Published on: 2026-05-21
Source: Moscow Exchange –
An important disclaimer is at the bottom of this article.
PJSC Moscow Exchange (MOEX) announcesfinancial results of the first quarter of 2026, prepared based on consolidated financial statements under IFRS.
Unless otherwise specified, all indicators are given for the first quarter of 2026, and the dynamics are compared to the first quarter of 2025.
MAIN FINANCIAL RESULTS OF THE FIRST QUARTER OF 2026
- Commission fees amounted to 21.5 billion rubles as a result of high activity from clients and issuers, as well as the launch of new products and services.
- The net profit amounted to 13.8 billion rubles.
- The share of commission income in the structure of the exchange’s operating income amounted to 61%.
- Operating Expenses[1]decreased by 2.5%. The ratio of revenues to expenses[2]amounted to 35.5%.
- Net profit amounted to 17.2 billion rubles.
IMPORTANT EVENTS OF THE FIRST QUARTER OF 2026
- 133 corporate issuers, of which 11 entered the market for the first time, placed 317 bond issues totaling 2.8 trillion rubles.
- The “Etalon” group conducted an SPO, the amount of funds raised was 18.4 billion rubles.
- Seven new contracts have been launched on the urgent market, including a futures contract on Russian stocks, five futures contracts on precious metals, and an option on silver.
- The urgent market has switched to a Single Trading Session – trading is conducted throughout the entire day from 9:00 to 23:50 without breaks for clearing.
- Trading started with the first proprietary BPIF, offering diversification and access to various asset classes.
- On the precious metals market, the calculation of fixings for silver, platinum, and palladium has started.
- The calculation of the index of issuers with ESG ratings from Russian rating agencies has begun.
- The Moscow Exchange has relaunched the Best Private Investor competition. Its main goal is to popularize investment culture.
- The Supervisory Board of the Moscow Exchange recommended that the annual General Meeting of Shareholders approve the payment of dividends at the amount of 19.57 rubles per share for 2025, which corresponds to 75% of the company’s net profit under IFRS for 2025.
FOLLOWING NEWS
- The Russian digital B2B-RTS platform attracted more than 2.4 billion rubles within the IPO on the Moscow Exchange.
- Trading of high-yield bonds began on the BPIF.
- The bond index calculation period has been extended to include additional trading sessions.
- Two futures contracts on Russian stocks, three contracts on gasoline and diesel, three contracts on digital assets, one interest rate future, as well as cap/floor options on interest rates have been launched on the derivatives market.
- The client base of private investors continued to grow: the total number of private investors registered on the stock market reached 41.1 million, and the number of individual investment accounts (IIAs) totaled 6.3 million.
- The “Scoring” service has been launched, allowing brokerage companies to receive information during the registration of new clients about their experience in trading on the stock exchange and their status as qualified investors.
- The Moscow Exchange has resumed holding the Exchange Forum, a key event for the professional financial community. Participants included over 1,300 representatives of banks, brokerage and management companies, independent experts and analysts, representatives of regulatory authorities, and the expert community.
FINANCIAL INDICATORS (million rubles)
| Â | I quarter 2026 | 1st quarter of 2025 | Q4 2025 |
|---|---|---|---|
| Operating revenues | 35,323.3 | 28,588.9 | 34,871.9 |
| · Commission fees | 21,497.4 | 18,482.1 | 22,890.5 |
| · Interest and other financial income (net interest income)[3] | 13,778.1 | 10,063.3 | 11,844.6 |
| · Net interest income excluding realized gains or losses from revaluation of the investment portfolio[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 |
| · Expenditures on personnel | 5,747.3 | 6,841.9 | 6,661.0 |
| · Costs for amortization and maintenance of fixed assets | 2,541.8 | 2,320.7 | 3,294.6 |
| ·Advertising and marketing expenses[5] | 2,085.3 | 1,987.5 | 3,014.8 |
| · Other general and administrative expenses4 | 2,166.2 | 1,718.3 | 2,695.7 |
| Profit before deduction of other operating expenses and taxation | 22,782.7 | 15,720.5 | 19,205.8 |
| Change of reserve under OKU | 275.3 | 1,760.8 | -57.9 |
| Other losses from impairment and reserves | 0.0 | 0.0 | -663.5 |
| Profit before tax | 23,058.0 | 17,481.3 | 18,484.4 |
| Profit 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 in rubles | 7.56 | 5.72 | 6.23 |
| Â | Â | Â | Â |
| Net profit | 17,162.8 | 12,979.3 | 14,190.7 |
| Change of reserve under OKU | -275.3 | -1,760.8 | 57.9 |
| ·Other losses from impairment and reserves | 0.0 | 0.0 | 663.5 |
| ·Deferred taxes related to changes in the reserve under IFRS and other impairments and reserves | 68.8 | 440.2 | -180.4 |
| Adjusted net profit | 16,956.3 | 11 658,7 | 14,731.7 |
| Â | Â | Â | Â |
| EBITDA | 25,046.5 | 19,211.8 | 20,643.4 |
| ·Change of reserve under OKU | -275.3 | -1,760.8 | 57.9 |
| ·Other losses from depreciation and reserves | 0.0 | 0.0 | 663.5 |
| Adjusted EBITDA | 24,771.2 | 17,451.0 | 21,364.8 |
| Adjusted EBITDA profitability | 70.1% | 61.0% | 61.3% |
DETAILS OF OPERATING COSTS (million rubles)
| Â | Q1 2026 | Q1 2025 | Q4 2025 |
|---|---|---|---|
| General and administrative expenses[6] | 6,793.3 | 6,026.5 | 9,005.1 |
| · Advertising and marketing costs | 2,085.3 | 1,987.5 | 3,014.8 |
| · Amortization of intangible assets | 1,298.4 | 1,312.9 | 1,544.6 |
| · Depreciation of fixed assets | 690.1 | 417.6 | 614.4 |
| · Taxes, except profit tax | 556.1 | 343.1 | 840.4 |
| · Technical maintenance of fixed assets and intangible assets | 553.3 | 590.2 | 1,135.6 |
| · Professional services | 404.5 | 375.9 | 482.8 |
| · Commission of market makers | 343.7 | 295.8 | 367.7 |
| · Agent commissions | 231.4 | 234.4 | 330.9 |
| · Services of registrars and foreign depositories | 135.3 | 119.5 | 158.3 |
| · Information services | 131.6 | 83.7 | 62.1 |
| · Rental and maintenance of office premises | 106.9 | 97.8 | 140.7 |
| · Expenses for charity | 84.0 | 11.1 | 64.3 |
| · Communication services | 78.5 | 17.8 | 36.7 |
| · Expenses for ensuring security | 20.4 | 21.3 | 20.8 |
| · Transport expenses | 10.1 | 7.5 | 11.5 |
| · Business trips | 7.1 | 11.3 | 23.5 |
| · Loss from the disposal of fixed assets and intangible assets | 0.0 | 0.2 | 43.3 |
| · Others | 56.6 | 98.9 | 112.7 |
| Expenses on personnel | 5,747.3 | 6,841.9 | 6,661.0 |
| · Employee compensation, excluding payments based on stock options | 4,651.5 | 4,622.8 | 5,341.9 |
| · Taxes on the payroll fund | 1,251.2 | 1,306.2 | 1,007.8 |
| · Pure change in payments under programs based on shares, with calculations in monetary terms | -155.4 | 913.6 | 311.3 |
| · Pure change in payments for programs based on shares, with calculations for equity instruments | 0.0 | -0.7 | 0.0 |
| Â | Â | Â | Â |
| Total operating expenses | 12,540.6 | 12,868.4 | 15,666.1 |
| Â | Â | Â | Â |
| Number of employees (at the end of the period), people. | 3,771 | 3,433 | 3,734 |
- Operating expenses in the first quarter of 2026 decreased by 2.5% compared to the first quarter of 2025, mainly due to a reduction in personnel expenses.
- Personnel costs decreased by 16.0% on an annual basis thanks to adjustments in accruals within the framework of the long-term incentive program.
- The number of staff increased by 9.8% year-on-year and by 1.0% compared to the fourth quarter of 2025. The hiring of new employees was mainly related to strategic projects and the overall strengthening of the IT function.
- Advertising and marketing expenditures in the first quarter of 2026 increased by 4.9% compared to the same period of the previous year, which contributed to the further growth of the client base of the Finuslugi marketplace.
- Depreciation expenses and technical maintenance increased overall by 9.5%, with depreciation expenses rising by 14.9%. IT service expenses decreased by 6.3%.
- The increase in taxes, except for profit tax, is associated with the increase in VAT on IT services and consulting services, as well as the general increase in the VAT rate.
STATEMENT OF FINANCIAL RESULTS FOR Q1 2026 (million rubles)
| Â | Total orders* | Live broadcasts** | General expenses** |
|---|---|---|---|
| · Commission and other direct expenses | − | 2,076.6 | − |
| General and administrative expenses | 6,793.3 | 2,076.6 | 4,716.7 |
| · Advertising and marketing expenses | 2,085.3 | 1,059.2 | 1,026.1 |
| · Amortization of intangible assets | 1,298.4 | − | 1,298.4 |
| · Depreciation of fixed assets | 690.1 | − | 690.1 |
| · Taxes, except for profit tax | 556.1 | − | 556.1 |
| · Technical maintenance of fixed assets and intangible assets | 553.3 | − | 553.3 |
| · Professional services | 404.5 | 220.0 | 184.5 |
| · Commission of market makers | 343.7 | 343.7 | − |
| · Agent remuneration | 231.4 | 231.4 | − |
| · Services of registrars and foreign custodians | 135.3 | 135.3 | − |
| · Information services | 131.6 | 87.0 | 44.6 |
| · Rent and maintenance of office premises | 106.9 | − | 106.9 |
| · Expenses for charity | 84.0 | − | 84.0 |
| · Communication services | 78.5 | − | 78.5 |
| · Expenses for providing security | 20.4 | − | 20.4 |
| · Transport expenses | 10.1 | − | 10.1 |
| · Business trips | 7.1 | − | 7.1 |
| · Other | 56.6 | − | 56.6 |
* In accordance with the methodology that will be in effect in 2025.
** In accordance with the methodology introduced in the first quarter of 2026.
KEY INDICATORS OF LIFE EXPECTANCY (mln rub.)
| Â | I quarter 2026 | Q1 2025 | Q4 2025 |
|---|---|---|---|
| Stock market[7] | |||
| Commission fees, million rubles | 2,232.2 | 3,728.3 | 2,295.0 |
| Trading volume, billion rubles | 8,012.7 | 12,305.1 | 8,078.8 |
| Bond market | |||
| Commission fees, million rubles | 1,865.8 | 1,542.5 | 2,282.1 |
| Trading volume (excluding one-day bonds), billion rubles | 10,746.4 | 7,751.7 | 12,242.4 |
| Money market | |||
| Commissions, million rubles | 5,245.3 | 4,445.9 | 6,509.2 |
| Trading volume, billion rubles | 390,520.8 | 300,484.5 | 398,185.4 |
| Spot market | |||
| Commission fees, million rubles | 4,753.5 | 2,869.7 | 4,307.4 |
| Trading volume, billion rubles | 48,438.0 | 33,707.0 | 46,316.2 |
| Other markets | |||
| Commission fees, million rubles | 1,239.8 | 885.0 | 1,187.6 |
| Trade volume, billion rubles | 44,973.4 | 31,139.3 | 50,695.4 |
| Settlement and depository services | |||
| Commission fees, million rubles | 2,886.4 | 2,523.1 | 2,754.1 |
| Average volume of assets accepted for pledging, billion rubles | 100,734.6 | 81,886.4 | 91,062.4 |
| Other commission fees (IT services, listing services, marketplace, etc.) | |||
| Information services, million rubles | 222.8 | 192.7 | 161.6 |
| Implementation of software and technical services, million rubles | 616.3 | 454.1 | 589.1 |
| Listings and other services, million rubles | 304.9 | 278.4 | 353.8 |
| Financial marketplace services, million rubles | 1,602.5 | 1,313.8 | 2,041.8 |
| Other commission fees, mln rubles | 527.9 | 248.6 | 408.8 |
| Pure interest and other financial income | |||
| Net interest and other financial income, million rubles | 13,778.1 | 10,063.3 | 11,844.6 |
| Investment portfolio, billion rubles | 2,525.3 | 2,977.2 | 3,129.8 |
- The capitalization of the stock market as of March 31, 2026, amounted to 54.0 trillion rubles (664.7 billion US dollars). Commission revenues in the stock market (stocks and mutual funds) decreased by 40.1% due to a 34.9% decline in trading volumes. The results of the marketing program for transactions with mutual fund shares, launched in the third quarter of 2025, had a negative impact on the effective commission.
- Commission fees in the bond market increased by 21.0% amid a 38.6% rise in trading volumes (excluding one-day bonds), which is explained by the activity of investors in both the primary and secondary markets. Trading volumes in the primary market (excluding one-day bonds) grew by 19.5%. Secondary market trading volume increased by 55.6%.
- Commission fees in the money market increased by 18.0% with a 30.0% increase in trading volumes. A slight reduction in the average terms of repo exchange transactions, as well as a decrease in the share of more profitable repo segments with a central counterparty, including repos with clearing participation certificates (KSU) in the trading volume structure, negatively impacted the effective commission. The repo segment with KSU benefited from the growing accumulated position in the money market BPF.
- Commissions on the derivatives market increased by 65.6% with a 43.7% rise in trading volumes. The structure of trading volumes shifted towards more profitable contracts on goods, which had a positive impact on the effective commission. In particular, the volume of trading in contracts on commodity instruments increased by 173.9%. Volumes of trading in index contracts fell by 46.7%, and in stock contracts — by 18.1%.
- Commission income from clearing and depositary services increased by 14.4%. The average value of assets under custody grew by 23.0%. The difference between the growth rates of commission income and the value of assets under custody was determined by indicators of business lines not related to custody.
- Revenues from the sale of information services increased by 15.6%. Revenues from the sale of software and the provision of technical services grew by 35.7%. Listings and other services grew by 9.5% due to high activity in the primary bond market. Revenues from the Finuslugi platforms increased by 22.0%.
- Size of Exchange’s own funds[8]According to the results of the first quarter of 2026, it amounted to 223 billion rubles. As of the end of the reporting period, the Exchange had no debt obligations.
- The amount of capital expenditures amounted to 1.62 billion rubles, funds were mainly directed towards the acquisition of software and equipment, as well as the development of software.
The full version of the financial statements of PJSC Moscow Exchange for the first quarter of 2026, prepared in accordance with IFRS, is available on the website in the section“To the shareholders”.
Contact information for additional details:
| Investors: | SMS: |
|---|---|
| Anton Terentyev +7 495 363 3232 ir@moex.com |
Press service +7 495 363 3232 pr@moex.com |
INFORMATION FOR EDITORS
PJSC Moscow Exchange
The Moscow Exchange Group operates the only multifunctional exchange platform in Russia for trading stocks, bonds, derivatives, currencies, money market instruments, and commodities.The Group includes the central depository (a non-bank credit institution joint-stock company “National Settlement Depository”), as well as the clearing center (a non-bank credit institution – the central counterparty “National Clearing Center” (Joint Stock Company)), performing the functions of the central counterparty in the market, which allows the Moscow Exchange to provide clients with a full cycle of trading and post-trading services. The Moscow Exchange conducted the initial public offering of its shares on February 15, 2013 on its own trading platform (trading code – MOEX).
Statement on limitation of liability
Some of the information contained in this document may include forward-looking assessments and other forward-looking statements regarding future events and the future financial activities of the Company. You can determine whether a statement is forward-looking based on words such as “expect,” “believe,” “estimate,” “intend,” “will,” “would have,” “may,” including negative forms of these verbs, as well as similar expressions.Society warns that these statements are only forecasts and the actual events and results of Society’s activities may differ significantly from them. Society does not intend to update these statements to reflect events and circumstances that occur after the publication of this document or to reflect the occurrence of unexpected events.Many factors may cause the actual results of the Society’s activities to differ materially from the expected results contained in forward-looking statements, including, among others, such factors as general economic conditions, competition, risks associated with conducting activities in the Russian Federation, rapid technological changes and changes in market conditions in the industry in which the Society operates, as well as other risks related to the Society and its activities.
Â
[1]It is calculated as the sum of commission fees and other direct costs, general and administrative expenses, personnel expenses.
[2]Calculated as operating expenses divided by operating profit, presented in the “FINANCIAL INDICATORS” section.
[3]The total percentage income, calculated using the effective interest rate method, of other financial income, net profit on financial assets measured at fair value, the changes of which are reflected in the profit and loss statement, net profit on financial assets measured at fair value, the changes of which are reflected in other comprehensive income, and income from exchange rate differences and income from operations with precious metals net of interest expense.
[4]The sum of interest income, calculated using the effective interest rate, other interest income, net profit from financial instruments measured at fair value through profit or loss, and income from operations in foreign currency and precious metals, less interest expenses (compared to net interest and other financial income does not include net profit on financial assets measured at fair value through other comprehensive income).
[5],4The corresponding articles are combined from sections of financial reporting on commission and other direct expenses, as well as general and administrative expenses. A comparison is provided in the table “COMPARISON OF EXPENSE ITEMS FOR Q1 2026” below.
[6]The relevant articles are combined from the sections of financial reporting on commission and other direct expenses, as well as general and administrative expenses. A comparison is provided in the table “COMPARISON OF OPERATING EXPENSES FOR Q1 2026” below.
[7]Shares and PIFs
[8]Own funds are defined as the sum of cash and equivalents, financial assets measured at fair value through profit or loss, funds in financial organizations, financial assets measured at fair value through other comprehensive income, investment financial assets at amortized cost, prepaid income tax, and other non-financial assets, less client funds, overnight bank loans, liabilities to depositors and counterparties, settlement of margin contributions, obligations,relating to assets intended for sale, current obligations for income tax, and other financial obligations.
Please note; This information is raw content received directly from an information source. It represents an exact report on what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.