Russian pharma and mining drill ahead as metals and construction stall

This season's defining split isn't between oil and everyone else — it's between companies with pricing power and those without. Medicine (+34.6% median revenue growth) and Mining (+30.1%) left the pack in the dust, while Metallurgy (-13.2%) and Construction (-4.5%) sank into contraction. The gap between the best and worst industry medians reached nearly 48 percentage points, a chasm that rewards stock pickers and punishes index huggers.

Revenue growth by industry (median YoY)

Healthcare and mining delivered the goods, but the real standouts were smaller names

Promomed (PRMD) in Medicine posted +75.7% revenue growth, +88.7% EBITDA growth, and +82.6% net profit growth — a clean sweep. In Mining, Rusolovo (ROLO) exploded with +91.8% revenue, +356.2% EBITDA, and +106.2% net profit, while Yuzhuralzoloto (UGLD) wasn't far behind at +90.5% revenue and +197.2% EBITDA. These aren't one-offs: the median mining company grew revenue 30.1%, so the tailwind is sector-wide.

In IT, ArenaData (DATA) grew revenue +85.8% and EBITDA +63.2%, while Ozon (OZON) delivered +47.8% revenue and +80.4% EBITDA — but the real eye-opener is Yandex (YDEX): +16.2% revenue but +297.5% net profit growth. That's operating leverage at its finest, and it shows that even in a sector with a median growth of 15.5%, execution can separate the winners from the also-rans.

Metals and construction are in the doghouse — and some names are bleeding badly

Metallurgy is the worst-performing sector with a median revenue decline of 13.2%. Severstal (CHMF) saw revenue fall 14.9% and net profit collapse 112.7%, while TMK (TRMK) suffered a 36.9% revenue drop and a 78.0% EBITDA decline. Construction isn't much better: Samolet (SMLT) revenue fell 31.3% and PIK Group (PIKK) revenue dropped 11.6% with net profit down 54.1%. These are not just cyclical dips — they're warning signs of demand destruction.

The plot twist: Sovcombank and VTB posted staggering revenue growth, but profits didn't follow

Sovcombank (SVCB) accelerated dramatically: revenue growth jumped from +59.2% in the prior period to +225.5% now, yet net profit growth was a still-strong +158.2%. VTB (VTBR) is the real head-scratcher: revenue surged +121.7% year over year, but net profit fell 33.6%. That's a massive disconnect — likely due to one-off provisions or integration costs — and it's a reminder that top-line growth without bottom-line discipline can be a value trap.

Cheap for a reason: some high-flyers trade at premium multiples while steady growers offer deep value

Aeroflot (AFLT) looks absurdly cheap at 4.1x P/E and 2.9x EV/EBITDA, but its net profit fell 100.8% — the multiple is low because earnings are collapsing. Meanwhile, Ozon (OZON) trades at a nosebleed 72.2x P/E despite +294.1% net profit growth; the market is pricing in years of perfection. For value hunters, FGC UES (FEES) stands out: +16.3% revenue growth, +50.2% net profit growth, yet a P/E of just 0.5x and EV/EBITDA of 1.7x. That's a deep-value anomaly worth investigating.

Income investors: these yields stand out, but check the payout sustainability

While dividend yields aren't explicitly provided for most companies, a few names offer compelling income potential. X5 Retail Group (X5) trades at 5.5x P/E and 2.5x EV/EBITDA, suggesting room for shareholder returns. Magnit (MGNT) at 2.0x EV/EBITDA and Lenta (LENT) at 2.7x EV/EBITDA also look like cash machines. But beware: Fix Price (FIXR) has a 1.1x EV/EBITDA and 3.9x P/E, yet net profit fell 30.0% — the yield might not be safe if earnings keep sliding.

The long view: three-year revenue CAGR reveals the true compounders

APRI (APRI) in Construction has a staggering 3-year revenue CAGR of +157.5%, yet its revenue growth this period was +29.5% with net profit down 87.7% — a classic case of growth without profitability. ArenaData (DATA) shows a +52.0% CAGR and is still growing revenue at +85.8%, making it a rare combination of scale and momentum. Ozon (OZON) also stands out with a +53.3% CAGR and +47.8% current revenue growth. As we look ahead, watch for whether these high-growth names can translate top-line expansion into sustainable profits — because in this market, growth alone isn't enough.

Players: growth & yield (no absolute levels)