21.05.2026 09:45
Moscow Exchange announces results for the first quarter of 2026
Moscow Exchange (MOEX) today announces its financial results based on summary financial statements prepared in accordance with International Financial Reporting Standards (IFRS) for Q1 2026.
Unless stated otherwise, all figures below refer to performance in Q1 2026 and all comparisons are with the corresponding period last year.
KEY FINANCIAL HIGHLIGHTS FOR Q1 2026
- Fee and commission (F&C) income amounted to RUB 21.5 bln, driven by activity of clients and issuers as well as the launch of new products and services.
- Net interest income (NII) came at RUB 13.8 bln.
- The F&C share of operating income was 61%
- Operating expenses[1] declined by 2.5%. Cost-to-income ratio[2] stood at 35.5%.
- Net profit amounted to RUB 17.2 bln.
KEY BUSINESS & CORPORATE HIGHLIGHTS FOR Q1 2026
- 133 corporate issuers, including 11 newcomers, placed 317 bond issues on MOEX, raising RUB 2.8 trn.
- Etalon Group completed an SPO, raising RUB 18.4 bln.
- Seven new contracts were launched on the Derivatives Market, including one futures contract on Russian equities, five futures contracts on precious metals and one option on silver.
- The Derivatives Market switched to a unified trading session, enabling seamless trading throughout the day.
- The first Russian-law ETF based on an author’s investment strategy began trading on MOEX, offering diversification and exposure to a variety of asset classes.
- New fixings for silver, platinum and palladium became available responding to client activity in precious metals.
- An equity index for issuers with ESG ratings from Russian rating agencies was launched.
- Moscow Exchange relaunched the Best Private Investor competition, which is primarily aimed at promoting investment culture.
- The Supervisory Board recommended that the AGM approve a dividend of RUB 19.57 per share for 2025, representing 75% of Moscow Exchange’s 2025 IFRS net profit.
EVENTS OCCURRING AFTER THE REPORTING PERIOD
- B2B-RTS, a Russian B2B digital platform, held an IPO on MOEX and raised over RUB 2.4 bln.
- Another Russian-law ETF focused on high-yield bonds began trading on MOEX.
- Calculation of bond indices was extended to additional trading sessions.
- The Derivatives Market launched two futures contracts on Russian equities, three contracts on petrol and diesel, three contracts on digital assets, one interest rate futures contract, as well as interest rate cap/floor options.
- The retail client base continued to expand, with the total number of retail clients registered on the Securities Market reaching 41.1 mln, while the number of Individual Investment Accounts amounted to 6.3 mln.
- MOEX launched the Scoring Service, enabling brokerage firms, when onboarding new clients, to obtain information on their prior exchange trading experience and qualified investor status.
- Moscow Exchange resumed holding the Exchange Forum, a key event for the professional financial community. The Forum brought together more than 1,300 participants, including representatives of banks, brokerage and asset management companies, independent experts and analysts, regulators and the expert community.
FINANCIAL HIGHLIGHTS (RUB mln)
| Q1 2026 | Q1 2025 | Q4 2025 | |
|---|---|---|---|
| Operating Income | 35 323.3 | 28 588.9 | 34 871.9 |
| · Fee and commission income | 21 497.4 | 18 482.1 | 22 890.5 |
| · Net interest and other finance income (NII)[3] | 13 778.1 | 10 063.3 | 11 844.6 |
| Core NII - NII less realised gains or losses on investment portfolio revaluation[4] | 13 686.0 | 10 487.3 | 11 968.2 |
| · Other operating income | 47.8 | 43.5 | 136.8 |
| Operating Expenses | 12 540.6 | 12 868.4 | 15 666.1 |
| · Personnel expenses | 5 747.3 | 6 841.9 | 6 661.0 |
| · D&A and IT maintenance | 2 541.8 | 2 320.7 | 3 294.6 |
| · Advertising and marketing costs[5] | 2 085.3 | 1 987.5 | 3 014.8 |
| · Remaining general and administrative expenses[6] | 2 166.2 | 1 718.3 | 2 695.7 |
| Profit before other operating expenses and tax | 22 782.7 | 15 720.5 | 19 205.8 |
| Movement in allowance for expected credit losses (ECLs) | 275.3 | 1 760.8 | -57.9 |
| Other impairment and provisions | 0.0 | 0.0 | -663.5 |
| Profit before tax | 23 058.0 | 17 481.3 | 18 484.4 |
| Income tax | -5 895.2 | -4 502.0 | -4 293.7 |
| Net Profit | 17 162.8 | 12 979.3 | 14 190.7 |
| Basic earnings per share. RUB | 7.56 | 5.72 | 6.23 |
| Net Profit | 17 162.8 | 12 979.3 | 14 190.7 |
| · Movements in allowance for ECLs | -275.3 | -1 760.8 | 57.9 |
| · Other impairment and provisions | 0.0 | 0.0 | 663.5 |
| · Deferred taxes related to movements in allowance for ECLs and other impairment & provisions | 68.8 | 440.2 | -180.4 |
| Adjusted Net Profit | 16 956.3 | 11 658.7 | 14 731.7 |
| EBITDA | 25 046.5 | 19 211.8 | 20 643.4 |
| · Movements in allowance for ECLs | -275.3 | -1 760.8 | 57.9 |
| · Other impairment and provisions | 0.0 | 0.0 | 663.5 |
| Adjusted EBITDA | 24 771.2 | 17 451.0 | 21 364.8 |
| Adjusted EBITDA margin | 70.1% | 61.0% | 61.3% |
OPEX BREAKDOWN (RUB mln)
| Q1 2026 | Q1 2025 | Q4 2025 | |
|---|---|---|---|
| General and Administrative Expenses[7] | 6 793.3 | 6 026.5 | 9 005.1 |
| · Advertising and marketing costs | 2 085.3 | 1 987.5 | 3 014.8 |
| · Amortisation of intangible assets | 1 298.4 | 1 312.9 | 1 544.6 |
| · Depreciation of property and equipment | 690.1 | 417.6 | 614.4 |
| · Taxes, other than income tax | 556.1 | 343.1 | 840.4 |
| · Equipment and intangible assets maintenance | 553.3 | 590.2 | 1 135.6 |
| · Professional services | 404.5 | 375.9 | 482.8 |
| · Market makers fees | 343.7 | 295.8 | 367.7 |
| · Agent fees | 231.4 | 234.4 | 330.9 |
| · Registrar and foreign depository services | 135.3 | 119.5 | 158.3 |
| · Information services | 131.6 | 83.7 | 62.1 |
| · Rent and office maintenance | 106.9 | 97.8 | 140.7 |
| · Charity | 84.0 | 11.1 | 64.3 |
| · Communication services | 78.5 | 17.8 | 36.7 |
| · Security expenses | 20.4 | 21.3 | 20.8 |
| · Transport expenses | 10.1 | 7.5 | 11.5 |
| · Business trip expenses | 7.1 | 11.3 | 23.5 |
| · Loss on disposal of property, equipment and intangible assets | 0.0 | 0.2 | 43.3 |
| · Other | 56.6 | 98.9 | 112.7 |
| Personnel expenses | 5 747.3 | 6 841.9 | 6 661.0 |
| · Employees benefits except for share-based payments | 4 651.5 | 4 622.8 | 5 341.9 |
| · Payroll related taxes | 1 251.2 | 1 306.2 | 1 007.8 |
| · Share-based payment expense on cash settled instruments | -155.4 | 913.6 | 311.3 |
| · Share-based payment expense on equity settled instruments | 0.0 | -0.7 | 0.0 |
| Total operating expenses | 12 540.6 | 12 868.4 | 15 666.1 |
| Headcount, employees e-o-p | 3 771 | 3 433 | 3 734 |
- OPEX for Q1 26 decreased by 2.5% YoY, mainly explained by the reduction in personnel expenses.
- Personnel expenses were down by 16.0% YoY on the back of reversal in accruals for long-term incentives.
- The employee headcount added 9.8% YoY and 1.0% QoQ. New hires are related to strategic projects and the overall strengthening of the IT function.
- Advertising and marketing costs increased by 4.9% YoY to stimulate further growth of the Finuslugi client base.
- D&A and IT maintenance grew 9.5% YoY, while the D&A alone added 14.9% YoY. IT maintenance costs decreased by 6.3%.
- The growth in taxes, other than income tax, is related to VAT on IT maintenance and consulting services as well as the overall increase of VAT rate.
RECONCILIATION OF OPERATING EXPENSES FOR 1Q 2026 (RUB mln)
| Total expense* | Direct expense items** | General expense items** | |
|---|---|---|---|
| · Fees and other direct expenses | − | 2 076.6 | − |
| General and Administrative Expenses | 6 793.3 | 2 076.6 | 4 716.7 |
| · Advertising and marketing costs | 2 085.3 | 1 059.2 | 1 026.1 |
| · Amortisation of intangible assets | 1 298.4 | − | 1 298.4 |
| · Depreciation of property and equipment | 690.1 | − | 690.1 |
| · Taxes, other than income tax | 556.1 | − | 556.1 |
| · Equipment and intangible assets maintenance | 553.3 | − | 553.3 |
| · Professional services | 404.5 | 220.0 | 184.5 |
| · Market makers fees | 343.7 | 343.7 | − |
| · Agent fees | 231.4 | 231.4 | − |
| · Registrar and foreign depository services | 135.3 | 135.3 | − |
| · Information services | 131.6 | 87.0 | 44.6 |
| · Rent and office maintenance | 106.9 | − | 106.9 |
| · Charity | 84.0 | − | 84.0 |
| · Communication services | 78.5 | − | 78.5 |
| · Security expenses | 20.4 | − | 20.4 |
| · Transport expenses | 10.1 | − | 10.1 |
| · Business trip expenses | 7.1 | − | 7.1 |
| · Other | 56.6 | − | 56.6 |
* - As per methodology applicable in 2025.
** - As per methodology introduced in Q1 2026.
PERFORMANCE OF KEY BUSINESS LINES
| Q1 2026 | Q1 2025 | Q4 2025 | |
|---|---|---|---|
| Equities Market[8] | |||
| Fee and commission income, RUB mln | 2 232.2 | 3 728.3 | 2 295.0 |
| Trading volumes, RUB bln | 8 012.7 | 12 305.1 | 8 078.8 |
| Bond Market | |||
| Fee and commission income, RUB mln | 1 865.8 | 1 542.5 | 2 282.1 |
| Trading volumes (ex. overnight bonds), RUB bln | 10 746.4 | 7 751.7 | 12 242.4 |
| Money Market | |||
| Fee and commission income, RUB mln | 5 245.3 | 4 445.9 | 6 509.2 |
| Trading volumes, RUB bln | 390 520.8 | 300 484.5 | 398 185.4 |
| Derivatives Market | |||
| Fee and commission income, RUB mln | 4 753.5 | 2 869.7 | 4 307.4 |
| Trading volumes, RUB bln | 48 438.0 | 33 707.0 | 46 316.2 |
| Other markets | |||
| Fee and commission income, RUB mln | 1 239.8 | 885.0 | 1 187.6 |
| Trading volumes, RUB bln | 44 973.4 | 31 139.3 | 50 695.4 |
| Depository and Settlement Services | |||
| Fee and commission income, RUB mln | 2 886.4 | 2 523.1 | 2 754.1 |
| Average assets under custody, RUB bln | 100 734.6 | 81 886.4 | 91 062.4 |
| Other fee and commission income (IT Services, Listing, Marketplace and other) | |||
| Information services, RUB mln | 222.8 | 192.7 | 161.6 |
| Sale of software and tech. services, RUB mln | 616.3 | 454.1 | 589.1 |
| Listing and other services, RUB mln | 304.9 | 278.4 | 353.8 |
| Financial marketplace services, RUB mln | 1 602.5 | 1 313.8 | 2 041.8 |
| Other fee income, RUB mln | 527.9 | 248.6 | 408.8 |
| Net interest and other finance income | |||
| Net interest and other finance income, RUB mln | 13 778.1 | 10 063.3 | 11 844.6 |
| Investment portfolio, RUB bln | 2 525.3 | 2 977.2 | 3 129.8 |
- The total market capitalisation of the Equities Market at the end of the first quarter of 2026 was RUB 54.0 trn (USD 664.7 bln). Fees from the Equities Market, which includes both stocks and mutual funds, declined 40.1% on the back of a similar decrease in trading volumes of 34.9%. The effective fee was negatively affected by the marketing programme on trading in mutual funds, which was introduced late in Q3 25.
- Fees and commissions from the Bond Market surged by 21.0% on the back of a 38.6% growth in trading volumes (excluding overnight bonds), which is explained by the activity at both primary and secondary markets. The discrepancy between fees and volumes is due to non-EOB trading activity. Primary market volumes (excluding overnight bonds) went up by 19.5%. Secondary trading volumes surged by 55.6%.
- Money Market fee income improved by 18.0%, while trading volumes added 30.0%. The slight decline in average on-exchange repo terms, as well as the reduction in the share of value-added CCP repo (including GCC) in the volumes mix, both had a negative impact on the effective fee. The strong accumulated position in Russian-law money market ETFs supports the GCC repo segment.
- Derivatives Market fees grew by 65.6%, while trading volumes added 43.7%. The volume mix evolved towards higher value-added contracts on commodities, positively affecting the effective fee. Specifically, volumes of commodity derivatives surged by 173.9%. Trading volumes of index contracts decreased by 46.7% and single-stock contracts were down by 18.1%.
- Fee income from the Depository and Settlement Services added 14.4%. Average value of assets under custody increased by 23.0%. The discrepancy between dynamics of fee income and assets on deposit is the result of business lines beyond safekeeping.
- Information sales increased by 15.6%. Sales of software and technical services were up by 35.7%. Listing and other services increased by 9.5% as the activity on the primary bond market was strong during the quarter. Finuslugi revenues improved by 22.0%.
- The cash position[9] at the end of Q1 2026 was RUB 223 bln. The company had no debt as of the end of the quarter.
- Capex for the quarter was RUB 1.62 bln, mostly spent on purchases of software and equipment as well as software development.
Moscow Exchange’s summary consolidated IFRS financial statements for Q1 2026 are available in the Investor Relations section of the company's web-site.
Contacts:
Investor Relations: Public Relations:
| Anton Terentiev, CFA +7 495 363 3232 ir@moex.com |
Press Office +7 495 363 3232 pr@moex.com |
NOTES TO EDITORS
About Moscow Exchange
Moscow Exchange Group operates Russia’s main trading platform for equities, bonds, derivative instruments, currencies, money market instruments and commodities. The Group includes the central securities depository (National Settlement Depository) and a clearing center (National Clearing Centre), performing the functions of central counterparty on the markets, which allows Moscow Exchange to offer its clients the full spectrum of trading and post-trading services. Moscow Exchange held the initial public offering of its shares on 15 February 2013 (ticker MOEX).
Disclaimers
Some of the information in these materials may contain projections or other forward-looking statements regarding future events or the future financial performance of the Company. Forward-looking statements can be identified by terms such as "expect", "believe", "anticipate", "estimate", "intend", "will", "could," "may" or "might", the negatives of such terms, or other similar expressions. The Company wishes to caution the reader that these statements are only predictions and that actual events or results may differ materially. The Company does not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in the Company’s projections or forward-looking statements, including, among others, general economic conditions, the competitive environment, risks associated with operating in the Russian Federation, rapid technological and market change in the industries the Company operates in, as well as many other risks specifically related to the Company and its operations.
[1] Calculated as the sum of commission and other direct expense, general and administrative expenses, personnel expenses
[2] Calculated as operating expenses divided by operating income lines presented in the FINANCIAL HIGHLIGHTS section
[3] Calculated as the sum of interest income calculated using the effective interest method, other interest income, gains/losses on FVTPL, gains/losses on FVTOCI, foreign currencies & precious metals gains less losses minus interest.
[4] Calculated as the sum of interest income using the effective interest method, other interest income, gains/losses on FVTPL, foreign currencies & precious metals gains less losses less interest (compared to net interest and other finance income, excludes gains/losses on FVTOCI).
[5],4 Corresponding items are combined from commission and other direct expense, general and administrative expenses sections of the financial statements. The mapping is provided in the RECONCILIATION OF OPERATING EXPENSES FOR 1Q 2026 table below.
[7] Corresponding items are combined from commission and other direct expense, general and administrative expenses sections of the financial statements. The mapping is provided in the RECONCILIATION OF OPERATING EXPENSES FOR 1Q 2026 table below.
[8] Includes shares and mutual funds
[9] Cash position is calculated as the sum of Cash and cash equivalents, Financial assets at fair value through profit and loss, Due from financial institutions, Financial assets at fair value though other comprehensive income, Investment financial assets at amortised cost, Current tax prepayments and Other non-financial assets measured at FVTPL less Balances of market participants, Overnight bank loans, Distributions payable to holders of securities, Margin account, Liabilities related to assets held for sale, Current tax payables and other financial liabilities.