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Seligdar PJSC (MOEX: SELG; hereinafter “Seligdar” or the “Holding Group”), a leading Russian producer of gold and tin, published its interim consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) for the nine months ended September 30, 2025.

·         Consolidated revenue for the period totalled 61.8 billion Russian roubles, representing a 44% increase year-on-year.

·         Revenue from produced gold sales increased by 17.4 billion Russian roubles, reaching 54.5 billion Russian roubles for the nine-month period.

·         Bank adjusted EBITDA for 9M2025 amounted to 29.6 billion Russian roubles, a 53% increase year-on-year, with a bank adjusted EBITDA margin of 48%.

·         Loss decreased by 24%, totalling 7.7 billion Russian roubles.

·         The net debt / bank-adjusted EBITDA ratio was 3.35x as of September 30, 2025.

Revenue and Prices

Consolidated revenue for the nine months ended 30 September 2025 amounted to 61,822 million Russian roubles, compared with 42,971 million Russian roubles for the same period in 2024 — an increase of 18,851 million Russian roubles, or 44%.

Revenue from gold produced by the Holding Group reached 54,451 million Russian roubles, including 30,554 million Russian roubles generated in Q3 2025, which is 47% higher year-on-year. The increase was driven by a 14% rise in gold sales volumes and a 29% increase in the average realised gold price. Gold sales volumes for the nine-month period totalled 6,243 kg, versus 5,485 kg sold in the prior year. As of 30 September 2025, inventories of refined gold held in bank metal accounts, at refineries and in transit amounted to 209 kg, with a market value of 2,097 million Russian roubles on the reporting date.

Revenue from the sale of tin, copper, and tungsten concentrates totalled 6,492 million Russian roubles, up 34%year-on-year. This growth was primarily driven by a 22% increase in concentrate sales volumes and higher average realised concentrate prices supported by favourable market conditions.

Profitability and margins

The net loss for the nine-month period decreased by 24% year-on-year to 7,673 million Russian roubles. The principal factor driving the negative financial result was a non-cash revaluation of gold-linked liabilities, triggered by higher global gold prices on the LME. Excluding this non-cash revaluation, the Holding Group would have reported a profit of 1,390 million Russian roubles. An additional factor affecting profitability was higher interest expense related to debt servicing, resulting from the elevated key rate of the Bank of Russia.

Gross margin for the period was 37%, up 3 p.p. year-on-year. Bank-adjusted EBITDA margin increased to 48%, compared with 45% a year earlier. Bank-adjusted EBITDA margin for the gold division rose to 51% (+2 p.p.), and for the tin division reached 17% (+1 p.p.).

Bank-adjusted EBITDA (calculated before mineral extraction tax and inventory impairment provisions) increased by 53%, totalling 29,574 million Russian roubles, compared with 19,313 million Russian roubles in the prior year.

Note: Under IFRS requirements, movements in FX rates and in gold and silver prices necessitate the remeasurement of liabilities denominated in foreign currencies or linked to precious metals at current market values. At the same time, the Holding Group’s assets — including more than 250 tonnes of gold reserves in situ and in processing — cannot be revalued upward under IFRS rules. Even refined gold held in metal accounts or storage is recognised strictly at production cost. As a result, during periods of rising gold prices or Russian rouble exchange-rate fluctuations, the rouble value of liabilities increases without a corresponding increase in the book value of assets, leading to negative FX differences and a non-cash accounting loss.

Debt

As of 30 September 2025, total financial debt (including loans, borrowings and finance lease liabilities) amounted to 136,628 million Russian roubles. Net debt, adjusted for the value of refined gold inventory held at period-end, totalled 127,031 million Russian roubles. The net debt / bank-adjusted EBITDA ratio was 3.35x.

Key financials, million Russian roubles