Yandex, Lukoil and VTB: H1 reports set the MOEX agenda

Mixed half‑year results — from Yandex’s confirmed guidance to a weak quarter at VTB — are shaping trade on the Moscow Exchange.

Trading is dominated by earnings season: companies released H1 figures and the market reacted unevenly. Yandex confirmed 2026 guidance and proposed a dividend, Lukoil posted profit growth, while VTB reported a visibly weaker quarter.

Yandex (YDEX) confirmed its 2026 revenue guidance and reported 19% H1 revenue growth, Finam notes. The board will consider management’s proposal to pay a 110 RUB per‑share dividend on July 31; the company also set a capex target of 10–12% of revenue and launched a 75/75/75 program to scale AI adoption, with 73% of developers already using AI.

Lukoil (LKOH) reported a 10.4% rise in H1 net profit under RAS to 362 billion RUB and revenue of roughly 1.45396 trillion RUB, Interfax and Finam report. The U.S. extended permission to sell the company’s foreign assets until August 22 — the results and the authorization extension keep the stock in focus.

VTB (VTBR) drew attention with a weak quarter: IFRS net profit in Q2 fell to 92.6 billion RUB and H1 net income declined 19.8% y/y, Finam reports. The bank acknowledges a liquidity shortfall in the sector, and Finam says a 50% payout of 2026 net income looks unlikely.

Positive Technologies (POSI) increased shipment volumes by 45% in H1, with Q2 shipments 2.2 times higher year‑on‑year, Finam reports. The shipment growth is a concrete operational metric that reflects demand and near‑term revenue prospects.

NOVATEK (NVTK) saw a negative reaction — shares fell about 2% after the half‑year report, Finam reports. IFRS net profit for H1 declined 3.1% while revenue rose 4%; investors are cautious ahead of the central bank’s key‑rate decision, Finam notes.

Polyus (PLZL) was among the growth leaders amid stronger commodity markets, Finam notes: current price ~1,247 RUB, 24h change +1.61% and volume 1,051,498. The move coincided with the MOEX index recovering more than 200 points over the week.

Gazprom (GAZP) was pushed higher by rising global oil prices and company positives: the parent posted a 78.4 billion RUB half‑year profit and set a new daily gas‑supply record to China via the Power of Siberia, Finam reports; Gazpromneft led sector gains at about +6%, Smart‑lab shows.

Moscow Exchange (MOEX) was included in the shareholder‑value creation index program, Finam reports — alongside Yandex, Sber and others. The inclusion raises the exchange’s visibility during earnings season, although it does not change the company’s fundamentals.

What to watch

What to watch next: Yandex’s board decision on dividends on July 31, the duration of the U.S. authorization to sell Lukoil’s foreign assets through August 22, and central‑bank policy moves that will affect NOVATEK and the banking sector — notably dividend expectations at VTB. Also monitor commodity price trends (relevant for Polyus and Gazprom), whether Positive Technologies converts shipment growth into sustained revenue, and any liquidity flows related to MOEX’s index inclusion.