PJSC Polyus (MOEX — PLZL) («Polyus», the «Company», and together with the Company subsidiaries, the «group») has today released its operating and consolidated financial results for the first part of 2025.
Key highlights for the first half of 2025
- Total gold output declined by 11% year-on year to 1,310.9 thousand ounces, mainly driven by a planned reduction in gold output at Olimpiada.
- In the first half of 2025, stripping amounted to 91,506 thousand cubic meters, up 48% y-o-y. This reflects the start of a new phase of the Company’s development driven by the active transition to the next stages of deposit mining.
- Mining fleet upgrade
- In the first half of 2025, the share of large-tonnage (over 180 t) trucks in the overall freight turnover increased to 75.8% (vs. 67.5% as of the end of 2024) across the Group.
- Polyus continues to implement its technology transformation program
- In the first half of 2025, Polyus launched (in pilot mode) Production Control Center (PCC) at Polyus Aldan in Yakutia. The PCC is a centralized control room that monitors all production processes in the pit, as well as haul road construction and maintenance.
- Mill-5. Polyus continues construction and installation work, and installation of processing equipment within the boundaries of the future Mill-5. By the end of 1H 2025:
- all key process equipment had been delivered;
- work on key infrastructure facilities of Mill-5 has been completed;
- installation of the in-pit crushing and conveying (IPCC) system main conveyor is currently being completed, and the installation of auxiliary equipment is ongoing.
- In 1H 2025, total gold sales amounted to 1,189 koz, down 5% y-o-y, primarily due to the planned reduction in output at Olimpiada
- Revenue for the reporting period increased by 35% y-o-y to $3,688 mln, driven by an increase in the average realized gold price on year-on-year basis.
- TCC rose by 54% y-o-y to $653/oz in 1H 2025, primarily due to higher MET expenses driven by the increased average realized gold price during the period, as well as the introduction of an MET surcharge effective from 1 June 2024.
- Normalized TCC (based on initial forecast macro assumptions) for 1H 2025 remained within the previously announced 2025 guidance range of $525—575/oz.
- Adjusted EBITDA for 1H 2025 amounted to $2,676 million, up 32% y-o-y.
- Capex stood at $932 million in 1H 2025, up 111% y-o-y.
- Net debt/adjusted EBITDA ratio declined from 1.1x at the end of 2024 to 1.0x at the end of 1H 2025.
Social developments, local communities support and personnel
- Polyus progresses with the development of housing and social infrastructure in the regions of operations.
- As a part of the second stage of the partnership programme with DOM.RF, in 2025 Polyus Aldan received an 85-apartment building on a leasehold basis with an option to subsequent purchase.
- In 1H 2025, Polyus completed the renovation of healthcare facilities at Natalka, Kuranakh and Chulbatkan.
- Polyus Charity Fund held a grant campaign and received 147 applications from 76 organizations and 41 individuals (compared to 139 applications in 2024). The implementation of 39 winning projects has already commenced.
- HR initiatives and personnel
- In 1H 2025, more than 1,700 employees were trained at the corporate development center. About 300 specialists upgraded their qualifications through comprehensive training programmes.
- In 2025, in collaboration with the Siberian Federal University (SFU) Polyus launched the Digital Engineer course, with lectures held by leading Polyus’ experts and studying at one of China’s leading universities.
- In February 2025, the first graduation event took place for the students of the corporate training program in two key areas: mining and process control systems (PCS). The program partners are the Siberian Federal University (SFU) and Irkutsk National Technical Research University (INTRU).
- In April 2025, a graduation event was held for the participants of the Polyus Class educational project. As part of the Polyus Class initiative, the Company provides schoolchildren in Krasnoyarsk Territory and Irkutsk Region with exposure to technical fields and instills an interest in engineering professions.
Corporate Governance
- In March 2025, the Board of Directors approved a new dividend policy. The Company also conducted a share split at a ratio of 10.
- The Annual General Meeting of Shareholders elected a new Board of Directors for Polyus PJSC, which includes three independent non-executive directors.
- On 27 August 2025, the Board of Directors considered, among other matters, the recommendation of dividends for 1H 2025.
- In line with the Company’s dividend policy, the total amount of dividends may represent 30% of EBITDA for 1H 2025, attributable to outstanding shares (excluding quasi-treasury shares).