MOSCOW, August 31. /TASS/. Gold miner Polyus' adjusted net profit under International Financial Reporting Standards (IFRS) fell by 59% year-on-year to $829 million in the first half of 2026, according to a company statement.

In the first half of the year, the company's capital expenditures (capex) increased by 2% to $946 million, driven by capacity expansion works at existing operations and the implementation of new projects.

Revenue for the reporting period grew by 27% year-on-year to $4.7 billion. The dynamic was driven by a higher average realized price of refined gold, which partially offset lower gold sales volumes, Polyus noted.

The company's total cash cost (TCC) in the first half of 2026 jumped 64% year-on-year to $1,069 per ounce. The increase was driven by a higher mineral extraction tax (MET) due to an increase in the average realized price during the reporting period, a stronger ruble, inflation (payroll indexation, tariff hikes), and increased repair expenses.

The company's net debt to adjusted EBITDA ratio stood at 1.1x at the end of 2025.

Polyus ranks second among the world's largest gold mining companies by gold reserves and is one of the top five global gold producers. The company's main production facilities are located in Siberia and the Far East: in the Krasnoyarsk Region, Irkutsk and Magadan Regions, and the Sakha Republic (Yakutia). Polyus' primary shareholder is IJSC Wandle Holdings Limited, which holds a 46.35% stake.