Moscow Exchange (MOEX) today announces its financial results based on summary financial statements prepared in accordance with International Financial Reporting Standards (IFRS) for Q3 2025.
Unless stated otherwise, all figures below refer to performance in Q3 2025 and all comparisons are with the corresponding period last year.
KEY FINANCIAL HIGHLIGHTS FOR Q3 2025
- Fee and commission (F&C) income amounted to RUB 19.4 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 14.0 bln.
- The F&C share of operating income was 58%
- Operating expenses declined by 1.2%. Cost-to-income ratio stood at 33.8%.
- Net profit amounted to RUB 17.3 bln.
KEY BUSINESS & CORPORATE HIGHLIGHTS FOR Q3 2025
- Six new Russian-law ETFs on bonds, equities, money market instruments and precious metals began trading on MOEX.
- Nine new futures contracts were launched on the Derivatives Market: five futures on Russian stocks, three futures on global assets, and a futures contract on Ethereum ETF.
- MTS Bank and VTB Bank made SPOs worth RUB 88.7 bln.
- MOEX launched weekend trading on the Derivatives Market and evening trading on the Money Market.
- MOEX introduced 47 indices, including 28 indices for corporate floaters, 14 indices for Finuslugi products and a new OFZ index.
- MOEX reduced the commission for mutual funds’ trading by a third.
EVENTS OCCURRING AFTER THE REPORTING PERIOD
- Two issuers held IPOs on MOEX: Glorax and DOM.RF raised over RUB 2 bln and RUB 31 bln, respectively.
- Another two Russian-law ETFs on money market and fixed income instruments started trading on MOEX.
- 12 new futures contracts were launched on the Derivatives Market: five on global assets as well as ones on silver, Bitcoin, Ethereum and Russian equities.
- MOEX introduced Ethereum Index (MOEXETH), expanding the range of cryptocurrency indices to two instruments.
- Finuslugi broadened access to asset management services, bringing the total number of authored mutual funds to 7
- MOEX added 16 non-listed equities to CCP-based OTC trading; the resulting number of such equities is 190
- 39.4 million retail clients had brokerage accounts on MOEX at the end of October. Over 3.6 million retail clients have traded MOEX markets every month during Q3 2025.
- MOEX released Compliance Tool platform to help issuers and market participants monitor insider activity and establish best practices in compliance.
FINANCIAL HIGHLIGHTS (RUB million)
| RUB mln | Q3 2025 | Q3 2024 | Q2 2025 |
|---|---|---|---|
| Operating Income | 33 542.4 | 40 000.1 | 32 214.0 |
| · Fee and commission income | 19 435.2 | 14 864.3 | 17 847.5 |
| · Net interest and other finance income (NII)[1] | 14 020.9 | 25 126.6 | 14 257.0 |
| Core NII - NII less realized gains or losses on investment portfolio revaluation[2] | 14 052.8 | 25 094.4 | 14 251.1 |
| · Other operating income | 86.3 | 9.2 | 109.5 |
| Operating Expenses | 11 325.0 | 11 457.5 | 12 200.7 |
| · Personnel expenses | 3 740.8 | 5 748.4 | 5 496.2 |
| · D&A and IT maintenance | 2 773.5 | 2 084.0 | 2 610.7 |
| · Advertising and marketing costs | 2 907.9 | 1 896.2 | 1 953.3 |
| · Remaining general and administrative expenses | 1 902.8 | 1 728.9 | 2 140.5 |
| Profit before other operating expenses and tax | 22 217.4 | 28 542.6 | 20 013.3 |
| Movement in allowance for expected credit losses (ECLs) | 1 007.5 | -461.2 | 197.6 |
| Other impairment and provisions | 26.9 | 5.9 | -0.9 |
| Profit before tax | 23 251.8 | 28 087.3 | 20 210.0 |
| Income tax | -5 998.9 | -5 056.7 | -5 153.8 |
| Net Profit | 17 252.9 | 23 030.6 | 15 056.2 |
| Basic earnings per share. RUB | 7.60 | 10.17 | 6.60 |
| Net Profit | 17 252.9 | 23 030.6 | 15 056.2 |
| · Movements in allowance for ECLs | -1 007.5 | 461.2 | -197.6 |
| · Other impairment and provisions | -26.9 | -5.9 | 0.9 |
| · Deferred taxes related to movements in allowance for ECLs and other impairment & provisions | 258.6 | -91.1 | 49.2 |
| Adjusted Net Profit | 16 477.1 | 23 394.8 | 14 908.7 |
| EBITDA | 25 306.6 | 29 537.3 | 22 085.5 |
| · Movements in allowance for ECLs | -1 007.5 | 461.2 | -197.6 |
| · Other impairment and provisions | -26.9 | -5.9 | 0.9 |
| Adjusted EBITDA | 24 272.2 | 29 992.6 | 21 888.8 |
| Adjusted EBITDA margin | 72.4% | 75.0% | 67.9% |
OPEX BREAKDOWN (RUB million)
| RUB mln | Q3 2025 | Q3 2024 | Q2 2025 |
|---|---|---|---|
| General and Administrative Expenses | 7 584.2 | 5 709.1 | 6 704.5 |
| · Advertising and marketing costs | 2 907.9 | 1 896.2 | 1 953.3 |
| · Amortisation of intangible assets | 1 521.3 | 1 155.6 | 1 374.7 |
| · Equipment and intangible assets maintenance | 718.7 | 634.0 | 735.2 |
| · Depreciation of property and equipment | 533.5 | 294.4 | 500.8 |
| · Taxes, other than income tax | 522.8 | 416.6 | 468.9 |
| · Market makers fees | 352.7 | 242.4 | 311.7 |
| · Professional services | 281.6 | 240.0 | 374.3 |
| · Agent fees | 273.4 | 285.5 | 292.9 |
| · Registrar and foreign depository services | 125.3 | 126.8 | 114.3 |
| · Rent and office maintenance | 102.1 | 101.1 | 145.1 |
| · Other | 57.9 | 35.4 | 68.6 |
| · Information services | 53.9 | 143.1 | 57.4 |
| · Communication services | 48.3 | 44.3 | 103.3 |
| · Business trip expenses | 29.6 | 20.9 | 38.4 |
| · Charity | 25.0 | 52.9 | 11.5 |
| · Security expenses | 21.2 | 11.6 | 18.7 |
| · Transport expenses | 8.1 | 7.3 | 9.2 |
| · Loss on disposal of property, equipment and intangible assets | 0.9 | 1.0 | 126.2 |
| Personnel expenses | 3 740.8 | 5 748.4 | 5 496.2 |
| · Employees benefits except for share-based payments | 4 206.0 | 5 239.3 | 4 331.3 |
| · Payroll related taxes | 689.5 | 923.6 | 934.2 |
| · Share-based payment expense on cash settled instruments | -1 154.7 | -292.6 | 25.4 |
| · Share-based payment expense on equity settled instruments | 0.0 | -121.9 | 205.3 |
| Total operating expenses | 11 325.0 | 11 457.5 | 12 200.7 |
| Headcount, employees e-o-p | 3 724 | 3 012 | 3 522 |
- OPEX for 3Q’25 decreased by 1.2% YoY, mainly explained by the reduction in personnel expenses.
- Current personnel expenses were down by 20.6% YoY on the back of lower bonus accruals following the YoY profit decline.
- The employee headcount added 23.6% YoY and 5.7% QoQ. New hires are related to the overall strengthening of the IT function and strategic projects.
- Advertising and marketing costs increased by 53.4% YoY to stimulate further growth of the Finuslugi client base.
- D&A and IT maintenance grew 33.1% YoY, while the D&A alone added 41.7% YoY. IT maintenance costs increased by 13.4% due to the implementation of the software & hardware renewal program.
- The growth in taxes, other than income tax, is related to VAT on marketing, IT maintenance, and consulting services.
PERFORMANCE OF KEY BUSINESS LINES
| RUB mln | Q3 2025 | Q3 2024 | Q2 2025 |
|---|---|---|---|
| Equities Market | |||
| Fee and commission income, RUB mln | 2 654.3 | 2 640.8 | 2 794.6 |
| Trading volumes, RUB bln | 8 862.7 | 8 782.0 | 9 246.4 |
| Bond Market | |||
| Fee and commission income, RUB mln | 2 005.2 | 1 054.1 | 1 597.9 |
| Trading volumes (ex. overnight bonds), RUB bln | 9 892.9 | 5 633.4 | 8 261.5 |
| Money Market | |||
| Fee and commission income, RUB mln | 4 825.7 | 3 762.9 | 4 614.0 |
| Trading volumes, RUB bln | 354 185.6 | 280 638.3 | 303 213.0 |
| Derivatives Market | |||
| Fee and commission income, RUB mln | 3 036.4 | 2 145.2 | 2 731.7 |
| Trading volumes, RUB bln | 33 959.2 | 24 387.0 | 31 210.5 |
| Other markets | |||
| Fee and commission income, RUB mln | 1 036.4 | 938.8 | 873.6 |
| Trading volumes, RUB bln | 47 294.7 | 50 539.8 | 33 803.0 |
| Depository and Settlement Services | |||
| Fee and commission income, RUB mln | 2 659.4 | 2 430.7 | 2 371.0 |
| Average assets under custody, RUB bln | 84 326.2 | 79 675.7 | 80 829.5 |
| Other fee and commission income (IT Services, Listing, Marketplace and other) | |||
| Information services, RUB mln | 201.5 | 211.4 | 171.9 |
| Sale of software and tech. services, RUB mln | 545.6 | 444.1 | 469.5 |
| Listing and other services, RUB mln | 314.4 | 216.3 | 281.4 |
| Financial marketplace services, RUB mln | 1 807.2 | 780.7 | 1 642.6 |
| Other fee income, RUB mln | 349.1 | 239.3 | 299.3 |
| Net interest and other finance income | |||
| Net interest and other finance income, RUB mln | 14 020.9 | 25 126.6 | 14 257.0 |
| Investment portfolio, RUB bln | 2 887.3 | 2 673.9 | 2 690.7 |
- The total market capitalization of the Equities Market at the end of the third quarter of 2025 was RUB 50.8 trln. Fees from the Equities Market added 0.5% on the back of a similar increase in trading volumes, which were up 0.9%.
- Fees and commissions from the Bond Market surged by 90.2% on the back of a 75.6% growth in trading volumes (excluding overnight bonds), which is explained by the activity at both primary and secondary markets. The discrepancy between fees and volumes is due to corporate bond placements. Primary market volumes (excluding overnight bonds) went up by 40.3%. Secondary trading volumes surged by 124.2%: OFZ volumes were up 159.1%, while other bonds’ volumes increased by 99.0%.
- Money Market fee income improved by 28.2%, while trading volumes added 26.2%. 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 41.5%, while trading volumes added 39.3%. The share of interest rate and index derivatives increased in the volumes’ mix, while that of commodities declined. Specifically, index derivatives’ volumes surged by 84.0%. The volumes of interest rate contracts improved by 182.6%. FX derivative contracts increased by 41.2% in trading volumes. Commodities contracts trading volumes grew by 12.6%. Single-stock contracts increased by 0.2% in trading volumes.
- Fee income from the Depository and Settlement Services added 9.4%. Average value of assets under custody increased by 5.8%. 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 4.7%. Sales of software and technical services were up by 22.9%. Listing and other services increased by 45.4% as the activity on the primary bond market was strong during the quarter. Finuslugi revenues improved by 131.5%.
- The cash position[3] at the end of Q3 2025 was RUB 206 bln. The company had no debt as of the end of the quarter.
- Capex for the quarter was RUB 3.18 bln, mostly spent on purchases of software and equipment as well as software development.
Moscow Exchange’s summary consolidated IFRS financial statements for Q3 2025 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 centre (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. You can identify forward looking statements by terms such as "expect", "believe", "anticipate", "estimate", "intend", "will", "could", "may" or "might" the negative of such terms or other similar expressions. The Company wishes to caution you 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 projections or forward-looking statements of the Company, 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 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 non-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/n95602
