Operating results: the latest disclosures

The latest operating data show uneven momentum across sectors. In Transport and Logistics, Aeroflot carried 4.8 mln passengers in September 2026, down 4.2% y/y. In Finance, MOEX total volume reached 205.2 trln RUB in September 2026, up 18.3% y/y, while Europlan new business (incl. VAT) was 49.1 bln RUB in H1 2026, up 13.1% y/y. In Retail, Magnit LFL sales grew 6.4% y/y in H1 2026, and X5 net retail revenue was 1270 bln RUB in Q2 2026, up 9.4% y/y.

Operating momentum, latest reported period (YoY)

In Metals and Mining, steel output rose: Severstal 2.8 mln t in Q2 2026 (+11.8% y/y), MMK 2.7 mln t (+7.3% y/y), NLMK 6.8 mln t in H1 2026 (n/a). Rusal produced 2.0 mln t of aluminium in H1 2026 (n/a). In Extraction, Norilsk Nickel output 85 ths t of nickel in H1 2026 (n/a), Polyus gold 1286.9 koz in H1 2026 (-1.8% y/y), and Uzhuralzoloto total gold 12 t in FY 2025 (+13.2% y/y). In Oil and Gas, Novatek gas production was 43.7 bln m3 in H1 2026 (n/a).

In IT, Ozon GMV reached 1311 bln RUB in Q2 2026 (+36.8% y/y), Whoosh trips were 56.5 mln in H1 2026 (+0.0% y/y), Delimobil sold minutes 560 mln in Q2 2026 (n/a), and Astra shipments (excl. VAT) were 7.3 bln RUB in H1 2026 (n/a). In Construction, Etalon contract value was 23.2 bln RUB in Q2 2026 (n/a). In Agriculture, Inarctica biomass in water was 27.7 ths t in H1 2026 (+32.5% y/y). In Chemicals, Phosagro agrochemicals totaled 12.2 mln t in FY 2025 (+3.4% y/y).

In upcoming reporting, attention should focus on whether positive y/y dynamics in Finance, Retail, Metals, IT (Ozon) and Agriculture translate into margins and cash flow, and on the absence of y/y comparisons (n/a) for NLMK, Rusal, Norilsk Nickel, Novatek, Delimobil, Astra, Etalon and Magnit LFL. Aeroflot's -4.2% y/y passenger decline and Polyus's -1.8% y/y gold output warrant monitoring, while Whoosh's flat trips (+0.0% y/y) and Uzhuralzoloto's +13.2% y/y gold output set contrasting reference points.