MOSCOW — 21 August 2025.
IPJSC T-Technologies (MOEX: T), a technology company developing a financial and lifestyle ecosystem, announces its consolidated IFRS financial results for the six months and three months ended 30 June 2025.

• Total revenue in 2Q’25 increased by 83% to RUB 354 bn (2Q’24: RUB 193 bn)
• The number of customers grew by 16% to 51.4 mn (2Q’24: 44.5 mn)
• Net profit in 2Q’25 increased by 99% to RUB 46.7 bn (2Q’24: RUB 23.5 bn).
• Operating net profit* attributable to the Group’s shareholders (excluding non-controlling interest and the effects of an investment in Yandex) increased by 77% year-on-year in 2Q’25, reaching RUB 41.6 bn 
• Return on equity* in 2Q’25 amounted 28.4%
• 2025 guidance: the Group’s operating net profit is expected to grow by at least 40%, with return on equity of over 30%
• The Group’s Board of Directors recommended paying out dividends in the amount of RUB 35 per share based on 2Q’25 results

The President of T-Technologies, Stanislav Bliznyuk, said:

«The T ecosystem’s customer base and its transactional activity continue to grow: we are now serving over 51 mn customers, who, over the past six months, made purchases totalling over RUB 4.7 tn and entrusted us with RUB 5.7 tn. While our shares in key markets - in savings and loan portfolios, in both B2C and B2B - continue to grow, we still have significant potential to further grow and scale our business.

We remain focused on the end-to-end integration of AI into our business processes and services, which has enabled us to improve efficiency and develop new business models. In the most recent quarter, we integrated T-Pro 2.0, a new large language model with hybrid reasoning, into our operational processes, which has already had an impact on our business metrics. For example, support quality and response speed increased by 10%, and the share of automated request processing without human intervention rose from 40% to 45%. On the product side, we continue to develop AI assistants based on our proprietary models. We are already seeing increased user engagement and retention across our ecosystem thanks to the travel and investment assistants that were recently added to our app. To support our ambitious technology development plans and to meet the growing infrastructure needs of our business, we have also begun building our own data centres.

As part of the Group’s investments in the high-tech sector, we have acquired a stake in Yandex. This is an attractive investment for T-Technologies that was executed through Catalytic People without diverting capital from our core business, underscoring our focus on the driving further efficiency across the Group’s business, as reflected in our latest results.

In 2Q 2025, we demonstrated robust growth in our key financial indicators: revenue grew by 83% year-on-year to RUB 354 bn, while net profit doubled to RUB 46.7 bn. Our operating net profit, adjusted for non-controlling interest and the effects of our investment in Yandex, grew by 77% to RUB 41.6 bn, while return on equity reached 28.4%. We are reaffirming our full-year 2025 guidance — taking into account a higher contribution from the second half of the year — of an increase of at least 40% in operating net profit and a return on equity of over 30%."

The Chairman of the Board of Directors of T-Technologies, Alexey Malinovsky, said:

«Effective business growth and shareholder returns remain the focus of both the Board of Directors and management of T-Technologies. We continue to adhere to quarterly dividend payments, and the Group’s Board of Directors has recommended a dividend of RUB 35 per share based the Company’s performance in the second quarter of 2025. In line with our buyback programme, which we reminded the market about last quarter, we continued to periodically repurchase shares from the market, with the outcome to be disclosed as part of the publication of our 3Q 2025 results.

In the interests of shareholders, the Group also continues to invest in key strategic business lines and, thanks to the its unique business model, combined with its focus on efficiency, the Group has been demonstrating stable growth in the context of the broader macroeconomic environment. The sustainability of our business has been affirmed by independent experts, with the rating agency Expert RA upgrading T-Technologies’ credit rating to ruA+.

To ensure the achievement of our long-term development goals, T-Technologies remains focused on best market practices in corporate governance — in particular on putting in place a professional and balanced Board of Directors that includes independent directors. The Board continues its systematic efforts to increase its number of independent directors and has put forward a proposal for shareholders to consider the re-election of the Board in September."

1. KEY OPERATING METRICS

2. OVERVIEW OF FINANCIAL AND OPERATING PERFORMANCE

*Attributable to shareholders, excluding the effects of the investment in IPJSC Yandex

*Attributable to shareholders, excluding the effects of the investment in IPJSC Yandex

The number of active T customers increased by 2% quarter-on-quarter and by 11% year-on-year to 33.5 mn, with the total number of customers surpassing 51.4 mn.

Total turnover from customer purchases increased by 17% year-on-year to RUB 2.5 tn in 2Q’25 (2Q’24: RUB 2.1 tn). The GMV of the Company’s transactional and lifestyle services (such as City and Travel) exceeded RUB 60 bn in 2Q’25.

In 2Q’25, T-Technologies’ total revenue grew by 83% year-on-year to RUB 354 bn (2Q’24: RUB 193 bn). Gross interest income increased by 99% year-on-year to RUB 263 bn (2Q’24: RUB 133 bn), driven by portfolio expansion and changes in market rates.

Gross yield on the loan portfolio in 2Q’25 was 26.0% (2Q’24: 27.9%), reflecting changes in the structure of loan products.

In 2Q’25, interest expense increased 2.6x year-on-year to RUB 136 bn (2Q’24: RUB 53 bn). The cost of borrowing rose from 9.7% in 2Q’24 to 13.4% in 2Q’25, reflecting changes in market interest rates.

Net interest income increased by 59% year-on-year to RUB 123 bn (2Q’24: RUB 78 bn).

Fee and commission income grew by 33% to RUB 56 bn (2Q’24: RUB 42 bn), driven by an expanded product line-up and growing customer base. Net fee and commission income in 2Q’25 increased by 41% to RUB 34 bn (2Q’24: 24 bn).

The cost of risk decreased to 6.7% in 2Q’25, down from 7.5% in 2Q’24. The risk-adjusted net interest margin declined to 6.7% (2Q’24: 8.8%).

Net operating income grew by 60% year-on-year to RUB 183 bn. The share of net revenue not connected with retail lending in 2Q’25 was 61%, evidence of the Company’s diversified business model.

As of the end of 2Q’25, the Group had more than 51.4 mn customers, including:

• 44.1 mn daily banking and lifestyle customers;
• 10.5 mn T-Investments customers;
• 1.6 mn customers in the SME segment.

In 2Q’25, the Group’s total operating expenses increased by 47% year-on-year to RUB 88 bn (2Q’24: RUB 60 bn), driven by expansion of the customer base, investments in the IT platform and personnel, and the integration of Rosbank.

CALCULATION OF OPERATING NET PROFIT

The Group’s net profit in 2Q’25 increased by 99%, amounting to RUB 46.7 bn (2Q’24: RUB 23.5 bn). Operating net profit attributable to the Group’s shareholders, excluding the effects of the investment in IPJSC Yandex, grew by 77% in 2Q’25 to RUB 41.6 bn. The Group’s operating return on equity in 2Q’25 amounted to 28.4%.

As part of the consolidation of Catalytic People, the Group obtained control of a 9.9% stake in IPJSC Yandex, the remeasurement of which to fair value is recognised in the Group’s current profit. For 2Q’25, the revaluation amounted to RUB 5.7 bn before tax (for the entire stake). The effects of the Yandex investment attributable to the Group’s shareholders (i.e., excluding non-controlling interest) amounted to RUB 2.1 bn thanks to a positive revaluation net of tax and RUB 1.3 bn in interest expense related to the associated financing. In order to present results that reflect the Group’s operating performance without the effects of the market revaluation of IPJSC Yandex, we have introduced operating net profit attributable to shareholders, a metric that serves as an indicator of the Group’s performance in the reporting period excluding the effects of the Yandex investment (market revaluation and interest expense on related loans).