During nine months of 2026, securities of companies with debt loads above 3.0x to EBITDA fell by an average of 31.5%, twice that of issuers with moderate liabilities. About a third of the organizations had no net debt at all, and had a decrease of 8.7%, meaning that the macro situation affected them. But all the positive results of the market are concentrated in the area of ​​minimal leverage. 27 out of 31 growth subjects are debt-free or very low. Among the leaders, individual specialists Salvaft-YANOS, Saratovenergo, Lambumiz and companies that deliberately reduced the debt. For example, "Positive" reduced the net figure by 8%, from 1.7x to 0.8x, and "Incab Holding" via IPO reduced it by 55%, i.e. from 3.5x to 1.3x. Why the threshold at 3x? Let's say that the company borrows 19% (the additional rate) with a debt of 1x to net profits, the interest takes 19% of the operating flow, and with 3x, 57%. This is before taxes and investments. At this point, the distributor cannot grow and not pay dividends, so it remains to borrow new money to pay for the old. The market pays for sustainability, not growth. And if the rate is reduced, it is the companies in question that will receive the greatest impact. For the companies themselves, the tools of stabilization were repeatedly called by experts. This is a reduction in debt due to the flow of operations, IPO and further coding, as well as returning longer securities. Sign up.

During nine months of 2026, securities of companies with debt loads above 3.0x to EBITDA fell by an average of 31.5%, twice that of issuers with moderate liabilities. About a third of the organizations had no net debt at all, and had a decrease of 8.7%, meaning that the macro situation affected them. But all the positive results of the market are concentrated in the area of ​​minimal leverage. 27 out of 31 growth subjects are debt-free or very low. Among the leaders, individual specialists Salvaft-YANOS, Saratovenergo, Lambumiz and companies that deliberately reduced the debt. For example, "Positive" reduced the net figure by 8%, from 1.7x to 0.8x, and "Incab Holding" via IPO reduced it by 55%, i.e. from 3.5x to 1.3x. Why the threshold at 3x? Let's say that the company borrows 19% (the additional rate) with a debt of 1x to net profits, the interest takes 19% of the operating flow, and with 3x, 57%. This is before taxes and investments. At this point, the distributor cannot grow and not pay dividends, so it remains to borrow new money to pay for the old. The market pays for sustainability, not growth. And if the rate is reduced, it is the companies in question that will receive the greatest impact. For the companies themselves, the tools of stabilization were repeatedly called by experts. This is a reduction in debt due to the flow of operations, IPO and further coding, as well as returning longer securities. Sign up.