Polyus 2025 pre-tax profit rises 12% to $6.3B

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 amortization (EBITDA) increased to $6.35 billion from $5.67 billion.

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.

The increase in revenues was driven by higher average realized 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.

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 09:44 GMT.

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.

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.

(By Anastasia Lyrchikova; Editing by Bernadette Baum and Alexander Smith)