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Unipro (UPRO) RUB

At a glance: strengths & risks
✓Profit growing (+23%)✓Net cash balance sheet✓Cheaper than own history (P/E 1.7 vs avg 3.9)✗No dividends currently

Sector: Utilities

RU_UPRO

Price chart

1.036 RUBDay -4.38%

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
1.036 RUB · -4.38%
Market cap
65.3 bn RUB

Growth

Δ revenue y/y
0.0%
Δ EBITDA y/y
10.5%

Multiples

P/E (LTM)
1.7x
3y avg: 3.9x
P/B (FY)
0.4x
P/E (ann.)
1.6x
EV/EBITDA (LTM)
—
3y avg: 1.1x

Cash return

Dividend yield
—
FCF yield (LTM)
34.6%

Liquidity

Daily turnover (MOEX)
169.5 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
2026-06-30H1 2026 (6M)OK64.1
y/y 0.0%
17.3
y/y 0.0%
—
y/y —
17.3
y/y -17.6%
20.9
y/y 0.0%
——238.8
y/y 9.0%
—
y/y —
—≈ -91.2—
2025-12-31H2 2025 (6M)OK70.2
y/y 7.5%
13.9
y/y 140.6%
2.1
y/y -0.0%
16.0
y/y 103.3%
18.5
y/y 81.0%
——238.8
y/y 21.1%
223.7
y/y 21.5%
18.4%-91.2—
2025-06-30H1 2025 (6M)OK64.1
y/y 1.8%
17.3
y/y -21.2%
3.7
y/y 0.0%
21.0
y/y -18.1%
20.9
y/y -3.8%
——219.1
y/y 16.5%
205.0
y/y 17.7%
21.5%-91.2—
2024-12-31H2 2024 (6M)OK65.3
y/y 8.3%
5.8
y/y 15.5%
2.1
y/y -48.2%
7.9
y/y -13.0%
10.2
y/y 56.8%
15.5-8.6197.2
y/y 18.6%
184.1
y/y 20.7%
17.8%-90.6—
2024-06-30H1 2024 (6M)OK63.0
y/y 7.9%
21.9
y/y 18.6%
3.7
y/y -9.7%
25.6
y/y 13.5%
21.7
y/y 39.8%
20.3-4.7188.1
y/y 16.2%
174.2
y/y 19.5%
26.6%-70.1—
2023-12-31H2 2023 (6M)OK60.3
y/y —
5.0
y/y —
4.0
y/y —
9.1
y/y —
6.5
y/y —
14.2-11.5166.3
y/y —
152.5
y/y —
14.8%-50.6—
2023-06-30H1 2023 (6M)OK58.3
y/y —
18.5
y/y —
4.1
y/y —
22.6
y/y —
15.5
y/y —
17.2-2.7161.9
y/y —
145.8
y/y —
—-44.2—

Net debt structure (leases included, IFRS 16) 2024-12-31

Short-term debt (incl. ST leases)839
Long-term debt (incl. LT leases)620
− Cash & equivalents92 020
Net debt-90 561

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

020 00040 00060 00080 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Year-over-year change

-50%0%50%100%2023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Cash flow

FCF (₽ mln)

-20 000-10 000010 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Net debt / cash (₽ mln)

-100 000-80 000-60 000-40 000-20 00002023 H12023 FY2024 H12024 FY2025 H12025 FY2026 H1

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 1.53x of reported net profit; after capex, 1.07x.
year2021202220232024
cash flow / profit3.36x1.63x1.43x1.12x
accruals, % of assets-15.3%-9.2%-5.7%-2.0%
Last twelve months (to 2026-06-30): 0.57x of profit came back as operating cash flow.
net debt / EBITDA -2.5x · capex 1.3x of depreciation
● Over the last twelve months operating cash flow covered 57% of profit, against 2x across the annual window.
Regulated utilities and networks run on long-dated debt against a tariff-set asset base; the leverage bar is set higher for them here.
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.

Quality / corporate governance

Potential discount −18% (factor 0.82)

This company's ranking potential is scaled down by a quality/governance factor from the signals below — de-prioritising 'cheap but problematic' names.

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth +5% vs +8% the year before — a -3.4 pp move. 3-year CAGR +8%.
revenue growth by year: 2023 +12% · 2024 +8% · 2025 +5%
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

Dividends suspended (~4.7 yr without a payout)

The company has not paid a dividend for over 18 months — profit is going to capex or deleveraging (e.g. Nornickel, NLMK, RusHydro, FSK). The forecast payout is zeroed until distributions resume; profit and cash flow may still be healthy.

1 · Forecast dividend (per policy)
Smoothed net profit (median YTD-ann./LTM/FY)39 bn RUB
Payout ratio79%
Recent actual dividend (3-yr median)0.32 ₽
= Forecast dividend per share0.00 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
= Fair dividend yield12.0%
3 · Valuation → upside
Current price1.06 ₽
Forecast dividend yield—
Fair price (dividend-based)0.000 ₽

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

Dividend history

Pay yearDividend /sh
20210.32 ₽
20200.22 ₽
20190.22 ₽
20180.22 ₽
20170.22 ₽
20160.31 ₽
20150.28 ₽
20140.38 ₽
Payments by period
PeriodEx-date/sh
2021 q42021-12-150.19 ₽
2021 q22021-06-180.13 ₽
2020 q42020-12-160.11 ₽
2020 q22020-06-180.11 ₽
2019 q42019-12-110.11 ₽
2019 q22019-06-210.11 ₽
2018 q42018-12-140.11 ₽
2018 q22018-06-290.11 ₽
2017 q42017-12-140.11 ₽
2017 q22017-06-300.11 ₽

Dividends

No dividend rows found for this issuer.

Investment-community mentions

Substantive mentions last 7 days: 0, last 30 days: 1 (1 positive) across tracked channels, broker research and shows. 12 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

16.06.26AGM / Board★ ▼ Решения общих собраний участников (акционеров)
На годовом собрании акционеров ПАО «Юнипро» 9 июня 2026 года было утверждено годовое отчёт и бухгалтерская отчетность за 2025 год. Решение о распределении прибыли и дивидендах не принято. Назначена аудиторская организация ООО «Б1 – Аудит».
30.04.26Filing★ ▲ Проведение заседания совета директоров (наблюдательного совета) и его повестка дня
13.07.26AGM / BoardРешения совета директоров (наблюдательного совета)
Совет директоров ПАО «Юнипро» утвердил новое Положение о комитетах, прекратив действие трех предыдущих документов. Заседание прошло 8 июля 2026 года, кворум был соблюден.

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 Unipro (UPRO) — from primary filings.

Frequently asked questions

What is Unipro (UPRO)'s P/E ratio?
Unipro (UPRO) trades at a P/E of 1.7x (price to trailing 12-month earnings).
What is Unipro (UPRO)'s P/B ratio?
Unipro (UPRO) trades at a P/B of 0.4x.
What is Unipro (UPRO)'s return on equity (ROE)?
Unipro (UPRO)'s ROE is 16.5%.
What is Unipro (UPRO)'s market capitalization?
Unipro (UPRO)'s market cap is 65.3 bn RUB.

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