Earnings breakdowns across markets: US, commodities, Kazakhstan, Uzbekistan, Russia, Indonesia, Mexico and the Philippines. Refreshed every reporting season.
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This season's Russian earnings are a study in divergence: consumer-facing and financial sectors are sprinting ahead, while commodity producers are stuck in reverse. The median reve…
Delimobil reported H1 2026 revenue of RUB 7,550m, down 8.7% year-on-year, while EBITDA rose 14.0% to RUB 2,139m, reflecting a continued focus on cost efficiency. Net loss narrowed …
Sovcombank reported Q2 2026 net interest income of RUB 4,811 million, up 40.8% year-on-year, while net profit turned positive at RUB 5,874 million versus a loss of RUB 7,529 millio…
VK reported H1 2026 revenue of RUB 81,043m, up 11.7% YoY, accelerating from the 5.1% growth seen in H2 2025. EBITDA rose 37.9% to RUB 22,244m, and the company swung to a net profit…
Rostelecom reported Q2 2026 results with EBITDA of RUB 74,483 million, down 6.6% year-on-year, while net loss narrowed to RUB -7,434 million from -16,374 million in Q2 2025. Revenu…
OGK-2 reported Q2 2026 revenue of RUB 38,416m, up 15.6% YoY, a deceleration from the 21.8% growth seen in Q1 2026. EBITDA jumped 96.7% YoY to RUB 3,238m, while net loss widened sli…
TBank reported Q2 2026 net interest income of RUB 162.2bn, up 31.2% YoY, broadly stable versus the 30.3% growth seen in H1 2026. However, net profit fell 15.4% YoY to RUB 39.5bn, a…
Unipro reported FY2025 revenue of RUB 134,304m, up 4.7% YoY, with EBITDA of RUB 37,031m (+10.5%) and net profit of RUB 39,386m (+23.4%). The headline growth was driven by a strong …
Gold has stopped falling and started rising again. AltynGold is the cheapest listed way to own that: it trades at 4.0x EV/EBITDA against a median of 6.7x for the gold producers we …
This season, the commodity world is split down the middle: precious metals are on fire, while energy and materials lag. Median revenue growth for precious-metals royalty companies …
The strongest momentum is concentrated in consumer-oriented and technology sectors. OZON's GMV growth of +35.5% and Delimobil's sold minutes of +33.4% indicate robust expansion, wh…
Abrau Durso reported FY2025 revenue of RUB 21,211.1m, up 8.0% YoY, and net profit of RUB 1,903.4m, up 3.6% YoY. EBITDA reached RUB 4,600.0m (FY2024 EBITDA not disclosed). The resul…
Bank Sankt-Peterburg reported Q1 2026 net interest income of RUB 18,367M, down 7.8% YoY, and net profit of RUB 10,911M, down 29.7% YoY. Revenue growth decelerated from -3.4% in Q4 …
Diasoft reported Q1 2026 revenue of RUB 2,945m, down 1.4% YoY, a sharp deceleration from the 22.0% growth seen in H2 2025. EBITDA fell 51.4% YoY to RUB 481m, also decelerating from…
TNS Energo Kuban reported FY2025 revenue of RUB 84,821 million, up 13.1% year-on-year, while net profit surged 112.6% to RUB 5,368 million. EBITDA remained nearly flat at RUB 2,036…
MTS reported Q1 2026 revenue of RUB 201.3bn, up 14.7% YoY, a deceleration from the 17.4% growth seen in H2 2025. EBITDA rose 4.8% YoY to RUB 66.4bn, also slowing from the 17.8% gro…
OZON reported Q2 2026 results with a net loss of RUB 191,014 million, a sharp reversal from a net profit of RUB 159,994 million in Q2 2025. EBITDA also turned deeply negative at RU…
Sollers reported FY2025 revenue of RUB 62.4bn, down 31.9% YoY, while EBITDA rose 41.9% to RUB 8.2bn, and net profit fell 38.5% to RUB 2.3bn. The sharp divergence reflects a weak H1…
X5 Retail Group reported Q1 2026 revenue of RUB 1,190.6 bn, up 11.3% YoY, a deceleration from the 16.6% growth seen in H2 2025. EBITDA rose 24.9% to RUB 62.4 bn, with margin expand…
This season's earnings painted a picture of two economies: one powered by commodities and digital disruption, the other dragged by energy and traditional retail. The standout diver…
This season's earnings painted a starkly two-speed picture: while TRUST and UNIVERSAL posted revenue growth above 30%, the market's former steady hand, UZEX, managed only a modest …
This season's defining feature is a stark divergence: commodity-linked names are surging on the back of robust demand and cost discipline, while consumer-facing giants are struggli…
This season's defining split is between the industrial heartbeat and the consumer pulse. While metals and mining revenue surged 32.6%, consumer-facing sectors from beverages to ret…
This season's earnings story is one of stark divergence: while ports and logistics roared ahead with a median revenue growth of 28.9%, real estate and conglomerates barely moved th…
Since this idea was published on 25 June, PBF Energy has returned 45% and refining margins have printed an all-time high. Both facts are now history: the crack spread peaked in lat…
Basis reported Q2 2026 revenue of RUB 1,451.4m, up 25.7% YoY, with EBITDA of RUB 684.1m (+19.9% YoY) and net profit of RUB 337.5m (+6.2% YoY). Revenue growth decelerated from 35.8%…
This earnings season, the US corporate landscape is defined by a stark divergence: the AI infrastructure buildout is supercharging tech and power producers, while the energy patch,…
Nornickel reported a strong first half of 2026, with revenue of RUB 635.6bn (+12.6% YoY) and net profit of RUB 153.3bn (+108.4% YoY), while EBITDA reached RUB 293.9bn (+49.9% YoY).…
DOM.RF reported Q2 2026 net interest income of RUB 52,154m, up 29.6% YoY, and net profit of RUB 28,705m, up 22.2% YoY. Growth in NII decelerated from 42.6% YoY in Q1 2026, while ne…
NLMK reported Q2 2026 revenue of RUB 199,139m, down 9.1% YoY, a milder decline than the 13.9% drop in Q1 2026, indicating an acceleration in revenue growth (i.e., a slower contract…
Sberbank reported Q2 2026 net interest income of RUB 1,066,800 million, up 26.7% YoY, accelerating from 18.2% YoY growth in Q1 2026. Net profit rose 20.9% YoY to RUB 511,200 millio…
VTB reported Q2 2026 net interest income of RUB 208.8bn, up 121.7% YoY, though net profit fell 33.6% to RUB 92.9bn. Revenue growth decelerated sharply from the 274.1% YoY surge in …
Positive reported Q2 2026 revenue of RUB 6,128m, up 38.9% YoY, decelerating from the 45.6% YoY growth seen in Q1 2026. EBITDA swung to a positive RUB 1,007m from a loss of RUB 900m…
MMK reported Q2 2026 revenue of RUB 153,286m, down 1.1% YoY, a marked acceleration from the 18.6% decline in Q1 2026. EBITDA fell 27.8% YoY to RUB 15,971m, while net profit swung t…
While oil spiked 31% in a month on the Hormuz crisis (Brent ~$101) and European gas jumped to ~EUR 60/MWh, US natural gas went the other way: Henry Hub - the benchmark price at the…
Almost the whole spread between strong and weak reports comes down to one factor: the high key rate. It squeezes cyclicals (steel, construction, leasing volume, oil cash flow) and,…
A look at PepsiCo (Nasdaq: PEP) on the fresh Q2 2026 report. The prompt was 'a good report, but the stock is at six-year lows' - we checked both halves against primary data. Short …
Severstal reported Q2 2026 revenue of RUB 169.6bn, down 8.6% YoY — an improvement from the 18.7% YoY decline in Q1 2026, indicating accelerating revenue growth (i.e., a less negati…
Emaar Properties (DFM: EMAAR) is the first screen hit of our newly added UAE coverage (24 names across ADX and DFM): a combination of 5x earnings, an 8.7% dividend and a growing bu…
A follow-up in our UAE series (24 names in Frontier coverage). After the Emaar review, where fresh data showed the property cycle turning, the natural question is what in Dubai gro…
Thirteen ideas from our coverage across frontier markets, commodities and US large caps. Each was produced by one of five live engines (EM bank value with monthly regulatory data, …
Bank Mandiri (IDX: BMRI) fits a profile that has historically produced outsized returns on frontier markets: the leading bank of a fast-growing economy, trading at 4.8x earnings wi…
Moscow Exchange (MOEX) reported a strong start to 2026, with Q1 net profit reaching RUB 17,163 mn, up 32.2% YoY from RUB 12,979 mn in Q1 2025. Revenue growth accelerated sharply to…
Cian reported Q1 2026 revenue of RUB 3,895 mn (+17.9% YoY), a deceleration from the 21.4% YoY growth recorded in H1 2024. Adj. EBITDA surged 77.5% to RUB 1,264 mn, with margin expa…
Gazprom reported Q1 2026 revenue of RUB 2,799,209m, virtually flat YoY (-0.3%), a sharp acceleration from the -18.2% decline in Q4 2025. EBITDA rose 17.5% YoY to RUB 977,548m, whil…
HeadHunter reported Q1 2026 revenue of RUB 9,492 mn, down 1.5% YoY — the first decline after several years of growth. Adjusted EBITDA margin compressed to 48.2% from 51.2% a year e…
Rushydro reported a strong Q1 2026, with revenue of RUB 210,941m (+19.0% YoY) and EBITDA of RUB 79,184m (+45.2% YoY), both accelerating from the 15.2% and 115.9% growth seen in Q4 …
Inter RAO reported Q1 2026 revenue of RUB 523,325 mn, up 18.6% YoY — accelerating from the 13.2% YoY growth recorded in Q4 2025. EBITDA rose 6.1% YoY to RUB 52,391 mn, while net pr…
MD Medical reported Q1 2026 revenue of RUB 11,834 mln, up 32.1% YoY, accelerating from the 22.2% growth seen in H1 2025. The operating-only update (no net profit or EBITDA) highlig…
Mosgorlombard reported FY2025 net profit of RUB 724 mln (+84% YoY) and EBITDA of RUB 2.3 bn, while H1 2025 net interest income growth decelerated to -17.3% YoY from +5.0% in H2 202…
IDGC Center & Volga reported Q1 2026 results with revenue of RUB 46,417 mn (+13.9% YoY), EBITDA of RUB 15,924 mn (+18.6% YoY), and net profit of RUB 8,833 mn (+26.0% YoY). Revenue …
Yandex reported Q1 2026 revenue of RUB 372.7 bn (+22% YoY vs restated RUB 306.5 bn), a sharp deceleration from the 156.3% YoY growth recorded in H1 2025. Adjusted EBITDA surged 50%…