26.08.2026 09:45
Moscow Exchange announces results for the second 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 Q2 2026.
Unless stated otherwise, all figures below refer to performance in Q2 2026 and all comparisons are with the corresponding period last year.
KEY FINANCIAL HIGHLIGHTS FOR Q2 2026
- Fee and commission (F&C) income amounted to RUB 22,3 bln, driven by client and issuer activity as well as the launch of new products and services.
- Net interest income (NII) equalled RUB 11,9 bln.
- The F&C share of gross operating income was 65%.
- Total operating expenses[1] increased by 10,4%. Cost-to-income ratio[2] stood at 39,2%.
- Net profit amounted to RUB 15,8 bln.
KEY BUSINESS & CORPORATE HIGHLIGHTS FOR Q2 2026
- 123 corporate issuers, including 9 newcomers, placed 308 bond issues on MOEX, raising RUB 3,3 trn.
- 387 new securities became available on the Securities Market during the quarter.
- 21 new instruments were launched on the Derivatives Market, bringing the total number of derivative instruments to 293.
- Two non-resource, tech-enabled companies – B2B-RTS and Incab Holding – completed IPOs on MOEX.
- Russia’s first partnership finance bonds were issued on MOEX.
- MOEX launched four digital currency indices and another three indices on silver, platinum and palladium, expanding its benchmark offering.
- Moscow Exchange resumed the Exchange Forum, a key event for the financial community, attracting more than 1 300 in-person participants and over 7 000 online participants.
- MOEX held its Shareholder Day in an online format, providing investors with direct access to management ahead of the AGM.
- Expert RA reaffirmed the highest credit rating (ruAAA) for MOEX with a stable outlook.
EVENTS OCCURRING AFTER THE REPORTING PERIOD
- MOEX launched 23 fixings for foreign securities, creating new benchmarks for derivatives linked to global assets.
- Currency futures became available during weekend trading sessions, further expanding access to the Derivatives Market.
- 10 new futures contracts on equities and commodities and one premium option on Ozon shares were launched on the Derivatives Market.
- Sberbank, Henderson and Yandex joined MVBI index, reflecting broader participation in the shareholder value creation program.
- The Bank of Russia added the MOEX Investor Certificate to the list of documents that may be used to obtain qualified investor status.
- Moscow Exchange paid RUB 44,5 billion in dividends to shareholders for 2025, equivalent to 75% of the Exchange’s consolidated IFRS net profit.
- The retail client base continued to expand, with the total number of retail clients registered on the Securities Market reaching 42,2 mln, while the number of Individual Investment Accounts amounted to 6,4 mln.
- ACRA reaffirmed the highest AAA(RU) credit rating for MOEX with a stable outlook.
FINANCIAL HIGHLIGHTS (RUB million)
| RUB mln | Q2 2026 | Q2 2025 | Q1 2026 |
|---|---|---|---|
| Gross Operating Income | 34 372,2 | 32 214,0 | 35 323,3 |
| · Fee and commission income | 22 271,7 | 17 847,5 | 21 497,4 |
| · Net interest and other finance income (NII)[3] | 11 933,7 | 14 257,0 | 13 778,1 |
| Core NII - NII less realised gains or losses on investment portfolio revaluation[4] | 11 957,6 | 14 251,1 | 13 686,0 |
| · Other operating income | 166,8 | 109,5 | 47,8 |
| Commission and other direct expense | 1 922,3 | 1 565,7 | 2 076,6 |
| · Direct advertising and marketing costs[5] | 798,0 | 703,0 | 1 059,2 |
| · Market makers fees | 384,9 | 311,7 | 343,7 |
| · Remaining commission and other direct expenses | 739,4 | 551,0 | 673,7 |
| Operating Income | 32 449,9 | 30 648,3 | 33 246,7 |
| Operating Expenses | 11 548,1 | 10 635,0 | 10 464,0 |
| · Personnel expenses | 5 747,3 | 5 496,2 | 5 747,3 |
| · D&A and IT maintenance | 3 366,5 | 2 562,4 | 2 541,8 |
| · Advertising and marketing costs[6] | 1 147,5 | 1 250,3 | 1 026,1 |
| · Remaining general and administrative expenses[7] | 1 286,8 | 1 326,1 | 1 148,8 |
| Profit before other operating expenses and tax | 20 901,8 | 20 013,3 | 22 782,7 |
| Movement in allowance for expected credit losses (ECLs) | 287,9 | 197,6 | 275,3 |
| Other impairment and provisions | -373,8 | -0,9 | 0,0 |
| Profit before tax | 20 815,9 | 20 210,0 | 23 058,0 |
| Income tax | 5 049,7 | 5 153,8 | 5 895,2 |
| Net Profit | 15 766,2 | 15 056,2 | 17 162,8 |
| Basic earnings per share, RUB | 6,94 | 6,63 | 7,56 |
| · Operating Expenses | 11 548,1 | 10 635,0 | 10 464,0 |
| · Commission and other direct expense | 1 922,3 | 1 565,7 | 2 076,6 |
| Total OPEX | 13 470,4 | 12 200,7 | 12 540,6 |
| Net Profit | 15 766,2 | 15 056,2 | 17 162,8 |
| · Movements in allowance for ECLs | -287,9 | -197,6 | -275,3 |
| · Other impairment and provisions | 373,8 | 0,9 | 0,0 |
| · Deferred taxes related to movements in allowance for ECLs and other impairment & provisions | -21,5 | 49,2 | 68,8 |
| Adjusted Net Profit | 15 830,6 | 14 908,7 | 16 956,3 |
| EBITDA | 23 149,2 | 22 085,5 | 25 046,5 |
| · Movements in allowance for ECLs | -287,9 | -197,6 | -275,3 |
| · Other impairment and provisions | 373,8 | 0,9 | 0,0 |
| Adjusted EBITDA | 23 235,1 | 21 888,8 | 24 771,2 |
| Adjusted EBITDA margin | 67,6% | 67,9% | 70,1% |
OPEX BREAKDOWN (RUB million)
| RUB mln | Q2 2026 | Q2 2025 | Q1 2026 |
|---|---|---|---|
| Commission and other direct expense | 1 922,3 | 1 565,7 | 2 076,6 |
| · Direct Advertising and marketing costs | 798,0 | 703,0 | 1 059,2 |
| · Market makers fees | 384,9 | 311,7 | 343,7 |
| · Agent fees | 224,6 | 292,9 | 231,4 |
| · Information services attributable to products | 197,5 | 80,1 | 175,5 |
| · Registrar and foreign depository services | 127,9 | 114,3 | 135,3 |
| · Other commission expenses | 189,4 | 63,7 | 131,5 |
| General and Administrative Expenses | 5 800,8 | 5 138,8 | 4 716,7 |
| · Amortisation of intangible assets | 1 610,8 | 1 374,7 | 1 298,4 |
| · Advertising and marketing costs | 1 147,5 | 1 250,3 | 1 026,1 |
| · Equipment and intangible assets maintenance | 1 033,2 | 686,9 | 553,3 |
| · Depreciation of property and equipment | 717,7 | 500,8 | 690,1 |
| · Taxes, other than income tax | 690,2 | 468,9 | 556,1 |
| · Professional services | 167,8 | 285,7 | 184,5 |
| · Rent and office maintenance | 106,8 | 145,1 | 106,9 |
| · Charity | 94,2 | 11,5 | 84,0 |
| · Information services | 57,3 | 50,5 | 44,6 |
| · Communication services | 50,4 | 103,3 | 78,5 |
| · Business trip expenses | 29,5 | 38,4 | 7,1 |
| · Security expenses | 21,0 | 18,7 | 20,4 |
| · Transport expenses | 7,7 | 9,2 | 10,1 |
| · Depreciation of investment property | 4,8 | 0,0 | 0,0 |
| · Loss on disposal of property, equipment and intangible assets | 0,0 | 126,2 | 0,0 |
| · Other | 61,9 | 68,6 | 56,6 |
| Personnel expenses | 5 747,3 | 5 496,2 | 5 747,3 |
| · Employees benefits except for share-based payments | 4 722,1 | 4 331,3 | 4 651,5 |
| · Payroll related taxes | 1 020,0 | 934,2 | 1 251,2 |
| · Share-based payment expense on cash settled instruments | 5,2 | 25,4 | -155,4 |
| · Share-based payment expense on equity settled instruments | 0,0 | 205,3 | 0,0 |
| Total operating expenses | 13 470,4 | 12 200,7 | 12 540,6 |
| Headcount, employees e-o-p | 3 727 | 3 433 | 3 771 |
- Total OPEX for Q2 26 increased by 10,4% YoY, mainly driven by higher G&A as well as commission and other direct expenses.
- Personnel expenses were up 4,6% YoY on the back of higher headcount and social charges, yet smaller YoY release of bonus provisions and significantly lower LTIP accruals.
- Headcount added 8,6% YoY and decreased by 1,2% QoQ. New hires are related to strategic projects and the overall strengthening of the IT function.
- Advertising and marketing costs decreased by 8,2% YoY.
- D&A and IT maintenance costs increased by 31,4% YoY, with the D&A alone up 24,4% YoY and
IT maintenance costs up by 50,4% YoY.
- 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 Q2 2026 (RUB mln)
| RUB mln | Total expenses* | Direct expense items** | General expense items** |
|---|---|---|---|
| Commission and other direct expense | - | 1 922,3 | 1 922,3 |
| General and Administrative Expenses | 7 723,1 | -1 922,3 | 5 800,8 |
| Personnel expenses | 5 747,3 | - | 5 747,3 |
| Total operating expenses | 13 470,4 | - | 13 470,4 |
* - As per methodology applicable in 2025.
** - As per methodology introduced in Q1 2026.
PRESENTATION OF OPERATING EXPENSES
Starting from Q1 2026, MOEX presents commission and other direct expense as a separate line item within operating expenses. The revised presentation better reflects the nature of expenses directly attributable to products and services and provides a more informative view of the Group’s operating cost base. Comparative figures have been presented on the same basis.
| Area | Impact from updated presentation |
|---|---|
| Classification of selected expense items | Changed |
| Commission and other direct expense | Presented as a separate line item |
| General and administrative expenses | Reduced by the amount of reclassified direct expenses |
| Total operating expenses | No impact |
| Operating income, profit before tax and net profit | No impact |
| Equity / cash flows | No impact |
| Comparability | Comparative figures have been reclassified to conform to the current-period presentation |
PERFORMANCE OF KEY BUSINESS LINES
| RUB mln | Q2 2026 | Q2 2025 | Q1 2026 |
|---|---|---|---|
| Equities Market[8] | |||
| Fee and commission income, RUB mln | 2 031,1 | 2 794,6 | 2 232,2 |
| Trading volumes, RUB bln | 7 346,7 | 9 246,4 | 8 012,7 |
| Bond Market | |||
| Fee and commission income, RUB mln | 2 339,0 | 1 597,9 | 1 865,8 |
| Trading volumes (ex. overnight bonds), RUB bln | 11 885,9 | 8 261,5 | 10 746,4 |
| Money Market | |||
| Fee and commission income, RUB mln | 5 871,8 | 4 614,0 | 5 245,3 |
| Trading volumes, RUB bln | 449 966,3 | 303 207,8 | 390 520,8 |
| Derivatives Market | |||
| Fee and commission income, RUB mln | 4 144,1 | 2 731,7 | 4 753,5 |
| Trading volumes, RUB bln | 45 458,1 | 31 210,5 | 48 438,0 |
| Other markets | |||
| Fee and commission income, RUB mln | 1 233,7 | 873,6 | 1 239,8 |
| Trading volumes, RUB bln | 41 283,4 | 33 803,0 | 44 973,4 |
| Depository and Settlement Services | |||
| Fee and commission income, RUB mln | 3 075,2 | 2 371,0 | 2 886,4 |
| Average assets under custody, RUB bln | 102 023,2 | 80 829,5 | 100 734,6 |
| Other fee and commission income (IT Services, Listing, Marketplace and other) | |||
| Information services, RUB mln | 308,1 | 171,9 | 222,8 |
| Sale of software and tech. services, RUB mln | 635,9 | 469,5 | 616,3 |
| Listing and other services, RUB mln | 323,5 | 281,4 | 304,9 |
| Financial marketplace services, RUB mln | 1 700,4 | 1 642,6 | 1 602,5 |
| Other fee income, RUB mln | 608,9 | 299,3 | 527,9 |
| Net interest and other finance income | |||
| Net interest and other finance income, RUB mln | 11 933,7 | 14 257,0 | 13 778,1 |
| Investment portfolio, RUB bln | 2 648,5 | 2 690,7 | 2 525,3 |
- The total market capitalisation of the Equities Market at the end of the second quarter of 2026 was RUB 45,6 trn. Fees from the Equities Market, which includes both stocks and mutual funds, declined by 27,3% following a 20,5% decrease in trading volumes. The effective fee was negatively affected by the marketing programme for trading in mutual funds, which was introduced in late Q3 25.
- Fees and commissions from the Bond Market surged by 46,4% on the back of a 43,9% increase in trading volumes (excluding overnight bonds). The effective fee improved thanks to a more favorable trading volume mix, primarily due to a lower share of OFZ placements. Primary market volumes (excluding overnight bonds) went up by 28,1%. Secondary trading volumes surged by 58,5%.
- Money Market fee income improved by 27,3%, while trading volumes added 48,4%. Slight increases in both the average on-exchange repo terms and the average GCC repo terms supported the effective fee, yet the negative impact of the lower share of value-added CCP repo (including GCC) in the volume mix was more meaningful.
- Derivatives Market fees grew by 51,7%, while trading volumes were up by 45,7%. The volume mix shifted towards higher value-added contracts on commodities, positively affecting the effective fee, while the share of index derivatives declined.
- Fee income from the Depository and Settlement Services added 29,7%. Average value of assets under custody increased by 26,2%. The discrepancy between dynamics of fee income and assets on deposit is the result of business lines beyond safekeeping.
- Information sales surged by 79,2%. Sales of software and technical services were up by 35,4%. Listing and other services increased by 15,0% as activity on the primary bond market was strong during the quarter. Finuslugi revenues improved by 3,5%.
- The cash position[9] at the end of Q2 2026 was RUB 194 bln. The company had no debt as of the end of the quarter.
- Capex for the quarter was RUB 2,36 bln, mostly spent on purchases of software and equipment as well as software development.
Moscow Exchange’s summary consolidated IFRS financial statements for Q2 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 total operating expenses (Total OPEX) divided by gross operating income presented in the FINANCIAL HIGHLIGHTS section
[3] Calculated as the sum of interest income calculated using the effective interest method, other interest income, net gains/losses on financial assets at FVTPL, net gains/losses on financial assets at FVTOCI, gains less losses arising from foreign currencies & precious metals minus interest expense.
[4] Calculated as the sum of interest income calculated using the effective interest method, other interest income, net gains/losses on financial assets at FVTPL, gains less losses arising from foreign currencies & precious metals minus interest expense (compared to net interest and other finance income, excludes net gains/losses on financial assets at FVTOCI).
[5],4,5 A reconciliation between the previous and current presentation methodologies for corresponding expense items is available in Note 2 to IFRS financial statements and in the RECONCILIATION OF OPERATING EXPENSES FOR Q2 2026 table below.
[8] Includes equities and mutual funds
[9] Cash position is calculated as the sum of Cash and cash equivalents, Financial assets at fair value through profit or loss, Due from financial institutions, Financial assets at fair value through other comprehensive income, Investment financial assets at amortised cost, Current tax prepayments, Other financial assets and Other non-financial assets measured at FVTPL less Clients’ funds, Due to financial institutions, Distributions payable to holders of securities and counterparties, Margin account, Liabilities related to assets held for sale, Current tax payables and other financial liabilities.