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X5 Retail Group USD

Update

Re-runs extraction for each period with period-end year from max(2023, current year − 2) through the current year, oldest first (up to three reporting years). This can take a long time.

Sector: Retail

RU_X5

Price chart

2 397 RUBDay -0.02%

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
2 397 RUB · -0.02%
Market cap
8.2 bn USD

Growth

Δ revenue y/y
11.3%
Δ EBITDA y/y
25.8%

Multiples

P/E (LTM)
6.5x
P/B (FY)
6.1x
P/E (ann.)
11.1x
EV/EBITDA (LTM)
82.1x
EV/EBITDA (ann.)
95.3x

Cash return

Dividend yield
40.8%
FCF yield (LTM)
—

Liquidity

Daily turnover (MOEX)
66.8 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.

🔍 Sanity check — subtotal consistency (Level-1 + Level-2) OK: 3 / Warn: 4 / Err: 6 / Autofix applied: 0
Port of PHP subtotal-total + sign-flip detection logic
PeriodIssues
2023-03-31 Q1✗Errors 1
2023-06-30 H1✓OK
2023-09-30 9M✓OK
2023-12-31 FY✓OK
2024-03-31 Q1✗Errors 1
2024-06-30 H1⚠Warn 1
2024-09-30 9M✗Errors 1Warn 1
2024-12-31 FY⚠Warn 2
2025-03-31 Q1✗Errors 1Warn 2
2025-06-30 H1⚠Warn 1
2025-09-30 9M✗Errors 3Warn 2
2025-12-31 FY⚠Warn 1
2026-03-31 Q1✗Errors 2Warn 1
✓ All checks pass · ⚠ Has warnings (review) · ✗ Has errors (needs fix) · ✓* Autofix applied (see evidence)

Financial dynamics

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
2026-03-31Q1 2026 (3M)OK16.7
y/y 11.3%
—
y/y —
—
y/y —
0.9
y/y 25.8%
0.2
y/y -27.6%
0.5-38.725.5
y/y -0.4%
1.5
y/y -62.0%
52.3%335.5Link
2025-12-31Q4 2025 (3M)OK17.4
y/y 14.9%
—
y/y —
—
y/y —
1.1
y/y 50.6%
0.3
y/y 19.4%
1.3-52.527.0
y/y 4.5%
1.4
y/y -64.3%
71.1%228.5Report (PDF)
2025-09-30Q3 2025 (3M)OK16.3
y/y 20.3%
—
y/y —
—
y/y —
1.0
y/y 1.0%
0.4
y/y -19.3%
0.9-46.024.0
y/y 2.1%
2.4
y/y -44.8%
64.5%256.8Report (PDF)
2025-06-30Q2 2025 (3M)OK16.5
y/y 21.2%
—
y/y —
—
y/y —
1.1
y/y 0.7%
0.4
y/y -18.9%
1.1-49.625.5
y/y 11.2%
2.1
y/y -45.9%
45.3%258.4Report (PDF)
2025-03-31Q1 2025 (3M)OK15.0
y/y 20.7%
—
y/y —
—
y/y —
0.7
y/y -8.0%
0.3
y/y -24.0%
0.0-40.225.6
y/y —
3.9
y/y —
26.7%273.7Report (PDF)
2024-12-31Q4 2024 (3M)OK15.1
y/y 22.3%
—
y/y —
—
y/y —
0.8
y/y -1.9%
0.2
y/y -20.2%
1.0-46.425.8
y/y 15.9%
3.8
y/y 24.6%
38.0%220.8Report (PDF)
2024-09-30Q3 2024 (3M)OK13.7
y/y 25.0%
—
y/y —
—
y/y —
1.0
y/y 23.6%
0.5
y/y 33.4%
0.6-29.223.5
y/y —
4.3
y/y —
43.7%197.1Report (PDF)
2024-06-30Q2 2024 (3M)OK13.5
y/y 26.1%
—
y/y —
—
y/y —
1.0
y/y 28.0%
0.5
y/y 43.4%
0.9-34.423.0
y/y —
3.8
y/y —
—169.9Report (PDF)
2024-03-31Q1 2024 (3M)PARTIAL12.4
y/y 27.3%
—
y/y —
—
y/y —
0.8
y/y 37.7%
0.3
y/y 98.6%
0.4-29.5—
y/y —
—
y/y —
——Report (PDF)
2023-12-31Q4 2023 (3M)OK12.4
y/y —
—
y/y —
—
y/y —
0.8
y/y —
0.3
y/y —
0.8-49.722.3
y/y —
3.1
y/y —
—190.8Report (PDF)
2023-09-30Q3 2023 (3M)PARTIAL11.2
y/y —
—
y/y —
—
y/y —
0.9
y/y —
0.4
y/y —
1.0-22.1—
y/y —
—
y/y —
——Report (PDF)
2023-06-30Q2 2023 (3M)PARTIAL10.8
y/y —
—
y/y —
—
y/y —
0.9
y/y —
0.4
y/y —
1.0-19.4—
y/y —
—
y/y —
——Link
2023-03-31Q1 2023 (3M)PARTIAL9.8
y/y —
—
y/y —
—
y/y —
0.6
y/y —
0.2
y/y —
0.0-13.0—
y/y —
—
y/y —
——Link
Data quality — review suggested

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodNet retail sales
млрд ₽		LFL sales growth
%		Selling space
тыс. м²		Stores
шт		Digital net sales
млрд ₽
Q1 2026-031 175.10
+11.2%		6.1012 011
+6.9%		30 138
+9.4%		89.70
+26.7%
Q4 2025-121 213.40
+14.6%		7.3011 912.10
+7.7%		29 790
+10.3%		79.80
+30.0%
Q3 2025-091 143.20
+18.0%		10.6011 717.90
+9.2%		29 011
+11.4%		65
+43.8%
Q2 2025-061 160.60
+21.2%		13.9011 477
+8.9%		28 301
+11.1%		70.10
+49.5%
Q1 2025-031 056.40
+20.7%		14.6011 238.10
+8.7%		27 536
+10.7%		70.80
+52.3%
Q4 2024-121 059.201411 062.3027 01561.40
Q3 2024-09969.2013.8010 726.6026 04745.20
Q2 2024-06957.5014.9010 538.8025 46646.90
Q1 2024-03875.5014.8010 335.9024 88446.50

X5 Group, ежеквартальные операционные результаты (trading updates, x5.ru/en/investors). Чистая розничная выручка (млрд ₽), LFL-продажи г/г, торговая площадь и число магазинов на конец периода, чистые продажи цифровых бизнесов. Stand-alone по кварталам Q1'24–Q1'26. Прим.: с Q3'25 Красный Яр/Слата переведены в «Пятёрочку», с Q4'25 площадь без dark stores (базы пересчитаны X5) — YoY по площади/магазинам слегка отличается от релиза на этих стыках.

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

05 00010 00015 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-20%0%20%40%60%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF ($ mln)

-1 00001 0002 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash ($ mln)

0100 000200 000300 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Dividend potential

Dividend-model upside: -62%

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)90 bn RUB
Payout ratio82%
Free cash flow (FY, OCF − capex) — caps payout50 bn RUB
Recent actual dividend (3-yr median)1016.00 ₽
= Forecast dividend per share165.79 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.5%
Historical yield spread to rate (3-yr median)+5.8 pp
= Fair dividend yield20.3%
3 · Valuation → upside
Current price2398.00 ₽
Forecast dividend yield6.9%
Fair price (dividend-based)899 ₽

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

Fundamental value creation

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

Value created per year: ≤-300.0%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X
= —
185
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (8 241 + 335 474) ÷ 4 189
30.0x — capped at 30x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (30.0 + 6.5) ÷ 2
18.2x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= —
-182 962
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (185 × 18.2 + -182 962) ÷ 8 241
≤-300.0%

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

Caveats:

Dividends

No dividend rows found for this issuer.

Investor reporting (IR): https://www.e-disclosure.ru/portal/files.aspx?id=39008

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)