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Lenenergo (LSNG) USD

At a glance: strengths & risks
✓Revenue growing (+17%)✓Profit growing (+65%)✓Margins improving (34%→44%)✓Net cash balance sheet✓Cheaper than own history (EV/EBITDA 2.1 vs avg 3.2)

Sector: Utilities

RU_LSNG

Price chart

13.74 RUBDay 3.00%

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
13.74 RUB · 3.00%
Market cap
2.1 bn USD

Growth

Δ revenue y/y
77.8%
Δ EBITDA y/y
87.5%

Multiples

P/E (LTM)
4.4x
3y avg: 6.8x
P/B (FY)
0.7x
P/E (ann.)
2.9x
EV/EBITDA (LTM)
2.1x
3y avg: 3.2x
EV/EBITDA (ann.)
1.6x

Cash return

Dividend yield
2.9%
FCF yield (LTM)
—

Value creation

fundamental value/yr, % of market cap
Value created / year
+89.8%
↓ details

Liquidity

Daily turnover (MOEX)
1.6 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
2025-12-31H2 2025 (6M)PARTIAL1.6
y/y 16.3%
0.4
y/y 151.2%
0.2
y/y 9.1%
0.6
y/y 87.5%
0.4
y/y 104.4%
0.5-31.84.8
y/y 15.6%
3.2
y/y 14.6%
15.8%-0.3—
2025-06-30H1 2025 (6M)OK0.4
y/y 17.2%
0.1
y/y 4.5%
0.1
y/y 6.1%
0.3
y/y 5.3%
0.1
y/y 5.5%
0.4-24.84.3
y/y 10.1%
3.0
y/y 8.5%
8.5%-0.3—
2024-12-31H2 2024 (6M)OK1.3
y/y 14.5%
0.2
y/y -19.0%
0.1
y/y -1.0%
0.3
y/y -11.8%
0.2
y/y -8.5%
0.5-28.64.2
y/y 11.7%
2.8
y/y 8.5%
10.7%-0.1—
2024-06-30H1 2024 (6M)OK0.4
y/y 7.0%
0.1
y/y 43.9%
0.1
y/y -6.7%
0.3
y/y 13.6%
0.1
y/y 41.8%
0.4-14.83.9
y/y 7.4%
2.8
y/y 11.2%
8.8%0.0—
2023-12-31H2 2023 (6M)OK1.2
y/y —
0.2
y/y —
0.1
y/y —
0.4
y/y —
0.2
y/y —
0.3-24.73.8
y/y —
2.6
y/y —
11.0%0.0—
2023-06-30H1 2023 (6M)OK0.4
y/y —
0.1
y/y —
0.1
y/y —
0.2
y/y —
0.1
y/y —
0.4-12.53.6
y/y —
2.5
y/y —
—6.3—

Net debt structure (leases included, IFRS 16) 2025-12-31

Short-term debt (incl. ST leases)238
Long-term debt (incl. LT leases)166
− Cash & equivalents700
Net debt-296

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

05001 0001 5002023 H12023 H22024 H12024 H22025 H12025 H2

Year-over-year change

-25%0%25%50%75%100%2023 H12023 H22024 H12024 H22025 H12025 H2

Cash flow

FCF (₽ mln)

-40 000-30 000-20 000-10 00002023 H12023 H22024 H12024 H22025 H12025 H2

Net debt / cash (₽ mln)

-2 00002 0004 0006 0002023 H12023 FY2024 H12024 FY2025 H12025 FY

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 2.49x of reported net profit; after capex, 0.62x.
year20212022202320242025
cash flow / profit2.96x2.27x2.49x2.86x1.90x
accruals, % of assets-11.0%-9.8%-11.1%-13.1%-9.1%
Last twelve months (to 2025-12-31): 1.90x of profit came back as operating cash flow.
net debt / EBITDA -0.3x · capex 2.1x of depreciation
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.

Investment programme (Minenergo)

approved by order № 15@ от 18.11.2024 · period 2024–2028 · download order + appendix

ИПР financial plan (Form 19), ₽bn:

202220232024202520262027202820292030
Net profit (ИПР)18.121.024.234.443.946.443.439.136.0
Dividends (ИПР)6.15.76.17.68.69.48.37.87.7
div, % cur. MCap5.2%4.9%5.2%6.5%7.4%8.0%7.1%6.6%6.6%

Capex & funding sources, ₽bn:

20242025202620272028
Capex (funding)50.158.654.453.054.1
of which profit to investment22.628.024.420.120.3
depreciation17.717.419.923.424.5
attracted funds0.31.90.30.30.3

Source — Minenergo ИПР order + Form 19 financial plan (МРСК consolidated). Net profit and dividends are the ИПР's own planned figures (correction proposal preferred), not actuals.

Transmission tariff: indexation

Regulated indexation (plan, RF average). Distribution grid transmission-tariff indexation: 2026 from Oct +15.2% · 2027 from Jul +15.3% · 2028 from Jul +11.2%

Russian MinEc socio-economic forecast 2026–2028 (Sep 2025) + FAS orders

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +89.8%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2025-12-31 vs 2024-12-31)
= (591 − 315) × 1.48
409
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (2 138 + -296) ÷ 876
2.1x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (2.1 + 6.5) ÷ 2
4.3x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 161 + 0 + 0 − 0
161
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (409 × 4.3 + 161) ÷ 2 138
+89.8%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • half-year basis (semi-annual reporter)
  • dividends/buybacks not in data - balance cash flow uses net-debt change only

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +17% vs +13% the year before — a +3.8 pp move. 3-year CAGR +15%.
revenue growth by year: 2023 +14% · 2024 +13% · 2025 +17%
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 — grid ИПР model

Expected dividend: 8617 mln RUB · 7.4% · upside -47%

ИПР-planned dividend (company pays) Last actual payout: 2025.

YearИПР plan, mlnActual, mln
202575943649
20268617—
20279391—
20288279—
20297773—
20307727—

For grids the dividend is judged from the ИПР plan, discounted by actual payment practice and board decisions (the ИПР plan is often not executed).

Dividend potential

Illiquid — forecast not shown

The line trades very thinly (low average daily turnover), so the model dividend forecast is unreliable and is not shown. Actual (sporadic) payments are in the dividend-history card below.

Dividend history

Pay yearDividend /sh
20250.43 ₽
20240.42 ₽
20230.50 ₽
20220.35 ₽
20210.26 ₽
20200.09 ₽
20190.04 ₽
20180.14 ₽
Payments by period
PeriodEx-date/sh
2025 q32025-07-020.43 ₽
2024 q32024-07-010.42 ₽
2023 q22023-06-230.06 ₽
2023 q12023-01-040.44 ₽
2022 q22022-06-080.35 ₽
2021 q22021-06-250.26 ₽
2020 q22020-06-090.09 ₽
2019 q22019-06-270.04 ₽
2018 q22018-06-150.14 ₽
2017 q22017-06-220.13 ₽

Dividends

No dividend rows found for this issuer.

Corporate events

07.08.26AGM / BoardРешения совета директоров (наблюдательного совета)
Совет директоров ПАО 'Россети Ленэнерго' принял решение о внесении изменений в перечень взаимозависимых лиц для закупок. В голосовании приняли участие все 13 членов совета, решение было принято единогласно. Изменения касаются включения ООО 'ПетроЭнергоКонтроль' в перечень взаимозависимых лиц.
09.06.26AGM / BoardРешения общих собраний участников (акционеров)
На годовом собрании акционеров ПАО «Россети Ленэнерго» 3 июня 2026 года было утверждено распределение прибыли за 2025 год, включая дивиденды в размере 0,5379 руб. на акцию и 36,7247 руб. на привилегированную акцию. Кворум составил 98,31%, что позволило принять решения по всем вопросам повестки дня.

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

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 Lenenergo (LSNG) — from primary filings.

Frequently asked questions

What is Lenenergo (LSNG)'s P/E ratio?
Lenenergo (LSNG) trades at a P/E of 4.4x (price to trailing 12-month earnings).
What is Lenenergo (LSNG)'s EV/EBITDA?
Lenenergo (LSNG) trades at 2.1x EV/EBITDA.
What is Lenenergo (LSNG)'s P/B ratio?
Lenenergo (LSNG) trades at a P/B of 0.7x.
What is Lenenergo (LSNG)'s dividend yield?
Lenenergo (LSNG)'s trailing 12-month dividend yield is 2.9%.
What is Lenenergo (LSNG)'s return on equity (ROE)?
Lenenergo (LSNG)'s ROE is 23.0%.
What is Lenenergo (LSNG)'s market capitalization?
Lenenergo (LSNG)'s market cap is 2.1 bn USD.

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