Region: RU

This season, the standout growth sectors are Financial Services (median revenue +29.9% YoY) and Utilities (+18.6%), while the laggards are Chemicals (-17.5%) and Agriculture & Food (-21.9%). Oil & Gas (-8.8%) and Metals & Steel (-16.9%) also remain under pressure, reflecting weak commodity prices.

Revenue growth by industry (median YoY)

Growth-Leader Players

Among individual companies, Sovcombank (Financial Services) leads with revenue growth of +71.9% YoY, followed by DOM.RF (Financial Services) at +42.6% and TBank (Financial Services) at +29.9%. In Utilities, FGC UES posted a remarkable +21.8% revenue growth and a +471.2% EBITDA surge.

Decelerators & Accelerators

Notable decelerators include OZON (Information Technology), which slowed from +45.1% prior-year revenue growth to -75.8% this quarter, and Head Hunter (Information Technology), which decelerated from +34.5% to -1.5%. In contrast, Bank VTB (Financial Services) accelerated sharply from -22.7% to +274.1% revenue growth.

Long-Term Growth Standouts

For sustained expansion, TBank (Financial Services) boasts a 3-year revenue CAGR of +42.3%, while Polyus (Mining) shows a +34.3% CAGR. These companies have consistently outpaced their sectors.

Players: growth & yield (no absolute levels)

Gazprom reported Q1 2026 revenue of RUB 2,799,209m, roughly flat YoY (-0.3% vs Q1 2025's RUB 2,808,692m). Net profit fell to RUB 375,655m from RUB 694,400m (-45.9% YoY), while EBITDA rose to RUB 977,548m from RUB 832,024m (+17.5% YoY). Equity increased to RUB 19,275,999m from RUB 18,360,562m (+5.0% YoY).

Key Metrics YoY Change (%)

Profitability Divergence

The sharp divergence between EBITDA growth (+17.5% YoY) and net profit decline (-45.9% YoY) suggests higher depreciation, interest expenses, or tax charges in Q1 2026. Revenue was essentially flat, indicating that cost control or favorable pricing boosted EBITDA, but bottom-line pressure intensified. Sequentially, net profit improved from Q4 2025's RUB 165,803m to RUB 375,655m, though still well below the year-ago level.

Key Figures (RUB millions)

Outlook

Gazprom's Q1 results highlight a mixed picture: operational strength (EBITDA) but weak net income. The sequential recovery in net profit from Q4 2025 is encouraging, but the YoY drop raises questions about cost structure and non-operating items. Investors should watch for further commentary on capex, debt servicing, and dividend policy in upcoming disclosures.

Rushydro reported robust Q1 2026 results, with revenue surging to RUB 210,941 mln (+19.0% YoY), EBITDA rising to RUB 79,184 mln (+45.2% YoY), and net profit more than doubling to RUB 37,235 mln (+96.6% YoY). Equity increased to RUB 740,707 mln (+22.6% YoY).

Key Metrics YoY Growth (Q1 2026 vs Q1 2025)

Performance Drivers

The sharp YoY improvement in net profit (+96.6%) was driven by a combination of higher revenue and operating leverage, as EBITDA grew more than twice as fast as revenue. The EBITDA margin expanded to 37.5% in Q1 2026 from 30.8% in Q1 2025, reflecting cost discipline and favorable operating conditions.

Key Figures (RUB mln)

Outlook

Rushydro enters the rest of FY2026 with strong momentum, supported by a solid balance sheet (equity up 22.6% YoY). Investors should monitor the sustainability of EBITDA margin expansion and any regulatory updates on tariff adjustments, which could further influence revenue growth.

IDGC Center & Volga reported robust Q1 2026 results, with revenue of RUB 46,417 million (+13.9% YoY) and net profit of RUB 8,833 million (+26.0% YoY). EBITDA surged to RUB 15,924 million (+18.6% YoY), reflecting operational leverage.

YoY Growth in Q1 2026 vs Q1 2025

Key Drivers

Revenue growth was driven by higher electricity transmission volumes and tariff indexation. EBITDA margin expanded to 34.3% (from 32.9% a year ago), aided by cost control. Net profit growth outpaced revenue due to lower interest expense and improved operational efficiency.

Key Figures (RUB million)

Outlook

The company's equity base strengthened to RUB 126,358 million (+18.5% YoY), supporting its investment program. With continued tariff growth and stable demand, IDGC Center & Volga is well-positioned for sustained profitability. Watch for regulatory updates and capex guidance in upcoming reports.

X5 Retail Group reported Q1 2026 revenue of RUB 1,190.6 bn, up 11.3% YoY from RUB 1,069.8 bn in Q1 2025. Adj. EBITDA margin pre-IFRS 16 improved 62 bp to 5.4%, while plain EBITDA rose 24.9% to RUB 62.4 bn. However, net profit fell 27.6% to RUB 13.3 bn, despite strong operating growth.

Q1 2026 vs Q1 2025: Key Metrics YoY Growth

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 sales surged 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%. The net profit decline of 27.6% occurred despite a 31.2% rise in operating profit, pointing to higher finance costs or tax — the release does not provide a full bridge.

Key Figures (RUB mn)

Outlook

X5 did not provide new dividend or guidance updates in this release. The margin expansion in gross and EBITDA metrics suggests pricing power, but the net profit decline warrants monitoring of finance costs. Investors should watch for any commentary on cost of debt or tax normalization in subsequent filings.

Cian reported a strong Q1 2026, with revenue up 17.9% YoY to RUB 3,895 mn and net profit soaring 363% to RUB 1,005 mn. Adjusted EBITDA rose 77.5% to RUB 1,338 mn, with margin expanding 11.6 pp to 34.4%, driven by flat operating expenses.

Q1 2026 YoY Growth (%)

Key Drivers

Core-business revenue grew 19.3% YoY, outpacing the group, while lead-generation revenue rose 18.4% on market-share gains. Display ads added 10% YoY. Operating expenses fell 0.4% YoY, the primary driver of the 11.6 pp margin expansion. Operating cash flow declined 9% YoY due to a corporate tax prepayment and adverse working-capital timing.

Key Financial Figures (RUB mn)

Outlook

Management reaffirmed FY 2026 guidance: revenue growth of +17–22% YoY and adjusted EBITDA margin of at least 30%. An interim dividend of RUB 53 per share (6% above prior guidance) was recommended, with payment on 22-Jun-2026, and an additional dividend is planned later in the year. The strong operating leverage and margin expansion signal a potential inflection point for the Russian tech platform.

Yandex reported a strong Q1 2026, with revenue rising 22% YoY to RUB 372.7 bn and adjusted EBITDA surging 50% to RUB 73.3 bn, expanding margin by 3.7 pp to 19.7%. IFRS net profit swung to RUB 28.9 bn from a loss of RUB 10.8 bn a year ago, while adjusted net profit grew 2.7x to RUB 34.7 bn.

YoY Growth by Segment (Q1 2026 vs Q1 2025)

Segment Dynamics

The Cities segment (ride-hailing, e-commerce, food) was the standout, with revenue up 18% YoY to RUB 210.5 bn and adjusted EBITDA surging 161% to RUB 21.5 bn, lifting its margin from 4.6% to 10.2%. This profitability inflection more than offset a 1% decline in Search & AI revenue (RUB 122.6 bn), where margin slipped to 43.1% from 45.8%. Personal Services turned EBITDA-positive at RUB 0.8 bn (vs -1.1 bn), while B2B Tech grew 36% with a 19.4% margin. Autonomous tech (Yango) remained a drag, with EBITDA loss widening to -5.4 bn.

Key Financial Figures (RUB bn)

Corporate Actions & Outlook

Shareholders approved a FY 2025 dividend of RUB 110 per share (total ~RUB 42 bn) on 14-Apr-2026. The Board will consider on 4-May-2026 a buyback of up to RUB 50 bn over two years for the long-term incentive programme. With Cities driving margin expansion and subscription revenue (Plus) growing 29% to RUB 25.9 bn, Yandex is successfully diversifying beyond search advertising, though Search & AI remains a key profit engine. Watch for the buyback decision and whether Cities margin can sustain above 10%.

HeadHunter reported Q1 2026 revenue of RUB 9,492 mn, down 1.5% YoY from RUB 9,639 mn — the first decline after several years of growth. Net profit, however, rose 8.5% to RUB 3,719 mn, driven by lower interest costs and favorable tax items. Adjusted EBITDA margin compressed to 48.2% from 51.2%.

YoY Change in Key Metrics (Q1 2026 vs Q1 2025)

Segment Dynamics and Operating Trends

The core HR business declined 3.3% YoY, pressured by softness in the SME/mid-market subscription segment. Large Clients bucked the trend with 9.0% revenue growth and 9.4% ARPC expansion. HRtech continued its rapid expansion, growing 32.1% YoY to RUB 698 mn, with its adjusted EBITDA margin improving from -18.6% to -7.6%, still loss-making but narrowing. The EBITDA margin compression from 51.2% to 48.2% reflects the core weakness and investment in HRtech.

Key Financial Figures (RUB mn)

Outlook

No dividend or guidance was provided. The divergence between falling revenue and rising net profit is entirely below the operating line — investors should focus on the core margin erosion and the pace of HRtech monetization. The Large Clients segment remains a bright spot, but the SME weakness warrants monitoring.

OZON reported a strong Q1 2026, with revenue surging 49% YoY to RUB 300.9 bn and net profit swinging to RUB 4.5 bn from a loss of RUB 7.9 bn a year ago. This marks the fourth consecutive profitable quarter, and management reiterated a full-year profitability target for 2026. Adj. EBITDA rose 50% to a record RUB 48.8 bn, with margin on GMV improving 0.4 pp to 4.3%.

Key Metrics YoY Growth, Q1 2026 vs Q1 2025

What Drove the Result

Growth was broad-based. E-commerce revenue rose 46% YoY to RUB 250.1 bn, with adj. EBITDA margin on GMV improving 0.4 pp to 2.8%. Fintech revenue jumped 59% to RUB 58.9 bn, driven by a 74% surge in interest income (RUB 40.1 bn). Service revenue (+55% YoY to RUB 185.6 bn) was the main growth engine, supported by GMV expansion and higher monetisation. Orders accelerated for the third consecutive quarter, rising 83% YoY to 807.7 mn, while the high-frequency buyer base nearly doubled to ~18 mn. The net profit swing reflects adj. EBITDA growth and lower finance costs.

Key Figures (RUB bn)

Outlook

OZON's accelerating order growth (+83% YoY) and rising purchase frequency (+53%) suggest the revenue trajectory is structural. The fintech segment is scaling rapidly, contributing nearly 20% of revenue and 35% of adj. EBITDA. Management targets full-year profitability for 2026, supported by continued operating leverage. The negative equity position (RUB -144.5 bn) is a historical artefact and not a current solvency concern. No dividend is paid. Key watchpoints: sustaining GMV growth momentum and managing working-capital float as fintech client funds expand.

MTS reported a strong Q1 2026 with revenue of RUB 201.3 bn (+14.7% YoY) and net profit of RUB 7.2 bn (+46.4% YoY). OIBDA rose 18.0% to RUB 74.7 bn, with margin expanding 100 bps to 37.1%. Operating profit grew fastest at +28.7% to RUB 41.0 bn, reflecting operating leverage. Net debt/LTM OIBDA improved to 1.6x from 1.8x a year ago.

YoY Growth in Key Metrics (Q1 2026 vs Q1 2025)

Segment Drivers

Telecom revenue grew 14.7% to RUB 130.3 bn, led by B2O interconnect (+33.7%) and B2B/G (+15.8%). Fintech rose 18.4% to RUB 42.0 bn, supported by high key rates and ARR growth. AdTech was modest at +2.3%, with marketing-tech up 10.7% offsetting a 10.7% decline in pure ads. MWS external revenue surged 46% YoY, though group-level fell 5.1% due to internal cannibalisation. Retail/equipment added 11.9% to RUB 12.0 bn.

Key Financial Figures (RUB bn)

Outlook

The board recommended a FY 2025 dividend of RUB 35/share (total RUB 69.9 bn), with record date 9-Jul-2026. Deleveraging to 1.6x net debt/LTM OIBDA provides headroom for further payouts. Key watchpoints: Fintech momentum (ARR growth, high rate environment), B2O sustainability, and MWS external revenue trajectory. Capex/revenue at 22% remains telecom-grade, supporting network investments.

MOEX reported a 32.2% YoY increase in net profit to RUB 17,162.8 mn for Q1 2026, up from RUB 12,979.3 mn in Q1 2025. The result reflects sustained high key-rate-driven net interest income (NII) and a recovery in trading volumes, though a full P&L breakdown (revenue, EBITDA) was not disclosed in the summary statement.

Net Profit YoY Growth

What Drove the Result

The 32.2% net profit growth was driven by two key legs: fee & commission income (transaction revenue from equities, derivatives, FX, commodities) and net interest income from clients' funds and the bank's own portfolio. The high interest rate environment continued to support NII, while recovering trading volumes boosted fee income. Total comprehensive income was RUB 17,071.0 mn, close to net profit, indicating minimal other comprehensive income impact. The balance sheet remained large at RUB 13.17 trn in total assets, reflecting MOEX's central counterparty and clearing role, with equity of RUB 286.6 bn.

Key Figures

Outlook

With no dividend or guidance update in the release, the focus remains on the trajectory of the key rate and trading volumes. The strong Q1 performance suggests MOEX is well-positioned to benefit from elevated rates and a recovering market, but investors should watch for any shift in monetary policy or market volatility that could impact fee income. The absence of a revenue and EBITDA breakdown limits a full margin analysis, but the net profit growth is a clear positive.

TBank reported Q1 2026 net profit of RUB 35.0 bn, up 4.5% YoY from RUB 33.5 bn, while net interest income (NII) surged 29.9% to RUB 149.1 bn. The headline growth was tempered by a 35% increase in loan loss provisions to RUB 45.5 bn, signaling credit quality deterioration.

Key YoY Growth Rates, Q1 2026 vs Q1 2025

What Drove the Result

NII growth was supported by a 8% decline in interest expense to RUB 127.0 bn, reflecting the pass-through of rate cuts to deposit costs. Service revenue rose 13.6% to RUB 88.4 bn, and insurance revenue increased 14.1% to RUB 22.7 bn. However, the 35% jump in ECL provisions to RUB 45.5 bn absorbed much of the operating leverage, leaving profit before tax essentially flat at RUB 44.5 bn vs RUB 44.7 bn. Tech and product development costs rose 12% to RUB 27.9 bn, indicating continued investment.

Key Figures (RUB bn, Q1 2026 vs Q1 2025)

Outlook

The strong NII trajectory (+30% YoY) underscores TBank's core earnings power, but the 35% surge in provisions signals a cautious credit cycle. With no dividend or guidance update in this IFRS report, investors will watch for management commentary on provision trends and cost control in upcoming releases. The equity base grew 27.2% YoY to RUB 719.7 bn, providing a solid capital buffer.

Inter RAO reported Q1 2026 revenue of RUB 523,325 mn, up 18.6% YoY from RUB 441,258 mn, while net profit slipped 1.5% to RUB 46,510 mn from RUB 47,195 mn. The stark divergence between top-line growth and flat earnings is the quarter's key analytical hook.

YoY Change in Headline Metrics (Q1 2026 vs Q1 2025)

Revenue Growth vs. Profit Stagnation

Revenue accelerated sharply, but net profit barely moved. The likely driver is rising operating, fuel, or power-purchase costs eroding margins — typical for a vertically integrated utility sensitive to wholesale electricity prices and capacity-market reforms. Without a segment breakdown, the exact cost pressure point remains unclear.

Key Financial Figures (RUB mn)

Balance Sheet Strength

Total equity rose 4.3% from FY 2025 to RUB 1,187,917 mn, and total assets reached RUB 1,583,900 mn, implying an equity ratio of ~75%. The cash-rich balance sheet supports a continued M&A or dividend narrative, though no new announcements accompanied this release.

Outlook

The key question for Q2 2026 is whether the margin compression is temporary or structural. Investors should watch for cost-side disclosures and any guidance on capacity-market revenues. The strong equity base provides a cushion, but without EBITDA or segment data, the earnings trajectory remains uncertain.

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