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OGK-2 (OGKB) USD

OGK-2 is a wholesale power generator operating large gas- and coal-fired plants across Russia; part of Gazprom Energoholding.

At a glance: strengths & risks
✓Revenue growing (+16% y/y, Q2 2026)✓Margins improving (5%→8%, Q2 2026)✗Loss-making last FY✗High leverage (4.2x EBITDA)✗Pricier than own history (EV/EBITDA 6.9 vs avg 3.4)

Sector: Utilities

RU_OGKB

Price chart

0.2233 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
0.2233 RUB · 0.00%
Market cap
378 mln USD

Growth

Δ revenue y/y
23.7%
Δ EBITDA y/y
110.4%

Multiples

P/E (LTM)
—
3y avg: 7.2x
P/B (FY)
0.2x
P/E (ann.)
<0
EV/EBITDA (LTM)
6.9x
3y avg: 3.4x
EV/EBITDA (ann.)
5.7x

Cash return

Dividend yield
26.8%
FCF yield (LTM)
-28.7%

Liquidity

Daily turnover (MOEX)
21.1 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 M 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.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK506.6
y/y 23.7%
4.3
y/y —
38.4
y/y 21.9%
42.7
y/y 110.4%
-4.7
y/y —
-5.9-27.03377.0
y/y 12.8%
2105.8
y/y -5.1%
-0.9%590.3Report (PDF)
2026-03-31Q1 2026 (3M)OK720.7
y/y 42.1%
39.4
y/y 34.7%
35.3
y/y 26.4%
74.7
y/y 30.7%
23.1
y/y -11.1%
52.4-38.63071.6
y/y 13.4%
2017.6
y/y -3.3%
4.5%445.1Report (PDF)
2025-12-31Q4 2025 (3M)OK649.0
y/y 40.2%
-13.9
y/y 82.5%
36.0
y/y 26.0%
22.1
y/y 143.2%
-21.6
y/y 41.2%
26.9-74.93155.9
y/y 43.8%
2073.4
y/y 22.4%
-1.0%468.3Report (PDF)
2025-09-30Q3 2025 (3M)OK565.1
y/y 12.4%
-34.2
y/y -200.6%
34.3
y/y 12.8%
0.1
y/y -99.8%
-26.3
y/y -277.9%
41.1-36.92920.6
y/y 22.8%
2076.3
y/y 9.9%
-1.6%358.6Report (PDF)
2025-06-30Q2 2025 (3M)OK409.6
y/y 0.5%
-11.2
y/y -117.9%
31.5
y/y 8.6%
20.3
y/y -77.9%
-4.0
y/y -108.9%
-45.4-128.52994.5
y/y 18.0%
2219.0
y/y 9.4%
-0.7%371.1Report (PDF)
2025-03-31Q1 2025 (3M)OK507.2
y/y -10.4%
29.3
y/y -75.0%
27.9
y/y -5.4%
57.2
y/y -61.1%
26.0
y/y -71.0%
21.4-17.82708.1
y/y 15.7%
2086.9
y/y 24.2%
5.5%178.4Report (PDF)
2024-12-31Q4 2024 (3M)OK477.6
y/y -6.6%
-69.5
y/y 36.6%
29.4
y/y -19.0%
-40.1
y/y 45.3%
-30.9
y/y 68.3%
56.2-108.62194.6
y/y -12.3%
1694.0
y/y 3.3%
6.3%142.2Report (PDF)
2024-09-30Q3 2024 (3M)OK502.7
y/y 15.0%
34.0
y/y -39.2%
30.4
y/y 4.8%
64.4
y/y -24.1%
14.8
y/y -60.0%
43.4-74.22378.1
y/y 14.7%
1890.1
y/y 19.4%
1.0%110.7Report (PDF)
2024-06-30Q2 2024 (3M)OK407.4
y/y -3.0%
63.0
y/y -20.3%
29.0
y/y -54.2%
92.0
y/y -35.4%
44.7
y/y -23.3%
23.1-153.32537.7
y/y 9.8%
2028.0
y/y 17.1%
9.6%91.2Report (PDF)
2024-03-31Q1 2024 (3M)OK565.8
y/y -7.5%
117.3
y/y -16.0%
29.5
y/y 685.2%
146.8
y/y 2.4%
89.7
y/y -14.3%
145.3-49.82340.9
y/y -9.7%
1680.8
y/y -15.1%
21.6%115.3Report (PDF)
2023-12-31Q4 2023 (3M)OK487.6
y/y —
-87.0
y/y —
31.0
y/y —
-56.0
y/y —
-78.5
y/y —
52.0-143.62501.9
y/y —
1640.3
y/y —
6.4%221.0Report (PDF)
2023-09-30Q3 2023 (3M)OK437.2
y/y —
55.9
y/y —
29.0
y/y —
84.9
y/y —
37.0
y/y —
88.1-10.32072.5
y/y —
1583.6
y/y —
3.0%146.5Report (PDF)
2023-06-30Q2 2023 (3M)OK420.1
y/y —
79.1
y/y —
63.4
y/y —
142.5
y/y —
58.3
y/y —
64.6-35.02311.8
y/y —
1732.1
y/y —
12.6%438.5Report (PDF)
2023-03-31Q1 2023 (3M)OK611.8
y/y —
139.7
y/y —
3.8
y/y —
143.4
y/y —
104.7
y/y —
163.5-23.02592.5
y/y —
1978.9
y/y —
—495.1Report (PDF)

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

Short-term debt (incl. ST leases)290
Long-term debt (incl. LT leases)342
− Cash & equivalents42
Net debt590

Net debt / LTM EBITDA: 4.2x

Conversion to USD. Balance sheet: rate effective on 2026-06-30, fixing date 2026-06-30. Flows: sampled average at each calculation period's bounds and monthly 15ths. Latest source row: 2026-04-01 — 2026-06-30. Source: Bank of Russia R01235. Rates

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02004006008002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-100%0%100%200%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-200-10001002002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

02004006002024 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.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

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).

EV/EBITDA — daily history

Current 7.0x · 3-year 75th pct 8.5x

EV/EBITDA3-year 75th pct

Peer comparison

Group: Utilities. Each peer is shown as it trades and re-priced onto this company's market (Russia) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Inter RAORussia2.50.3x0.3x
FGC UESRussia1.81.7x1.7x
LenenergoRussia1.91.9x1.9x
NEXTERA ENERGY INCUS171.018.0x3.3x
CPFL EnergiaBrazil11.46.3x3.3x
CemigBrazil6.66.4x3.4x
RushydroRussia2.63.6x3.6x
DEWA (Dubai Electricity & Water)UAE36.510.0x3.8x
Equatorial EnergiaBrazil12.210.9x5.8x
En+ GroupRussia2.66.4x6.4x
Manila Electric (Meralco)Philippines7.412.1x7.8x
EnergisaBrazil33.123.2x12.2x
Group median6.4x3.5x
Group average8.4x4.5x
This companyRussia0.46.9x6.9x

Group median 6.4x as traded, 3.5x adjusted; this company 6.9x — a 98% premium.

Group average 8.4x as traded, 4.5x adjusted; against the average this company is at a 56% premium. The average sits 27% above the median: Energisa (12.2x) skews the group.

At the adjusted group median the market cap would be -111% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.4x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.6x, India 18.6x, Indonesia 5.4x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-24; the company's own is live.

Dividend potential

Special situation — model not applicable

Forecast dividend yield is abnormally high (>35%), flagging a one-time special, administratively frozen dividends, or a line that doesn't actually pay. The dividend-model upside is not shown for such names.

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)+1.8 pp
= Fair dividend yield15.8%
3 · Valuation → upside
Current price0.222 ₽
Forecast dividend yield—
Fair price (dividend-based)—

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

Dividend history

Paid, trailing 12-mo: 0.06 RUB/sh · 26.9%

Pay yearDividend /sh
20250.06 ₽
20230.06 ₽
20220.10 ₽
20210.06 ₽
20200.05 ₽
20190.04 ₽
20180.02 ₽
20170.01 ₽
Payments by period
PeriodLast day to buy/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

09.10.26AGM / BoardРешения совета директоров (наблюдательного совета)
Совет директоров ПАО «ОГК-2» утвердил отчет об итогах выполнения бизнес-плана и инвестиционной программы за 6 месяцев 2026 года. Все 9 членов совета проголосовали 'за'.
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.

Frequently asked questions

What is OGK-2 (OGKB)'s EV/EBITDA?
OGK-2 (OGKB) trades at 6.9x 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 26.8%.
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 378 mln USD.

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