Moscow Exchange (MOEX) today announces its financial results based on summary financial statements prepared in accordance with International Financial Reporting Standards (IFRS) for Q2 2025.
Unless stated otherwise, all figures below refer to performance in Q2 2025 and all comparisons are with the corresponding period last year.
KEY FINANCIAL HIGHLIGHTS FOR Q2 2025
- Fee and commission (F&C) income amounted to RUB 17.8 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 14.3 bln.
- The F&C share of operating income was 56%
- Operating expenses declined by 2.1%. Cost-to-income ratio stood at 37.9%.
- Net profit amounted to RUB 15.1 bln.
KEY BUSINESS & CORPORATE HIGHLIGHTS FOR Q2 2025
- 10 new Russian-law ETFs on bonds, equities, money market instruments and precious metals began trading on MOEX.
- Seven new contracts were launched on the Derivatives Market, including futures and options on commodities, stocks and global assets.
- Digital Habits, an IT developer, raised RUB 900 mln via MOEX Start as the pre-IPO platform continues to develop.
- OZON pharmaceuticals successfully completed its RUB 2.8 bln SPO on MOEX.
- BookBuilder, our proprietary digital platform that facilitates bond placements, processed 80%+ of corporate primary market volumes in Q2 2025.
- MOEX introduced 14 indices, including two that track new topics: crypto-assets (MOEXBTC) and climatic impact (ICLIMATE).
- Responding to client activity, MOEX began weekend calculation of the MOEX Index (IMOEX2), weekend trading in Russian-law ETFs and admitted more stocks.
EVENTS OCCURRING AFTER THE REPORTING PERIOD
- Another three Russian-law ETFs on equities, money market instruments and precious metals started trading on MOEX.
- Eight new futures contracts were launched on the Derivatives Market: four on global assets and benchmarks plus four on Russian equities.
- MOEX introduced Value Building Index (MVBI), tracking equities that emphasize shareholder value creation.
- Finuslugi added 4th authored mutual fund, building on a healthy demand that has already brought into this product line AUM of some RUB 150 mln in the four months since launch.
- Derivatives Market became available for weekend trading.
- 37.8 million retail clients had brokerage accounts on MOEX at the end of July. Over 3.6 million retail clients have traded MOEX markets every month since the beginning of Q2 2025.
- Moscow Exchange completed dividend payments for 2024, distributing a total amount of RUB 59.4 bln (DPS of RUB 26.11), or 75% of 2024 IFRS net profit.
FINANCIAL HIGHLIGHTS (RUB million)
| Q2 2025 | Q2 2024 | Q1 2025 | |
|---|---|---|---|
| Operating Income | 32 214.0 | 36 806.7 | 28 588.9 |
| · Fee and commission income | 17 847.5 | 15 538.8 | 18 482.1 |
| · Net interest and other finance income (NII)[1] | 14 257.0 | 21 227.1 | 10 063.3 |
| Core NII - NII less realized gains or losses on investment portfolio revaluation[2] | 14 251.1 | 21 280.0 | 10 487.3 |
| · Other operating income | 109.5 | 40.8 | 43.5 |
| Operating Expenses | 12 200.7 | 12 464.3 | 12 868.4 |
| · Personnel expenses | 5 496.2 | 7 653.4 | 6 841.9 |
| · D&A and IT maintenance | 2 610.7 | 1 764.8 | 2 350.4 |
| · Advertising and marketing costs | 1 953.3 | 1 389.2 | 1 987.5 |
| · Remaining general and administrative expenses | 2 140.5 | 1 656.9 | 1 688.6 |
| Profit before other operating expenses and tax | 20 013.3 | 24 342.4 | 15 720.5 |
| Movement in allowance for expected credit losses (ECLs) | 197.6 | -146.9 | 1 760.8 |
| Other impairment and provisions | -0.9 | 0.0 | 0.0 |
| Profit before tax | 20 210.0 | 24 195.5 | 17 481.3 |
| Income tax | -5 153.8 | -4 700.6 | -4 502.0 |
| Net Profit | 15 056.2 | 19 494.9 | 12 979.3 |
| Basic earnings per share. RUB | 6.60 | 8.62 | 5.72 |
| Net Profit | 15 056.2 | 19 494.9 | 12 979.3 |
| · Movements in allowance for ECLs | -197.6 | 146.9 | -1 760.8 |
| · Other impairment and provisions | 0.9 | 0.0 | 0.0 |
| · Deferred taxes related to movements in allowance for ECLs and other impairment & provisions | 49.2 | -29.4 | 440.2 |
| Adjusted Net Profit | 14 908.7 | 19 612.4 | 11 658.7 |
| EBITDA | 22 085.5 | 25 486.9 | 19 211.8 |
| · Movements in allowance for ECLs | -197.6 | 146.9 | -1 760.8 |
| · Other impairment and provisions | 0.9 | 0.0 | 0.0 |
| Adjusted EBITDA | 21 888.8 | 25 633.8 | 17 451.0 |
| Adjusted EBITDA margin | 67.9% | 69.6% | 61.0% |
OPEX BREAKDOWN (RUB million)
| Q2 2025 | Q2 2024 | Q1 2025 | |
|---|---|---|---|
| General and Administrative Expenses | 6 704.5 | 4 810.9 | 6 026.5 |
| · Advertising and marketing costs | 1 953.3 | 1 389.2 | 1 987.5 |
| · Amortisation of intangible assets | 1 374.7 | 1 038.8 | 1 312.9 |
| · Equipment and intangible assets maintenance | 735.2 | 473.4 | 619.9 |
| · Depreciation of property and equipment | 500.8 | 252.6 | 417.6 |
| · Taxes, other than income tax | 468.9 | 293.6 | 343.1 |
| · Professional services | 374.3 | 308.7 | 375.9 |
| · Market makers fees | 311.7 | 215.6 | 295.8 |
| · Agent fees | 292.9 | 264.0 | 234.4 |
| · Rent and office maintenance | 145.1 | 85.4 | 97.8 |
| · Loss on disposal of property, equipment and intangible assets | 126.2 | 0.8 | 0.2 |
| · Registrar and foreign depository services | 114.3 | 170.9 | 119.5 |
| · Communication services | 103.3 | 27.9 | 17.8 |
| · Other | 68.6 | 32.4 | 98.9 |
| · Information services | 57.4 | 182.1 | 54.0 |
| · Business trip expenses | 38.4 | 25.0 | 11.3 |
| · Security expenses | 18.7 | 11.9 | 21.3 |
| · Charity | 11.5 | 30.1 | 11.1 |
| · Transport expenses | 9.2 | 8.5 | 7.5 |
| Personnel expenses | 5 496.2 | 7 653.4 | 6 841.9 |
| · Employees benefits except for share-based payments | 4 331.3 | 3 659.9 | 4 622.8 |
| · Payroll related taxes | 934.2 | 1 184.2 | 1 306.2 |
| · Share-based payment expense on equity settled instruments | 205.3 | 219.7 | -0.7 |
| · Share-based payment expense on cash settled instruments | 25.4 | 2 589.6 | 913.6 |
| Total operating expenses | 12 200.7 | 12 464.3 | 12 868.4 |
| Headcount, employees e-o-p | 3 522 | 2 828 | 3 433 |
- OPEX for 2Q’25 decreased by 2.1% YoY, mainly explained by the reduction in personnel expenses.
- The 28.2% YoY decline in personnel expenses is due to the high base effect of LTIP provisions in 2Q’24 and an unwinding of FY’24 bonus accruals.
- The employee headcount added 24.5% YoY and 2.6% QoQ. New hires are related to the overall strengthening of the IT function and strategic projects.
- Advertising and marketing costs grew by 40.6% YoY to stimulate further growth of the Finuslugi client base.
- D&A and IT maintenance grew 47.9% YoY, while the D&A alone added 45.2% YoY. IT maintenance costs increased by 55.3% due to the implementation of the software & hardware renewal program.
- The increase in taxes, other than income tax, is related to VAT on marketing, IT maintenance, and consulting services.
PERFORMANCE OF KEY BUSINESS LINES
| Q2 2025 | Q2 2024 | Q1 2025 | |
|---|---|---|---|
| Equities Market | |||
| Fee and commission income, RUB mln | 2,794.6 | 2,392.7 | 3,728.3 |
| Trading volumes, RUB bln | 9,246.4 | 7,729.5 | 12,305.1 |
| Bond Market | |||
| Fee and commission income, RUB mln | 1,597.9 | 899.1 | 1,542.5 |
| Trading volumes (ex. overnight bonds), RUB bln | 8,261.5 | 5,033.3 | 7,751.7 |
| Money Market | |||
| Fee and commission income, RUB mln | 4,614.0 | 3,820.7 | 4,445.9 |
| Trading volumes, RUB bln | 303,213.0 | 247,690.0 | 300,484.5 |
| Derivatives Market | |||
| Fee and commission income, RUB mln | 2,731.7 | 2,244.9 | 2,869.7 |
| Trading volumes, RUB bln | 31,210.5 | 23,204.1 | 33,707.0 |
| Other markets | |||
| Fee and commission income, RUB mln | 873.6 | 1,785.3 | 885.0 |
| Trading volumes, RUB bln | 33,803.0 | 77,903.2 | 31,139.3 |
| Depository and Settlement Services | |||
| Fee and commission income, RUB mln | 2,371.0 | 2,541.4 | 2,523.1 |
| Average assets under custody, RUB bln | 80,829.5 | 81,072.3 | 81,886.4 |
| Other fee and commission income (IT Services, Listing, Marketplace and other) | |||
| Information services, RUB mln | 171.9 | 336.3 | 192.7 |
| Sale of software and tech. services, RUB mln | 469.5 | 439.0 | 454.1 |
| Listing and other services, RUB mln | 281.4 | 195.3 | 278.4 |
| Financial marketplace services, RUB mln | 1,642.6 | 656.3 | 1,313.8 |
| Other fee income, RUB mln | 299.3 | 227.8 | 248.6 |
| Net interest and other finance income | |||
| Net interest and other finance income, RUB mln | 14,257.0 | 21,227.1 | 10,063.3 |
| Investment portfolio, RUB bln | 2,690.7 | 3,006.9 | 2,977.2 |
- The total market capitalization of the Equities Market at the end of the second quarter of 2025 was RUB 52.1 trln. Fees from the Equities Market grew by 16.8% on the back of a similar increase in trading volumes, which gained 19.6%. Over 3.6 million retail clients were active every month during the quarter.
- Fees and commissions from the Bond Market grew 77.7% on the back of an increase in trading volumes (excluding overnight bonds) of 64.1%, which is explained by the activity at both primary and secondary markets. Primary market trading volumes (excluding overnight bonds) went up 64.0%, driven by fixed-coupon bonds. Secondary trading volumes surged by 64.3%: OFZ volumes were up 85.5%, while other bonds’ volumes increased by 44.8%.
- Money Market fee income improved by 20.8% while trading volumes added 22.4%. 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 negatively. These two factors virtually netted each other out. The strong accumulated position in Russian-law money market ETFs supports the GCC repo segment.
- Derivatives Market fees grew by 21.7%, while trading volumes added 34.5%. The volumes’ mix shifted away from commodities and towards index contracts, which had a negative effect on the effective fee. Specifically, index derivatives’ volumes surged by 202.0%. The volumes of single-stock contracts improved by 38.9%. FX derivative contracts increased by 23.9% in trading volumes. Interest rates and commodities derivative contracts increased by 6.2% and 7.0% respectively.
- Fee income from the Depository and Settlement Services was down 6.7%. Average value of assets under custody decreased by 0.3%. The discrepancy between dynamics of fee income and assets on deposit is the result of business lines beyond safekeeping, primarily clearing and collateral management services, which reflect repo operations at the NSD. The latter demonstrated negative financial performance, which was only partially compensated by the increase in safekeeping fee income.
- Information sales decreased by 48.9%. Sales of software and technical services were up by 6.9%. Listing and other services increased by 44.1% as activity on the primary bond market was strong during the quarter. Finuslugi revenues improved by 150.3%.
- The cash position[3] at the end of Q2 2025 was RUB 188 bln. The company had no debt as of the end of the quarter.
- Capex for the quarter was RUB 4.13 bln, mostly spent on purchases of software and equipment as well as software development.
Moscow Exchange’s summary consolidated IFRS financial statements for Q2 2025 are available in the Investor Relations section of the company's web site.
Read more on the Moscow Exchange: https://www.moex.com/n93074
[1] 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 expense.
[2] Calculated as the sum of interest income calculated using the effective interest method, other interest income, gains/losses on FVTPL, foreign currencies & precious metals gains less losses less interest expense (compared to net interest and other finance income, excludes gains/losses on FVTOCI).
[3] 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 financial assets 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.
Read more on the Moscow Exchange: https://www.moex.com/n93074
