Q2 revenue reached RUB 249.3 billion, up 37% year-on-year. Adjusted EBITDA amounted to RUB 47.6 billion, or 19.1% of revenue. Yandex forecasts revenue growth in 2024 within the range of 38–40% year-on-year. Adjusted EBITDA for 2024 is expected to be in the range of RUB 170–175 billion. The Board of Directors will consider the payment of the first dividends in the amount of RUB 80 per ordinary share.
We currently expect total group revenue in 2024 to grow year-on-year in the range of 38 to 40%, and adjusted EBITDA to be in the range of RUB 170 to 175 billion.
Taking into account the dynamics of the company's financial results, the need for investments to ensure future growth, and debt indicators, the Yandex Board of Directors, upon the proposal of management, will consider the payment of the first dividends in the amount of RUB 80 per ordinary share. Considering the necessary corporate procedures, the dividends, if approved by the Board of Directors and subsequently approved by the shareholders' meeting, will be paid no later than the end of October 2024. The company believes that in the future it will be able to pay dividends on a semi-annual basis, provided that the Board of Directors makes appropriate recommendations and a decision to declare dividends is made by the general meeting of shareholders.
On July 15, MCPAO "Yandex" and the Dutch company Yandex N.V. announced that they had completed the restructuring of the business. The Dutch company has completely withdrawn from the group's shareholders. Until July 31, 2024, Yandex N.V. will cease to use Yandex brands. MCPAO "Yandex" is the new parent company of the group, its main owner is ZPIF "Consortium.First". On July 24, 2024, MCPAO "Yandex" shares began trading on the Moscow Exchange under the ticker YDEX.
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