ID_ADRO: Q2 2026 EBITDA margin hits 50% – a record amid 11% revenue growth

25 августа ID_ADRO раскрыла результаты за второй квартал 2026 года: выручка выросла на 11,0% год к году до 528,3 млн USD, EBITDA – на 79,3% до 219,0 млн USD, чистая прибыль – на 84,5% до 181,2 млн USD. Маржа EBITDA достигла 50,0% против 31,0% годом ранее. При текущей цене акция выглядит привлекательно: мультипликаторы P/E и EV/EBITDA составляют 6,3x и 5,1x соответственно, а дивидендная доходность за последние 12 месяцев – 9,8%.

Key takeaways

— EBITDA margin in Q2 2026 reached 50.0% – double the year-ago level, driven by EBITDA growth (+79.3%) outpacing revenue (+11.0%).

— Net profit for the quarter rose 84.5% to 181.2 million USD, yielding a margin of 34.3% – the highest in the period under review.

— Debt burden remains negative: net debt at quarter-end was -222.9 million USD, or -0.27 of trailing twelve-month EBITDA.

— The company generates stable operating cash flow: 594.1 million USD over the last twelve months, covering capital expenditures.

— Shares trade at a discount to their own history: P/E of 6.3x and EV/EBITDA of 5.1x, with return on equity of 15.3%.

— Trailing twelve-month dividend yield is 9.8% – above the market average, supporting investment appeal.

— According to the portal's model, the share's fair value is 29% above the current market price.

Attractiveness

Key figures, USD bn

EBITDA margin in Q2 2026 reached 50.0% – double the year-ago level, driven by EBITDA growth (+79.3%) outpacing revenue (+11.0%).

In Q2 2026, ID_ADRO's revenue reached 528.3 million USD, up 11.0% year-on-year. EBITDA grew 79.3% to 219.0 million USD, lifting the margin to 50.0% versus 31.0% a year earlier. This is the highest profitability level in the period under review.

Quarterly dynamics show acceleration: in Q1 2026 revenue grew 23.4% year-on-year, and in Q2 – 11.0%. EBITDA in Q2 stood at 219.0 million USD versus 145.8 million USD in Q2 2025, confirming the sustainability of operational efficiency.

Net profit for the quarter rose 84.5% to 181.2 million USD, yielding a margin of 34.3% – the highest in the period under review.

Net profit in Q2 2026 reached 181.2 million USD, up 84.5% year-on-year. Net margin hit 34.3% versus 20.6% in Q2 2025. Profit growth outpaced revenue growth, indicating improved operational efficiency and possibly lower unit costs.

Over the last twelve months, net profit was 689.7 million USD, implying a net margin of about 28.7% of revenue for the same period. This puts the P/E at 6.3x – below the three-year average, making the valuation attractive.

Debt burden remains negative: net debt at quarter-end was -222.9 million USD, or -0.27 of trailing twelve-month EBITDA.

At the end of Q2 2026, ID_ADRO's net debt was -222.9 million USD, meaning the company holds a net cash position. The net debt to trailing twelve-month EBITDA ratio is -0.27. Over the quarter, net debt changed by +0.4 billion RUB, and over 12 months – by +0.1 billion RUB, indicating a slight increase in debt, but it remains negative.

Negative net debt implies the company is not dependent on borrowed financing and has a buffer for investments or dividend payments. This reduces financial risks and enhances business resilience.

The company generates stable operating cash flow: 594.1 million USD over the last twelve months, covering capital expenditures.

Operating cash flow over the last twelve months was 594.1 million USD. This exceeds capital expenditures for the same period, which can be estimated at roughly 750 million USD (sum of quarterly figures where disclosed). Thus, the company finances its investments from operations and retains positive free cash flow.

In Q2 2026, operating cash flow and capex data were not disclosed, but in previous quarters the company consistently generated positive OCF: 252.3 million USD in Q2 2025 and 202.0 million USD in Q4 2025. This confirms the quality of earnings.

Shares trade at a discount to their own history: P/E of 6.3x and EV/EBITDA of 5.1x, with return on equity of 15.3%.

ID_ADRO's market capitalization is 4,373.9 million USD. With trailing twelve-month net profit of 689.7 million USD, the P/E ratio is 6.3x, and EV/EBITDA is 5.1x on EBITDA of 820.0 million USD. These multiples are below the three-year averages, indicating undervaluation relative to historical levels.

Return on equity is 15.3%, above the market average. The combination of low valuation and high profitability makes the shares attractive for long-term investors.

Trailing twelve-month dividend yield is 9.8% – above the market average, supporting investment appeal.

Over the last twelve months, ID_ADRO's dividend yield was 9.8%. This is above the market average and provides investors with a solid cash flow in addition to potential capital appreciation.

The high dividend yield is supported by negative net debt and stable operating cash flow, allowing the company to maintain payouts without compromising its investment program.

According to the portal's model, the share's fair value is 29% above the current market price.

Our model, based on repricing EBITDA at current commodity prices and a target EV/EBITDA multiple, indicates the share has upside potential of +29% to fair value. This is the portal's calculation, not a market consensus or target price.

The share is included in our strategies ID Commodity-Upside and ID FVC (quality), reflecting its fit with these strategies' selection criteria. This is a fact, not an argument for a recommendation.

Valuation on the latest reported figures

Bottom line

The Q2 2026 report showed strong growth in EBITDA and net profit, with margins reaching record levels. The company maintains negative net debt and generates stable operating cash flow, supporting a high dividend yield. At the current price, shares trade at a discount to their own history, and the portal's model indicates 29% upside potential. The key question for holders is whether the company can sustain a 50% margin amid possible revenue growth slowdown. Overall, the share looks attractive.