SPB Exchange: revenue declines, profit plunges 62%, yet the market looks ahead

On August 25, SPB Exchange released its results for the first half of 2026: revenue fell 16.1% year-on-year, net profit dropped 62.0%. Net margin declined from 5.0% to 2.3%. In this review, we examine what is behind the decline, why shares rose on the release day, and what will drive the second half.

Key takeaways

— Revenue for the half-year fell 16.1% – trading volumes have not recovered after sanctions restrictions

— Net profit plunged 62.0% – margin compressed to 2.3% from 5.0% a year earlier

— Net debt is negative: net cash position of RUB 7.3 bn – a safety cushion for investments

— Shares rose 2.3% on the release day but lost 1.4% over the week – the market weighs prospects

— P/E LTM of 28.5 – expensive against its own history if profit does not start growing

Key figures, RUB bn

Revenue for the half-year fell 16.1% – trading volumes have not recovered after sanctions restrictions

For the first half of 2026, SPB Exchange's revenue amounted to RUB 3,100.0 million, which is 16.1% lower than in the same period a year earlier. The main reason is the decline in trading volumes, which continues after the introduction of sanctions restrictions in 2023. The exchange does not disclose its revenue structure in the report, but the dynamics of the top line directly depend on commission income, which follows trading volumes.

The revenue decline is not unexpected: the market had already priced in weak performance, given the ongoing restrictions on trading in foreign securities. Nevertheless, the pace of decline has slowed compared to previous periods, which may indicate a stabilization of the business at a lower level.

Net profit plunged 62.0% – margin compressed to 2.3% from 5.0% a year earlier

Net profit for the first half of 2026 amounted to RUB 573.9 million over the last 12 months, but for the reporting period it fell 62.0% year-on-year. Net margin contracted from 5.0% to 2.3% – meaning the company earns significantly less on each ruble of revenue.

The margin compression is due to operating expenses not declining proportionally with revenue: a significant portion of costs is fixed – including personnel, IT infrastructure, and regulatory expenses. As a result, with declining revenue, profit falls faster.

Net debt is negative: net cash position of RUB 7.3 bn – a safety cushion for investments

As of the latest reporting date, SPB Exchange's net cash position stood at RUB 7,274.2 million – this is the excess of cash and equivalents over debt. Negative net debt gives the company financial flexibility: it can invest in development without attracting borrowed financing.

For an exchange going through a period of sanctions restrictions, having a liquidity cushion is critical. This allows it to maintain investments in new areas, such as developing domestic market trading and launching new products, even amid declining current revenues.

Shares rose 2.3% on the release day but lost 1.4% over the week – the market weighs prospects

On the day of the report release, SPB Exchange shares rose 2.3% – investors reacted better than expected despite weak financial results. However, by August 17, quotes had fallen 1.4% from the release-day level, indicating market uncertainty about the sustainability of recovery.

The company's market capitalization stands at RUB 16,366.4 million, which, with negative net debt and trailing twelve-month profit of RUB 573.9 million, gives a P/E LTM of 28.5. This is a high valuation for a company with declining profit – the market seems to be pricing in future growth that is not yet visible in the results.

P/E LTM of 28.5 – expensive against its own history if profit does not start growing

The P/E LTM multiple of 28.5 looks overvalued given the 62.0% decline in profit for the half-year. If profit continues to fall, the current valuation will become even more expensive. Comparison with the company's own history shows that shares are trading significantly above the three-year average, making them vulnerable to disappointment in upcoming reports.

However, the market may justify such a valuation with expectations of lifting sanctions restrictions and recovering trading activity. If that happens, revenue and profit could quickly return to growth, and the current P/E would prove justified. But for now, this is merely a hypothesis, not confirmed by actual data.

Valuation on the latest reported figures

Bottom line

SPB Exchange is going through a difficult period: revenue and profit are declining, margin has compressed to 2.3%. The strong side remains the financial cushion – a net cash position of RUB 7.3 bn, which allows it to weather the crisis and invest in development. The share rise on the release day suggests the market hopes for recovery, but it is not yet confirmed by numbers. The key question for a holder is when and under what conditions sanctions restrictions will be lifted and whether trading volumes will return. Until then, a valuation of 28.5 P/E looks optimistic.