VK International (VKCO) Q1 2026 earnings summary

Executive summary

• Daily audience reached 87.8 million, up 9 million year-over-year, with users spending 6.9 billion minutes daily on VK services, a 29% increase year-over-year.

• Revenue grew 6% year-over-year to 37.6 billion RUB in Q1 2026, with all operating segments posting revenue growth and positive EBITDA margins.

• Adjusted EBITDA increased 27% year-over-year to 6.4 billion RUB, with margin rising to 17%.

• Net debt decreased by 20 billion RUB to 62 billion RUB, with a Net Debt/EBITDA ratio of 2.6.

• EBITDA forecast for 2026 raised to over 24 billion RUB, reflecting management's expectations as of May 21, 2026.

Financial highlights

• Revenue rose 6% year-over-year to 37.6 billion RUB in Q1 2026.

• Adjusted EBITDA increased 27% year-over-year to 6.4 billion RUB, with EBITDA margin up to 17%.

• All operating segments delivered positive EBITDA margins.

• Net debt reduced to 62 billion RUB by end of April 2026.

• VK Tech revenue grew 59%, educational services for children up 23%, in-stream video ad revenue up 28%, and large business online ad revenue up 4%.

Outlook and guidance

• EBITDA forecast for 2026 raised to over 24 billion RUB.

• Growth expectations supported by double-digit increases in video advertising and rapid expansion in VK Tech and educational services.