3.2.7 Key IFRS metrics
The Group derives the majority of its revenue from the provision of electricity transmission services. The amount of this revenue mainly depends on the tariff levels approved by the regulators and the volume of electricity transmitted during the reporting period. The Group also generates revenue from technological connection to electric networks and from the provision of other services. FY2025financial year 2025 revenues of the Group amounted to RUBruble 129,836 million (+RUB 14,537 million or +12.6% on 2024), including:
- an increase in revenue from electricity transmission services by RUBruble 14,462 million, driven by higher rates of unified (pie) tariffs for electricity transmission services (capacity) and changes in the structure of electricity consumption;
- an increase in revenue from technological connection services by RUBruble 1,816 million, due to a change in the structure of signed technological connection agreements compared with 2024 and the performance in 2025 of large‑capacity connection agreements exceeding 150 kW;
- higher other revenue by RUBruble 300 million, as a result of the development of other activities, including a package of survey, design, CAWconstruction and assembly works, and commissioning works under projects;
- absence of revenue from the sale of electricity, attributable to the disposal of the Group’s subsidiary AOJoint-Stock Company EES on 27 February 2024.
| Indicator, RUBruble million | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenues, incl.: | 106,104 | 115,299 | 129,836 |
| — revenues from electricity transmission | 91,293 | 106,007 | 120,469 |
| — revenues from connection | 2,926 | 4,650 | 6,466 |
| — revenues from electricity sales | 25,464 | 5,112 | 0 |
| — other revenues | 1,836 | 2,601 | 2,901 |
| — revenues from discontinued operations | -15,415 | -3,071 | 0 |
| Operating expenses | 93,203 | 102,071 | 111,283 |
| Expected credit loss provision | 166 | 276 | -368 |
| Loss from impairment of PP&E and rights of asset use | 0 | 0 | 0 |
| Net other income | 1,419 | 2,392 | 2,652 |
| Operating result | 14,486 | 15,896 | 20,837 |
| Balance of financial income and expenses | -1,305 | -1,680 | -2,807 |
| Profit before tax | 13,181 | 14,216 | 18,030 |
| Income tax | 2,564 | 3,995 | 4,732 |
| Net income from continuing operations | 10,617 | 10,221 | 13,298 |
| Net income from discontinued operations | 1,238 | 417 | 0 |
| Net income from the sale of the subsidiary | 0 | 2,013 | 0 |
| Profit for the period | 11,855 | 12,651 | 13,298 |
| EBITDA* | 23,078 | 26,156 | 31,667 |
| EBITDA margin,% | 21.8% | 22.7% | 24.4% |
FY2025financial year 2025 operating expenses amounted to RUBruble 111,283 million (+RUB 9,212 million on 2024). The increase was mainly due to higher costs for services provided by grid companies for electricity transmission, higher costs of purchased electricity for loss compensation, higher costs of works and production-related services under energy‑service contracts aimed at energy saving and improved energy efficiency, as well as higher personnel expenses (wage indexation). The provision for expected credit losses in 2025 was recognized in the amount of RUBruble 368 million, in connection with breaches of payment discipline by counterparties and the creation of a reserve for disputed amounts. Net other operating income amounted to RUBruble 2,652 million (+RUB 260 million on 2024). Other operating income includes revenue from non‑contract electricity consumption, income from compensation of losses arising from the disposal or liquidation of electric grid assets, penalties, interest and contractual default payments under commercial agreements, write‑off of creditor liabilities, insurance‑claim recoveries, and income from disposal of fixed assets.
FY2025 net profit of the Group amounted to RUBruble 13,298 million (+RUB 647 million on 2024).
FY2025financial year 2025 EBITDAearnings before interest, taxes, depreciation and amortization reached RUBruble 31,667 million (+RUB 5,510 million on 2024). The increase in this indicator was primarily driven by revenue growth outpacing the growth of operating expenses and the receipt of additional other operating income.
| Indicator | 2023 actual | 2024 actual | 2025 actual | 2025/2024, % |
|---|---|---|---|---|
| Net Debt / EBITDAearnings before interest, taxes, depreciation and amortization ** | 0.90 | 0.82 | 0.54 | -34% |
| Current liquidity ratio ** | 0.70 | 0.54 | 0.60 | 11% |
| Financial leverage ** | 0.85 | 0.97 | 0.91 | -6% |
| Share of LT loans ** | 0.94 | 0.52 | 0.49 | -6% |
| Net cash flow **, RUBruble million | 2,390 | 3,181 | 7,672 | 141% |
Net Debt/EBITDA as of 31 December 2025 is lower than as of 31 December 2024, due to an increase in the EBITDAearnings before interest, taxes, depreciation and amortization level and a reduction in the net debt. The current liquidity ratio as of 31 December 2025 is higher than as of 31 December 2024, which is attributable to growth in current assets at 31 December 2025 outpacing the growth in current liabilities.
The financial leverage indicator as of 31 December 2025 is lower than as of 31 December 2024, due to an increase in equity as of 31 December 2025 at a rate exceeding the growth in liabilities. The share of long‑term borrowings as of 31 December 2025 is lower than as of 31 December 2024, as a result of a reduction in the volume of long‑term borrowings following their reclassification to the short‑term category. Net cash flow in 2025 is positive.
The increase in net cash flow for 2025 compared with 2024 is attributable to lower payments for the acquisition of fixed and intangible assets, higher net cash inflows from operating activities, and an increase in interest received.