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OGK-2 (OGKB) RUB

At a glance: strengths & risks
Profit falling (-117%)Loss-making last FYMargins compressing (13%→5%)High leverage (4.2x EBITDA)Pricier than own history (EV/EBITDA 6.7 vs avg 3.2)

Sector: Utilities

RU_OGKB

Price chart

0.1956 RUBDay 6.71%

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
0.1956 RUB · 6.71%
Market cap
26.6 bn RUB

Growth

Δ revenue y/y
21.8%
Δ EBITDA y/y
12.0%

Multiples

P/E (LTM)
3y avg: 6.7x
P/B (FY)
0.2x
P/E (ann.)
3.6x
EV/EBITDA (LTM)
6.7x
3y avg: 3.2x
EV/EBITDA (ann.)
2.7x

Cash return

Dividend yield
24.3%
FCF yield (LTM)
-14.7%

Liquidity

Daily turnover (MOEX)
30.8 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)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%36.2Report (PDF)
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%36.6Report (PDF)
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%29.7Report (PDF)
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%29.1Report (PDF)
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%32.3Report (PDF)
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%14.5Report (PDF)
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%10.3Report (PDF)
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%7.8Report (PDF)
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%10.7Report (PDF)
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
4.8-10.5224.4
y/y
147.1
y/y
5.7%19.8Report (PDF)
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%14.3Report (PDF)
2023-06-30Q2 2023 (3M)OK34.2
y/y
6.4
y/y
5.2
y/y
11.6
y/y
4.7
y/y
5.3-4.5201.2
y/y
150.8
y/y
12.5%13.9Report (PDF)
2023-03-31Q1 2023 (3M)OK44.4
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
16.4Report (PDF)

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

-20 000020 00040 00060 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-100%-50%0%50%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF (₽ mln)

-20 000-10 000010 00020 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash (₽ mln)

010 00020 00030 00040 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

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 rate14.2%
Historical yield spread to rate (3-yr median)-3.2 pp
= Fair dividend yield11.1%
3 · Valuation → upside
Current price0.180 ₽
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 · 33.3%

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.

Corporate events

18.02.26Filing Присвоение или изменение рейтинга эмитента рейтинговым агентством или иной организацией на основании договора
ПАО «Вторая генерирующая компания оптового рынка электроэнергии» получило кредитный рейтинг AA+ (RU) с прогнозом «Стабильный» от Аналитического Кредитного Рейтингового Агентства. Рейтинг был присвоен 18 февраля 2026 года.
16.07.26AGM / BoardРешения совета директоров (наблюдательного совета)
Совет директоров ПАО «ОГК-2» утвердил изменения в положения о закупках и Комитете по закупкам. Все 9 членов совета проголосовали за изменения. Дата заседания и принятия решений - 16.07.2026.
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.

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.

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 6.7x 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 4.5%.
What is OGK-2 (OGKB)'s market capitalization?
OGK-2 (OGKB)'s market cap is 26.6 bn RUB.