Moscow Exchange announces results for the full year 2025

Moscow Exchange (MOEX) today announces its financial results in accordance with International Financial Reporting Standards (IFRS) for the year ended 31 December 2025.

Unless stated otherwise, all figures below refer to performance in 2025 and all comparisons are with the previous year.

KEY FINANCIAL HIGHLIGHTS FOR 2025

• F&C income totaled RUB 78.7 bln, driven by the activity of clients and issuers as well as the launch of new products and services.
• Net interest income (NII) amounted to RUB 50.0 bln.
• Operating income totaled RUB 129.0 bln and the F&C share of operating income amounted to 61% in FY’25.
• Operating expenses came in at RUB 52.0 bln, translating to a cost-to-income ratio of 40.3%.
• Net profit stood at RUB 59.4 bln.

KEY BUSINESS & CORPORATE HIGHLIGHTS FOR 2025

• MOEX continued to develop the Russian equity market, hosting three IPOs and three SPOs in 2025, all representing non-resource sectors. The total number of equities listed is 260.
• The number of equities available in CCP-based OTC trading mode reached 1082.
• MOEX continued to propel the Russian debt market as 288 corporates, including 82 newcomers, placed 1224 bond issues, raising RUB 11.5 trn in 2025.
• Five million new retail investors opened brokerage accounts in 2025, bringing the total number of retail clients to 40.1 mln by year-end. Today, nearly 41 million people have brokerage accounts on the Moscow Exchange.
• New Russian-law ETFs investing in equities, bonds, money market instruments and precious metals were launched, increasing the number of available Russian-law ETFs by 22 in 2025. A total of 99 Russian-law ETFs now trade on MOEX.
• On the Derivatives Market, 31 new instruments were added in 2025, and trading volume in these new contracts totaled more than RUB 420 bln. Over 89,000 clients traded new instruments during the year. The range of new instruments includes premium options, futures on commodities and precious metals, ETFs tracking global indices, digital assets as well as global and local equities. There were 267 derivative contracts available at the end of 2025.
• Finuslugi launched new features, expanding the proposition of asset management services and enabling automatic allocation of retail clients’ savings to a money market fund via the Finpodushka service.
• The Investor Relations (IR) Guide for issuers went public, aiming to elevate and standardise disclosure practices as well as to improve the overall quality of IR.

FINANCIAL HIGHLIGHTS

PERFORMANCE OF KEY BUSINESS LINES

• The total market capitalisation of the Equities Market at the end of 2025 was RUB 52.9 trln (USD 683.6 bln). Fee and commission income from the Equities Market decreased by 23.9% in 4Q’25, while trading volumes were down 17.8%. The effective fee was negatively affected by the marketing programme on trading in mutual funds, which was introduced late in 3Q’25. Some 3.0 million clients were active every month during the quarter.
• Fee income from the Bond Market increased 62.8% in 4Q’25, while trading volumes (excluding placements of overnight bonds) improved by 47.3%. Primary market volumes (excluding placements of overnight bonds) were up 23.1%. The secondary market was the main driver as trading volumes surged by 90.9%.
• Money Market fee income was up 22.0% in 4Q’25. Trading volumes grew by 25.5%. The increase in the share of value-added CCP repo (including GCC) in the volumes’ mix supported the effective fee, yet the decrease in average on-exchange repo terms affected it negatively. These two factors virtually netted each other out. The GCC repo segment also benefits from the rising demand for Russian-law money market ETFs.

• Derivatives Market F&C income increased by 58.9% in 4Q’25. Trading volume added 48.3%. The volume mix evolved towards higher value-added contracts on commodities, which had a positive impact on the effective fee. Specifically, volumes of commodity derivatives surged by 70.1%. Trading volumes of FX derivative contracts increased by 27.7%. Trading volumes of index contracts grew by 56.6% and single-stock contracts increased by 0.4% in trading volumes.

• Fee income from the Depository and Settlement Services added 6.9% in 4Q’25. The average value of assets under custody increased by 19.6%. The discrepancy between the growth rates of F&C income and assets on deposit is the result of business lines beyond safekeeping, primarily clearing and collateral management services, which are a reflection of repo operations at the NSD.

• In 4Q’25, the IT Services, Listing and other fee income line was largely driven by Finuslugi revenues. Sales of software and technological services improved by 29.6%. Listing and other services grew by 38.5% as primary market activity in bonds improved. Sales of information services declined by 11.2%. Finuslugi revenues surged by 111.1%. Other fee income grew by 64.3%.

• Fee income from other markets increased by 32.4% in 4Q’25 while trading volumes were up 28.2%.

OPEX BREAKDOWN

• FY’25 OPEX was up 12.4% YoY, in line with the guidance range of 10–15%.

• OPEX for 4Q’25 increased by 24.8 YoY, largely due to the growth in marketing and IT maintenance expenses.

• Personnel expenses for 4Q’25 grew by 9.6% YoY on the back of new hires and LTIP change against a low base.

• The employee headcount in 4Q’25 added 12.1% YoY and 0.3% QoQ. New hires in 4Q’25 are related to strategic projects (Finuslugi) and the overall strengthening of the IT function.

• Advertising and marketing costs in 4Q’25 grew by 64.7% YoY to stimulate further growth of the Finuslugi client base.

• The 25.6% YoY increase in 4Q’25 taxes, other than income tax, is linked to VAT following a rise in the taxable expenses, primarily in marketing.

• Market makers’ fees in 4Q’25 grew by 47.3% YoY as trading activity improved across markets.

• D&A and IT maintenance for 4Q’25 grew 35.5% YoY, while the D&A alone added 45.5% YoY.
  IT maintenance costs for 4Q’25 increased by 19.8% YoY due to the implementation of the software & hardware renewal programme.

• CAPEX for 4Q’25 was RUB 6.4 bln, mostly spent on purchases of software and equipment as well as software development. CAPEX for FY’25 amounted to RUB 13.7 bln,
  fitting the guidance range of RUB 13–15 bln.

The cash position[3] at the end of 2025 was RUB 209 bln. The company had no debt as of the end of the reporting period.

Moscow Exchange’s consolidated IFRS financial statements for FY 2025 are available on the Investor Relations section of the company's web site.

Contacts:

Investor Relations: Public Relations:

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.