Nornickel net profit more than doubles in first half on revenue surge

The Russian metals giant reported a 2.4-fold jump in H1 net profit to $2 billion, driven by a 28% rise in revenue to $8.3 billion.

By Handelsavisen Newsroom · Automated 2026-07-31 15:32 UTC · 1 min read

Nornickel reported a sharp acceleration in profitability for the first half of 2026, with net profit under International Financial Reporting Standards (IFRS) more than doubling to $2.001 billion.

The result marks a significant improvement from the $842 million recorded in the same period last year, representing a 2.4-fold increase.

The profit surge was underpinned by robust top-line growth, as revenue climbed 28% to $8.

The profit surge was underpinned by robust top-line growth, as revenue climbed 28% to $8.3 billion during the reporting period.

EBITDA also expanded significantly, reflecting the company’s ability to convert higher sales volumes into operating cash flow despite the complex macroeconomic environment in Russia.

The results highlight the resilience of the global palladium and nickel markets, where Nornickel holds a dominant position.

As the world’s largest producer of palladium and a major nickel supplier, the company’s financial performance serves as a key barometer for industrial metals demand.