Company DigestCompaniesLast updated: 16 March 2026

Polyus Grew 2025 Adjusted EBITDA by 12% to $6.35 Billion as Higher Gold Prices Offset a Planned Production Decline

Polyus (ПАО «Полюс») published its operating and financial results for 2025 on March 16, 2026: gold production of 2,528.8 thousand ounces, down 16% year on year and within the company's guidance range of 2.5–2.6 million ounces, with the decline explained by the planned transition to the next benches of the Olimpiada and Blagodatnoye open pits; gold sales of 2,535 thousand ounces, down 18%; revenue of $8,723 million, up 19% as higher gold prices more than offset the lower sales volumes; adjusted EBITDA of $6,347 million, up 12%, including $3.67 billion in the second half of 2025 against an Interfax consensus of $6.33 billion for the full year and $3.65 billion for the half; and record capital expenditure of $2.2 billion. For 2026 the company guides to gold production of 2.5–2.6 million ounces and capital expenditure of $2.2–2.5 billion.

2025 results: volumes down, revenue and earnings up

MOSCOW, March 16, 2026 — Polyus (ПАО «Полюс») reported its operating and financial results for the full year 2025, a year in which lower mined and sold volumes were more than compensated by stronger gold prices. Production fell 16% to 2,528.8 thousand ounces and stayed inside the guidance range of 2.5–2.6 million ounces, while sales declined 18% to 2,535 thousand ounces. Revenue nevertheless grew 19% to $8,723 million, and adjusted EBITDA rose 12% to $6,347 million. Corporate announcements, results materials and media information of the company are published on its website at https://polyus.com/. The key figures of the year stand as follows:

gold production: 2,528.8 thousand ounces in 2025, down 16% year on year, within the guidance range of 2.5–2.6 million ounces;
gold sales: 2,535 thousand ounces, down 18%;
revenue: $8,723 million, up 19%, as higher gold prices compensated for the lower volumes;
adjusted EBITDA: $6,347 million, up 12%, including $3.67 billion in the second half of 2025;
capital expenditure: a record $2.2 billion, directed to the company's investment projects.

A planned decline within guidance

The 16% reduction in production was not an operational setback but a planned feature of the mining schedule. Over the year Polyus moved to the next benches of the Olimpiada (Олимпиада) and Blagodatnoye (Благодатное) open pits, and the resulting lower mined volumes kept full-year output inside the previously communicated range of 2.5–2.6 million ounces. Sales followed production down, declining 18% to 2,535 thousand ounces.

What shaped the volume dynamics

the planned transition to the next benches of the Olimpiada and Blagodatnoye open pits;
full-year production of 2,528.8 thousand ounces, within the 2.5–2.6 million ounce guidance range;
gold sales of 2,535 thousand ounces, down 18% year on year in line with the lower available volumes.

Prices compensated volumes: revenue up 19%, adjusted EBITDA up 12%

The revenue line shows the effect of the price environment: at $8,723 million it grew 19% year on year despite the 18% fall in sales volumes, meaning that higher gold prices more than compensated for the smaller quantity sold. Adjusted EBITDA followed with a 12% increase to $6,347 million, of which $3.67 billion fell in the second half of 2025.

Results against the Interfax consensus

full-year adjusted EBITDA of $6,347 million against the Interfax consensus of $6.33 billion;
second-half adjusted EBITDA of $3.67 billion against the Interfax consensus of $3.65 billion;
in both periods the reported figures came in marginally above the consensus expectations compiled by Interfax.

Record capital expenditure of $2.2 billion

The investment programme reached a record $2.2 billion in 2025. The funds were directed to the company's principal projects, spanning new deposits, pit development and additional processing capacity:

Sukhoi Log (Сухой Лог);
the Chulbatkan (Чулбаткан) project;
the Chertovo Koryto (Чертово Корыто) deposit;
the fifth bench of the Vostochny (Восточный) open pit;
the ZIF-5 processing plant at Blagodatnoye (Благодатное).

Guidance for 2026

For 2026 Polyus guides to gold production of 2.5–2.6 million ounces, the same range within which the 2025 output was delivered, and to capital expenditure of $2.2–2.5 billion, compared with the record $2.2 billion spent in 2025. The guidance keeps production flat in volume terms while the investment programme continues at an elevated level.