TNS Energo Kuban FY2025: Revenue +13%, Net Profit More Than Doubles

TNS Energo Kuban reported FY2025 revenue of RUB 84,821 million, up 13.1% year-on-year, while net profit surged 112.6% to RUB 5,368 million. EBITDA remained nearly flat at RUB 2,036,500 million, reflecting a slight 0.2% increase. The sharp profit growth was driven by improved operational efficiency and lower financing costs.

FY2025 YoY Growth

Revenue growth decelerates, profitability improves

Revenue growth in FY2025 was 13.1%, down from 12.8% in H1 2025 (the latest comparable period), indicating a slight deceleration in the second half. Net profit growth accelerated sharply to 112.6% for the full year, compared to 40.8% in H1 2025, reflecting stronger H2 performance. EBITDA growth remained subdued at 0.2% for the year, consistent with the 0.1% seen in H1.

Key figures (RUB million)

Outlook

The company continues to benefit from tariff indexation and disciplined cost control. With net debt declining by RUB 5.0 billion over the past 12 months, the balance sheet is strengthening. We expect management to maintain its focus on operational efficiency and debt reduction, which should support further margin expansion.