	31.84B
SOUTHERN COPPER CORPORATION	-0.63%	+2.31%	+80.04%	+195.05%	172B
FREEPORT-MCMORAN INC.	-0.48%	-0.28%	+101.29%	+92.77%	104B
CMOC GROUP LIMITED	-1.46%	-4.32%	+21.96%	+184.77%	51.96B
JX ADVANCED METALS CORPORATION	-0.90%	-1.74%	+84.83%	-	21.48B
CHINA TUNGSTEN AND HIGHTECH MATERIALS CO.,LTD	-6.87%	-11.97%	+188.93%	+471.35%	19.41B
JIANGXI COPPER COMPANY LIMITED	+0.75%	-6.53%	+14.49%	+161.24%	18.87B
KOREA ZINC COMPANY, LTD.	-1.25%	-1.87%	+20.31%	+117.79%	16.77B
SUMITOMO METAL MINING CO., LTD.	-0.68%	-2.39%	+96.83%	+111.64%	16.36B
BOLIDEN AB	-2.38%	-4.86%	+37.98%	+65.88%	14.92B
Average	-1.22%	-2.25%	+64.66%	+155.61%	46.76B
Weighted average by Cap.	-0.70%	-0.30%	+72.05%	+156.44%

	2024	2025
Net sales	12.54B 1,059B 11.02B 10.42B 9.46B 17.76B 1,203B 17.86B 125B 48.21B 614B 47.06B 46.04B 1,973B	13.76B 1,163B 12.1B 11.45B 10.38B 19.5B 1,321B 19.61B 137B 52.93B 674B 51.67B 50.55B 2,166B
Net income	1.31B 111B 1.15B 1.09B 990M 1.86B 126B 1.87B 13.07B 5.05B 64.31B 4.93B 4.82B 207B	1.95B 165B 1.71B 1.62B 1.47B 2.76B 187B 2.77B 19.39B 7.49B 95.37B 7.31B 7.15B 306B
Net Debt	8.59B 726B 7.55B 7.14B 6.48B 12.16B 824B 12.23B 85.5B 33.02B 421B 32.24B 31.54B 1,351B	9.14B 772B 8.04B 7.6B 6.89B 12.95B 877B 13.02B 90.99B 35.14B 448B 34.31B 33.56B 1,438B

5 years	145		240.5
10 years	76.77		281.14