Operating results: the latest disclosures

The strongest momentum is concentrated in consumer-oriented and technology sectors. OZON's GMV growth of +35.5% and Delimobil's sold minutes of +33.4% indicate robust expansion, while Whoosh's ride count is flat at +0.0%, suggesting stagnation. In retail, X5's net revenue rose +11.2%, but Magnit's LFL-sales growth of 8.7% for FY 2025 points to a slower underlying pace. Among financials, MOEX's total volume surged +29.5% in July 2026, and Europian's new business grew +13.1%, both signaling healthy activity.

Operating momentum, latest reported period (YoY)

Commodity and metals producers show a mixed but generally negative picture. Steel output declined across the board: Severstal -4.1% (Q1 2026), MMK -9.8% (FY 2025), NLMK -2.1% (FY 2025). Norilsk Nickel's nickel production fell -3.2%, and Rusal's aluminum -1.9%. Gold miners diverge: Polyus dropped sharply -15.8%, while UGLD increased +13.2%. In oil and gas, Novatek's gas production was nearly flat at +0.6%. Phosagro's agrochemicals volume of 9.2 mln t for 9M 2025 has no comparable base.

Transport and construction show divergent signals. Aeroflot's passenger count grew only +0.3% in H1 2026, implying near-zero volume growth. Etalon's contract value of 24.7 bln RUB for Q1 2026 lacks a prior-year comparison, making trend assessment impossible. In IT, Astra's shipments of 7.3 bln RUB for H1 2026 also lack a comparable base, while Whoosh's flat rides and Delimobil's strong minutes suggest different dynamics within the same sector.

For upcoming reporting, key focus areas: whether OZON and Delimobil can sustain high growth rates; if Magnit's LFL-sales trajectory improves or decelerates further; the magnitude of steel output declines and any guidance from Severstal, MMK, NLMK; Polyus's ability to reverse the -15.8% gold production drop; and whether Aeroflot's passenger stagnation persists. For companies without comparable bases (Astra, Etalon, Phosagro), the first reported year-ago figures will establish the trend baseline.