H1 2026 revenue reached $7.067 billion and net profit $2.382 billion. Higher gold prices drove growth while production declined slightly.

On 15 October 2026, NMMC discussed its first-half results and transformation programme with investors. H1 2026 IFRS revenue reached $7.067 billion, up 49.9% year on year, and net profit was $2.382 billion, up 57.2%.

Higher gold prices were the main driver of revenue growth. Production totalled 1.51 million troy ounces, down 1.8%, so the increase in earnings should be distinguished from growth in physical output.

NMMC is included in Uzbekistan’s state programme for a planned international IPO. PIAMG view: the results provide a stronger financial reference point for prospective investors, while any offering remains subject to further preparation and formal announcements.

Sources

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