H1 reports and corporate moves: Severstal, Yandex, VTB and more

H1 RAS results, dividend proposals and operational signals are shaping today's MOEX tape.

A batch of corporate news and half‑year reports delivered mixed signals: weaker profitability at a major steel producer, higher profits at an oil major, and operational momentum in tech names. That shifted focus onto dividends, the ruble outlook and bank commentary on liquidity.

Severstal (CHMF) drew attention after its RAS half‑year report: revenue was ₽274bn, down 15% y/y, and H1 posted a net loss of ₽4.6bn versus a ₽43bn profit a year earlier (Smart‑lab). The swing from a sizable profit to a loss is material for the steel sector and helps explain the focus on the stock. Half‑year RAS figures are cyclical and depend on steel prices and demand, so volatility in coming quarters is possible.

Yandex (YDEX) reaffirmed its 2026 revenue guidance and reported H1 revenue growth of 19%, while the board will consider a management proposal for a ₽110‑per‑share dividend on July 31 (Finam). The company also launched a 75/75/75 program to scale AI in development, with AI already used by 73% of developers (Finam). Confirmed guidance and these AI initiatives draw attention to execution and capital allocation.

VTB (VTBR) was in focus after quarterly figures and management remarks: IFRS net profit in Q2 fell to ₽92.6bn and half‑year profit declined 19.8% (Finam). The bank acknowledged a sector liquidity shortage while maintaining profit plans, and an executive said a 50% payout of 2026 net profit as dividends is unlikely given potential tighter central‑bank capital requirements (Finam). Together, these factors complicate near‑term assessments of the bank.

Surgutneftegaz (SNGS) drew attention after Finam’s positive assessment of both classes of shares and a currency scenario: with a modest ruble weakening to ₽83/USD by year‑end, dividend yield could reach about 17.5% (Smart‑lab). The note highlights yield potential under an FX scenario, which appeals to income‑oriented market participants. That projection depends on the ruble path and the company’s dividend policy, so the scenario does not guarantee actual payouts.

Polyus (PLZL) released H1 RAS results: net profit fell to ₽64.5bn while loss from sales narrowed to ₽211.2m (Finam). The decline in half‑year profit is a notable signal for the gold miner and calls for analysis of gold prices, capex and one‑offs. Without reviewing those underlying drivers, it is hard to assess the longer‑term implications of the H1 figures.

Lukoil (LKOH) reported H1 RAS results with net income rising to ₽362bn and revenue around ₽1.45tn for Jan–Jun (Finam). Those half‑year figures highlight strong operating generation in the oil & gas sector during the current cycle. Seasonality, oil prices and FX effects could materially change the picture in H2.

Positive Technologies (POSI) reported accelerating shipments: volumes rose 45% in H1, and Q2 shipments were 2.2x the prior period (Finam). Those operational figures provide a concrete signal of sales activity in Q2 and are drawing attention today. Shipment growth does not disclose margin dynamics or demand sustainability across quarters, however.

Magnit (MGNT) faces a change to its marketplace model: sellers were instructed to remove goods and the main storefront for buyers will be suspended on the website and app from September 6 (Smart‑lab). The move directly affects the marketplace’s operating model and could influence the company’s e‑commerce volumes. It is unclear whether the step is temporary and what alternatives sellers have, so the impact on GMV and customer experience remains uncertain.

What to watch

What to watch next: Yandex’s board decision on the dividend on July 31; developments in sector liquidity and any central‑bank capital requirement clarifications that could affect bank dividend plans; the ruble’s path (which alters Surgutneftegaz’s yield scenario) and commodity prices—steel, oil and gold—that drive Severstal, Lukoil and Polyus; plus follow‑up from Magnit on the marketplace status and whether Positive Technologies’ shipment growth converts into revenue and margins.