MOEX Q1 2026: Net Profit Surges 32% YoY, Revenue Growth Decelerates Sharply
MOEX reported Q1 2026 revenue of RUB 35,600 mn, with EBITDA of RUB 17,163 mn. Net profit reached RUB 17,162.8 mn, up 32.2% YoY from RUB 12,979.3 mn in Q1 2025. However, revenue growth decelerated sharply: Q1 2026 YoY revenue growth was -68.8% in Q2 2024 versus +283.1% in Q1 2024, indicating a significant slowdown in top-line expansion.
Key YoY Growth Rates (Latest vs Prior Year Same Period)
What Drove the Result
Net profit growth of +32.2% YoY was driven by high key-rate-driven net interest income (NII) and recovering trading volumes, though a detailed fee vs NII breakdown is unavailable. EBITDA of RUB 17,163 mn in Q1 2026 underscores strong operational performance, while total assets of RUB 13.17 trn reflect MOEX's central counterparty role.
Key Figures (RUB mn)
| Metric | Prior (Q1 2025) | Latest (Q1 2026) | Change |
|---|---|---|---|
| Revenue | N/A | 35,600 | N/A |
| EBITDA | N/A | 17,163 | N/A |
| Net Profit | 12,979.3 | 17,162.8 | +32.2% |
Outlook
With no dividend or guidance update provided, the focus remains on the sustainability of NII in a high-rate environment and the trajectory of trading volumes. The sharp deceleration in revenue growth warrants caution, though robust profit growth offers some support. Watch for further segment detail in subsequent filings.