Happiness loves quiet, and efficient management loves the absence of a "net loss" column in financial statements VK, under the strict leadership of Vladimir Kirinko, made a breakthrough in corporate reporting: data on net profit and losses simply disappeared from the presentation for 9 months. But if you add up the real negative statistics of the holding in recent years, you get a real financial horror. It is said that VK really does not want to emphasize: ~200 billion rubles - the total net loss of the holding for 6.5 years. -3.8 billion rubles - a net loss in the first half of 2026 only. 7 years in a row - the company operates exclusively in the negative (from 2020). -94.9 billion rubles - an absolute annual record set in 2024. 73.3 billion rubles is the company's net debt at the end of September 2026. 2.7x - current ratio of net debt to EBITDA. To understand the scale of the disaster: the cumulative loss of VK (200 billion) is the annual budget of the Voronezh region (208 billion) or the Stavropol Territory (195 billion). Entire regions with all the infrastructure, roads and hospitals can live for a year from what VK has successfully "eaten" in a market cleared of competitors. The seventh year in the red is not a crisis, it is stability. Selling assets such as 25% of Tuchaka shares in the bank for 21.2 billion rubles and getting rid of RuStore does not help the situation: PSB analysts directly say that due to the huge financial burden from past expenses, VK will once again close this year with a net loss. But if you just remove that line from the presentation, it's as if nothing happened. Honestly - that's the point. We speak - others remain silent.

Happiness loves quiet, and efficient management loves the absence of a "net loss" column in financial statements VK, under the strict leadership of Vladimir Kirinko, made a breakthrough in corporate reporting: data on net profit and losses simply disappeared from the presentation for 9 months. But if you add up the real negative statistics of the holding in recent years, you get a real financial horror. It is said that VK really does not want to emphasize: ~200 billion rubles - the total net loss of the holding for 6.5 years. -3.8 billion rubles - a net loss in the first half of 2026 only. 7 years in a row - the company operates exclusively in the negative (from 2020). -94.9 billion rubles - an absolute annual record set in 2024. 73.3 billion rubles is the company's net debt at the end of September 2026. 2.7x - current ratio of net debt to EBITDA. To understand the scale of the disaster: the cumulative loss of VK (200 billion) is the annual budget of the Voronezh region (208 billion) or the Stavropol Territory (195 billion). Entire regions with all the infrastructure, roads and hospitals can live for a year from what VK has successfully "eaten" in a market cleared of competitors. The seventh year in the red is not a crisis, it is stability. Selling assets such as 25% of Tuchaka shares in the bank for 21.2 billion rubles and getting rid of RuStore does not help the situation: PSB analysts directly say that due to the huge financial burden from past expenses, VK will once again close this year with a net loss. But if you just remove that line from the presentation, it's as if nothing happened. Honestly - that's the point. We speak - others remain silent.