UZ_UZEX: H1 profit up 18.6%, but quarterly revenue growth decelerated to 11.8%

On August 25, UZ_UZEX released its results for the first half of 2026. H1 revenue reached 264,737.8 mln UZS (+11.4% YoY), net profit was 221,484.3 mln UZS (+18.6% YoY), and net margin hit 83.7% versus 78.6% a year earlier. In the standalone first quarter of 2026, revenue grew 11.8% YoY after 17.5% in Q1 2025 – growth decelerated. At the current price, the share looks attractive: P/E LTM 9.06, ROE 91.2%, dividend yield 15.8%.

Key takeaways

— H1 revenue grew 11.4% YoY, but in the standalone first quarter growth decelerated to 11.8% from 17.5% a year earlier

— H1 net profit added 18.6% YoY, with margin rising to 83.7% from 78.6%

— LTM net profit reached 343,457.8 mln UZS, with revenue at 444,500.0 mln UZS

— Dividend yield over the last 12 months is 15.8%, well above the key rate

— P/E LTM 9.06 with ROE 91.2% – valuation remains low relative to its own history

— Revenue growth in Q1 2026 decelerated to 11.8% from 17.5% in Q1 2025

Attractiveness

Key figures, UZS bn

H1 revenue grew 11.4% YoY, but in the standalone first quarter growth decelerated to 11.8% from 17.5% a year earlier

H1 2026 revenue reached 264,737.8 mln UZS, up 11.4% from the same period last year. In the standalone first quarter of 2026, revenue was 140,383.8 mln UZS, up 11.8% YoY. This is a deceleration from 17.5% in Q1 2025.

Quarterly dynamics show revenue growth slowing: Q1 2024 grew 12.8%, Q1 2025 grew 17.5%, and Q1 2026 grew 11.8%. The deceleration may be due to a high base effect, but the exact cause is not specified in the provided data.

H1 net profit added 18.6% YoY, with margin rising to 83.7% from 78.6%

H1 2026 net profit reached 221,484.3 mln UZS, up 18.6% YoY. Net margin rose to 83.7% from 78.6% a year earlier. Such a margin level means almost all revenue converts into profit.

The margin expansion of 5.1 percentage points occurred with revenue growth of 11.4%. Operating profit for H1 was 157,748.1 mln UZS, which is below net profit – this indicates that a significant portion of profit came from non-operating income. The provided data does not detail these incomes.

LTM net profit reached 343,457.8 mln UZS, with revenue at 444,500.0 mln UZS

Over the last 12 months, net profit was 343,457.8 mln UZS, and revenue was 444,500.0 mln UZS. These figures are used to calculate multiples and dividend yield.

The LTM profit-to-revenue ratio is 77.3%, lower than the H1 2026 margin of 83.7%. This may indicate that margin was lower in the second half of 2025.

Dividend yield over the last 12 months is 15.8%, well above the key rate

Dividend yield over the last 12 months is 15.8%. This is a high figure, significantly exceeding the current key rate. Payments for the last year are not detailed, but the yield is calculated based on actual dividends.

If current profit and payout ratio are maintained, dividend yield may remain at an attractive level. However, a decline in profit or a change in dividend policy could reduce payouts.

P/E LTM 9.06 with ROE 91.2% – valuation remains low relative to its own history

The LTM P/E multiple is 9.06. With a return on equity of 91.2%, this valuation level appears low. Market capitalisation is 3,110,774.4 mln UZS.

Comparison with its own three-year history is not provided, so it cannot be stated whether the current multiple is above or below its average. However, the combination of high ROE and low P/E suggests the market is pricing in either a profit decline or risks not reflected in the financials.

Revenue growth in Q1 2026 decelerated to 11.8% from 17.5% in Q1 2025

In Q1 2026, revenue grew 11.8% YoY, while in Q1 2025 growth was 17.5%. The deceleration is observed against the backdrop of absolute revenue increasing to 140,383.8 mln UZS.

The slowdown may be a consequence of market saturation or a high base effect. To assess the sustainability of the trend, the next report is important: if growth decelerates further, it could limit future profit growth.

Valuation on the latest reported figures

Bottom line

In H1 2026, UZ_UZEX delivered strong net profit growth of 18.6% and margin expansion to 83.7%. However, the standalone first quarter showed a deceleration in revenue growth to 11.8% from 17.5% a year earlier. Valuation remains low: P/E LTM 9.06 with ROE 91.2%, and dividend yield of 15.8% is well above the key rate. The key question for a holder is whether the company can resume revenue acceleration or at least maintain current growth, and whether the high margin will persist. At the current price, the share looks attractive due to the combination of a low multiple, high profitability, and generous dividends.