Siberian Bear's Revenue Rose 26.5%, but Net Profit Fell 63.3%

Internet provider Sibirsky Medved ("Siberian Bear") ended 2025 with revenue of 1.83 billion rubles. A year earlier it was 1.45 billion, a rise of 26.5%. Net profit over the same period fell 63.3%. TAdviser obtained the data on 1 October 2026.

The company sells home internet, TV and video surveillance. Its core segment is the private sector and remote areas, where fiber arrives later than it does in dense urban apartment blocks.

Growth without profit

Simple arithmetic gives the following picture. Revenue gained roughly 380 million rubles over the year. Meanwhile, about 36.7% of the previous net profit remains. That means costs grew faster than revenue, and by a wide margin.

The published excerpt does not disclose the reasons, so what follows is hypothesis only. For a provider building a network in the private sector, the most likely candidates are:

• capital expenditure on laying fiber, which turns into depreciation;
• interest on loans, if construction was financed with borrowed money. In 2025 the key rate in Russia stayed high, although it was falling;
• rising costs of equipment, contractors and labor;
• the cost of acquiring subscribers in new areas.

A more mundane explanation is also possible: the previous year's profit may have been unusually high because of one-off items, and this year's figure simply returned to normal. Without full financial statements, it is impossible to tell the two apart.

Key figures

• 2025 revenue: 1.83 billion rubles.
• 2024 revenue: 1.45 billion rubles.
• Revenue growth: 26.5%.
• Change in net profit: −63.3%.
• Segment: private sector and remote areas.
• Products: fiber-optic internet, TV, video surveillance.

Why this matters to the market

The "last mile" model in the private sector is hard to run. Houses stand far apart, each subscriber requires more cable, and a connection takes longer to pay back than in an apartment building. On the other hand, there is less competition, and customer loyalty is higher because people have few alternatives.

A quarter more revenue shows that demand for this kind of connection exists. The drop in profit shows what that growth costs. The pattern is typical of infrastructure companies in an expansion phase: network first, money later.

Video surveillance is of particular interest. It is a natural product for the private sector, and network-connected cameras have an obvious path to computer-vision analytics. The article gives no data on whether Sibirsky Medved uses such features, so this is only a direction worth watching.

What to watch next

If you follow regional telecom, or are considering such companies as partners or investment targets, three checks are useful:

• Cost structure. What exactly ate the profit: depreciation, interest or operating costs. That determines whether the dip is temporary.
• Subscriber base and ARPU trends. If revenue is growing from new connections rather than higher tariffs, the network is working toward future returns.
• Debt load. With a high key rate, it determines how safe it is to keep building.

The full 2025 financial statements will answer these questions better than any guesswork. For now, only one thing is clear: Sibirsky Medved's business is growing, but that growth has come at the expense of profit.