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VK IPJSC (VKCO) investor relations material
VK IPJSC Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Daily audience reached 78 million in H1 2025, with 95% monthly reach in the Russian internet segment and 18% YoY growth in user time spent on services.
VK maintained leadership in Russia's internet audience, with major platforms like VKontakte, OK, and Dzen showing strong user engagement and growth.
Report covers six months ended June 30, 2025, prepared under IAS 34 and reviewed by independent auditors with no material misstatements found.
Net loss of RUB 12,671 million for the period, with negative working capital of RUB 14,571 million as of June 30, 2025.
Material uncertainty exists regarding the ability to continue as a going concern due to losses and liquidity position.
Financial highlights
H1 2025 revenue rose 13% YoY to RUB 72.6 bn, driven by VK Tech (+48%), educational services for children (+24%), and online advertising for SMBs (+16%).
Adjusted EBITDA reached RUB 10.4 bn, up from a loss of RUB 0.5 bn YoY; margin improved by 15 p.p. to 14%.
Net loss decreased to RUB 12,671 million from RUB 24,617 million year-over-year.
Cash and cash equivalents stood at RUB 37,745 million as of June 30, 2025.
Share issue raised RUB 112,100 million, used to repay floating-rate loans and reduce debt burden.
Outlook and guidance
Updated 2025 forecast expects adjusted EBITDA to exceed RUB 20 bn, subject to macroeconomic and market conditions.
Management expects to meet obligations through operating activities and available credit resources, despite material uncertainty about going concern.
Revenue and operating profits are typically higher in the second half of the year due to seasonality in advertising.
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