VK International (VKCO) Q3 2025 earnings summary

Executive summary

• Revenue for 9M 2025 grew 10% YoY to RUB 111.3 bn, with adjusted EBITDA at RUB 15.5 bn and a 14% margin.

• Daily audience reached 78 million, with users spending 51 billion minutes per day, up 17% YoY.

• Monthly audience reach exceeds 95% of the Russian internet segment.

• All operating segments posted positive adjusted EBITDA margins, with Social platforms and media content leading at 20%.

• The company expects adjusted EBITDA to exceed RUB 20 bn for the full year 2025, subject to macroeconomic and market conditions.

Financial highlights

• Revenue for 9M 2025 rose 10% YoY to RUB 111.3 bn, driven by online advertising, VK Tech, and educational services.

• Video advertising revenue rose 69% YoY to RUB 3.7 bn; VK Tech revenue up 39% YoY to RUB 10.7 bn; EdTech revenue up 20% YoY to RUB 5.4 bn.

• Online advertising for SMEs increased 12% YoY to RUB 26.6 bn.

• Social platforms and media content revenue grew 6% YoY to RUB 77.0 bn; adjusted EBITDA up 4x YoY to RUB 15.6 bn (20% margin).

• Ecosystem services and other business lines revenue up 21% YoY to RUB 20.4 bn; adjusted EBITDA improved to RUB 0.5 bn (3% margin).

Outlook and guidance

• Management expects adjusted EBITDA to exceed RUB 20 bn for the full year 2025, subject to macroeconomic and market conditions.