Operating results: the latest disclosures

The latest operational data reveal a mixed picture across sectors. In Metals, CHMF and MAGN show robust steel output growth in Q2 2026 (+11.8% and +7.3% y/y respectively), while NLMK and RUAL report H1 volumes without comparable growth rates, leaving trend assessment incomplete. In Mining, PLZL gold production declined 1.8% y/y in H1, contrasting with UGLD's FY2025 increase of 13.2%; GMKN's nickel output lacks a comparative base. In IT, OZON's GMV surged 36.8% y/y in Q2, while ASTR and DELI provide no y/y figures, making sector momentum hard to gauge.

Operating momentum, latest reported period (YoY)

Consumer and transport sectors show slower but positive trends. X5's retail revenue grew 9.4% y/y in Q2, while MGNT's LFL sales increased 6.4% y/y in H1, indicating steady demand. In Transport, AFLT passenger traffic rose only 0.3% y/y in H1, suggesting near-stagnation. Among IT-related mobility, WUSH trips were flat (+0.0% y/y) in H1, while DELI's sold minutes in Q2 lack a comparative base. These figures point to mature or saturated markets where growth is increasingly hard to achieve.

Financial and construction segments exhibit divergent signals. MOEX's total trading volume grew 20.5% y/y in August, and LEAS's new business rose 13.1% y/y in H1, reflecting robust activity in capital markets and leasing. In contrast, ETLN's contract value in Q2 has no y/y comparison, leaving construction demand unclear. In Chemicals, PHOR's agrochemical output for 9M 2025 lacks a growth rate, while in Agriculture, AQUA's biomass increased 32.5% y/y in H1, suggesting strong operational expansion.

In the upcoming earnings reports, focus should be on companies with missing y/y data to assess underlying momentum. For NLMK, RUAL, GMKN, NVTK, ASTR, DELI, ETLN, and PHOR, the absence of comparative growth rates makes it difficult to judge whether volumes are expanding or contracting. Additionally, monitor whether PLZL's decline reverses, whether UGLD's FY growth sustains into 2026, and whether OZON's high GMV growth translates into profitability. For metals and mining, watch steel and nickel output trends relative to capacity; for IT, check if ASTR's shipments and DELI's minutes show acceleration in H2.