Published on: 2026-08-26
Source: Moscow Exchange –
An important disclaimer is at the bottom of this article.
PJSC Moscow Exchange (MOEX) announces financial results of the second quarter of 2026, prepared on the basis of consolidated financial statements under IFRS.
Unless otherwise specified, all indicators are given for the second quarter of 2026, and the dynamics are compared to the second quarter of 2025.
KEY FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2026
- Commission income amounted to 22.3 billion rubles amid high activity from clients and issuers, as well as the launch of new products and services.
- Net interest income amounted to 11.9 billion rubles.
- The share of commission income in the structure of the exchange’s gross operating income amounted to 65%.
- Total operating expenses[1] increased by 10.4%. The ratio of expenses to income[2] was 39.2%.
- Net profit amounted to 15.8 billion rubles.
KEY EVENTS OF THE SECOND QUARTER OF 2026
- 123 corporate issuers, of which nine entered the market for the first time, placed 308 bond issues totaling 3.3 trillion rubles.
- Trading started on the stock market with 387 securities.
- 21 new futures contract has been launched on the derivatives market, bringing the total number of derivative financial instruments to 293.
- Two companies unrelated to the commodity sector — B2B-RTS and Incab Holding — conducted IPOs on the Moscow Exchange.
- The first partnership financing bonds in Russia have become available to investors on the Moscow Exchange.
- The exchange launched four indices on digital currencies and three more indices on silver, platinum, and palladium, expanding its range of market indicators.
- The exchange resumed holding the Exchange Forum – a key event for the financial community, which gathered more than 1.3 thousand participants offline and over 7 thousand online.
- The exchange held a Shareholders’ Day in an online format, which allowed for direct dialogue between the company’s management and shareholders before the annual general meeting (AGM).
- The RA expert confirmed the highest credit rating (ruAAA) of the Moscow Exchange with a stable outlook.
SUBSEQUENT EVENTS
- The exchange launched 23 fixings of foreign securities, which will be used for creating derivative financial instruments based on foreign assets.
- Currency futures became available for trading on weekends, which expanded access to the derivatives market.
- On the derivatives market, 10 new futures contracts on Russian and global stocks and commodity assets, as well as one premium option on the shares of MCKAO “Ozon,” have been launched.
- Sberbank, Henderson, and Yandex have been included in the calculation base of the Moscow Exchange Value Creation Index, expanding their participation in the Shareholder Value Creation Program.
- The Moscow Exchange Investment Certificate (MOEX Investor Certificate) has been included by the Bank of Russia in the list of documents for recognizing an investor as qualified.
- Moscow Exchange paid shareholders dividends for 2025 amounting to 44.5 billion rubles, which corresponds to 75% of the Exchange’s consolidated net profit under IFRS.
- The client base of private investors continued to grow: the total number of private investors registered in the stock market reached 42.2 million by the end of July, and the number of individual investment accounts (IIAs) amounted to 6.4 million.
- AKRA has confirmed the highest credit rating (AAA(RU)) of the Moscow Exchange with a stable outlook.
FINANCIAL INDICATORS (million rubles)
| Q2 2026 | Q2 2025 | Q1 2026 | |
|---|---|---|---|
| Gross operating income | 34,372.2 | 32,214.0 | 35,323.3 |
| · Commission income | 22,271.7 | 17,847.5 | 21,497.4 |
| · Interest and other financial income (net interest income)[3] | 11,933.7 | 14,257.0 | 13,778.1 |
| Net interest income excluding realized gains or losses from the revaluation of the investment portfolio[4] | 11,957.6 | 14,251.1 | 13,686.0 |
| · Other operating income | 166.8 | 109.5 | 47.8 |
| Commissions and other direct expenses | 1,922.3 | 1,565.7 | 2,076.6 |
| · Direct radvertising and marketing expenses [5] | 798.0 | 703.0 | 1,059.2 |
| · Market Makers Commission | 384.9 | 311.7 | 343.7 |
| · Other tocommission and 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 |
| · Depreciation and IT maintenance expenses | 3,366.5 | 2,562.4 | 2,541.8 |
| · Advertising and marketing expenses[6] | 1,147.5 | 1,250.3 | 1,026.1 |
| · Other general and administrative expenses[7] | 1,286.8 | 1,326.1 | 1,148.8 |
| Profit before deduction of other operating expenses and taxation | 20,901.8 | 20,013.3 | 22,782.7 |
| Changes in the provision for USE | 287.9 | 197.6 | 275.3 |
| Other impairment losses and reserves | -373.8 | -0.9 | 0.0 |
| Profit before tax | 20,815.9 | 20,210.0 | 23,058.0 |
| Profit 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 in rubles | 6.94 | 6.63 | 7.56 |
| · Operating expenses | 11,548.1 | 10,635.0 | 10,464.0 |
| · Tocommission fees and other direct expenses | 1,922.3 | 1,565.7 | 2,076.6 |
| Aggregate operational expenses [1] | 13,470.4 | 12,200.7 | 12,540.6 |
| Net profit | 15,766.2 | 15,056.2 | 17,162.8 |
| · Changes to the reserve for OKU | -287.9 | -197.6 | -275.3 |
| · Other impairment losses and provisions | 373.8 | 0.9 | 0.0 |
| · Deferred taxes related to changes in the provision for operating expenses, other impairment losses, and reserves | -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 |
| · Changes to the reserve under OKU | -287.9 | -197.6 | -275.3 |
| · Other impairment losses 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% |
DETAILING OF OPERATING EXPENSES (million rubles)
| Q2 2026 | Q2 2025 | Q1 2026 | |
|---|---|---|---|
| Commissions and other direct expenses | 1,922.3 | 1,565.7 | 2,076.6 |
| · Direct expenses on advertising and marketing | 798.0 | 703.0 | 1,059.2 |
| · Market maker commissions | 384.9 | 311.7 | 343.7 |
| · Remuneration to agents | 224.6 | 292.9 | 231.4 |
| · Information services classified as products | 197.5 | 80.1 | 175.5 |
| · Services of registrars and foreign depositories | 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 |
| · Amortization of intangible assets | 1,610.8 | 1,374.7 | 1,298.4 |
| · Advertising and marketing expenses | 1,147.5 | 1,250.3 | 1,026.1 |
| · Maintenance of fixed assets and intangible assets | 1,033.2 | 686.9 | 553.3 |
| · Depreciation of fixed assets | 717.7 | 500.8 | 690.1 |
| · Taxes, excluding profit tax | 690.2 | 468.9 | 556.1 |
| · Professional services | 167.8 | 285.7 | 184.5 |
| · Rental and maintenance of office premises | 106.8 | 145.1 | 106.9 |
| · Expenses on charity | 94.2 | 11.5 | 84.0 |
| · Information services | 57.3 | 50.5 | 44.6 |
| · Communication services | 50.4 | 103.3 | 78.5 |
| · Travel expenses | 29.5 | 38.4 | 7.1 |
| · Security costs | 21.0 | 18.7 | 20.4 |
| · Transportation expenses | 7.7 | 9.2 | 10.1 |
| · Depreciation of investment property | 4.8 | 0.0 | 0.0 |
| · Loss on disposal of fixed assets 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 |
| · Employee compensation, excluding stock-based payments | 4,722.1 | 4,331.3 | 4,651.5 |
| · Payroll taxes | 1,020.0 | 934.2 | 1,251.2 |
| · Expenses under agreements for the acquisition of equity instruments with cash settlement | 5.2 | 25.4 | -155.4 |
| · Expenses under contracts for the acquisition of equity instruments with redemption by equity instruments | 0.0 | 205.3 | 0.0 |
| Total operating expenses | 13,470.4 | 12,200.7 | 12,540.6 |
| Number of employees (at the end of the period), persons | 3,727 | 3,433 | 3,771 |
- Total operating expenses in the second quarter of 2026 increased by 10.4% compared to the second quarter of 2025, mainly due to the growth in administrative and general expenses, as well as commissions and other direct expenses.
- Personnel expenses increased by 4.6% year-on-year due to an increase in staff numbers and social contributions amid a lower recovery of bonus accruals and a significant reduction in accruals for the long-term incentive program.
- The number of personnel increased by 8.6% year-on-year and decreased by 1.2% compared to the first quarter of 2026. Hiring of new employees was mainly related to strategic projects and the overall strengthening of the IT function.
- Advertising and marketing expenses decreased by 8.2%.
- Depreciation and maintenance expenses together increased by 31.4%, with depreciation expenses rising by 24.4%. IT maintenance expenses grew by 50.4%.
- The increase in taxes, aside from the profit tax, is related to the rise in VAT on IT services and consulting services, as well as the general increase in the VAT rate.
COMPARISON OF OPERATING EXPENSES FOR II APT. 2026 (million rubles)
| Total expenses* | Direct expenses** | Total expenses** | |
|---|---|---|---|
| Commissions and other direct expenses | – | 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 |
| Aggregate operating expenses | 13,470.4 | – | 13,470.4 |
* In accordance with the methodology in effect in 2025.
** According to the methodology introduced in effect in the first quarter of 2026.
OPERATING EXPENSES REPRESENTATION
Starting from the first quarter of 2026, the Moscow Exchange presents commissions and other direct expenses as a separate line item within operating expenses. The revised presentation format better reflects the nature of expenses directly related to products and services and provides a more informative view of the Group’s operating cost structure. Comparative data are presented on the same basis.
| Direction | The impact of the modified presentation format |
|---|---|
| Classification of individual expense items | Modified |
| Commissions and other direct expenses | Presented as a separate line |
| General and administrative expenses | Reduced by the amount of reclassified direct expenses |
| Total operating expenses | Does not affect |
| Operating profit, profit before tax, and net profit | Does not affect |
| Equity / Cash Flows | Does not affect |
| Comparative data | Comparative indicators have been reclassified in accordance with the format of the current period’s indicator presentation. |
KEY INDICATORS OF STOCK MARKETS (mln RUB)
| Q2 2026 | Q2 2025 | Q1 2026 | |
|---|---|---|---|
| Stock market[8] | |||
| Commission income, million rubles | 2,031.1 | 2,794.6 | 2,232.2 |
| Trading volume, billion rubles | 7,346.7 | 9,246.4 | 8,012.7 |
| Bond market | |||
| Commission income, million rubles | 2,339.0 | 1,597.9 | 1,865.8 |
| Trading volume (excluding one-day bonds), billion rubles | 11,885.9 | 8,261.5 | 10,746.4 |
| Money Market | |||
| Commission income, million rubles | 5,871.8 | 4,614.0 | 5,245.3 |
| Trading volume, billion rubles | 449,966.3 | 303,207.8 | 390,520.8 |
| Spot market | |||
| Commission income, million rubles | 4,144.1 | 2,731.7 | 4,753.5 |
| Trading volume, billion rubles | 45,458.1 | 31,210.5 | 48,438.0 |
| Other markets | |||
| Commission income, million rubles | 1,233.7 | 873.6 | 1,239.8 |
| Trading volume, billion rubles | 41,283.4 | 33,803.0 | 44,973.4 |
| Settlement and Depository Services | |||
| Commission income, million rubles | 3,075.2 | 2,371.0 | 2,886.4 |
| Average volume of assets taken into custody, billion rubles | 102,023.2 | 80,829.5 | 100,734.6 |
| Other commission income (IT services, listing services, marketplace, etc.) | |||
| Information services, mln rubles | 308.1 | 171.9 | 222.8 |
| Software sales and technical services, million rubles | 635.9 | 469.5 | 616.3 |
| Listing and other services, million rubles | 323.5 | 281.4 | 304.9 |
| Financial marketplace services, mln rubles | 1,700.4 | 1,642.6 | 1,602.5 |
| Other commission income, mln rubles | 608.9 | 299.3 | 527.9 |
| Net interest and other financial income | |||
| Net interest and other financial income, million rubles | 11,933.7 | 14,257.0 | 13,778.1 |
| Investment portfolio, billion rubles | 2,648.5 | 2,690.7 | 2,525.3 |
- The market capitalization of stocks as of June 30, 2026, amounted to 45.6 trillion rubles. Commission revenues in the stock market (stocks and mutual funds) decreased by 27.3% due to a 20.5% decrease in trading volumes. The decline in effective commissions was caused by the implementation of a marketing program for transactions with shares of mutual investment funds, launched in the third quarter of 2025.
- Commission income in the bond market increased by 46.4% following a 43.9% rise in trading volumes (excluding one-day bonds). The effective commission was positively influenced by the trading volume structure, mainly due to a decrease in the share of OFZ placements. Trading volumes in the primary market (excluding one-day bonds) grew by 28.1%. Secondary trading volumes increased by 58.5%.
- Commission income in the money market grew by 27.3% with a 48.4% increase in trading volumes. A slight increase in the average terms of exchange repo transactions, as well as the average terms of repo with clearing participation certificates (CPC), positively influenced the effective commission, but a more significant factor was the decrease in the share of more profitable segments of repo with a central counterparty (including CPC) in the trading volume structure.
- Commission income in the derivatives market increased by 51.7% with trading volumes rising by 45.7%. The structure of trading volumes shifted towards more profitable commodity contracts, which had a positive impact on the effective commission, amid a decline in the share of index contracts.
- Commission income from settlement and depository services increased by 29.7%. The average value of assets under custody grew by 26.2%. The difference between the growth rates of commission income and the value of assets under custody was determined by the performance indicators of business areas not related to custody.
- Revenues from information services sales increased by 79.2%. Revenues from software sales and technical services grew by 35.4%. Listing and other services increased by 15.0% due to high activity in the primary bond market during the quarter. Revenues of the Finusluigi platform grew by 3.5%.
- The size of the Exchange’s own funds[9] As of the end of the second quarter of 2026, it amounted to 194 billion rubles. As of the end of the reporting period, the Exchange had no debt obligations.
- The amount of capital expenditures for the second quarter was 2.36 billion rubles; the funds were mainly directed towards the acquisition of software and equipment, as well as software development.
The full version of the financial statements of PJSC Moscow Exchange for the second quarter of 2026, prepared in accordance with IFRS, is available on the website in the section To the “shareholders.”
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INFORMATION FOR EDITORS
PJSC Moscow Exchange
The Moscow Exchange Group manages the only multifunctional exchange platform in Russia for trading stocks, bonds, derivatives, currencies, money market instruments, and commodities. The Group includes the central depository (Non-bank credit organization joint-stock company “National Settlement Depository”), as well as the clearing center (Non-bank credit organization – central counterparty “National Clearing Center” (Joint-stock company)), which performs the functions of the central counterparty in the markets, allowing the Moscow Exchange to provide clients with a full range of trading and post-trading services. The Moscow Exchange conducted its initial public offering on its own trading platform (trading code – MOEX) on February 15, 2013.
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