Aeroflot: Q1 2026 loss amid falling EBITDA and rising revenue

In Q1 2026, Aeroflot posted a net loss of RUB 11.9 billion versus a profit a year earlier. Revenue rose 5.7%, but EBITDA fell 39.6%, and the EBITDA margin contracted from 25.8% to 14.7%.

Key figures, RUB bn

What the report showed and what lies behind it

In Q1 2026, Aeroflot's revenue rose 5.7% year-on-year to RUB 201.1 billion. However, operating profit was only RUB 1.7 billion versus RUB 19.1 billion in Q1 2025, and the net loss reached RUB 11.9 billion. The decline in profitability amid revenue growth points to a faster increase in costs, especially operating and financial items.

Margins and costs

The EBITDA margin in the reported quarter was 14.7% versus 25.8% a year earlier. EBITDA fell 39.6% to RUB 29.6 billion, reflecting pressure on operating efficiency. The net margin turned negative at -5.9% versus +14.1% in Q1 2025.

Debt, cash flow, capex

Net debt at the end of Q1 2026 stood at RUB 557.9 billion, up RUB 6.8 billion from the previous reporting date and RUB 29.8 billion over the last 12 months. Operating cash flow in the reported quarter was positive at RUB 24.6 billion, and capex was RUB 14.3 billion. Net debt to EBITDA for the trailing twelve months is 2.39.

Valuation and what to watch in the next report

The EV/EBITDA multiple for the trailing twelve months is 2.91, below its three-year average of 3.41. P/E for the trailing twelve months is 1.85, and the dividend yield for the same period is 10.91%. In the next report, watch the dynamics of EBITDA and net profit: a return to positive net profit and EBITDA margin recovery above 20% would signal improvement, while continued losses and further EBITDA decline would indicate a persistent negative trend.

Valuation on the latest reported figures