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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)

Healthcare35Mining30Machinery29Financial Services22Utilities16Information Technology16Telecommunications12Agriculture & Food9.1Retail4.8Construction & Real Estate-4.5Chemicals-4.7Metals & Steel-130−3535
median revenue 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)

CompanyIndustryRevenue YoYEBITDA YoYNet profit YoYP/E
Rosneft (H1)Oil & Gas+0.6%+24.7%-18.4%14.7x
Gazprom (Q2)Oil & Gas+14.8%+35.4%+63.9%1.8x
X5 Retail Group (H1)Retail+10.5%+8.7%-28.4%5.5x
Lukoil (H1)Oil & Gas+8.0%+93.3%+387.3%7.0x
Magnit (H1)Retail+12.8%+13.7%n/mn/m
Sberbank (Q2)Financial Services+26.7%n/a+20.9%3.3x
Gazprom Neft (Q2)Oil & Gas+15.6%+75.3%+182.5%6.9x
Inter RAO (H1)Utilities+16.5%-7.9%-17.2%1.4x
Tatneft (H1)Oil & Gas+15.8%+81.8%+82.8%9.6x
Novatek (H1)Oil & Gas+4.0%+5.3%-2.8%17.4x
En+ Group (H1)Utilities-0.8%+45.8%+138.4%3.1x
Lenta (H1)Retail+26.2%+11.9%-25.5%6.6x
Sistema (H1)Other+6.5%+38.7%+94.6%n/m
Rusal (H1)Metals & Steel-2.8%+74.3%n/mn/m

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