MOEX Q2 2026: Revenue Growth Accelerates to +15.2% YoY as Net Profit Rises +4.7%

MOEX reported Q2 2026 revenue of RUB 35,560.4 mn, up +15.2% YoY, with EBITDA of RUB 17,163.0 mn (+14.0% YoY) and net profit of RUB 15,766.2 mn (+4.7% YoY). Revenue growth accelerated sharply from the -35.6% YoY recorded in H1 2026, while EBITDA growth decelerated from +22.4% YoY in H1 2026 to +14.0% YoY in Q2 2026. The Q2 revenue print marks a return to double-digit expansion after a volatile prior-year base.

Q2 2026 YoY growth (headline metrics)

What drove the result

The Q2 2026 performance reflects MOEX's two core earnings legs: fee & commission income from trading volumes and net interest income from client funds and the own portfolio. While the summary release does not break out the P&L decomposition, the +15.2% revenue growth alongside a +14.0% EBITDA increase suggests operating leverage remained broadly stable. Net profit growth of +4.7% lagged revenue and EBITDA, implying higher effective tax or other below-EBITDA items. Equity declined to RUB 258,128.0 mn from RUB 286,115.5 mn in Q1 2026, likely reflecting dividend distributions or other equity movements.

Key figures (RUB mn)

Outlook

No dividend or guidance update was provided in the Q2 2026 release. The equity decline from Q1 2026 suggests a distribution may have occurred, but this is not confirmed. Investors will watch for the sustainability of revenue growth, particularly whether the +15.2% YoY pace can be maintained amid volatile trading volumes and interest-rate dynamics. The divergence between revenue/EBITDA growth and net profit growth warrants monitoring for cost or tax pressures.

The Q2 2026 results show a sharp rebound in revenue growth to +15.2% YoY, a significant acceleration from the -35.6% YoY in H1 2026. However, net profit growth of +4.7% is modest relative to top-line expansion, and EBITDA growth decelerated from +22.4% YoY in H1 2026 to +14.0% YoY in Q2 2026. The key question is whether this revenue momentum can be sustained, especially given the absence of detailed segment data and the volatile base effects seen in prior periods.