Bonds at 5% and money from Tuchaka - are VK shares interesting? The company's EBITDA in the first half of the year increased by 34%, net debt decreased by 27%. In the second quarter - the first net profit since the end of 2022. The improvement in VK's financial performance is due to a number of factors, one of which is the sale of Tuchaka. Calculating the effects of the sale of "Tuchka Bank" the net debt decreased by 22 billion rubles - almost exactly the amount of the sale of 25% of the Tochka Bank (21.2 billion). Without it, according to our calculations, it would have decreased by only 0.9 billion. The company's gross debt remained almost unchanged: 99.9 billion versus 103.2 billion. Free cash flow according to the VK method is 3 billion. Considering rent, according to our calculation, about 0.6 billion. In the company there is no arguing: it is a question of methodology, the main thing is that the flow be positive. With profit it is more difficult. The loss for six months decreased from 12.7 to 3.8 billion, the financial expenses decreased by 11 billion (according to our estimation, after the additional issuance in 2025). "Tochaka" gave 3.5 billion - about 40% improvement. But the profit in the second quarter was ensured precisely by the sale of Tochaka: without it the quarter would have closed with a loss of about 3 billion. Debt at a price from another era Ruble bonds worth 70.9 billion cost VK an average of 5.07% equal to a key interest rate of 14% - almost three times cheaper than the market. More than half of the debt was placed by private subscription: in April 2023, 60 billion rubles of bonds of VK LLC were purchased by the National Welfare Fund, that is, the Ministry of Finance. Discuss repayment and refinancing instruments for 2028-2029. It is still early, the company says. Rough estimate: if ~53 billion would need to be refinanced at the current ~15.7% instead of ~5%, interest would increase by 5-6 billion per year - almost a quarter of projected EBITDA. VK hopes the rates have dropped by then. Also, the company received an exemption from the bank for violating the terms of the loan agreement. The company calls it a technical story, but does not disclose details. The country is on the perimeter.

Bonds at 5% and money from Tuchaka - are VK shares interesting? The company's EBITDA in the first half of the year increased by 34%, net debt decreased by 27%. In the second quarter - the first net profit since the end of 2022. The improvement in VK's financial performance is due to a number of factors, one of which is the sale of Tuchaka. Calculating the effects of the sale of "Tuchka Bank" the net debt decreased by 22 billion rubles - almost exactly the amount of the sale of 25% of the Tochka Bank (21.2 billion). Without it, according to our calculations, it would have decreased by only 0.9 billion. The company's gross debt remained almost unchanged: 99.9 billion versus 103.2 billion. Free cash flow according to the VK method is 3 billion. Considering rent, according to our calculation, about 0.6 billion. In the company there is no arguing: it is a question of methodology, the main thing is that the flow be positive. With profit it is more difficult. The loss for six months decreased from 12.7 to 3.8 billion, the financial expenses decreased by 11 billion (according to our estimation, after the additional issuance in 2025). "Tochaka" gave 3.5 billion - about 40% improvement. But the profit in the second quarter was ensured precisely by the sale of Tochaka: without it the quarter would have closed with a loss of about 3 billion. Debt at a price from another era Ruble bonds worth 70.9 billion cost VK an average of 5.07% equal to a key interest rate of 14% - almost three times cheaper than the market. More than half of the debt was placed by private subscription: in April 2023, 60 billion rubles of bonds of VK LLC were purchased by the National Welfare Fund, that is, the Ministry of Finance. Discuss repayment and refinancing instruments for 2028-2029. It is still early, the company says. Rough estimate: if ~53 billion would need to be refinanced at the current ~15.7% instead of ~5%, interest would increase by 5-6 billion per year - almost a quarter of projected EBITDA. VK hopes the rates have dropped by then. Also, the company received an exemption from the bank for violating the terms of the loan agreement. The company calls it a technical story, but does not disclose details. The country is on the perimeter.