Moscowexchange · RUS:MOEX
Moscowexchange — FY2025 Earnings Presentation
8 slides from Moscowexchange's earnings presentation, Mar 5, 2026
Slide 1: 4Q and FY 2025 Earnings Presentation
4Q and FY 2025 Earnings Presentation 05 March 2026
Slide 2: Delivery on strategic initiatives in 4Q 2025 and beyond
Delivery on strategic initiatives in 4Q 2025 and beyond - New Products - • Three1 equities held IPOs on MOEX, expanding investor access to the real estate, financial and software sectors. The total number of equities listed is 260. • Seven2 futures contracts were added on the Derivatives Market, exp
Slide 3: Summary of 2025 financials
Summary of 2025 financials Operating income1 Operating expenses (excl. other operating expenses) RUB billion RUB billion 37.4% 28.6% 27.4% 31.9% 40.3% 5Y F&C CAGR = 18% -11.1% 5Y Operating Income CAGR = 22% 145.1 +12.4% 129.0 104.7 5Y OPEX CAGR = 25% 83.5 56% 39% 46.3 52.0 54.9 50% 28.7 18.2 55% 23.
Slide 4: Summary of 4Q 2025 financials
Summary of 4Q 2025 of financials Operating income1 Operating expenses (excl. other operating expenses) RUB billion RUB billion 45.0% 37.9% 44.9% +1.8% +4.0% 36.6% 33.8% 34.3 33.5 34.9 32.2 +24.8% 28.6 +38.3% 42% 34% 47% 44% 35% 12.9 15.7 12.6 12.2 11.3 66% 4.0 3.7 4.1 5.7 53% 65% 56% 58% 4.8 6.7 6.1
Slide 5: 2025 diversified fee and commission income
2025 diversified fee and commission income Fee & commission income performance Fee & commission income breakdown RUB million RUB million Change Change 5Y CAGR +24.9% 2025 2024 YoY, bln YoY, % 2020-2025 78.66 Money Market 20.39 16.20 +4.19 +25.9% +18.8% 5% Other markets 7% ITSLOFI 1 Derivatives Marke
Slide 6: 4Q 2025 diversified fee and commission income
4Q 2025 diversified fee and commission income Fee & commission income performance Fee & commission income breakdown RUB million RUB million Change Change +26.8% 4Q 2025 4Q 2024 YoY, bln YoY, % 22.89 Money Market 6.51 5.34 +1.17 +21.9% 5% Other markets 7% ITSLOFI 1 Derivatives Market 4.31 2.71 +1.60
Slide 7: Operating expenses in 4Q 2025 (excluding provisions)
Operating expenses in 4Q 2025 (excluding provisions) Major expense items, RUB million Comments 4Q 2024 4Q 2025 Change YoY • FY’25 OPEX was up 12.4% YoY, in line with the guidance range of 10–15%. Personnel expenses 6,076.1 6,661.0 9.6% • OPEX for 4Q’25 increased by 24.8% YoY, largely due to the grow
Slide 8: Disclaimer
Disclaimer NOT FOR RELEASE OR DISTRIBUTION OR PUBLICATION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. • This presentation has been prepared and issued by Public Joint Stock Company "Moscow Exchange MICEX-RTS" (the “Company”). Unless otherwise stated, the Company is