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Inter RAO (IRAO) USD

Inter RAO is a Russian power holding with thermal generation, electricity retail supply companies, power engineering and equipment businesses, and the country's electricity export-import operator.

At a glance: strengths & risks
✓Revenue growing (+14% y/y, Q2 2026)✓Net cash balance sheet✓Cheaper than own history (EV/EBITDA 0.7 vs avg 1.0)✓Dividend yield above fair (13% vs 10%)✗Profit falling (-38% y/y, Q2 2026)✗Margins compressing (10%→7%, Q2 2026)

Sector: Utilities

RU_IRAO

Price chart

2.394 RUBDay 0.00%

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
2.394 RUB · 0.00%
Market cap
3.5 bn USD

Growth

Δ revenue y/y
14.1%
Δ EBITDA y/y
-25.8%

Multiples

P/E (LTM)
2.1x
3y avg: 2.7x
P/B (FY)
0.2x
P/E (ann.)
2.8x
EV/EBITDA (LTM)
0.7x
3y avg: 1.0x
EV/EBITDA (ann.)
0.8x

Cash return

Dividend yield
13.4%
FCF yield (LTM)
-25.6%

Liquidity

Daily turnover (MOEX)
477 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 USD, 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 USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-06-30Q2 2026 (3M)OK6.0
y/y 14.1%
0.2
y/y -37.3%
0.2
y/y 5.6%
0.4
y/y -25.8%
0.3
y/y -38.0%
0.1-54.321.9
y/y 6.1%
16.6
y/y 8.8%
7.5%-2.2Report (PDF)
2026-03-31Q1 2026 (3M)OK7.3
y/y 18.6%
0.6
y/y 4.2%
0.2
y/y 14.1%
0.7
y/y 6.1%
0.7
y/y -1.5%
0.1-47.322.2
y/y 7.7%
16.7
y/y 10.0%
16.0%-4.5Report (PDF)
2025-12-31Q4 2025 (3M)OK7.3
y/y 13.2%
0.2
y/y -38.8%
0.2
y/y 15.3%
0.4
y/y -23.1%
0.3
y/y -45.2%
1.3-88.222.1
y/y 8.0%
16.0
y/y 9.6%
11.8%-2.5Report (PDF)
2025-09-30Q3 2025 (3M)OK5.9
y/y 17.0%
0.3
y/y 9.7%
0.1
y/y 0.8%
0.5
y/y 6.8%
0.4
y/y -1.5%
0.1-32.621.2
y/y 10.1%
15.7
y/y 12.2%
3.7%-2.1Report (PDF)
2025-06-30Q2 2025 (3M)OK5.3
y/y 12.2%
0.4
y/y 32.5%
0.1
y/y 13.1%
0.5
y/y 26.6%
0.5
y/y 13.2%
0.2-35.620.7
y/y 13.1%
15.3
y/y 12.7%
13.2%-3.1Report (PDF)
2025-03-31Q1 2025 (3M)OK6.2
y/y 12.6%
0.6
y/y -1.5%
0.1
y/y 17.9%
0.7
y/y 1.7%
0.7
y/y -1.6%
-0.2-33.520.6
y/y 12.0%
15.1
y/y 11.0%
17.8%-2.2Report (PDF)
2024-12-31Q4 2024 (3M)OK6.4
y/y 17.3%
0.3
y/y -74.0%
0.1
y/y 29.8%
0.5
y/y -66.1%
0.5
y/y -65.6%
1.0-46.720.5
y/y 12.5%
14.6
y/y 11.8%
14.5%-3.0Report (PDF)
2024-09-30Q3 2024 (3M)OK5.1
y/y 16.2%
0.3
y/y —
0.1
y/y 24.0%
0.4
y/y —
0.4
y/y —
0.4-25.319.2
y/y —
14.0
y/y —
4.3%-1.1Report (PDF)
2024-06-30Q2 2024 (3M)OK4.7
y/y 11.5%
0.3
y/y -13.2%
0.1
y/y 25.0%
0.4
y/y -4.4%
0.4
y/y 16.8%
0.1-23.218.3
y/y 13.6%
13.5
y/y 12.1%
13.0%-1.7Report (PDF)
2024-03-31Q1 2024 (3M)OK5.5
y/y 10.0%
0.6
y/y -1.7%
0.1
y/y 6.5%
0.7
y/y -0.4%
0.7
y/y 17.6%
0.2-19.818.4
y/y 1.1%
13.6
y/y 4.6%
20.2%-3.6Report (PDF)
2023-12-31Q4 2023 (3M)OK5.5
y/y —
1.3
y/y —
0.1
y/y —
1.4
y/y —
1.5
y/y —
1.3-31.418.2
y/y —
13.0
y/y —
—-4.2Report (PDF)
2023-09-30Q3 2023 (3M)PARTIAL4.4
y/y —
-0.5
y/y —
0.1
y/y —
-0.4
y/y —
-0.5
y/y —
0.3-13.7—
y/y —
—
y/y —
—-282.8Report (PDF)
2023-06-30Q2 2023 (3M)OK4.2
y/y —
0.3
y/y —
0.1
y/y —
0.4
y/y —
0.4
y/y —
0.2-11.416.1
y/y —
12.1
y/y —
12.1%-285.6Report (PDF)
2023-03-31Q1 2023 (3M)OK5.0
y/y —
0.6
y/y —
0.1
y/y —
0.7
y/y —
0.6
y/y —
0.0-10.418.2
y/y —
13.0
y/y —
—-288.5Report (PDF)

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)301
Long-term debt (incl. LT leases)919
− Cash & equivalents3 399
Net debt-2 180

Net debt / LTM EBITDA: -1.1x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

02 0004 0006 0008 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-75%-50%-25%0%25%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF (₽ mln)

-3 000-2 000-1 00001 0002 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash (₽ mln)

-5 000-4 000-3 000-2 000-1 00002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is broadly cash-backed
In a typical year of 2020–2025 operating cash flow came to 0.90x of reported net profit; after capex, 0.41x.
year20202022202320242025
cash flow / profit1.35x1.11x0.90x0.78x0.74x
accruals, % of assets-3.5%-1.1%1.0%2.2%2.2%
Last twelve months (to 2026-06-30): 1.56x of profit came back as operating cash flow.
net debt / EBITDA -1.1x · EBIT covers interest 6.7x · capex 3.2x of depreciation · dividends 2% of free cash flow
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

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 rate14.0%
Historical yield spread to rate (3-yr median)-8.4 pp
= Fair dividend yield10.5%
3 · Valuation → upside
Current price2.39 ₽
Forecast dividend yield13.5%
Fair price (dividend-based)3.23 ₽

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

Dividend history

Paid, trailing 12-mo: 0.32 RUB/sh · 13.4%

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.

Investment-community mentions

Substantive mentions last 7 days: 0, last 30 days: 2 (2 negative) across tracked channels, broker research and shows. 8 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.

Corporate events

02.09.26Filing★ ▲ Присвоение или изменение рейтинга эмитента рейтинговым агентством или иной организацией на основании договора
ПАО «Интер РАО ЕЭС» получило кредитный рейтинг на уровне AAA(ru) от Аналитического Кредитного Рейтингового Агентства. Рейтинг был присвоен 02.09.2026, что может позитивно отразиться на инвестиционной привлекательности компании.
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, ≈77 млн ₽ combined.

FundManagerWeight≈PositionΔ weight m/mDisclosure
DIVD ДОХОДЪ Индекс дивидендных акцийДОХОДЪ6.85%65 млн ₽—31.07.2026
GROD ДОХОДЪ Индекс акций ростаДОХОДЪ6.57%12 млн ₽—31.07.2026

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.

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.

Frequently asked questions

What is Inter RAO (IRAO)'s P/E ratio?
Inter RAO (IRAO) trades at a P/E of 2.1x (price to trailing 12-month earnings).
What is Inter RAO (IRAO)'s EV/EBITDA?
Inter RAO (IRAO) trades at 0.7x EV/EBITDA.
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 13.4%.
What is Inter RAO (IRAO)'s return on equity (ROE)?
Inter RAO (IRAO)'s ROE is 7.5%.
What is Inter RAO (IRAO)'s market capitalization?
Inter RAO (IRAO)'s market cap is 3.5 bn USD.

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