VK International (VKCO) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 rose 8% YoY to RUB 160.0 bn, with adjusted EBITDA at RUB 22.6 bn and margin increasing to 14%.

• Net cash from operating activities improved to RUB 3.0 bn from negative RUB 4.9 bn in 2024, and net debt was more than halved to RUB 82 bn.

• All operating segments posted positive EBITDA margins in 2025.

• Key audience metrics hit record highs: daily audience reached 81.5 mn, users spent 57 bn minutes per day, and monthly reach was 97% of the Russian internet segment, up 20% YoY.

Financial highlights

• Revenue: RUB 160.0 bn in 2025, up 8% YoY.

• Adjusted EBITDA: RUB 22.6 bn, margin 14%.

• Major revenue drivers: 38% growth in VK Tech, 19% in EdTech, 12% in SME online advertising, 68% in video advertising.

• Net cash from operations: RUB 3.0 bn, a significant turnaround YoY.

• Net debt/EBITDA ratio at 3.6, with a weighted average interest rate below 10%.

Outlook and guidance

• EBITDA expected to exceed RUB 20 bn in 2026, subject to macroeconomic and market conditions.

• Target to reduce Net debt/EBITDA to the 2–3 range in the short to medium term.