MOSCOW, March 16 (Reuters) - Russia's largest gold producer Polyus said on Monday that its 2025 EBITDA had risen 12% to $6.3 billion. The company's adjusted net profit last year fell 3% to $3.3
Russian gold producer Polyus 2025 pre-tax profit rises 12% to $6.3 billion
Polyus 2025 Financial Performance and Outlook
2025 Profit and Revenue Highlights
MOSCOW, March 16 (Reuters) - Russia's largest gold producer Polyus said on Monday that its pretax profit in 2025 rose 12% as high global gold prices offset lower sales.
Revenue rose 19% to $8.7 billion, while earnings before interest, tax, depreciation and amortisation (EBITDA) increased to $6.35 billion from $5.67 billion.
Production and Sales Overview
Polyus achieved higher revenues despite a planned 16% cut in gold production to 2.5 million ounces, which was in line with company guidance, and a corresponding 18% decline in sales.
Factors Driving Revenue Growth
The increase in revenues was driven by higher average realised prices for refined gold, which offset lower gold sales, said Polyus, which is cutting output as part of a planned production reduction at its Olimpiada mine.
This is expected to last until 2028.
Future Production and Market Trends
Polyus expects its gold production in 2026 to remain in the range of 2.5–2.6 million ounces.
Gold prices gained about 64% last year after a 27% rise in 2024. On Monday, spot gold fell 0.7% to $4,983.17 per ounce as of 0944 GMT.
Russia’s Position in Global Gold Production
Russia was the world’s second-largest gold producer after China in 2024, accounting for about 9% of global mine production.
All major Russian gold miners, including Polyus, are under Western sanctions, with the United States, Britain and the European Union banning imports of Russian gold in 2022.
Investment and Expansion Plans
Polyus expects its flagship Sukhoi Log gold deposit in eastern Siberia to enter full operation in 2029, helping to double its gold output to 6 million ounces by 2030. It expects the project’s costs to reach $6 billion.
The company said its investments reached a record $2.2 billion in 2025, largely due to spending on the Sukhoi Log project, and it expects $2.2–2.5 billion this year.
(Reporting by Anastasia Lyrchikova; Editing by Bernadette Baum and Alexander Smith)
