Yandex International Public Joint-Stock Company

Quick Facts / Company Snapshot

• Official Name: Yandex International Public Joint-Stock Company (Yandex IPJSC)
• Stock Ticker: YDEX (Moscow Exchange)
• 2024 Group Revenue: RUB 1,095 Billion
• Revenue Growth (YoY): 37%
• Adjusted EBITDA (2024): RUB 189 Billion
• Adjusted EBITDA Margin: 17.2%
• Adjusted Net Income: RUB 101 Billion
• Total Headcount: 96,600 Employees
• Core Personnel: 29,000 Employees
• Search Market Share (Russia, Q4 2024): 66.4%
• Active Search Users (MAU): ~110 Million
• Yandex Go Active Users (MAU): 53.2 Million
• Yandex Plus Subscribers: 39.2 Million
• E-commerce GMV (2024): RUB 956 Billion
• Mobility GMV (2024): RUB 1,465 Billion
• Number of Services: >90
• Data Centers: 5
• Dividend Payout (H1 2024): ~RUB 30 Billion
• Shareholders: Consortium.First (Principal Owner), Managers, Free Float
• Headquarters/Registration: Russia (following 2024 restructuring)

Company Overview

Yandex International Public Joint-Stock Company (Yandex IPJSC) stands as one of the world’s most diversified technology companies, operating a vast ecosystem that integrates information, transaction, education, entertainment, and financial services. Following a significant corporate restructuring completed in July 2024, Yandex IPJSC became the new parent company of the Yandex Group, replacing the Netherlands-registered Yandex N.V. The company is now a private and independent entity registered in Russia, with its shares traded on the Moscow Exchange under the ticker YDEX.

The company’s mission revolves around solving complex problems through proprietary, world-class technologies. Yandex has evolved from a search engine into a comprehensive ecosystem serving tens of millions of users. Its operations are characterized by a balance between mature, cash-generating businesses like Search and Portal, and high-growth investment areas such as E-commerce, Mobility, and Artificial Intelligence.

In 2024, the company achieved a historic milestone, with group revenue exceeding one trillion rubles for the first time. This financial success is underpinned by a unique corporate culture that fosters engineering excellence, open discussion, and a product-oriented mindset. The company reinvests hundreds of billions of rubles annually into developing technologies such as generative AI, autonomous driving, and cloud infrastructure, ensuring sustainable long-term growth.

Business Segments

Yandex organizes its operations into several key business units, each addressing specific market needs while leveraging shared infrastructure and technologies.

Search and Portal

Revenue (2024): RUB 439 Billion

Percentage of Total Revenue: ~40.1%

The Search and Portal segment forms the foundation of the Yandex ecosystem. It includes Yandex Search, the leading search engine in Russia, and the Yandex Advertising Network (YAN). This segment is the primary driver of the company’s profitability and advertising revenue.

• Operational Scope: The segment encompasses search technologies, geo-services (Maps, Navigator), Yandex Browser, and other information services. It monetizes user traffic through advertising placed on Yandex’s own platforms and its partner network.
• Strategic Focus: The division focuses on integrating Generative AI (YandexGPT) into search queries to provide direct, synthesized answers and expanding advertising inventory on mobile platforms and e-commerce marketplaces.

E-commerce

Revenue (2024): RUB 322 Billion

Percentage of Total Revenue: ~29.4%

This segment aggregates Yandex’s online retail and delivery capabilities, aiming to capture a significant share of the rapidly growing Russian e-commerce market.

• Operational Scope: It includes Yandex Market (a multi-category marketplace), Yandex Lavka (hyperlocal convenience store delivery), and the retail delivery functions of Yandex Eats and Yandex Delivery.
• Strategic Focus: The segment prioritizes expanding its logistics infrastructure, increasing the assortment of goods, and improving unit economics through cross-service synergies like “one-click delivery.”

Mobility

Revenue (2024): RUB 228 Billion

Percentage of Total Revenue: ~20.8%

The Mobility segment addresses urban transportation needs, offering services that replace personal car ownership with shared and on-demand alternatives.

• Operational Scope: This unit comprises Yandex Taxi (ride-hailing), Yandex Drive (car-sharing), and Yandex Scooters. It operates as a marketplace connecting users with drivers and vehicles via the Yandex Go superapp.
• Strategic Focus: Key priorities include managing supply and demand balance through dynamic pricing, expanding the fleet of vehicles, and developing new service classes like shared rides to optimize costs.

Plus and Entertainment Services

Revenue (2024): RUB 98.4 Billion

Percentage of Total Revenue: ~9.0%

This segment focuses on subscription-based media and entertainment, driving user retention and loyalty within the wider ecosystem.

• Operational Scope: It includes the Yandex Plus subscription (providing access to music, movies, and cashback), Kinopoisk (streaming and media), Yandex Music, Yandex Books, and Yandex Afisha (event ticketing).
• Strategic Focus: The division invests heavily in original content production through Plus Studio and leverages AI to personalize content recommendations, thereby increasing subscriber engagement and lifetime value.

Delivery and Other O2O Services

Revenue (2024): RUB 76 Billion

Percentage of Total Revenue: ~6.9%

This segment handles logistics and “online-to-offline” (O2O) transaction services that facilitate the movement of goods.

• Operational Scope: It includes Yandex Delivery (last-mile and middle-mile logistics for businesses and individuals) and Yandex Fuel (contactless fueling).
• Strategic Focus: The unit aims to optimize delivery routes using proprietary geo-technologies and expand its client base in the C2C, B2C, and B2B sectors.

Classifieds

Revenue (2024): RUB 34.1 Billion

Percentage of Total Revenue: ~3.1%

The Classifieds segment operates specialized vertical platforms for real estate, automobiles, and travel.

• Operational Scope: Key assets include Auto.ru (vehicle listings), Yandex Realty (real estate), Yandex Rent (long-term rentals), and Yandex Travel (hotel and ticket bookings).
• Strategic Focus: The segment focuses on digitalizing offline transactions, such as offering online apartment rentals and booking services, and monetizing listings through value-added services for sellers and developers.

Other Business Units and Initiatives

Revenue (2024): RUB 124 Billion

Percentage of Total Revenue: ~11.3%

This category serves as an incubator for experimental and high-tech B2B businesses.

• Operational Scope: It includes Yandex Cloud (cloud platform), Yandex 360 (virtual office solutions), Yandex SDG (autonomous vehicles), Yandex Practicum (EdTech), Devices and Alice (smart home hardware), and Fintech initiatives.
• Strategic Focus: These units are in active investment phases, focusing on scaling technology, acquiring commercial clients, and developing hardware and software ecosystems.

History and Evolution

The history of Yandex is a journey from a small software startup to a technological giant that defines the digital landscape of Russia.

Early Years (1990s – 2000)

The story began in the early 1990s within a company called “Arkadia,” where founders Arkady Volozh and Ilya Segalovich developed proprietary information search technology.

• 1997: The “Yandex-Web” search engine was officially announced on September 23, marking the company’s birthday.
• 2000: Yandex was incorporated as a standalone company. It launched key services like Yandex Mail and Yandex Goods (the precursor to Yandex Market).

Growth and Monetization (2001 – 2010)

Yandex quickly reached profitability and expanded its service portfolio.

• 2001: Launch of Yandex Direct, the contextual advertising system that became the company’s financial engine.
• 2002: Yandex reached profitability, just two years after founding.
• 2004: Launch of Yandex Maps.
• 2007: Opening of the School of Data Analysis (SHAD).
• 2009: Introduction of MatrixNet, a proprietary machine learning method that significantly improved search quality.

IPO and Ecosystem Expansion (2011 – 2020)

The company went public and diversified into mobility and AI.

• 2011: Initial Public Offering (IPO) on NASDAQ. Launch of Yandex Taxi.
• 2012: Release of Yandex Browser and Navigator.
• 2017: Introduction of Alice, the intelligent voice assistant, and the start of autonomous vehicle testing.
• 2018: Launch of the first smart speaker, Yandex Station, and ride-sharing service Yandex Drive.
• 2019: Expansion into e-grocery with Yandex Lavka.

Recent Developments and Restructuring (2021 – 2024)

The most recent era involves deepening AI integration and a major corporate reorganization.

• 2021: Launch of Yandex Pay and Yandex Split (fintech).
• 2023: Presentation of generative neural networks YandexART and YandexGPT.
• 2024: Completion of a historic restructuring deal. Yandex N.V. (Netherlands) exited the shareholder structure, and Yandex IPJSC (Russia) became the new parent company. The company listed its shares on the Moscow Exchange under the ticker YDEX. The year also saw the creation of Yandex B2B Tech and the payment of the company’s first-ever dividends.

Products and Services

Yandex offers a vast array of products, leveraging its technological core to serve diverse user needs.

Information and Search

• Yandex Search: The core product, processing billions of queries. It now features “Search with Neuro,” which uses generative AI to synthesize answers from multiple sources.
• Yandex Browser: A web browser with built-in translation, video summarization, and security features.
• Yandex Maps: A geo-service providing navigation, business listings, and public transport data.
• Yandex Weather: Provides hyperlocal weather forecasts using “Meteum” technology.

Transactional Services

• Yandex Go: A superapp combining taxi, food delivery, item delivery, and scooter rental.
• Yandex Market: A marketplace offering millions of products with express delivery options.
• Yandex Eats: A food delivery service partnering with 56,000 restaurants.
• Yandex Lavka: A 15-minute grocery delivery service operating via “dark stores.”
• Yandex Delivery: Logistics service for last-mile and middle-mile delivery.

Entertainment and Media

• Kinopoisk: A streaming platform with 94,000 movies and episodes, serving 15 million monthly active users (MAU).
• Yandex Music: A streaming service with 26 million MAU and lossless audio quality.
• Yandex Afisha: A ticketing service for events, concerts, and cinema.
• Yandex Books: A subscription service for e-books and audiobooks.

Devices and AI

• Alice: A virtual assistant with generative capabilities (YandexGPT), integrated into speakers and apps.
• Yandex Station: A line of smart speakers.
• Yandex TV Station: Smart televisions with voice control.
• Shedevrum: An app for generating images and videos using the YandexART neural network.

B2B and Business Solutions

• Yandex Cloud: A cloud platform offering over 70 IaaS and PaaS services to 44,000 commercial clients.
• Yandex 360: A virtual office suite including Mail, Disk, and Telemost (video conferencing).
• Yandex Direct: An advertising platform for businesses of all sizes.
• Yandex Data Sphere: A platform for ML development.

Education (EdTech)

• Yandex Practicum: An online education platform for IT retraining and upskilling.
• Yandex Textbook: Educational services for schools.

Brand Portfolio

Yandex manages a portfolio of strong brands, each catering to specific verticals while reinforcing the master brand’s reputation for technological innovation.

Yandex (Master Brand)

Revenue Contribution: Dominant across Search, Cloud, and Mobility.

The primary brand representing trust, innovation, and “finding everything.” It encompasses Search, Maps, Go, and Browser.

Kinopoisk

Revenue Contribution: Key driver of the Plus and Entertainment segment (RUB 98.4 BN total segment revenue).

Originally a movie database, now the leading video streaming brand in Russia, known for exclusive content and sports broadcasting.

Auto.ru

Revenue Contribution: Major contributor to Classifieds (RUB 34.1 BN total segment revenue).

The leading brand for automotive classifieds, serving dealerships and private sellers with tools for buying and selling vehicles.

Yandex Market

Revenue Contribution: Central to E-commerce (RUB 322 BN total segment revenue).

A major marketplace brand offering a multi-category shopping experience with its own delivery network.

Yandex Lavka

Revenue Contribution: Significant portion of E-commerce.

A distinctive brand for rapid grocery delivery, known for its blue branding and “dark store” model.

Geographical Presence

Yandex’s primary market is Russia, where it holds leadership positions across most of its business lines. However, it maintains a presence in international markets through specific services.

Russia

Revenue Share: Majority of Group Revenue (RUB 1,095 BN total).

Russia is the headquarters and primary operational base. It houses 5 data centers and the majority of the 96,600-strong workforce. The company operates in all major cities, with testing zones for autonomous vehicles in Moscow, Innopolis, and Sochi.

International Markets

Services: Ride-hailing, Cloud, and Education.

• Kazakhstan: Yandex Cloud launched a new region here, placing server infrastructure in a local data center. Yandex 360 and Yandex Go also operate in the country.
• Belarus: Presence of services like Yandex 360.
• Global Reach: Yandex Taxi technologies and Yandex Practicum (international domain) extend services to users abroad.

Financial Performance Analysis

The fiscal year 2024 demonstrated robust financial health and aggressive growth, despite significant corporate restructuring. The company successfully scaled its operations while improving profitability margins.

Consolidated Performance

• Total Revenue: RUB 1,095 Billion (+37% YoY).
• Adjusted EBITDA: RUB 189 Billion (+56% YoY).
• Adjusted Net Income: RUB 101 Billion (+94% YoY).

Multi-Year Trend

The company has shown a consistent upward trajectory. Revenue grew from RUB 798 billion in 2023 to over 1 trillion in 2024. Profitability metrics also improved, with the Adjusted EBITDA margin expanding from 15.1% in 2023 to 17.2% in 2024, indicating successful operating leverage.

Profit and Loss Analysis

The Profit and Loss statement reflects high growth across all lines, with operating leverage driving faster earnings growth relative to revenue.

Metric	2024 (RUB Billion)	2023 (RUB Billion)	Change (%)
Revenue	1,095	798	+37%
Operating Expenses	(1,043)	(734)	+42%
Profit from Operations	52	64	-19%
Adjusted EBITDA	189	121	+56%
Adjusted Net Income	101	52	+94%

• Revenue Dynamics: Driven by strong performance in Search (+30%) and E-commerce (+45%).
• Expense Analysis: Operating expenses grew by 42%, faster than revenue, due to heavy investments in talent and infrastructure for growing businesses.
• Profitability Ratios: The Adjusted EBITDA margin improved by 2.1 percentage points to 17.2%.

Balance Sheet Analysis

Yandex IPJSC maintains a strong balance sheet capable of supporting extensive capital expenditures and strategic investments.

• Total Debt: RUB 260.1 Billion (up from RUB 140.9 Billion in 2023).
• Net Debt: RUB 47.6 Billion (decreased from RUB 54.8 Billion in 2023).
• Liquidity Position: The company holds significant cash and cash equivalents, allowing for a low net debt position despite high gross debt. This liquidity supports ongoing R&D and M&A activities.
• Asset Base: Includes intangible assets (software, licenses), property, plant, and equipment (data centers, warehouses), and goodwill from acquisitions.

Cash Flow Analysis

The company generates healthy cash flows from its mature segments, which are reinvested into growth areas.

• Operating Cash Flow: Strong generation from Search and Portal allows for funding of loss-making but high-growth segments like E-commerce.
• Investing Cash Flow: High capital expenditure (Capex) directed towards servers, data centers, and construction.
• Financing Cash Flow: Includes proceeds from debt issuance (e.g., RUB 7.7 Billion Fintech bonds) and dividend payments (RUB 29.2 Billion paid in H1 2024).

Board of Directors and Leadership Team

Following the 2024 restructuring, a new Board of Directors was formed, consisting of nine members, including five independent directors, ensuring robust corporate governance.

Board Members

1. Svetlana Yachevskaya: Chairperson of the Board, Independent Director. Chairs the Audit Committee.
2. Artem Savinovsky: Executive Director and CEO.
3. Alexander Ivlev: Independent Director. Chairs the Remuneration and Nomination Committee.
4. Alexey Yakovitsky: Independent Director. Chairs the Investment Committee.
5. Evgeny Yakushkin: Independent Director. Chairs the Corporate Governance and Sustainability Committee.
6. Andrey Betin: Independent Director.
7. Pavel Dengin: Non-executive Director.
8. Anton Sychev: Non-executive Director.
9. Alexander Chachava: Non-executive Director.

Leadership Team

• Artem Savinovsky: CEO. Responsible for day-to-day management and strategy execution.
• Management Foundation: A body holding special rights (Type B and G shares) to ensure continuity of management and protect the company’s unique culture.

Subsidiaries, Associates, Joint Ventures

Yandex operates through a network of subsidiaries that manage specific business lines. While a comprehensive list of all legal entities is vast, key operating units include:

1. Yandex Search & Portal: The core revenue generating entity.
2. Yandex Market: The e-commerce subsidiary.
3. Yandex Taxi: The mobility and ride-hailing entity.
4. Yandex Cloud: The cloud infrastructure provider.
5. Yandex Pay (Fintech): Holder of the banking license (acquired Acropol Bank) and issuer of financial products.
6. Yandex Ads: Manages the advertising network.

Note: Specific revenue breakdowns for legal entities are often consolidated into segments in the report.

Physical Properties

Yandex owns and operates significant physical infrastructure to support its digital services.

• Data Centers: The company operates 5 data centers compliant with ISO/IEC 27001 standards. These facilities power the cloud platform and search algorithms.
• Offices: A network of corporate offices across Russia and international hubs (e.g., Kazakhstan, Serbia mentioned in context of relocation/hubs).
• Warehouses and Dark Stores:
  • Yandex Lavka: Operates 572 dark stores.
  • Yandex Market: Operates large fulfillment centers and distribution hubs.
• Retail/Pickup Points: A vast network of pickup points for Yandex Market throughout Russia.

Segment-wise Performance

Performance in 2024 was marked by growth across all reported segments.

Segment	Revenue (RUB BN)	Growth (YoY)	Adjusted EBITDA (RUB BN)	EBITDA Margin
Search & Portal	439	+30%	220.5	50.2%
E-Commerce	322	+45%	(58)	-6.0% (of GMV)
Mobility	228	+37%	81	5.5% (of GMV)
Plus & Ent.	98.4	+47%	1.6	1.6%
Classifieds	34.1	+41%	(0.6)	-1.7%
Delivery / O2O	76	+38%	(6)	-2.0% (of GMV)
Other BU	124	+57%	(53.8)	-43.4%

• Search & Portal: Maintained high margins (50.2%) while growing revenue by 30%.
• E-Commerce: Very high revenue growth (45%) but remains loss-making due to investment, though EBITDA margin improved.
• Mobility: Solid growth (37%) and positive EBITDA (81 BN).

Founders

Yandex was founded by Arkady Volozh and Ilya Segalovich.

• Origins: The duo began working on search technologies in the early 1990s at a company called Arkadia.
• Legacy: Their foundational work on the Russian morphology and search algorithms established Yandex’s technological superiority in the Russian market. Ilya Segalovich passed away in 2013. Arkady Volozh was instrumental in the company’s growth until recent years. The current structure ensures the continuity of the engineering culture they established.

Shareholding Pattern

Following the 2024 restructuring, the shareholding structure of Yandex IPJSC is as follows:

• Principal Shareholders: 79.2%. This stake is held by the “Consortium.First” Closed-End Investment Fund.
• Free Float: 17.2%. These shares are traded on the Moscow Exchange.
• Incentive Program Administrators: 3.6%. Shares held for employee equity incentive programs.
• Special Shares:
  • Public Interest Foundation: Holds one Type A preferred share (veto rights on >10% accumulation, IP protection).
  • Management Foundation: Holds one Type B preferred share and one Type G preferred share (rights to appoint directors and nominate CEO).

Parent

Yandex International Public Joint-Stock Company (Yandex IPJSC) is now the ultimate parent company of the group.

• Main Owner: The Consortium.First Closed-End Investment Fund.
• Former Parent: Yandex N.V. (Netherlands), which exited the group in July 2024.

Investments and Capital Expenditure plans

Yandex continues to invest aggressively to sustain its technological edge.

• Investment Priorities:
  • Artificial Intelligence: Development of YandexGPT, YandexART, and autonomous driving tech.
  • Content: Planned reinvestment of RUB 100 Billion from subscription revenue into content (movies, music, books) in 2024–2025.
  • Infrastructure: Expansion of cloud platforms and data centers (RUB 42 Billion investment planned for Yandex Cloud portfolio development in 2025-2026).
  • Personnel: High spending on R&D talent to maintain engineering leadership.

Future Strategy

The management has outlined a robust strategy for 2025 and beyond.

• Financial Forecast (2025):
  • Revenue growth of >30% YoY.
  • Adjusted EBITDA of at least RUB 250 Billion.
• Strategic Focus Areas:
  1. AI Everywhere: Integrating Generative AI into all products (Search, Alice, Browser) to improve user experience and monetization.
  2. B2B Expansion: Growing Yandex B2B Tech to provide comprehensive cloud and software solutions for businesses.
  3. Fintech Integration: Expanding Yandex Pay and Split services within the ecosystem.
  4. Autonomous Tech: Advancing robotaxis and delivery robots to commercial viability.
  5. Regional Growth: Deepening presence in Russian regions and CIS markets like Kazakhstan.

Key Strengths

• Market Dominance: Unrivaled leadership in Russian Search (66.4% share) and Mobility.
• Integrated Ecosystem: High user lock-in through the Yandex Plus subscription (39.2 million subscribers) and Superapp (Yandex Go).
• Technological Sovereignty: Proprietary tech stack including Maps, Search, Cloud, and Generative AI, reducing reliance on external vendors.
• Financial Muscle: Strong operating cash flow from Search funds growth engines like E-commerce and AI.
• Talent Pool: Access to the best engineering talent in the region via initiatives like the School of Data Analysis.

Key Challenges and Risks

• Personnel Shortage: The company faces a tight labor market, particularly for couriers and drivers, driving up costs and requiring investments in automation (robots).
• Regulatory Environment: Operations are subject to evolving regulations regarding data protection, antitrust, and digital platforms in Russia.
• Macroeconomic Factors: High interest rates and inflation impact consumer spending power and the cost of debt (Fintech bonds have a 25% coupon).
• Competition: Intense competition in E-commerce (vs. Wildberries, Ozon) and Entertainment (vs. VK, Sber).

Conclusion and Strategic Outlook

Yandex IPJSC has successfully navigated a complex corporate restructuring to emerge as a robust, independent Russian technology giant. By securing its core assets and governance under a new local structure, it has mitigated geopolitical risks while retaining its engineering DNA. The company is poised for significant growth, driven by the dual engines of its cash-rich Search business and its rapidly scaling E-commerce and Mobility segments. With a strategic pivot towards B2B technologies and Generative AI, Yandex is not just a consumer ecosystem but a foundational infrastructure provider for the digital economy. The forecast for 2025 suggests continued aggressive expansion, underpinned by solid profitability and a commitment to shareholder returns via dividends.

Official Site: https://yandex.com (Defaulting to main brand site as specific IPJSC site is investor relations focused: ir.yandex)

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FAQ Section

1. What is Yandex IPJSC?Yandex IPJSC (International Public Joint-Stock Company) is the new Russian parent company of the Yandex Group, following the 2024 restructuring and exit of Yandex N.V.
2. What was Yandex’s revenue in 2024?Yandex Group reported a total revenue of RUB 1,095 billion for the full year 2024, representing a 37% increase year-over-year.
3. Is Yandex traded on a stock exchange?Yes, Yandex shares are traded on the Moscow Exchange under the ticker symbol YDEX.
4. Does Yandex pay dividends?Yes, Yandex IPJSC paid its first dividends in H1 2024, totaling approximately RUB 30 billion, and has a policy to consider future payments.
5. What are Yandex’s main business areas?The main segments are Search and Portal, E-commerce (Market, Lavka), Mobility (Taxi, Drive), Plus and Entertainment (Kinopoisk, Music), and Classifieds (Auto.ru, Realty).
6. Who owns Yandex?The principal shareholder is the closed-end investment fund “Consortium.First,” which holds 79.2% of the capital. The management team also holds special governance rights.
7. How many people use Yandex Plus?As of the end of 2024, the number of Yandex Plus subscribers reached 39.2 million.
8. What is Yandex’s strategy for AI?Yandex is integrating its proprietary generative AI, YandexGPT and YandexART, into all key services (Search, Alice, Browser) to enhance user experience and operational efficiency.

Source: Content on FirmsWorld.com is based on publicly available corporate filings, regulatory disclosures, annual reports, SEC 10-K filings, investor relations materials, and, where applicable, direct communications with the company.