MOEX Q1 2026: Net Profit Surges 32% YoY on Strong NII and Recovering Volumes
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)
| Metric | Q1 2025 | Q1 2026 | Change |
|---|---|---|---|
| Revenue | 28,588.9 | 33,246.7 | +16.3% |
| Net Profit | 12,979.3 | 17,162.8 | +32.2% |
| EBITDA | N/A | 17,163.0 | N/A |
| Equity | 278,241.7 | 286,115.5 | +2.8% |
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.
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