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OGK-2 (OGKB) RUB

At a glance: strengths & risks
✗Profit falling (-117%)✗Loss-making last FY✗Margins compressing (13%→5%)✗High leverage (4.2x EBITDA)✗Pricier than own history (EV/EBITDA 6.8 vs avg 3.2)

Sector: Utilities

RU_OGKB

Price chart

0.2119 RUBDay 3.37%

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
0.2119 RUB · 3.37%
Market cap
28.9 bn RUB

Growth

Δ revenue y/y
15.6%
Δ EBITDA y/y
96.7%

Multiples

P/E (LTM)
—
3y avg: 6.7x
P/B (FY)
0.2x
P/E (ann.)
<0
EV/EBITDA (LTM)
6.8x
3y avg: 3.2x
EV/EBITDA (ann.)
5.8x

Cash return

Dividend yield
24.3%
FCF yield (LTM)
-52.9%

Liquidity

Daily turnover (MOEX)
13.2 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
2026-06-30Q2 2026 (3M)OK38.4
y/y 15.6%
0.3
y/y —
2.9
y/y 14.0%
3.2
y/y 96.7%
-0.4
y/y —
-0.4-2.0262.6
y/y 11.7%
163.7
y/y -6.0%
-0.9%45.9—
2026-03-31Q1 2026 (3M)OK57.0
y/y 21.8%
3.1
y/y 15.5%
2.8
y/y 8.4%
5.9
y/y 12.0%
1.8
y/y -23.8%
4.1-3.1249.7
y/y 10.2%
164.0
y/y -6.1%
4.5%36.2—
2025-12-31Q4 2025 (3M)OK52.1
y/y 10.7%
-1.1
y/y 83.7%
2.9
y/y -0.4%
1.8
y/y 144.8%
-1.7
y/y 43.0%
2.2-6.6246.9
y/y 10.6%
162.2
y/y -5.8%
-1.1%36.6—
2025-09-30Q3 2025 (3M)OK45.6
y/y 1.5%
-2.8
y/y -190.8%
2.8
y/y 1.8%
0.0
y/y -99.9%
-2.1
y/y -260.7%
3.3-3.0242.0
y/y 9.8%
172.1
y/y -1.8%
-1.6%29.7—
2025-06-30Q2 2025 (3M)OK33.2
y/y -9.7%
-0.9
y/y -116.0%
2.6
y/y -2.5%
1.6
y/y -80.2%
-0.3
y/y -108.0%
-3.7-10.4235.0
y/y 8.0%
174.1
y/y 0.1%
-0.7%29.1—
2025-03-31Q1 2025 (3M)OK46.8
y/y -8.8%
2.7
y/y -74.6%
2.6
y/y -3.7%
5.3
y/y -60.4%
2.4
y/y -70.5%
2.0-1.6226.6
y/y 4.8%
174.6
y/y 12.5%
5.5%32.3—
2024-12-31Q4 2024 (3M)OK47.1
y/y 3.9%
-6.8
y/y 15.3%
2.9
y/y 0.6%
-4.0
y/y 24.1%
-3.0
y/y 58.3%
5.5-10.9223.1
y/y -0.6%
172.2
y/y 17.1%
6.0%14.5—
2024-09-30Q3 2024 (3M)OK44.9
y/y 8.9%
3.0
y/y -42.4%
2.7
y/y -0.8%
5.8
y/y -28.2%
1.3
y/y -62.1%
3.9-6.6220.5
y/y 9.2%
175.2
y/y 13.6%
1.0%10.3—
2024-06-30Q2 2024 (3M)OK36.8
y/y 7.7%
5.7
y/y -11.5%
2.6
y/y -49.1%
8.3
y/y -28.2%
4.0
y/y -14.8%
2.1-13.8217.6
y/y 8.1%
173.9
y/y 15.3%
9.8%7.8—
2024-03-31Q1 2024 (3M)OK51.3
y/y 15.4%
10.6
y/y 4.8%
2.7
y/y 879.5%
13.3
y/y 27.7%
8.1
y/y 6.9%
13.2-4.5216.2
y/y 8.2%
155.3
y/y 1.8%
21.5%10.7—
2023-12-31Q4 2023 (3M)OK45.3
y/y —
-8.1
y/y —
2.9
y/y —
-5.2
y/y —
-7.3
y/y —
4.8-12.2224.4
y/y —
147.1
y/y —
5.7%19.8—
2023-09-30Q3 2023 (3M)OK41.3
y/y —
5.3
y/y —
2.7
y/y —
8.0
y/y —
3.5
y/y —
8.3-1.0201.9
y/y —
154.3
y/y —
3.1%14.3—
2023-06-30Q2 2023 (3M)PARTIAL34.2
y/y —
6.4
y/y —
5.2
y/y —
11.6
y/y —
4.7
y/y —
5.3-2.8201.2
y/y —
150.8
y/y —
12.5%38.2—
2023-03-31Q1 2023 (3M)PARTIAL44.4
y/y —
10.1
y/y —
0.3
y/y —
10.4
y/y —
7.6
y/y —
11.9-1.7199.8
y/y —
152.5
y/y —
—38.2—

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

Short-term debt (incl. ST leases)22 576
Long-term debt (incl. LT leases)26 606
− Cash & equivalents3 284
Net debt45 898

Net debt / LTM EBITDA: 4.2x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

020 00040 00060 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-100%-50%0%50%100%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF (₽ mln)

-20 000-10 000010 00020 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash (₽ mln)

010 00020 00030 00040 00050 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 2.95x of reported net profit; after capex, 0.75x. Loss years (2025) are left out of the ratio.
year20212022202320242025
cash flow / profit7.45x1.61x3.55x2.36x—
accruals, % of assets-13.6%—-9.7%-6.4%-2.2%
net debt / EBITDA 4.2x · EBIT covers interest -0.8x · capex 1.9x 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.

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -1% vs +9% the year before — a -10.3 pp move. 3-year CAGR +7%.
revenue growth by year: 2023 +15% · 2024 +9% · 2025 -1%
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: -100%

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)-2 bn RUB
Payout ratio54%
Free cash flow (FY, OCF − capex)-18 bn RUB
Recent actual dividend (3-yr median)0.06 ₽
= Forecast dividend per share0.00 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
Historical yield spread to rate (3-yr median)+0.9 pp
= Fair dividend yield14.9%
3 · Valuation → upside
Current price0.207 ₽
Forecast dividend yield—
Fair price (dividend-based)0.000 ₽

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

Dividend history

Paid, trailing 12-mo: 0.06 RUB/sh · 28.8%

Pay yearDividend /sh
20250.06 ₽
20230.06 ₽
20220.10 ₽
20210.06 ₽
20200.05 ₽
20190.04 ₽
20180.02 ₽
20170.01 ₽
Payments by period
PeriodEx-date/sh
2025 q42025-11-040.06 ₽
2023 q32023-07-060.06 ₽
2022 q32022-07-070.10 ₽
2021 q22021-06-300.06 ₽
2020 q32020-07-080.05 ₽
2019 q22019-06-260.04 ₽
2018 q32018-07-060.02 ₽
2017 q22017-06-160.01 ₽
2016 q22016-06-160.01 ₽
2015 q22015-06-230.01 ₽

Dividends

No dividend rows found for this issuer.

Investment-community mentions

Substantive mentions last 7 days: 0, last 30 days: 0 across tracked channels, broker research and shows.

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

03.08.26AGM / BoardРешения совета директоров (наблюдательного совета)
Совет директоров ПАО «ОГК-2» утвердил изменения в Годовую комплексную программу закупок на 2026 год и отчет о выполнении бизнес-плана за 1 квартал 2026 года. Все решения были приняты единогласно.
19.06.26AGM / BoardРешения общих собраний участников (акционеров)
Общее собрание акционеров ПАО «ОГК-2» состоится 18 июня 2026 года в Санкт-Петербурге, на котором будет утвержден годовой отчет за 2025 год, однако в связи с убытками не будут выплачены дивиденды. Также избран новый состав Совета директоров в количестве 9 человек и назначена аудиторская организация для финансовой отчетности за 2026 год.

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 OGK-2 (OGKB) — from primary filings.

OGKB (RU_OGKB) is a Russian wholesale electricity generating company, operating thermal power plants primarily in the central and southern regions of Russia.

Frequently asked questions

What is OGK-2 (OGKB)'s EV/EBITDA?
OGK-2 (OGKB) trades at 6.8x EV/EBITDA.
What is OGK-2 (OGKB)'s P/B ratio?
OGK-2 (OGKB) trades at a P/B of 0.2x.
What is OGK-2 (OGKB)'s dividend yield?
OGK-2 (OGKB)'s trailing 12-month dividend yield is 24.3%.
What is OGK-2 (OGKB)'s return on equity (ROE)?
OGK-2 (OGKB)'s ROE is -0.9%.
What is OGK-2 (OGKB)'s market capitalization?
OGK-2 (OGKB)'s market cap is 28.9 bn RUB.

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