Yandex, OZON and H1 results: dividends, incidents and losses on MOEX

Yandex posted revenue growth and a dividend proposal, OZON shares plunged after a warehouse evacuation, and several H1 reports reshuffle expectations across issuers.

Market attention on MOEX today is focused on half‑year reports and company‑specific events. News ranges from a dividend proposal at Yandex to an operational incident at OZON, alongside sizable profit swings at ALROSA and Polyus.

Yandex (YDEX) reported 19% H1 revenue growth and reaffirmed 2026 revenue guidance, while management proposed a dividend of 110 rubles per share to be considered by the board on July 31. The company launched a 75/75/75 programme to scale AI adoption, confirmed capex at 10–12% of revenue, and said 73% of its developers already use AI (Finam). The dividend remains subject to board approval and broader macro and advertising market risks.

Inter RAO (IRAO) reported RSBU results showing H1 net profit rising to ₽17.8bn and revenue to ₽31.5bn, about a 29.6% year‑on‑year increase (Finam, Vedomosti). The numbers put the company in focus as power sector peers publish half‑year reports. RSBU accounting differences versus IFRS limit direct comparability with international expectations.

Ozon (OZON) saw sharp intraday volatility after employees were evacuated from a warehouse due to a drone threat — the stock fell more than 8% at the low before partially recovering (Finam). The company had earlier flagged infrastructure damage as an operational risk while reporting Q2 net profit of ₽10bn (Vedomosti). The operational incident helps explain the market reaction, although the full impact on earnings is not yet disclosed.

ALROSA (ALRS) published H1 consolidated RAS figures showing revenue down 36.1% to ₽74.2bn and a net loss of ₽10.7bn versus profit a year earlier, according to the RAS report and Smart‑lab. The sharp revenue drop and swing to a loss explain today’s market focus; assessing whether this is a trend requires data on production seasonality, inventories and external diamond demand.

Surgutneftegaz (SNGS) drew attention after a positive assessment from Finam, which said both share classes look attractive and estimated that a ruble weakening to ₽83/USD could imply a dividend yield of about 17.5% under that scenario. The note highlights the market’s focus on yield under FX moves, while the calculation remains scenario‑based and sensitive to currency and dividend policy changes.

Polyus (PLZL) published H1 RAS results showing net profit under RAS falling to ₽64.5bn, reflecting weaker first‑half performance as reported by Finam and Vedomosti. The RAS profit decline is the main reason the stock is in focus today, although understanding longer‑term trends requires further information on production, gold prices and capex.

Positive Technologies (POSI) reported a significant increase in shipments — volumes rose 45% in H1 and Q2 shipments were 2.2x the prior period (Finam). The operational figures point to accelerating sales in the second quarter and underpin the market’s positive tone. Shipment growth does not disclose margins or demand sustainability, however.

NOVATEK (NVTK) came under pressure after its half‑year report, with shares falling about 2% as IFRS net profit for H1 declined 3.1% while revenue rose 4% (Finam). The market reaction was also shaped by investor caution ahead of the central bank’s key‑rate decision. Near‑term direction will depend on monetary policy and gas price dynamics.

What to watch

What to watch next: the Yandex board meeting on July 31 for the dividend proposal; further developments and operational impact from the OZON warehouse incident; tariff and regulatory moves that could affect Inter RAO; ruble movements that underlie the dividend‑yield scenario for Surgutneftegaz; margin and production disclosures from Polyus and ALROSA to clarify half‑year trends; and central bank policy and gas prices that may set the tone for NOVATEK. Follow‑up disclosures and management commentary will be important across these names.