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Inter RAO (IRAO) RUB

At a glance: strengths & risks
✓Revenue growing (+14%)✓Net cash balance sheet✓Cheaper than own history (P/E 1.9 vs avg 2.7)✓Dividend yield above fair (14% vs 11%)

Sector: Utilities

RU_IRAO

Price chart

2.379 RUBDay 0.13%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
2.379 RUB · 0.13%
Market cap
248.4 bn RUB

Growth

Δ revenue y/y
18.6%
Δ EBITDA y/y
6.1%

Multiples

P/E (LTM)
1.9x
3y avg: 2.7x
P/B (FY)
0.2x
P/E (ann.)
1.3x
EV/EBITDA (LTM)
—
3y avg: 1.1x

Cash return

Dividend yield
10.9%
FCF yield (LTM)
-36.4%

Liquidity

Daily turnover (MOEX)
571 mln RUB

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in B RUB, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB RUBOperating profitB RUBD&AB RUBEBITDAB RUBNet profitB RUBOperating CFB RUBCapex + M&AB RUBAssetsB RUBEquityB RUBROE (annualized)Net debtB RUBSource
2026-03-31Q1 2026 (3M)OK523.3
y/y 18.6%
41.5
y/y 4.2%
10.8
y/y 14.1%
52.4
y/y 6.1%
46.5
y/y -1.5%
6.8-47.31583.9
y/y 7.7%
1187.9
y/y 10.0%
16.0%-306.1Report (PDF)
2025-12-31Q4 2025 (3M)OK518.4
y/y 13.2%
15.1
y/y -38.8%
11.6
y/y 15.3%
26.7
y/y -23.1%
20.1
y/y -45.2%
93.2-88.21577.2
y/y 8.0%
1138.8
y/y 9.6%
11.8%-163.8Report (PDF)
2025-09-30Q3 2025 (3M)OK424.1
y/y 17.0%
23.7
y/y 9.7%
10.3
y/y 0.8%
34.0
y/y 6.8%
30.8
y/y -1.5%
4.1-32.61510.0
y/y 10.1%
1121.0
y/y 12.2%
3.7%-137.1Report (PDF)
2025-06-30Q2 2025 (3M)OK376.8
y/y 12.2%
28.1
y/y 32.5%
10.4
y/y 13.1%
38.5
y/y 26.6%
35.7
y/y 13.2%
12.9-35.61475.1
y/y 13.1%
1087.8
y/y 12.7%
13.2%-204.4Report (PDF)
2025-03-31Q1 2025 (3M)OK441.3
y/y 12.6%
39.9
y/y -1.5%
9.5
y/y 17.9%
49.4
y/y 1.7%
47.2
y/y -1.6%
-10.8-33.51470.8
y/y 12.0%
1079.5
y/y 11.0%
17.8%-138.9Report (PDF)
2024-12-31Q4 2024 (3M)OK458.1
y/y 17.3%
24.7
y/y -16.2%
10.1
y/y 29.8%
34.8
y/y -6.6%
36.6
y/y -65.6%
69.2-46.71461.0
y/y 12.5%
1039.1
y/y 11.8%
14.5%-198.3Report (PDF)
2024-09-30Q3 2024 (3M)OK362.4
y/y 16.2%
21.6
y/y -27.5%
10.2
y/y 24.0%
31.8
y/y -16.3%
31.3
y/y —
26.4-25.31371.7
y/y —
999.2
y/y —
4.3%-61.8Report (PDF)
2024-06-30Q2 2024 (3M)OK336.0
y/y 11.5%
21.2
y/y -13.2%
9.2
y/y 25.0%
30.4
y/y -4.4%
31.6
y/y 16.8%
5.4-23.21303.8
y/y 13.6%
964.9
y/y 12.1%
13.0%-105.6Report (PDF)
2024-03-31Q1 2024 (3M)OK392.0
y/y 10.0%
40.5
y/y -1.7%
8.1
y/y 6.5%
48.5
y/y -0.4%
47.9
y/y 17.6%
14.5-19.81313.0
y/y 1.1%
972.4
y/y 4.6%
20.2%-245.1Report (PDF)
2023-12-31Q4 2023 (3M)OK390.6
y/y —
29.5
y/y —
7.8
y/y —
37.2
y/y —
106.5
y/y —
91.8-31.41299.2
y/y —
929.4
y/y —
—-279.9Report (PDF)
2023-09-30Q3 2023 (3M)PARTIAL311.8
y/y —
29.8
y/y —
8.2
y/y —
38.0
y/y —
-38.4
y/y —
18.2-13.7—
y/y —
—
y/y —
—-282.8Report (PDF)
2023-06-30Q2 2023 (3M)OK301.2
y/y —
24.5
y/y —
7.3
y/y —
31.8
y/y —
27.0
y/y —
11.9-11.41148.2
y/y —
860.5
y/y —
12.1%-159.3Report (PDF)
2023-03-31Q1 2023 (3M)OK356.2
y/y —
41.2
y/y —
7.6
y/y —
48.8
y/y —
40.8
y/y —
0.6-10.41299.2
y/y —
929.4
y/y —
—-288.5Report (PDF)

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

-200 0000200 000400 000600 000800 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-100%0%100%200%300%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF (₽ mln)

-200 000-100 0000100 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash (₽ mln)

-400 000-300 000-200 000-100 00002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +14% vs +14% the year before — a -0.2 pp move. 3-year CAGR +12%.
revenue growth by year: 2023 +7% · 2024 +14% · 2025 +14%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Dividend potential

Dividend-model upside: +35%

The payout is forecast from smoothed profit × payout ratio, capped by free cash flow (developers exempt — escrow) and floored at the recent actual dividend (companies hold payouts while profitable). Fair yield = key rate + the historical yield-spread to the rate (so growers that historically traded below the rate score higher). Upside = fair price / current − 1.

1 · Forecast dividend (per policy)
Smoothed net profit (median YTD-ann./LTM/FY)134 bn RUB
Payout ratio25%
Free cash flow (FY, OCF − capex) — not a cap (leverage -1.1x)-91 bn RUB
Recent actual dividend (3-yr median)0.32 ₽
= Forecast dividend per share0.32 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.2%
Historical yield spread to rate (3-yr median)-8.5 pp
= Fair dividend yield10.8%
3 · Valuation → upside
Current price2.33 ₽
Forecast dividend yield13.8%
Fair price (dividend-based)3.16 ₽

Forecast, not investment advice. Earnings annualization and policy assumptions are estimates.

Dividend history

Paid, trailing 12-mo: 0.32 RUB/sh · 13.8%

Pay yearDividend /sh
20260.32 ₽
20250.35 ₽
20240.33 ₽
20230.28 ₽
20220.24 ₽
20210.18 ₽
20200.20 ₽
20190.17 ₽
Payments by period
PeriodEx-date/sh
2026 q22026-06-080.32 ₽
2025 q22025-06-060.35 ₽
2024 q22024-05-310.33 ₽
2023 q22023-05-260.28 ₽
2022 q22022-06-080.24 ₽
2021 q22021-06-030.18 ₽
2020 q22020-05-280.20 ₽
2019 q22019-05-290.17 ₽
2018 q22018-05-300.13 ₽
2017 q22017-06-160.15 ₽

Dividends

No dividend rows found for this issuer.

Corporate events

30.06.26AGM / BoardРешения совета директоров (наблюдательного совета)
30 июня 2026 года состоялось заседание совета директоров ПАО «Интер РАО ЕЭС», на котором был утвержден новый порядок представления информации акционерам. Все 11 членов совета проголосовали за решение без против и воздержавшихся.
29.05.26AGM / BoardРешения общих собраний участников (акционеров)
29 мая 2026 года состоится годовое собрание акционеров ПАО «Интер РАО», на котором будет утвержден годовой отчет и бухгалтерская отчетность за 2025 год, а также предложено распределение прибыли, включая дивиденды в размере 0,3214 руб. на акцию. Кворум для принятия решений по всем вопросам повестки дня был достигнут.
30.03.26Material eventИнформация об иных событиях (действиях), оказывающих, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
Совет директоров ПАО «Интер РАО» принял решение о приостановлении выплаты дивидендов акционерам, с которыми утрачена связь, начиная с 30.03.2026. Это решение касается акционеров, которые не предоставили актуальную информацию для выплаты дивидендов в течение последних двух лет. При этом, дивиденды будут возобновлены, если акционеры предоставят необходимые данные.

Source: e-disclosure material filings over the last 180 days; ★ — flagged important by the classifier; summaries are automatic.

RU equity fund ownership

Disclosed in the top-10 of 2 of 17 funds, ≈79 млн ₽ combined.

FundManagerWeight≈PositionΔ weight m/mDisclosure
DIVD ДОХОДЪ Индекс дивидендных акцийДОХОДЪ7.59%67 млн ₽—29.05.2026
GROD ДОХОДЪ Индекс акций ростаДОХОДЪ6.95%11 млн ₽—29.05.2026

Source: monthly fund portfolio disclosures (investfunds); NAV is daily. Disclosures list each fund's top-10 only, so absence does not mean no position. Weight changes mix revaluation with trading. Fund flows and betas live in the fund monitor on the RU region page.

Investment-community mentions

Substantive mentions last 7 days: 0, last 30 days: 1 (1 negative) across tracked channels, broker research and shows. 3 passing mentions (digests, calendars) hidden.

Sources: Telegram channels (bloggers — blue chip, broker research — green), YouTube shows via transcripts (orange). Tone (▲/▼) is an automatic assessment in the stock's context. Quotes are fragmentary; authors' views are not our recommendations.

Investor reporting (IR): https://www.e-disclosure.ru/portal/files.aspx?id=12213

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Inter RAO (IRAO) — from primary filings.

IRAO (Inter RAO UES) is a Russian energy holding company that operates in the generation, transmission, and sale of electricity and heat, both domestically and internationally. It also manages energy trading and asset management across multiple countries.

Frequently asked questions

What is Inter RAO (IRAO)'s P/E ratio?
Inter RAO (IRAO) trades at a P/E of 1.9x (price to trailing 12-month earnings).
What is Inter RAO (IRAO)'s P/B ratio?
Inter RAO (IRAO) trades at a P/B of 0.2x.
What is Inter RAO (IRAO)'s dividend yield?
Inter RAO (IRAO)'s trailing 12-month dividend yield is 10.9%.
What is Inter RAO (IRAO)'s return on equity (ROE)?
Inter RAO (IRAO)'s ROE is 16.0%.
What is Inter RAO (IRAO)'s market capitalization?
Inter RAO (IRAO)'s market cap is 248.4 bn RUB.