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Seligdar PJSC (MOEX: SELG) (hereinafter referred to as the "Holding Group" or "Seligdar"), a Russian producer of gold and tin, published its consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) for the six months ended 30 June 2026.     

• Consolidated revenue of Seligdar PJSC for the six months of 2026 amounted to 41.7 billion Russian roubles, an increase of 47% relative to the prior year period.

• Revenue from sales of produced gold increased by 8.3 billion Russian roubles and comprised 32.2 billion Russian roubles for the period.

• Revenue from sales of produced concentrates doubled to 8.6 billion Russian roubles for the period.

• Bank adjusted EBITDA for the first six months of 2026 totalled 20.9 billion Russian roubles, an 80% increase year-on-year. The bank adjusted EBITDA margin was 50%.

Revenue and Prices

Consolidated revenue of Seligdar PJSC for H12026 amounted to 41,662 million Russian roubles, compared to 28,429 million Russian roubles reported for the first six months of 2025, an absolute increase of 13,233 million Russian roubles, or 47%.

Revenue from sales of gold produced by the Holding Group's companies amounted to 32,233 million Russian roubles, exceeding the prior year's figure by 35%. In H12026, gold sales increased by 4% in volume to 2,936.37 kg of refined metal, compared to 2,820.66 kg sold the previous year. The average realised gold price achieved by the Holding Group for the six months of 2026 was 10,977.29 Russian roubles per gramme, which is 30% higher than the 2025 figure.

Revenue from sales of concentrates containing tin, copper and tungsten for the first six months of 2026 amounted to 8,570 million Russian roubles, an increase of nearly 2 times year-on-year. This revenue level was achieved primarily due to a 48% increase in sales volumes of concentrates, while the average realised price of concentrates increased by 30% compared to the previous year.

Other revenue, represented primarily by silver sales, amounted to 859 million Russian roubles for the first six months of 2026. In 2025, silver sales were conducted in the third and fourth quarters.

Profitability and margins

For the first half of the year, the Holding Group reported a profit of 3,392 million Russian roubles, compared to a loss of 2,157 million Russian roubles reported for the same period last year. The impact of the non-cash revaluation of the Holding Group's liabilities linked to gold prices, amid a decline in LME gold quotations and the USD/RUB exchange rate, was positive. The value of liabilities as of 30 June 2026 decreased by 6,524 million Russian roubles, whereas last year the foreign exchange gain amounted to 2,026 million Russian roubles.

The Holding Group's gross margin for the reporting period was 37%, an increase of 10 percentage points year-on-year. The bank adjusted EBITDA margin was 50%, compared to 41% a year earlier. The bank adjusted EBITDA margin for the gold division increased by 6 percentage points relative to the prior year to 52%. The bank adjusted EBITDA margin for the tin division increased by 30 percentage points to 44% for H12026.

Bank adjusted EBITDA, calculated before Mineral Extraction Tax and inventory impairment provisions, for the six months of 2026 increased by 80% to 20,859 million Russian roubles, compared to 11,609 million Russian roubles a year earlier.

Debt

The financial debt of Seligdar PJSC (the sum of loans and borrowings and financial lease liabilities) as of 30 June 2026 amounted to 162,211 million Russian roubles. Net debt (adjusted for the value of refined gold inventory held at the period end) stood at 153,061 million Russian roubles. The net debt / bank adjusted EBITDA ratio was 2.87x.

Key financials, million Russian roubles

ABOUT SELIGDAR

Seligdar PJSC is one of Russia’s leading gold producers with over 50 years of experience in the mining sector. The Company’s main mined metals include gold and tin.

The Holding Group's operations are located across seven Russian regions, including the Republic of Sakha (Yakutia), Republic of Buryatia, Altai, Orenburg, Irkutsk, Khabarovsk and Chukotka regions.