MOSCOW, August 31. /TASS/. Gold miner Polyus' adjusted net profit under International Financial Reporting Standards (IFRS) fell by 59% year-on-year to $829 million in the first half of 2026, according to a company statement.
In the first half of the year, the company's capital expenditures (capex) increased by 2% to $946 million, driven by capacity expansion works at existing operations and the implementation of new projects.
Revenue for the reporting period grew by 27% year-on-year to $4.7 billion. The dynamic was driven by a higher average realized price of refined gold, which partially offset lower gold sales volumes, Polyus noted.
The company's total cash cost (TCC) in the first half of 2026 jumped 64% year-on-year to $1,069 per ounce. The increase was driven by a higher mineral extraction tax (MET) due to an increase in the average realized price during the reporting period, a stronger ruble, inflation (payroll indexation, tariff hikes), and increased repair expenses.
The company's net debt to adjusted EBITDA ratio stood at 1.1x at the end of 2025.
