The amount of interim dividends that will be paid from October 2026 to January 2027 may total ₽1.1 trillion. Analysts from VTB My Investments shared this forecast during a presentation of the investment strategy for the fourth quarter of 2026. For comparison: in the previous year, slightly less than ₽1 trillion in dividends was paid for the same period.
Moreover, according to analysts’ forecasts, of ₽1.1 trillion, more than ₽235 billion will be paid out in shares in free float and in securities that are not blocked in accounts under C.
Dividend yield on the Russian equities market over a 12-month horizon will be 11.5%. At the same time, oil and gas sector companies will serve as the “dividend locomotives,” the experts said. Also, in their view, shares of companies focused on domestic demand look interesting.
For example, among the dividend favorites for the coming year, VTB My Investments highlighted:
«Surgutneftegas» preferred — dividend yield over a 12-month horizon 22.9%;
H5 — 21.9%;
«Bashneft» preferred — 20.8%;
LUKOIL — 20%;
«Transneft» preferred — 18.3%;
«Gazprom Neft» — 16.1%;
«Dom.RF» — 15.4%.
Among growth companies, where there is significant potential to revalue share prices, investment strategist at VTB My Investments Alexey Kornilov highlighted shares of technology companies, the consumer sector, and transportation. Among the favorites are «Yandex», «Positive Group», Ozon, «T-Technology», and Sovcomflot.
In addition, he pointed to companies that have the potential for a sharp improvement in their financial performance. These include Gazprom, a representative of the gas industry; MМК, a company from the ferrous metallurgy sector; and the technology company VKontakte.
During the presentation, the experts also updated their forecast for inflation, the key rate, the ruble exchange rate, and the MOEX index. According to the updated figures:
MOEX index over a 12-month horizon: 3340 points;
Key interest rate at year-end: 13.5–13.75%;
US dollar exchange rate at year-end: ₽86;
Yuan exchange rate at year-end: ₽12.8;
Urals oil price average for the year: ₽$62 per barrel;
Gold: $4250 per ounce over a 12-month period.
Experts noted that the MOEX index is trading at a discount of about 30% to the R/E level for 2022–2025. Rising prices in commodity markets and the RUB exchange-rate dynamics favorable for exporters in Q3 2026 support net profit of companies from the MOEX index. The reporting season for the first half of 2026, which exceeded analysts’ expectations, led to an increase in forecasts.
At VTB My Investments, they single out shares in the oil and gas, financial, and IT sectors. Analysts assess the consumer sector more positively. As factors determining the appeal of shares in Q4 2026, they cited dividend payments, share buybacks, and IFRS reporting for Q3 2026, which, as expected, for some companies will reflect either an improvement or the maintenance of strong results.