📊 VK Accelerates Growth While Remaining in the Red

The defining highlight of the reporting period was the holding company’s return to quarterly net profitability for the first time in several years, generating 328 million rubles in Q2 2026. This was driven by operational growth and the sale of its 25% stake in Tochka Bank for 21.2 billion rubles. However, weighed down by Q1 results, VK posted a cumulative H1 net loss of 3.85 billion rubles. Nevertheless, the company made substantial progress in narrowing this figure, cutting its net loss 3.3-fold year-over-year from 12.67 billion rubles.

In the second quarter, the company demonstrated an acceleration in key financial indicators: revenue rose 17% year-over-year to 43.5 billion rubles. EBITDA for April–June surged 41% to 7.6 billion rubles, with the EBITDA margin expanding by 3 percentage points to 17%.

For the first half of 2026 as a whole, VK’s revenue grew 12% year-over-year to 81 billion rubles. Half-year EBITDA rose 34% to 14 billion rubles at a 17% margin, with all operating segments delivering positive EBITDA margins. Net operating cash flow surged to 15.4 billion rubles (compared to a negative figure a year earlier), while net debt was reduced by 27% to 60.2 billion rubles. The net debt-to-EBITDA ratio improved to 2.3x (down from 3.6x at year-end 2025). The company reiterated its full-year 2026 EBITDA guidance of over 24 billion rubles.

Online advertising revenue for the half-year increased by 8% to 48.6 billion rubles. In Q2, ad revenue registered double-digit growth of 14% year-over-year (and 22% quarter-over-quarter) to reach 26.7 billion rubles. In-stream video advertising was a major contributor, surging 44% in H1 to 4.9 billion rubles.

Media Segment and Content Services Expansion

The flagship “Social Platforms and Media Content” segment boosted its H1 2026 revenue by 13% to 57.3 billion rubles, while its EBITDA rose 27% to 13.2 billion rubles (a 23% margin). The VKontakte social network remained the primary driver, growing revenue by 21% in H1 and by 35% year-over-year in Q2. Average Russian monthly active users (MAU) for VKontakte reached 94.3 million in Q2 (+1.8 million YoY), while daily active users (DAU) reached 65.2 million (+5 million YoY).

During Q2, the holding company’s media services demonstrated strong audience engagement metrics:

• VK Video: Average monthly audience in Russia grew 11% year-over-year in Q2 to 83.1 million users (excluding background/embedded views and Smart TVs). Total watch time on VK Video increased 1.6-fold, while average daily watch time on TV screens jumped 67%. Total installations of the standalone VK Video app across mobile devices and Smart TVs reached 145 million since launch (+91% compared to the same period in 2025). In Q2, the platform introduced a new monetization tool: the ad-free “VK Video Premium” paid subscription.
• VK Clips: Average daily views of short-form videos rose 15% year-over-year in Q2 to 3.4 billion. Total watch time for VK Clips increased by 7%.
• VK Music: Global monthly active users (MAU) reached 49.1 million in Q2 2026, with 45.7 million located in Russia. The paid subscriber base grew 6% year-over-year by the end of the quarter. The service refreshed its core interfaces and added new personalized algorithmic mixes (“Track Mix,” “Album Mix,” and “Playlist Mix”).

Among the holding company’s other assets, daily active users for the national messenger Max topped 87 million, with monthly active users reaching 108 million. Revenue for the VK Tech B2B technology segment rose 35% in H1 to 9 billion rubles, while the EdTech division (Uchi.ru and Tetrika) grew 26% to 4.9 billion rubles.