Region: RU

This season's Russian corporate results reveal a stark divergence across industries. The top-performing sector by median revenue growth is fuel retail (gas stations), with a +42.7% year-over-year surge, followed by healthcare (+27.9%) and IT/electronic trading (+20.6%). At the other end, coal (-26.4%), metals (-18.6%), and chemicals (-17.5%) are the deepest laggards, reflecting ongoing pressure from global commodity prices and sanctions.

Revenue growth by industry (median YoY)

Growth Stars and Standouts

Among individual players, Mosgorlombard leads with an extraordinary revenue growth of +298.2% year over year, followed by VTB Bank (+274.1%) and IDGC South (+146.7%). In terms of net profit, Cian posted a stunning +363.1% increase, while IDGC South surged +346.4%. On the EBITDA front, FGC UES soared +471.2%, and IDGC South added +218.7%. These outliers are concentrated in finance, IT, and utilities.

Accelerators and Decelerators

Several companies show notable shifts in momentum. Aeroflot decelerated sharply: revenue growth slowed from +40.0% to +5.7%, while net profit swung from +492.4% to -144.3%. Similarly, Astra slowed from +80.3% revenue growth to -15.4%. On the flip side, SCF Group accelerated from -12.8% to +33.5% revenue growth, and Positive Group accelerated from +10.1% to +45.6%. These shifts highlight the volatile demand environment across transport and tech.

Dividend Leaders and Long-Term Growth

Dividend yields are not provided in the data, but long-term growth stands out: APRI boasts a 3-year revenue CAGR of +157.5%, driven by development, while Mosgorlombard shows +197.7%. Among larger names, Yandex and X5 Retail Group have strong prior-period growth but lack current data. These compounders highlight the power of niche and digital sectors.

Overall, the season paints a picture of a two-speed economy: domestic-oriented services and IT thrive, while commodity exporters and heavy industry struggle. Investors should watch for continued divergence in coming quarters.

Players: growth & yield (no absolute levels)

Diasoft reported Q1 2026 revenue of RUB 2,945m, down 1.4% YoY from RUB 2,987m in Q1 2025, marking a sharp deceleration from the 22.0% growth seen in H2 2025. EBITDA fell 51.4% YoY to RUB 481m, also decelerating from the -5.7% decline in H2 2025. Net profit was not disclosed for the quarter.

YoY Growth: Q1 2026 vs Q1 2025

Key Financial Highlights

The sharp EBITDA decline was driven by a combination of slightly lower revenue and likely higher operating costs, though segment-level details were not provided. The EBITDA margin compressed from 33.1% in Q1 2025 to 16.3% in Q1 2026, reflecting significant margin pressure. Net debt increased by RUB 0.4bn over the past 12 months, reaching RUB 0.8bn as of March 2026, equivalent to 3.8% of market cap.

Key Figures (RUB m)

Outlook

The deceleration in both revenue and EBITDA raises concerns about near-term demand and cost control. With net debt rising and margins under pressure, investors should watch for any signs of stabilization in the coming quarters. No guidance or dividend updates were provided.

Moscow Exchange (MOEX) reported a strong start to 2026, with Q1 net profit reaching RUB 17,163 mn, up 32.2% YoY from RUB 12,979 mn in Q1 2025. Revenue growth accelerated sharply to +16.3% YoY in Q1 2026 from -14.4% in H1 2025, driven by high key-rate-driven net interest income (NII) and a recovery in trading volumes.

Q1 2026 YoY Growth

Key Drivers

The earnings beat was primarily driven by two legs: net interest income (NII), which benefits from elevated key rates and client fund balances, and fee & commission income, which rebounded as trading activity in equities, derivatives, and FX recovered. EBITDA for Q1 2026 stood at RUB 17,163 mn, essentially matching net profit, indicating a high-margin quarter with minimal impairment or non-cash charges. The balance sheet expanded to RUB 13.17 trn in total assets, reflecting MOEX's central counterparty role.

Key Figures (RUB mn)

Outlook

With revenue growth accelerating from a contraction in H1 2025 to +16.3% in Q1 2026, MOEX appears to be benefiting from a cyclical recovery in trading volumes and sustained high interest rates. Investors should watch for any shift in monetary policy, which could compress NII, and monitor fee income trends as a proxy for market activity. No dividend or guidance updates were provided in this release.

Cian reported Q1 2026 revenue of RUB 3,895 mn (+17.9% YoY), a deceleration from the 21.4% YoY growth recorded in H1 2024. Adj. EBITDA surged 77.5% to RUB 1,264 mn, with margin expanding 11.6 pp to 34.4%, driven by flat operating expenses (−0.4% YoY). Net profit jumped 363% YoY to RUB 1.0 bn (Q1 2025: 217 mn).

YoY Growth: Q1 2026 vs Q1 2025

What Drove the Result

Core-business revenue grew 19.3% YoY, outpacing the group, while lead-generation revenue rose 18.4% YoY on market-share gains. Display ads added 10% YoY. The key swing factor was operating expenses declining 0.4% YoY, enabling the 11.6 pp margin expansion. Operating cash flow fell 9% YoY due to a corporate-tax pre-payment and adverse working-capital timing.

Key Figures (RUB mn)

Outlook

Management reaffirmed FY 2026 guidance: revenue growth of +17–22% YoY and adj. EBITDA margin ≥30%. An interim dividend of RUB 53/share (6% above prior guidance) was recommended, payable 22-Jun-2026, with an additional dividend planned later in the year. The strong margin trajectory and cost discipline support the outlook, though revenue deceleration warrants monitoring.

Gazprom reported Q1 2026 revenue of RUB 2,799,209m, virtually flat YoY (-0.3%), a sharp acceleration from the -18.2% decline in Q4 2025. EBITDA rose 17.5% YoY to RUB 977,548m, while net profit fell 45.9% to RUB 375,655m, reflecting higher depreciation and finance costs.

YoY Growth: Q1 2026 vs Q1 2025

Key Drivers

Revenue stabilization was driven by higher gas prices and stable export volumes, partially offset by lower domestic sales. EBITDA growth outpaced revenue due to cost controls and favorable mix, but net profit was weighed by a 36.5% decline in Q4 2025 net profit and higher interest expenses.

Key Figures (RUB m)

Outlook

With revenue growth turning positive sequentially and EBITDA expanding, Gazprom appears to be past the worst of the volume decline. However, net profit remains under pressure from debt costs and a high base. Watch for further margin improvement and any update on dividend policy.

HeadHunter reported Q1 2026 revenue of RUB 9,492 mn, down 1.5% YoY — the first decline after several years of growth. Adjusted EBITDA margin compressed to 48.2% from 51.2% a year earlier. However, IFRS net profit rose 8.5% YoY to RUB 3.7 bn, diverging from the top-line weakness due to lower interest costs and favorable tax items.

Q1 2026 YoY Growth by Segment

What Drove the Result

The core HR business declined 3.3% YoY, pressured by softness in the SME/mid-market subscription revenue. In contrast, the HRtech segment surged 32.1% YoY to RUB 698 mn, with its adjusted EBITDA margin improving from -18.6% to -7.6% (still loss-making but narrowing). Within the core, Large Clients revenue rose 9.0% YoY, supported by a 9.4% increase in ARPC. Net profit growth (+8.5%) despite revenue decline reflects lower interest costs, a favorable tax position, and one-off finance items — operating margins compressed.

Key Figures

Outlook

The first revenue decline is a clear signal of macro pressure on the Russian labour market, particularly in the SME segment. However, the HRtech pivot (+32% YoY) and continued strength in Large Clients provide strategic offsets. No dividend or guidance update was provided. Key watchpoints: whether core revenue stabilizes in coming quarters and how quickly HRtech can reach breakeven.

Rushydro reported a strong Q1 2026, with revenue of RUB 210,941m (+19.0% YoY) and EBITDA of RUB 79,184m (+45.2% YoY), both accelerating from the 15.2% and 115.9% growth seen in Q4 2025, respectively. Net profit surged 96.6% YoY to RUB 37,235m, reflecting robust operational leverage.

YoY Growth in Q1 2026 vs Q1 2025

Key Drivers

The revenue acceleration was driven by higher electricity prices and increased output, while EBITDA growth outpaced revenue due to cost control and operating leverage. Net profit more than doubled, aided by lower interest expenses and improved efficiency.

Key Figures (RUB m)

Outlook

With accelerating top-line growth and strong margin expansion, Rushydro is well-positioned for the remainder of 2026. Key watchpoints include water inflow levels and regulatory tariff decisions, which will influence future earnings momentum.

Inter RAO reported Q1 2026 revenue of RUB 523,325 mn, up 18.6% YoY — accelerating from the 13.2% YoY growth recorded in Q4 2025. EBITDA rose 6.1% YoY to RUB 52,391 mn, while net profit slipped 1.5% YoY to RUB 46,510 mn, highlighting a sharp divergence between top-line momentum and bottom-line stagnation.

YoY Growth (%) — Q1 2026 vs Q1 2025

What drove the result

The 18.6% revenue acceleration likely reflects higher wholesale electricity prices and capacity-market payments, but the near-flat net profit suggests rising operating, fuel, or power-purchase costs eroded the incremental margin. Inter RAO's vertically integrated model (generation, supply, trading) makes it sensitive to wholesale price dynamics and regulatory changes. The balance sheet remains exceptionally cash-rich, with total equity of RUB 1,187,917 mn (equity ratio ~75%), supporting an ongoing M&A/dividend narrative — though no specific announcement was made this quarter.

Key Figures (RUB mn)

Outlook

The key question for Inter RAO is whether the margin compression is temporary (e.g., one-off cost items) or structural (rising input costs outpacing tariff indexation). With net debt falling sharply (by RUB 142.4 bn in Q1 alone), the company retains ample financial flexibility for potential M&A or special dividends. Investors should watch for segment-level disclosures in the full IFRS report and any updates on capacity-market reforms or dividend policy.

MD Medical reported Q1 2026 revenue of RUB 11,834 mln, up 32.1% YoY, accelerating from the 22.2% growth seen in H1 2025. The operating-only update (no net profit or EBITDA) highlighted a like-for-like (LFL) increase of 9.2%, with the acquired Эксперт network contributing ~17% of total revenue.

YoY Revenue Growth: Q1 2026 vs Prior Periods

Key Financial Highlights

Revenue growth was primarily organic (LFL +9.2%) and augmented by the Эксперт network acquisition in 2025. For FY2025, full-year revenue reached RUB 43,455 mln (+31% YoY), with net profit of RUB 11,035 mln and EBITDA of RUB 13,289 mln. The Q1 2026 update did not include profit or EBITDA figures.

Key Figures (RUB mln)

Outlook

With revenue growth accelerating and the Эксперт integration progressing, the key watchpoints are the H1 2026 full financials (due mid-year) for margin and net profit trends. Net debt rose to RUB 0.6 bn as of Dec 2025, up RUB 0.7 bn vs Jun 2025 and RUB 5.0 bn vs Dec 2024, but remains modest relative to EBITDA.

Mosgorlombard reported FY2025 net profit of RUB 724 mln (+84% YoY) and EBITDA of RUB 2.3 bn, while H1 2025 net interest income growth decelerated to -17.3% YoY from +5.0% in H2 2024, reflecting a slowdown in core lending revenue.

Key Metrics YoY Growth (%)

FY2025 Earnings: Profit Surge Driven by Non-Interest Income

FY2025 net profit jumped 84% to RUB 724 mln, despite a decline in net interest income in H1 2025. The profit growth was likely fueled by higher non-interest income, including gains from precious metals trading, which also boosted EBITDA to RUB 2.3 bn. Equity strengthened to RUB 1,770 mln by year-end 2025, up from RUB 1,055 mln at end-2024.

Key Financial Figures (RUB mln)

Q1 2026 Preliminary Update: Revenue Surge, but Profit Unclear

For Q1 2026, Mosgorlombard reported preliminary consolidated revenue of ~RUB 13,300 mln, roughly 4x YoY, driven by a surge in low-margin precious metals resale/wholesale. However, net profit was not disclosed, and the revenue jump does not translate into proportional earnings growth. The company's core lending business remains under pressure, as evidenced by the H1 2025 NII decline.

Outlook

Investors should focus on the sustainability of profit growth from non-lending activities and any recovery in net interest income. The Q1 2026 preliminary figures highlight the volatility from metals trading, which may obscure underlying lending trends. Watch for full Q1 2026 profit disclosure and any guidance on core lending margins.

IDGC Center & Volga reported Q1 2026 results with revenue of RUB 46,417 mn (+13.9% YoY), EBITDA of RUB 15,924 mn (+18.6% YoY), and net profit of RUB 8,833 mn (+26.0% YoY). Revenue growth decelerated from 19.4% YoY in Q4 2025, while EBITDA growth also slowed from 127.7% YoY in the prior quarter.

YoY Growth in Q1 2026 vs Q1 2025

Margin expansion drives profit growth

EBITDA margin improved to 34.3% in Q1 2026 (vs 32.9% in Q1 2025), while net profit margin rose to 19.0% (vs 17.2% a year ago). The stronger profit growth relative to revenue reflects operational leverage and cost control. Net debt decreased by RUB 7.6 bn in the quarter, reducing leverage.

Key Figures (RUB mn)

Outlook

The deceleration in revenue growth from Q4 2025 levels warrants monitoring, though margin improvement and debt reduction are positive signals. With net debt falling sharply, the company may have increased financial flexibility for investments or dividends. No guidance or dividend update was provided.

MTS reported Q1 2026 revenue of RUB 201.3 bn (+14.7% YoY), decelerating from the 17.4% YoY growth in H2 2025. EBITDA rose 4.8% YoY to RUB 66.4 bn, while net profit (to MTS holders) surged 46.4% YoY to RUB 7.2 bn, driven by operating leverage and lower interest costs.

Key Metrics YoY Growth (%)

What Drove the Result

Telecom revenue (+14.7% YoY) remained the core driver, with B2O interconnect (+33.7%) and B2B/G (+15.8%) outpacing B2C mobile (+9.5%). Fintech revenue grew 18.4% YoY, supported by high interest rates and Fintech ARR growth. OIBDA margin expanded 1.0 pp to 37.1%, while operating profit grew 28.7% YoY — the fastest P&L line — reflecting cost discipline and scale benefits. Net debt/LTM OIBDA improved to 1.6x from 1.8x a year ago, though net debt rose in absolute terms.

Key Figures (RUB bn)

Outlook

The board recommended a RUB 35/share dividend for FY 2025 (total RUB 69.9 bn), with a record date of 9-Jul-2026. Key watchpoints: sustaining telecom B2O and fintech momentum, managing capex intensity (22% of revenue in Q1), and the trajectory of net debt given recent bond issuances (RUB 60 bn YTD). External MWS revenue (+46% YoY) signals cloud growth, though group-level MWS declined due to internal cannibalisation.

OZON reported Q1 2026 revenue of RUB 300.9 bn, up 48.9% YoY, accelerating from 43.7% YoY in Q4 2025. EBITDA rose 78.6% YoY to RUB 45.7 bn, while net profit reached RUB 4.5 bn versus a loss of RUB 7.9 bn a year ago — the fourth consecutive profitable quarter.

Key Metrics YoY Growth (%)

What Drove the Result

E-commerce revenue rose 46% YoY to RUB 250.1 bn, with adj. EBITDA margin as % of GMV improving 0.4 pp to 2.8%. Fintech revenue surged 59% YoY to RUB 58.9 bn, driven by interest revenue (+74% YoY). Service revenue grew 55% YoY to RUB 185.6 bn, supported by a 36% GMV increase and 83% order growth — orders accelerating for the third consecutive quarter. High-frequency buyers nearly doubled YoY to ~18 mn.

Key Figures (RUB bn)

Outlook

Management targets full-year profitability for 2026, supported by continued fintech scaling and service revenue growth. The acceleration in orders and frequency suggests structural demand. Net debt rose RUB 92.7 bn vs end-2025 to RUB 476.6 bn, but EBITDA growth is outpacing debt accumulation. No dividend is paid.

Positive Technologies reported Q1 2026 revenue of RUB 3,414M, up 45.6% YoY, accelerating from the 35.5% YoY growth recorded in Q4 2025. EBITDA loss narrowed to -RUB 153M from -RUB 1,571M a year ago, and net loss improved to -RUB 1,388M from -RUB 2,774M. The company is extremely Q4-seasonal, with most license revenue booked in the final quarter, making Q1 the trough; the sequential improvement in losses is a positive signal.

Key Metrics YoY Change, Q1 2026 vs Q1 2025

What Drove the Result

Revenue growth was driven by strong license sales, with gross profit rising 57% to RUB 2,539M. Operating loss narrowed to -RUB 1,007M from -RUB 2,224M, reflecting improved cost control. The headline metric 'отгрузки' (shipments) accrues through the year, and Q1 losses should be read against the full-year context: FY2025 revenue of RUB 30,881M, EBITDA of RUB 12,346M, and net profit of RUB 7,274M.

Key Figures (RUB M)

Outlook

With Q1 losses narrowing and revenue growth accelerating, the trajectory supports the full-year outlook. Net debt fell by RUB 14.3 bn in the quarter (23.5% of market cap), strengthening the balance sheet. Investors should monitor the pace of 'отгрузки' accumulation through Q2 and Q3, which will determine whether FY2026 can exceed the strong FY2025 base.

TBank reported Q1 2026 net interest income of RUB 149.1 bn (+29.2% YoY), accelerating from the 21.0% YoY growth recorded in Q4 2025. Net profit rose to RUB 35.0 bn (+4.5% YoY), a sharp deceleration from the 86.2% YoY surge in the prior quarter, as loan-loss provisions jumped 35% YoY to RUB 45.5 bn.

Key YoY growth rates, Q1 2026 vs Q1 2025

What drove the result

The 29.2% NII expansion was supported by a 8% decline in interest expense (to RUB 127.0 bn), reflecting the pass-through of key-rate cuts to deposit costs. Service revenue grew 13.6% to RUB 88.4 bn, and insurance revenue rose 14.1% to RUB 22.7 bn. However, the 35% surge in ECL provisions to RUB 45.5 bn absorbed most of the operating leverage, leaving profit before tax essentially flat at RUB 44.5 bn. Tech and product-development costs increased 12% to RUB 27.9 bn, signaling continued investment.

Key figures (RUB bn)

Outlook

The key tension is between strong NII momentum and rising credit costs. With NII growth accelerating and funding costs declining, the underlying business is robust. However, the 35% provision step-up signals a deteriorating credit cycle that will need close monitoring. No dividend or guidance update was provided in this IFRS filing. The market will focus on whether provision trends stabilize in coming quarters to allow profit growth to catch up with revenue.

X5 Retail Group reported Q1 2026 revenue of RUB 1,190.6 bn, up +11.3% YoY, but this marks a deceleration from the +16.6% growth seen in H2 2025. EBITDA rose +24.9% to RUB 62.4 bn, with margin expanding 57 bp to 5.2%. However, net profit fell sharply by -27.6% YoY to RUB 13.3 bn, dragged by below-the-line items.

Key YoY Growth Rates, Q1 2026 vs Q1 2025

What drove the result

Net retail sales grew +10.8% YoY, driven by 8.0% selling-space expansion and 6.1% LFL growth. X5 Digital continued to outperform, with sales up +26.6% YoY, now contributing 7.5% of consolidated revenue. Gross profit rose +14.8% to RUB 286.9 bn, with margin expanding 74 bp to 24.1%, reflecting pricing power despite food inflation. The sharp net profit decline contrasts with a +31.2% operating profit increase, pointing to higher finance costs or tax.

Key Figures

Outlook

X5 did not provide new dividend or guidance updates in this release. The deceleration in revenue growth from H2 2025's +16.6% to Q1 2026's +11.3% warrants attention, though margin expansion and strong digital performance offer some offset. Net debt fell sharply in the quarter, improving the balance sheet. Watch for further commentary on cost pressures and the trajectory of LFL sales.

Yandex reported Q1 2026 revenue of RUB 372.7 bn (+22% YoY vs restated RUB 306.5 bn), a sharp deceleration from the 156.3% YoY growth recorded in H1 2025. Adjusted EBITDA surged 50% YoY to RUB 73.3 bn, with margin expanding 3.7 pp to 19.7%, while IFRS net profit swung to RUB 28.9 bn from a loss of RUB 10.8 bn a year ago.

Q1 2026 YoY Growth by Segment

Segment Drivers

The Cities segment (ride-hailing, e-commerce, food) was the standout, with revenue of RUB 210.5 bn (+18% YoY) and adjusted EBITDA surging 161% to RUB 21.5 bn, lifting margin from 4.6% to 10.2%. Personal Services revenue grew 30% to RUB 62.4 bn, with segment EBITDA turning positive at RUB 0.8 bn. B2B Tech posted 36% revenue growth to RUB 13.6 bn, with margin stable at 19.4%. Search & AI revenue declined 1% to RUB 122.6 bn, with margin compressing to 43.1% from 45.8%, reflecting a slowdown in search advertising. Autonomous tech (Yango) remained loss-making, with EBITDA of -RUB 5.4 bn.

Key Financial Figures (RUB bn)

Capital Allocation & Outlook

Shareholders approved a RUB 110/share dividend for FY 2025 (total ~RUB 42 bn), and the Board will consider a RUB 50 bn buyback for the long-term incentive programme on 4-May-2026. Net debt fell by RUB 7.8 bn quarter-on-quarter to RUB 87.0 bn, continuing deleveraging. The revenue deceleration from H1 2025's 156.3% reflects tough comps and Search slowdown, but the Cities profitability inflection and diversification into higher-margin services provide a solid base for margin expansion going forward.

MTS Group reported its Q1 2026 IFRS results on 22 May. Consolidated revenue rose 14.7% year-on-year to 201.3 bln ₽, on growth in mobile and fixed-line services, the inter-operator business and the B2B segment. Group OIBDA grew 18.0% to 74.7 bln ₽ and net profit jumped 46.4% to 7.2 bln ₽.

Quarterly revenue trend

Q1 2026 — year-on-year growth

Profit recovers as the rate squeeze eases

The 46% net-profit jump reflects steady OIBDA momentum and a neutral finance-cost trend as the period of tight monetary policy passes. Net debt stood at 451.5 bln ₽ and net-debt-to-LTM-OIBDA improved to 1.6 (from 1.8 a year earlier). Management credited the Telecom, Fintech and Funtech lines.

Q1 2026 vs Q1 2025