1 increased its net profit 2.3 times against the background of the growing debt and lack of available funds.
TGC-1 (part of GEH) reported for the nine months of 2026 with mixed results: net profit increased 2.3 times, to 5.3 billion rubles. Compared to the same period last year, but the operating cash flow decreased by 8%, to 7.2 billion rubles. Investments grew by 35% to 11 billion rubles, generating a negative free cash flow of 3.8 billion rubles. Account balances have decreased by 74% since the end of 2025, to 136 million rubles, and short-term debt has increased 2.3 times, to 8.8 billion rubles.
Revenues increased by 13%, to 96.8 billion rubles, mainly thanks to the thermal sector, which grew by 30%, to 50.7 billion rubles. Budgetary subsidies totaled 7.4 billion rubles, or 14.6% of thermal revenues. Total debt increased by 7% to 38.4 billion rubles, and financial expenses increased by 14% to 6 billion rubles, absorbing more than half of operating profit.
Operating profit, which takes into account only income and expenses from core activities, increased by 82%, to 10.7 billion rubles. The profitability of this indicator increased from 6.9% to 11%. Fuel costs slowed to 3.2%, to 37.4 billion rubles, in a decline in the growth rate of revenues. The actual share of income tax decreased from 30.7% to 16.5%.
In general, paper profits are not backed by real money. In order to invest, the company is forced to refinance debts, a significant part of which is concentrated in the scope of the parent structure, which limits its financial independence.