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 02:51 pm IST

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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%		-.--%	-

18/09	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	4.06TCr 3,32100Cr 3.62TCr 3.34TCr 3.03TCr 5.69TCr 3,84100Cr 5.78TCr 40TCr 16TCr 2,01300Cr 15TCr 15TCr 6,37600Cr	P/E 2024	30.9x	P/E 2025	20.8x
Enterprise Value	4.97TCr 4,07000Cr 4.44TCr 4.09TCr 3.72TCr 6.97TCr 4,70700Cr 7.08TCr 49TCr 19TCr 2,46600Cr 19TCr 18TCr 7,81200Cr	EV / Sales 2024	3.92x	EV / Sales 2025	3.61x
Free-Float	37.98%	Yield 2024 *	-	Yield 2025	-

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

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

Nornickel ADR Share Price

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GMKN

RU0007288411

Specialty Mining & Metals

Valuation: Nornickel ADR

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Quotes and Performance

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Analysis / Opinion

Annual profits - Rate of surprise

01/10	Nornickel : Shareholders of Norinickel approved interim dividend for 6m2026	PU
23/09	Size matters: Nornickel releases large sturgeon juveniles in Dudinka	PU
10/09	Nornickel : launches five unique wells at the Pelyatka gas field	PU
07/09	Nornickel : and BelAZ agree to establish a joint venture	PU
11/08	High Court Orders Russian Oligarch Vladimir Potanin To Disclose Documents Held By Norilsk Nickel In Major Commercial Dispute	AQ

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

Manager	Title	Age	Since
Vladimir Potanin CEO	Chief Executive Officer	65	17/12/2012
Sergey Malyshev DFI	Director of Finance/CFO	57	21/03/2013
Evegeny Fyodorov COO	Chief Operating Officer	48	29/09/2025

Director	Title	Age	Since
Sergei Batekhin BRD	Director/Board Member	61	01/01/2020
Marianna Aleksandrovna Zakharova BRD	Director/Board Member	50	01/06/2010
Andrey Bugrov CHM	Chairman	74	03/06/2022

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%	-.--%	-.--%	-.--%	3.18TCr
SOUTHERN COPPER CORPORATION	-7.31%	-8.52%	+48.73%	+185.61%	17TCr
FREEPORT-MCMORAN INC.	-6.26%	-7.22%	+56.35%	+90.64%	9.89TCr
CMOC GROUP LIMITED	-2.12%	-16.77%	-10.36%	+157.43%	4.38TCr
ANTOFAGASTA PLC	-6.17%	-15.31%	+14.76%	+128.47%	4.26TCr
FIRST QUANTUM MINERALS LTD.	-5.23%	-8.61%	+14.32%	+13.71%	2.12TCr
JX ADVANCED METALS CORPORATION	-4.39%	-15.69%	+50.87%	-	1.84TCr
JIANGXI COPPER COMPANY LIMITED	-5.02%	-11.79%	-10.86%	+158.92%	1.71TCr
KGHM POLSKA MIEDZ	-2.72%	-5.98%	+67.82%	+188.37%	1.6TCr
PT AMMAN MINERAL INTERNASIONAL TBK	+5.61%	-8.78%	-48.53%	-39.92%	1.5TCr
Average	-3.30%	-5.84%	+18.31%	+98.14%	4.72TCr
Weighted average by Cap.	-5.12%	-4.79%	+32.43%	+127.40%

	2024	2025
Net sales	1.25TCr 1,02700Cr 1.12TCr 1.03TCr 937.81Cr 1.76TCr 1,18700Cr 1.79TCr 12TCr 4.9TCr 62TCr 4.71TCr 4.6TCr 1,97100Cr	1.38TCr 1,12700Cr 1.23TCr 1.13TCr 1.03TCr 1.93TCr 1,30400Cr 1.96TCr 14TCr 5.38TCr 68TCr 5.17TCr 5.06TCr 2,16400Cr
Net income	131.3Cr 11TCr 117.2Cr 108.12Cr 98Cr 184.28Cr 12TCr 187.12Cr 1.3TCr 513.09Cr 6.52TCr 492.85Cr 482.29Cr 21TCr	194.7Cr 16TCr 173.79Cr 160.33Cr 145.66Cr 273.27Cr 18TCr 277.47Cr 1.93TCr 760.85Cr 9.66TCr 730.83Cr 715.17Cr 31TCr
Net Debt	858.6Cr 70TCr 766.39Cr 707.03Cr 642.36Cr 1.21TCr 81TCr 1.22TCr 8.52TCr 3.36TCr 43TCr 3.22TCr 3.15TCr 1,35000Cr	913.8Cr 75TCr 815.66Cr 752.49Cr 683.66Cr 1.28TCr 87TCr 1.3TCr 9.07TCr 3.57TCr 45TCr 3.43TCr 3.36TCr 1,43700Cr

5 years	145		240.5
10 years	76.77		281.14