Thus, in BCS and 'Veles Capital,' revenue growth was forecasted at…
Thus, in BCS and 'Veles Capital,' revenue growth was forecasted at up to $8.09 billion, EBITDA at up to $3.6 billion and $3.16 billion, respectively.
Consensus
- Norilsk Nickel's revenue increased by 28% in the first half of 2026.
- EBITDA grew by 50% in the first half of 206.
- The growth in revenue and EBITDA was due to rising prices for non-ferrous and precious metals.
- Net profit increased by 2.4 times in the first half of 2026.
- The company's financial results exceeded analysts' consensus forecasts for EBITDA.
- The company reported a free cash flow of $1.2 billion, down 20% year-on-year.
- Capital expenditures increased to $1.4 billion in the first half of 2026.
- Net debt remained at $9.1 billion.
- The ratio of net debt to EBITDA on June 30, 2026, was 1.3x.
Points of divergence
- Revenue reached $8.29 billion, slightly below the $8.3 billion reported by Interfax. — kommersant
- EBITDA reached $3.93 billion, slightly above Interfax's $3.9 billion. — kommersant
- Profitability of EBITDA was 47%, compared to 41% in the previous year. — kommersant
- The company's revenue, EBITDA, and net profit in January–June 2026 were the highest since the first half of 2022. — kommersant
- Analysts at BCS and Velес Capital forecasted revenue of $8.09 billion and EBITDA of $3.6 billion, while T-Investments expected higher revenue ($8.76 billion) and EBITDA ($3.94 billion). — kommersant
- The company's working capital increased to $3.4 billion due to temporary growth in receivables from restructuring of sales chains amid rising geopolitical uncertainty. — interfax
- Adjusted free cash flow was $0.2 billion. — interfax
Coverage (2 sources)
- Nornickel increased revenue for six months to a maximum since 2022 — Коммерсантъ
- Norilsk Nickel EBITDA grew by 50% in the first half of the year to $3.9 billion, exceeding consensus — Интерфакс