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Seligdar PJSC (MOEX: SELG) (hereinafter referred to as the "Holding Group" or "Seligdar"), a Russian producer of gold and tin, has published its consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) for the 12 months ended 31 December 2025.

·         Consolidated revenue of Seligdar PJSC for the 12 months of 2025 amounted to 87.9 billion Russian roubles, an increase of 48% relative to the prior year.

·         Revenue from sales of produced gold increased by 26.9 billion Russian roubles and amounted to 77.7 billion Russian roubles for the year.

·         Revenue from sales of produced concentrates increased by 2.0 billion Russian roubles and amounted to 9.2 billion Russian roubles for the year.

·         Bank adjusted EBITDA for the 12 months of 2025 totalled 44.2 billion Russian roubles, a 60% increase year-on-year. The bank adjusted EBITDA margin was 50%.

·         The net debt / bank adjusted EBITDA ratio as of 31 December 2025 stood at 3.19x.

"2025 was a landmark year for us, as we reached an important milestone in Seligdar's development—the construction of the new Khvoynoye gold processing plant. Thus, we have completed an important stage of our long-term strategy, which allows the Holding Group to look confidently towards the future. Our financial statements clearly demonstrate positive momentum in operational indicators, while also showing an increase in debt burden associated with the investment phase. The peak of the investment phase coincided with a period of high interest rates, which impacted both us and the entire Russian business.

We clearly understand that the concluding investment cycle will enable a qualitative leap in Seligdar's development, similar to what happened almost ten years ago when we launched our first plant at the Ryabinovy Production Complex," noted Aleksandr Khrushch, President of Seligdar PJSC, Chairman of the Board of Directors.

Revenue and Prices

Consolidated revenue of Seligdar PJSC for 2025 amounted to 87,854 million Russian roubles, compared to 59,289 million Russian roubles reported for 2024, an absolute increase of 28,565 million Russian roubles, or 48%.

Revenue from sales of gold produced by the Holding Group's companies amounted to 77,659 million Russian roubles, exceeding the prior year's figure by 53%. In 2025, volume of gold sales increased by 19% to 8,436.72 kg of refined gold, compared to 7,082.43 kg sold the previous year. The average realised gold price for the 12 months of 2025 was 9,204.85 Russian roubles per gramme, which is 28% higher than the 2024 figure.

Revenue from sales of tin, copper and tungsten concentrates for the 12 months of 2025 amounted to 9,179 million Russian roubles, an increase of 27% year-on-year. This revenue was primarily due to a 27% increase in concentrates sales volumes, while the average realised price of concentrates increased by 1% compared to the previous year.

Profitability and margins

Based on the results of its operations, the Holding Group reported a loss of 10,141 million Russian roubles, which represents a 21% reduction compared to the previous year. The principal factor driving the negative financial result remains the non-cash revaluation of the Holding Group's liabilities linked to gold prices in the context of high quotations for metallic gold on the LME. Excluding this non-cash revaluation of liabilities, the Holding Group would have reported a profit of 5,182 million Russian roubles.

The increase in the gold price also has a direct impact on the Holding Group's costs, specifically on the calculation of the Mineral Extraction Tax (MET). The increase in the average realised price and changes to the tax base calculation rules (tax surcharges) effective from 1 January 2025 led to a more than twofold increase in tax payable to the budget compared to the previous year.

An important factor is the increase in interest expenses on debt servicing due to the high level of the Bank of Russia key rate, which stood from January to June 2025 at 21%, with an average annual figure of 19.2%.

The Holding Group's gross margin for the reporting period was 41%, an increase of 1 p.p. year-on-year. The bank adjusted EBITDA margin was 50%, compared to 47% a year earlier. The bank adjusted EBITDA margin for the gold division increased by 3 p.p. compared to the ear earlier, to 54%.

The bank adjusted EBITDA margin for the tin division increased by 1 p.p. to 16% for 2025, against the backdrop of low prices and a strengthening Russian rouble exchange rate. This was made possible by the completion of a large‑scale modernisation of the Holding Group's tin mining assets, which enabled a 42% increase in tin production.

Bank adjusted EBITDA, calculated before Mineral Extraction Tax and inventory impairment provisions, for the 12 months of 2025 increased by 60% to 44,167 million Russian roubles, compared to 26,580 million Russian roubles a year earlier.

Debt

The financial debt of Seligdar PJSC (loans and borrowings, and financial lease liabilities) as of 31 December 2025 amounted to 154,047 million Russian roubles. Net debt (adjusted for the value of refined gold inventory held at the period end) stood at 140,931 million Russian roubles. The net debt / bank adjusted EBITDA ratio was 3.19x.

Key financials, million Russian roubles