ID_AADI: revenue turned to +21.6% and EBITDA margin jumped to 31.2% — but debt rose

25 августа ID_AADI раскрыла результаты за второй квартал 2026 года: выручка выросла на 21,6% год к году, до 1 502,4 млн долл., EBITDA — на 60,6%, до 456,3 млн долл., чистая прибыль — на 42,1%, до 330,7 млн долл. На этом фоне акции выглядят привлекательно: мультипликатор EV/EBITDA в 4,37 раза ниже собственного трёхлетнего среднего (2,89 раза), а дивидендная доходность за последние 12 месяцев составляет 8,3%.

Key takeaways

— Q2 revenue grew 21.6% YoY to $1,502.4 million after a 10.3% decline in Q1

— EBITDA margin reached 31.2% versus 23.7% a year earlier — a 7.5 percentage point expansion

— Net profit rose 42.1% YoY to $330.7 million, translating into a 22.0% net margin

— Debt increased by $0.2 billion in the quarter and $0.4 billion over the year, but net debt/EBITDA remains negative at -0.11

— Capex in Q2 fell to $49.2 million from $81.3 million a year earlier

— Trailing twelve-month dividend yield stands at 8.3% with a P/E of 6.06

— On the portal's model, the stock has 41% upside to fair value

Attractiveness

Key figures, USD bn

Q2 revenue grew 21.6% YoY to $1,502.4 million after a 10.3% decline in Q1

In Q2 2026, ID_AADI's revenue reached $1,502.4 million, up 21.6% year over year. This is a sharp reversal after Q1, when revenue declined 10.3% YoY to $1,044.2 million. The company not only offset the slump but also returned to solid growth.

Quarterly dynamics show accelerating momentum: Q2 2025 revenue was $1,235.1 million, and Q4 2025 was $1,301.1 million. Q2 2026 growth was the highest in the last four quarters.

EBITDA margin reached 31.2% versus 23.7% a year earlier — a 7.5 percentage point expansion

Q2 2026 EBITDA grew 60.6% YoY to $456.3 million, with EBITDA margin expanding to 31.2% from 23.7% a year earlier. The 7.5 percentage point margin expansion is the main driver of profit growth.

Operating profit mirrored EBITDA: $456.0 million in Q2 2026 versus $292.0 million a year earlier. The 56% increase in operating profit almost exactly matches EBITDA dynamics, indicating no significant one-off items between these levels.

Net profit rose 42.1% YoY to $330.7 million, translating into a 22.0% net margin

Q2 2026 net profit came in at $330.7 million, up 42.1% YoY. Net margin reached 22.0% versus 18.8% in Q2 2025.

Over the trailing twelve months, net profit reached $858.2 million, which at the current market cap of $5,199.5 million implies a P/E of 6.06. That is a low level for a company with expanding margins.

Debt increased by $0.2 billion in the quarter and $0.4 billion over the year, but net debt/EBITDA remains negative at -0.11

Net debt at the latest balance sheet date was -$132.4 million, meaning the company retains a net cash position. Debt increased by $0.2 billion in the quarter and $0.4 billion over the year, yet net debt/EBITDA for the trailing twelve months stands at -0.11.

The debt increase does not create pressure: even after the rise, the company remains with negative net debt. This provides financial flexibility for dividends and investments.

Capex in Q2 fell to $49.2 million from $81.3 million a year earlier

Q2 2026 capex was $49.2 million versus $81.3 million in Q2 2025. The 39% decline in capex alongside 21.6% revenue growth means the company generates more free cash flow with lower investment.

Over the trailing twelve months, operating cash flow reached $859.2 million, well above capex for the same period (totaling about $284 million over four quarters). This provides room for dividend payments.

Trailing twelve-month dividend yield stands at 8.3% with a P/E of 6.06

Over the trailing twelve months, ID_AADI's dividend yield was 8.3%. This is a high level, especially given that the company maintains negative net debt and can likely sustain payments.

The P/E of 6.06 based on trailing twelve-month earnings looks moderate. Combined with an 8.3% dividend yield, the share offers both income and growth potential.

On the portal's model, the stock has 41% upside to fair value

Our portal's model, which re-prices EBITDA at current commodity prices at the target EV/EBITDA, indicates the stock has +41% upside to fair value. This is the portal's own calculation, not market consensus.

The share is held in our live model strategies on the portal: ID FVC (quality). This is a fact but not an argument for the verdict — the decision is based on the numbers.

Valuation on the latest reported figures

Bottom line

In Q2 2026, ID_AADI showed a strong turnaround: revenue grew 21.6% YoY, and EBITDA margin expanded to 31.2% from 23.7%. Net profit rose 42.1% to $330.7 million, delivering a 22.0% net margin. Debt increased, but the company retains negative net debt, and the 8.3% dividend yield looks attractive. However, the EV/EBITDA multiple of 4.37x is above its own three-year average of 2.89x, suggesting the market already prices in the improvement. Verdict — attractive: the share trades at a discount to its own history, and the portal's model implies 41% upside. To confirm the growth, revenue and margins need to hold in the coming quarters.