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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 six months ended June 30, 2025.

• Consolidated revenue for the first half of 2025 reached 28.4 billion Russian roubles, an increase of 36% year-on-year.

• Revenue from produced gold sales totalled 23.9 billion Russian roubles, up 7.1 billion Russian roubles year-on-year.

• Bank adjusted EBITDA amounted to 11.6 billion Russian roubles, a 42% increase year-on-year, with a bank adjusted EBITDA margin of 41%.

• Loss for the period narrowed by 59% to 2,157 million Russian roubles.

• Net debt to bank adjusted EBITDA stood at 3.26x as of June 30, 2025.

Revenue and Prices

Consolidated revenue for the first half of 2025 was RUB 28,429 million, compared to RUB 20,852 million in the same period of 2024, representing an increase of RUB 7,578 million, or 36%.

Revenue from gold sales totalled RUB 23,897 million, up 42% year-on-year, driven by a 6% increase in sales volumes; and a 34% increase in the average realised gold price. Gold sales volumes amounted to 2,821 kg, compared to 2,654 kg in the first half of 2024. As of June 30, 2025, refined gold in transit and held in metal accounts or at refineries totalled 404 kg, with a market value of RUB 3,336 million at the reporting date.

Revenue from the sale of tin, copper, and tungsten concentrates reached RUB 4,467 million, up 37% year-on-year, supported by an 11% increase in sales volumes; and a 10% rise in the average realised tin price, reflecting favourable market conditions.

Profitability and margins

For the reporting period, the Gold Division recorded profit of RUB 722 million. The Tin Division recognised loss of RUB 2,890 million, primarily due to higher underground development expenses and additional depreciation charges resulting from the revaluation of licenses at Pravourmiyskoye LLC.

The Holding Group’s gross profit margin for the first half of 2025 was 27%, an increase of 1 percentage point year-on-year. The bank adjusted EBITDA margin improved to 41% (from 39% in the prior year). Gold Division bank adjusted EBITDA margin was 46% (up 2 percentage points); Tin Division bank adjusted EBITDA margin stood at 14% (up 1 percentage point).

Bank adjusted EBITDA (calculated before mineral extraction tax and inventory provision) increased by 42% year-on-year to RUB 11,609 million, compared to RUB 8,164 million in the first half of 2024.

Debt

The financial debt (including loans, borrowings, and financial lease liabilities) stood at RUB 107,275 million as of June 30, 2025; net debt, adjusted for the value of refined gold inventory, amounted to RUB 101,577 million. Net debt to bank adjusted EBITDA was 3.26x.

The Holding Group’s production remains seasonal, with approximately 35% of annual output produced in the first half of the year, necessitating additional working capital. During the reporting period, Seligdar continued to implement its investment programme as scheduled, while meeting its debt service obligations, amid substantial capital expenditures associated with the active investment phase.

After the Khvoyny processing plant will reach full design capacity, annual gold production is to increase to 10 tonnes, with 45–50% processed through plant technology. This will reduce seasonality effects and help to decrease debt leverage.

Key financials, million Russian roubles

During the reporting period, the Holding Group’s operational results demonstrated a positive trend. Seligdar produced 2,780 kg of gold, maintaining the prior-year level. Production of concentrates increased significantly:

• +41% year-on-year for tin in concentrate: 1,721 tonnes;

•  +29% year-on-year for copper in concentrate: 1,229 tonnes;

•  +149% year-on-year for tungsten in concentrate: 64 tonnes.