Top 10 Russian Stocks with High Dividends in 2025
Introduction: Dividend Strategy in a New Reality
The dividend strategy in 2025 has gained particular relevance against the backdrop of a historically high key rate set by the Central Bank at 20%, coupled with ongoing macroeconomic instability. Analysts estimate that the total volume of dividend payments from Russian companies will amount to approximately 4 trillion rubles, which, although lower than the record figure of 2024, still remains at a historic level. In such conditions, investors are seeking stocks that can provide a stable cash flow with a reasonable level of risk.
Companies that have maintained dividend payments demonstrate not only financial resilience but also a focus on long-term planning. This allows investors to expect regular income and to create balanced portfolios that are resistant to market fluctuations. At the same time, some issuers have opted out of payments, redirecting funds to business development in the face of costly borrowed resources and geopolitical risks.
The main task for investors is to find a balance between yield and the quality of payments. A high dividend percentage often conceals one-off decisions by companies to liquidate reserves, while a moderate but stable yield suggests a healthy business and a clear dividend policy.
When comparing dividend stocks with alternative instruments such as deposits, OFZs, and corporate bonds, it is essential to consider not only nominal yield but also stock price volatility, tax implications, and diversification effects within the portfolio.
1. Rating of the Top 10 Dividend Stocks in Russia for 2025
The selection of companies for the rating was based on actual payments for 2024, the stability of dividend policies over the past five years, and analysts' forecasts for 2025. The rating includes representatives from various sectors of the economy, which allows for portfolio diversification and the reduction of specific risks.
1.1 Asha Metallurgical Plant - Yield 34.4%
The company paid dividends for the first time, utilizing accumulated profits for this purpose. The high yield is due to a one-time payment as part of a share buyback program aimed at minority shareholders. Investors view this as a signal for potential strategic changes that require monitoring news on capitalization and ownership structure.
1.2 VTB - Yield 34.0%
The largest state bank leveraged high interest rates to generate profits and pay record dividends from reserves. To assess the sustainability of payments, it is crucial to monitor the dynamics of net interest income and the level of provisioning for troubled loans.
1.3 Permenergosbyt - Yield 25.4%
Thanks to regulated tariffs and stable demand for electricity, the company demonstrates stability in its payments. Investors pay attention to changes in legislation regarding tariff regulation and new investment programs aimed at modernizing networks.
1.4 Headhunter - Yield 25.0%
After redomiciling to Russian jurisdiction, the IT recruiter allocated accumulated funds for dividend payments. The potential for further payouts depends on the recovery of the labor market and the company’s new products.
1.5 SFI - Yield 22.4%
After receiving funds from the IPO of "Europplan," the holding company paid substantial dividends and maintains high payout potential contingent on the successful dividend policy of the subsidiary. Investors should monitor the financial indicators of "Europplan" and the terms of SFI's consolidated report.
1.6 X5 Retail Group - Yield 22.1%
The leader in grocery retail paid record dividends post-redomiciliation, confirming a stable operational cash flow. Revenue dynamics, margin profitability, and store network growth are key indicators for forecasting future payments.
1.7 Zaimy - Yield 18.1%
Under regulatory pressure, the microfinance company is paying dividends from its own capital, which provides a high yield but requires an analysis of the quality of its loan portfolio and the risks of defaults.
1.8 MTS - Yield 16.3%
The telecommunications operator allocates no less than 50% of its free cash flow for dividends, ensuring stable payments. Investors pay attention to ARPU, subscriber base, and CAPEX, all of which impact FCF.
1.9 Bank Saint Petersburg - Yield 15.2%
The regional bank benefited from high rates, allocating 50% of its net income for dividends. To assess risks, it is essential to analyze the proportion of troubled loans and the quality of its deposit portfolio.
1.10 Transneft-P - Yield 14.7%
The preferred shares of the pipeline operator provide stable income amidst tariff indexing and relatively low costs. Investors should take into account infrastructure development plans and potential changes in tariff regulation.
2. Sectoral Features and Macroeconomic Drivers
The distribution of dividend leaders across sectors helps to identify the factors influencing payouts and how to diversify the portfolio.
2.1 Oil and Gas Sector
High hydrocarbon prices have provided a solid income base, but geopolitical restrictions and logistical challenges compel companies to increase investments in the reorientation of export flows. Monitoring exports and structural restructuring will aid in assessing payment prospects.
2.2 Financial Sector
Banks have become the primary beneficiaries of monetary policy with high key rates, enabling VTB and Bank Saint Petersburg to demonstrate remarkable dividend yields. For payment forecasts, it is crucial to consider the dynamics of interest margins and the quality of the loan portfolio.
2.3 Consumer Sector and Redomiciliation
Companies that have returned under Russian jurisdiction gained the opportunity to pay accumulated dividends, significantly increasing current yield metrics. Investors must observe the integration of business processes and geographical revenue diversification.
3. Selection Criteria: Financial Metrics and Qualitative Assessment
For reliable selection of dividend stocks, the following parameters are important:
3.1 Free Cash Flow (FCF)
The ability to generate stable FCF indicates financial flexibility and the capacity to maintain payouts even under adverse conditions. Additional analysis of business seasonality and CAPEX cycles is also crucial.
3.2 Payout Ratio
An optimal range of 40-60% of net income allows companies to balance between payments and growth investments. Ratios above 70% may indicate potential threats to future payouts.
3.3 Debt Burden
A net debt to EBITDA ratio below 2× is considered safe and helps avoid dividend cuts for debt repayment. Analyzing the debt structure (short-term vs long-term) assists in assessing refinancing risk.
4. Dividend Calendar: Key Dates for the Second Half of 2025
Planning dividend investments requires knowledge of registry closing and payment dates:
4.1 September 2025
- Headhunter: registry closure on September 25, payment on October 10
- KuibyshevAzot: registry closure on September 22, payment on October 7
- VI.ru: registry closure on September 11, payment on September 26
4.2 October 2025
- Zaimy: registry closure on October 13, payment on October 28
- Tatneft: registry closure on October 13, payment on October 28
- Polyus: registry closure on October 10, payment on October 27
4.3 November and December 2025
November is traditionally rich in payments from oil and gas companies and banks, while December wraps up the annual results for the consumer sector. Investors should prepare a calendar in advance to position themselves before the ex-date.
5. Risks of Dividend Investing in 2025
Despite attractive yields, dividend strategies carry specific risks that require investor attention.
5.1 Macroeconomic Challenges
A key rate of 20% creates competition for dividend stocks, necessitating a premium of 3-5 percentage points to justify risk. Investors should compare stock yields with those of alternative instruments, considering taxes and inflation.
5.2 Corporate Risks
Changes in dividend policies, the need for self-financing of projects, and potential board restrictions can lead to reduced payouts. It is essential to analyze the history of top management decisions and the company's development strategy.
5.3 Geopolitical Constraints
Sanctions affect access to technologies and markets, increasing capital expenditures and reducing free cash flow. Technology-oriented and export-focused companies are particularly vulnerable.
6. Investment Strategies: Maximizing Dividend Income
Effectively leveraging dividend stocks requires a clear strategy and discipline.
6.1 Portfolio Diversification
Diversifying investments across sectors reduces specific risks: finance, raw materials, consumer goods, telecom, and utilities. It is recommended not to hold more than 20% of capital in a single issuer.
6.2 Reinvestment Tactics
Automatic reinvestment in a high-rate environment gives way to short-term deposits and bonds until rates decline. As monetary policy stabilizes, it makes sense to return to DRIP (Dividend Reinvestment Plan).
6.3 Calendar Strategy
Buying stocks a few days before the ex-date and selling after payment allows speculators to profit from short-term yield rises, but requires consideration of dividend tax and transaction costs.
7. ESG and Payment Sustainability
Modern investors take into account not only financial metrics but also sustainability factors. Companies with high ESG ratings are less prone to reputational risks and often demonstrate more predictable dividend payouts. In Russia, CSR practices are actively being developed by oil, gas, and financial companies, integrating environmental projects and enhancing transparency in corporate governance.
8. Conclusion: Dividends as an Anchor of Stability
In 2025, dividend stocks remain an essential component of a portfolio, providing regular income and mitigating volatility. A successful strategy is based on three key principles: fundamental analysis and selection of issuers by payment quality, diversification across sectors, and a long-term horizon. Investors should avoid the temptation of overly high yields and prefer companies with proven stability and transparent dividend policies.
By following the outlined recommendations and adapting them to personal objectives, one can create a resilient income portfolio capable of withstanding the test of time and market upheavals.
