SPB Exchange H1 2026: Revenue -16.1% y/y, Net Profit -62.0% as Growth Decelerates Sharply

SPB Exchange reported H1 2026 revenue of RUB 1,455.9 mln, down 16.1% y/y, and net profit of RUB 33.1 mln, down 62.0% y/y. Revenue growth decelerated sharply versus the prior half-year, when it rose 18.6% y/y in H2 2025, while net profit remained deeply negative in growth terms. Equity rose to RUB 21,813.0 mln from RUB 20,280.0 mln a year earlier.

H1 2026 y/y change (headline metrics)

What drove the result

The top-line contraction marks a reversal from H2 2025, when revenue grew 18.6% y/y, and from H1 2025, when it grew 36.3% y/y. Net profit fell to RUB 33.1 mln from RUB 87.1 mln in H1 2025, extending the weak profit trend seen in H2 2025 (-2.3% y/y). Equity growth of RUB 1,533.0 mln y/y provided a partial offset, but profitability remains under pressure. No segment-level breakdown was disclosed in the facts provided.

Key figures

Outlook

The sharp deceleration in revenue growth from +18.6% in H2 2025 to -16.1% in H1 2026, alongside a 62.0% y/y drop in net profit, signals mounting top-line and earnings pressure. With no guidance or dividend update in the facts, the key watch items are whether revenue stabilises in H2 2026 and whether the equity base continues to grow despite weak profitability.