VK FY2025: Revenue Growth Slows to +8.4%, Net Loss Narrows Sharply
VK reported FY2025 revenue of RUB 159,960m, up +8.4% YoY, a clear deceleration from the +12.7% growth seen in H1 2025 and the +31.9% in H2 2024. Net loss narrowed to RUB -422m from RUB -810m in FY2024, with H2 2025 nearly breaking even at RUB -19m.
Revenue growth (YoY %)
Drivers of the result
The deceleration in revenue growth was driven by a sharp slowdown in H2 2025, where growth fell to +5.1% YoY from +12.7% in H1 2025. Despite the softer top line, the company made significant progress on profitability: the net loss narrowed to RUB -422m for the full year, with H2 2025 nearly breaking even (RUB -19m) versus a RUB -397m loss in H2 2024. This suggests improved cost discipline and operating leverage, although segment-level details were not provided.
Key figures
| Metric | Prior | Latest | Change |
|---|---|---|---|
| Revenue | 147,573 | 159,960 | +8.4% |
| Net profit | -810 | -422 | +47.9% |
Outlook
The sharp deceleration in H2 2025 revenue growth raises questions about the sustainability of the company's growth trajectory. However, the narrowing net loss suggests that the company is moving toward profitability. Investors should watch for any guidance on revenue growth and margin improvement in the coming quarters, as well as the impact of the net debt increase on financial flexibility.
Open the company's financial profile VKCO →
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