Q2 EBITDA up 27% on modest revenue growth, net profit doubles on operating leverage

In Q2 2026, Acron's revenue grew 6.5% YoY to RUB 60,996 million, while EBITDA rose 27.0% and net profit 48.9%. EBITDA margin reached 51.4% versus 43.2% a year earlier, pointing to strong operating leverage. However, over the last twelve months the dynamics are more subdued: LTM revenue was RUB 226,300 million, LTM EBITDA – RUB 62,820.4 million, LTM net profit – RUB 48,290 million.

Key figures, RUB bn

What the report showed and what drove it

In Q2 2026, Acron's revenue reached RUB 60,996 million, up 6.5% YoY. EBITDA grew 27.0% to RUB 31,377 million, and net profit rose 48.9% to RUB 23,443 million. The key driver was a combination of higher prices and volumes, plus operating leverage: with modest revenue growth, EBITDA grows much faster. In the previous quarter (Q1 2026), revenue was down 22.5% YoY, making this quarter a turnaround. Over the last twelve months, LTM revenue was RUB 226,300 million, LTM EBITDA – RUB 62,820.4 million, LTM net profit – RUB 48,290 million.

Quarterly dynamics: revenue, % YoY

Margins and costs

EBITDA margin in Q2 2026 was 51.4% versus 43.2% a year earlier, and net margin was 38.4% versus 27.5%. The margin improvement reflects EBITDA growing faster than revenue, pointing to favorable pricing and cost control. Operating profit in Q2 reached RUB 26,905 million, implying an operating margin of about 44% (derived). In the previous quarter (Q1 2026), operating profit was RUB 11,820 million, indicating a significant quarterly improvement.

Debt, cash flow, capex

Net debt at the end of Q2 2026 stood at RUB 126,683 million, down RUB 2.5 billion from the previous reporting date, but up RUB 11.6 billion over the last 12 months. Operating cash flow in Q2 was RUB 18,294 million, while capex was RUB 20,388 million, exceeding OCF. In the previous quarter, OCF was only RUB 1,005 million, so this quarter shows a recovery in cash generation. Net debt to LTM EBITDA stands at 1.68, which is moderate, but given the debt growth over the year, it warrants attention.

Valuation and what to watch next quarter

The current EV/EBITDA LTM multiple is 12.07, above the three-year average of 10.06. Thus, the stock trades at a premium to its own history. P/E LTM is 13.51, ROE is 40.45%. In the next report, watch the YoY dynamics of revenue and EBITDA, and the ability to sustain margins around 50%. Also monitor cash flow: if OCF continues to exceed capex, it would support debt reduction.

Valuation on the latest reported figures