Operating results: the latest disclosures

The July 2026 data for MOEX shows total volumes of 204.7 trillion RUB, up 29.5% year-on-year, indicating sustained high activity in financial markets. In the same sector, LEAS new business grew 13.1% to 49.1 billion RUB for H1 2026, pointing to continued expansion in leasing demand. For the upcoming reporting, focus on whether market turnover momentum persists and if leasing growth accelerates or stabilizes.

Operating momentum, latest reported period (YoY)

Transport and IT sectors show mixed signals. AFLT passenger traffic was nearly flat at 26.0 million for H1 2026 (+0.3% y/y), while WUSH trips were exactly flat at 56.5 million (+0.0% y/y). In contrast, DELI sold minutes jumped 33.4% to 491 million for Q1 2026, and OZON GMV rose 35.5% to 1135.4 billion RUB. ASTR shipments reached 7.3 billion RUB for H1 2026, but no comparison is available. Watch whether flat volumes in transport and micromobility turn negative or recover, and if high-growth IT platforms maintain their pace.

Metals and mining reveal broad declines. CHMF steel output fell 4.1% to 2.7 million tonnes for Q1 2026, MAGN dropped 9.8% to 10.1 million tonnes for FY 2025, NLMK decreased 2.1% to 14 million tonnes, RUAL aluminium was down 1.9% to 3.9 million tonnes, and GMKN nickel declined 3.2% to 198.5 thousand tonnes. PLZL gold production fell sharply by 15.8% to 2528.8 koz, while UGLD gold output rose 13.2% to 12 tonnes. In oil and gas, NVTK gas production was nearly stable at 84.6 billion cubic meters (+0.6%). The key question is whether these declines are cyclical or structural, and if any recovery is visible in Q2 2026 data.

Retail and other sectors show resilience. X5 net retail revenue grew 11.2% to 1175.1 billion RUB for Q1 2026, while MGNT LFL sales were positive at 8.7% for FY 2025. ETLN contract value reached 24.7 billion RUB for Q1 2026 (no comparison), and AQUA biomass rose 33.2% to 30.1 thousand tonnes for FY 2025. PHOR agrochemicals totaled 9.2 million tonnes for 9M 2025. For upcoming reports, monitor whether retail growth remains robust, whether construction contracts accelerate, and if agricultural output continues its strong expansion.