Yandex to issue 11M shares for 2027 employee incentive program
Yandex plans to conduct a single large issuance of 11 million ordinary shares in November to form a long-term pool for its employee incentive program, aiming to cover needs until the end of 2027. The move will reduce dependency on quarterly issuances and allow for more predictable allocation of shares to employees.
Consensus
- Yandex plans to conduct a supplementary issuance of 11 million ordinary shares in November.
- The issuance corresponds to approximately 2.8% of the company's authorized capital.
- The purpose of the issuance is to form a pool of shares for the company's employee incentive program.
- The new approach will allow Yandex to pre-establish a share pool and reduce dependence on individual issuance timelines.
- Shares will be transferred to employees only upon exercise of options, and until then they do not grant voting rights or dividend participation.
- The board of directors has approved the supplementary issuance.
- The issuance will cover the program's projected needs at least until the end of 2027.
Points of divergence
- Yandex has been granted authority by its board to increase authorized capital through additional share issuances for incentive programs for up to four years, with a maximum possible issuance volume of no more than 20% of issued ordinary shares. — interfax
- In the first half of 2026, Yandex reissued 1,939,163 ordinary shares. — interfax
- In May 2026, a buyback program was approved, with up to 50 billion rubles allocated over two years; by July 27, 3.3 million shares were repurchased for nearly 12.5 billion rubles (about 0.83% of authorized capital). — interfax
- The combination of additional issuances and buybacks has reduced the previously announced annual average issuance target from 2% to 1% of the base level since the program's start. — interfax
- As of July 27, 2026, the number of issued shares was 396,907,082; 17,490,427 shares (4.41% of authorized capital) were held by the program administrators; freefloat was 25.5%. — interfax
- The number of voting shares at the end of the second quarter returned to approximately the level at the start of the incentive program two years ago — around 379 million shares — due to buybacks. — vedomosti
- Yandex's revenue grew by 19% year-on-year in the first half of the year, reaching 759 billion rubles; adjusted EBITDA rose by 41% to 162 billion rubles; adjusted net profit increased by 56% to 48 billion rubles compared to 2025. — vedomosti
Coverage (3 sources)
- Yandex planned to conduct an additional issuance of 11 million shares — Коммерсантъ
- Yandex plans additional issuance of 11 million shares to form a share pool for the motivation program — Интерфакс
- Yandex will hold one share issuance for a long-term motivation program — Ведомости