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X5 Retail Group RUB

At a glance: strengths & risks
✓Revenue growing (+19%)✓Low leverage (0.8x EBITDA)✗Profit falling (-14%)

Sector: Retail

RU_X5

Price chart

1 902.5 RUBDay -1.88%

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
1 902.5 RUB · -1.88%
Market cap
466.4 bn RUB

Growth

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

Multiples

P/E (LTM)
5.2x
P/B (FY)
4.8x
P/E (ann.)
8.8x
EV/EBITDA (LTM)
2.7x
EV/EBITDA (ann.)
3.1x

Cash return

Dividend yield
40.8%
FCF yield (LTM)
9.5%

Value creation

fundamental value/yr, % of market cap
Value created / year
+52.7%
↓ details

Liquidity

Daily turnover (MOEX)
1.4 bln 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)OK1190.6
y/y 11.3%
—
y/y —
—
y/y —
64.3
y/y 25.8%
13.3
y/y -27.6%
33.0-38.71817.4
y/y -0.4%
106.2
y/y -62.0%
52.3%335.5Link
2025-12-31Q4 2025 (3M)OK1238.0
y/y 14.9%
—
y/y —
—
y/y —
81.2
y/y 50.6%
18.4
y/y 19.4%
95.1-52.51925.5
y/y 4.5%
96.9
y/y -64.3%
71.1%228.5Link
2025-09-30Q3 2025 (3M)OK1160.1
y/y 20.3%
—
y/y —
—
y/y —
74.2
y/y 1.0%
28.3
y/y -19.3%
67.3-46.01713.8
y/y 2.1%
169.7
y/y -44.8%
64.5%256.8Link
2025-06-30Q2 2025 (3M)OK1174.2
y/y 21.2%
—
y/y —
—
y/y —
78.9
y/y 0.7%
29.8
y/y -18.9%
75.3-49.61819.3
y/y 11.2%
146.2
y/y -45.9%
45.3%258.4Link
2025-03-31Q1 2025 (3M)OK1069.8
y/y 20.7%
—
y/y —
—
y/y —
51.1
y/y -8.0%
18.4
y/y -24.0%
0.2-40.21824.0
y/y —
279.2
y/y —
26.7%273.7Link
2024-12-31Q4 2024 (3M)OK1077.8
y/y 22.3%
—
y/y —
—
y/y —
54.0
y/y -1.9%
15.4
y/y -20.2%
69.4-46.41843.1
y/y 15.9%
271.2
y/y 24.6%
38.0%220.8Link
2024-09-30Q3 2024 (3M)OK978.6
y/y 25.0%
—
y/y —
—
y/y —
73.0
y/y 23.6%
35.3
y/y 33.4%
44.6-29.21677.8
y/y —
307.6
y/y —
43.7%197.1Link
2024-06-30Q2 2024 (3M)OK965.5
y/y 26.1%
—
y/y —
—
y/y —
73.6
y/y 28.0%
35.2
y/y 43.4%
66.4-34.41636.6
y/y —
270.4
y/y —
—169.9Link
2024-03-31Q1 2024 (3M)PARTIAL886.2
y/y 27.3%
—
y/y —
—
y/y —
55.6
y/y 37.7%
24.1
y/y 98.6%
28.8-29.5—
y/y —
—
y/y —
——Link
2023-12-31Q4 2023 (3M)OK881.2
y/y —
—
y/y —
—
y/y —
55.0
y/y —
19.3
y/y —
59.2-49.71590.3
y/y —
217.6
y/y —
—190.8Link
2023-09-30Q3 2023 (3M)PARTIAL796.2
y/y —
—
y/y —
—
y/y —
62.6
y/y —
29.6
y/y —
69.8-22.1—
y/y —
—
y/y —
——Link
2023-06-30Q2 2023 (3M)PARTIAL772.0
y/y —
—
y/y —
—
y/y —
60.6
y/y —
29.3
y/y —
71.8-19.4—
y/y —
—
y/y —
——Link
2023-03-31Q1 2023 (3M)PARTIAL696.4
y/y —
—
y/y —
—
y/y —
40.4
y/y —
12.2
y/y —
0.3-13.0—
y/y —
—
y/y —
——Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

0250 000500 000750 0001 000 0001 250 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)

-50 000050 000100 000150 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

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.

Spending: Продовольственные магазины (SberIndex) — leading indicator

SberIndex — weekly nominal Russian consumer-spending growth (% YoY) from aggregated Sber-card data. The “Продовольственные магазины” category tracks consumer demand in near-real-time and is a leading signal for X5. The level is closer to turnover than to revenue, so the spread to the company's own growth is shown below.

Продовольственные магазины latest week (2026-07-18): +3.1% YoY · flat3-wk smooth: +3.1% vs 8-wk avg +3.0% (+0.0 pp)Продовольственные товары: +4.1%All categories: +7.5%

-10%+4%+18%+31%+45%Q3'24+14%Q4'24+14%Q1'25+14%Q2'25+11%Q3'25+6%Q4'25+3%Q1'26+4%Q2'26+2%Q3'26+3%+3.1%weekly % YoYquarter average

Average growth by quarter, % YoY: * квартал ещё не закончен

2кв 2025
+10.9%
3кв 2025
+6.1%
4кв 2025
+3.5%
1кв 2026
+3.7%
2кв 2026
+2.1%
3кв 2026 *
+3.1%

Revenue X5 (Q1 2026): +11.3% YoY · spread to category: +8.2 pp

A positive spread means the company out-grows the category (share/format/online). A narrowing spread while the category decelerates flags slowing sales.

Source: SberIndex, updated 2026-07-23.

Fundamental value creation

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

Value created per year: +53.2%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X
= —
13 191
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (466 371 + 335 474) ÷ 298 659
2.7x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (2.7 + 6.5) ÷ 2
4.6x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -61 730 + 249 058 + 0 − 0
187 329
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (13 191 × 4.6 + 187 329) ÷ 466 371
+53.2%

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

Caveats:

  • LTM EBITDA = FY2025 + Q12026 - Q12025 (cumulative-YTD reporter); ΔEBITDA vs prior full year
  • cash flow = net-debt reduction + dividends + buybacks (balance method)

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth +19% vs +24% the year before — a -5.4 pp move. 3-year CAGR —.
revenue growth by year: 2024 +24% · 2025 +19%
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

High yield on falling profit

The forecast yield is high but full-year profit fell >20% — the payout rests on past earnings and is likely to be cut. Upside is suppressed to avoid flagging a yield trap as a buy.

1 · Forecast dividend (per policy)
Smoothed net profit (median YTD-ann./LTM/FY)90 bn RUB
Payout ratio86%
Free cash flow (FY, OCF − capex) — not a cap (leverage 0.8x)50 bn RUB
Recent actual dividend (3-yr median)613.00 ₽
= Forecast dividend per share613.00 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.2%
Historical yield spread to rate (3-yr median)+6.7 pp
= Fair dividend yield21.0%
3 · Valuation → upside
Current price1906 ₽
Forecast dividend yield32.2%
Fair price (dividend-based)3227 ₽

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

Dividend history

Paid, trailing 12-mo: 613.00 RUB/sh · 32.2%

Pay yearDividend /sh
2026613.00 ₽
2025648.00 ₽
2021184.14 ₽
2020184.12 ₽
201992.06 ₽
201879.50 ₽
Payments by period
PeriodEx-date/sh
2026 q32026-07-06245.00 ₽
2026 q12026-01-05368.00 ₽
2025 q32025-07-08648.00 ₽
2021 q42021-12-1673.65 ₽
2021 q22021-05-26110.49 ₽
2020 q42020-12-1673.64 ₽
2020 q22020-05-27110.47 ₽
2019 q22019-05-2192.06 ₽
2018 q22018-05-2379.50 ₽

Dividends

No dividend rows found for this issuer.

Trading microstructure: order book & tape

Share of volume initiated by buyers (crossing the spread):
1d: 44% buy — sellers5d: 49% buy — balanced20d: 46% buy — balanced

Iceberg levels last session: 3 bid / 3 ask; largest — bid 1905 (filled ×5.6 of displayed, 248 refills).
No characteristic robot clips detected last session. Ping probes (1-2 lots, typical iceberg hunting): ask ×337.

DayBuyer initiativeIcebergs bid/askRobots bid/askTrades
23.0744%3/30/022,375
22.0751%1/00/020,551
21.0749%6/04/650,851
20.0757%2/44/455,380
17.0741%10/49/533,661

Source: L2 order book + trade tape (TQBR main session, ~23 liquid names). Trade side = the aggressor crossing the spread. Iceberg = level filled a multiple of its displayed size with regular refills. Robot clip = a non-round order size recurring hundreds of times across dozens of price levels (an algo's fingerprint migrating with price); ping = 1-2 lot probe orders. Updated nightly.

Corporate events

16.07.26Filing★ ▲ Операционные результаты деятельности эмитента (компаний группы эмитента) (прогнозные, предварительные, фактические)
X5 объявила о росте выручки на 9,9% во 2 кв. 2026 года, достигнув 1,29 трлн руб. Чистая розничная выручка 'Пятёрочки' составила 993,1 млрд руб., 'Перекрёстка' - 138,9 млрд руб., 'Чижика' - 134,8 млрд руб. Компания продолжает активно расширять сеть, открыв 466 новых магазинов.
30.06.26Filing★ ▲ Дата определения (фиксации) лиц, имеющих право на осуществление прав по ценным бумагам эмитента
ПАО «Корпоративный центр ИКС 5» определило дату фиксации лиц, имеющих право на получение дивидендов по обыкновенным акциям, на 7 июля 2026 года. Протокол о данном решении был составлен 30 июня 2026 года.
30.06.26AGM / Board★ ▲ Решения общих собраний участников (акционеров)
На годовом собрании акционеров ПАО «Корпоративный центр ИКС 5» было принято решение о распределении прибыли за 2025 год, включая выплату дивидендов в размере 245,00 руб. на акцию. Аудиторская организация ООО «Б1 – Аудит» была назначена для проверки. Собрание пройдет 26 июня 2026 года в Москве.
29.05.26Filing★ Отчуждение эмитентом собственных голосующих акций (долей) или депозитарных расписок на акции эмитента
Эмитент, ПАО «Корпоративный центр ИКС 5», осуществил отчуждение 861 тыс. голосующих акций по договору купли-продажи, что уменьшило их количество с 26,4 млн. до 25,6 млн. акций. Дата события - 29 мая 2026 года.
19.05.26AGM / Board★ ▲ Решения совета директоров (наблюдательного совета)
Совет директоров ПАО «Корпоративный центр ИКС 5» рекомендовал распределить чистую прибыль за 2025 год, выделив 6,2 млрд. руб. на резервный фонд и 245,00 руб. на акцию в виде дивидендов. Дата определения прав на получение дивидендов - 07.07.2026.
29.04.26Filing★ ▲ Финансовые результаты деятельности эмитента (компаний группы эмитента) (прогнозные, предварительные, фактические)
20.03.26Material event★ ▲ События (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
ПАО «Корпоративный центр ИКС 5» представила прогнозы на 2026 год, ожидая рост выручки на 12–16% и рентабельность EBITDA не ниже 6%. Капитальные затраты составят 4,5–4,7% от выручки. На 31 декабря 2025 года компания увеличила свою долю на рынке продовольственного ритейла до 16,6%.

Source: e-disclosure material filings over the last 180 days; ★ — flagged important by the classifier; summaries are automatic.

RU equity fund ownership

Disclosed in the top-10 of 5 of 17 funds, ≈51 млн ₽ combined. Last month: added — 2, entered top-10 — 2.

FundManagerWeight≈PositionΔ weight m/mDisclosure
GROD ДОХОДЪ Индекс акций ростаДОХОДЪ7.38%12 млн ₽—29.05.2026
AMRE АТОН – Российские акции + (new)Атон-менеджмент4.55%28 млн ₽+4.55 pp29.05.2026
SBRI Первая - Фонд Ответственные инвестицииПервая4.13%6 млн ₽—29.05.2026
SCFT Технологии будущегоДоверительная4.08%0 млн ₽—29.05.2026
SBPS Первая – Фонд Моя цель 2035 (new)Первая3.36%5 млн ₽+3.36 pp29.05.2026

Source: monthly fund portfolio disclosures (investfunds); NAV is daily. Disclosures list each fund's top-10 only, so absence does not mean no position. Weight changes mix revaluation with trading. Fund flows and betas live in the fund monitor on the RU region page.

Investment-community mentions

Substantive mentions last 7 days: 2 (2 positive), last 30 days: 8 (5 positive, 2 negative) across tracked channels, broker research and shows. 18 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.

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)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of X5 Retail Group — from primary filings.

X5 is a Russian retail company that operates a chain of grocery stores, including supermarkets, discounters, and hypermarkets across the country.

Frequently asked questions

What is X5 Retail Group's P/E ratio?
X5 Retail Group trades at a P/E of 5.2x (price to trailing 12-month earnings).
What is X5 Retail Group's EV/EBITDA?
X5 Retail Group trades at 2.7x EV/EBITDA.
What is X5 Retail Group's P/B ratio?
X5 Retail Group trades at a P/B of 4.8x.
What is X5 Retail Group's dividend yield?
X5 Retail Group's trailing 12-month dividend yield is 40.8%.
What is X5 Retail Group's return on equity (ROE)?
X5 Retail Group's ROE is 52.3%.
What is X5 Retail Group's market capitalization?
X5 Retail Group's market cap is 466.4 bn RUB.