Q2 EBITDA up 27%, net profit up 49%: Acron beats the market

In Q2 2026, Acron's revenue rose 6.5% YoY to RUB 60,996 million, EBITDA grew 27% to RUB 31,377 million, and net profit increased 48.9% to RUB 23,443 million. EBITDA margin reached 51.4% versus 43.2% a year earlier, net margin 38.4% versus 27.5%. The company continues to generate strong cash flow and reduce debt.

Key figures, RUB bn

What the report showed and what's behind it

In Q2 2026, Acron's revenue rose 6.5% YoY to RUB 60,996 million. This is a notable acceleration after a 22.5% decline in Q1 2026, when revenue was RUB 51,867 million. Quarter-on-quarter, revenue grew 17.6% in Q2 2026 (RUB 60,996 million vs RUB 51,867 million).

Margins and costs

EBITDA margin in Q2 2026 was 51.4% versus 43.2% a year earlier. EBITDA grew 27% YoY to RUB 31,377 million, while revenue rose only 6.5% – indicating a significant improvement in pricing or lower costs. Net margin also expanded to 38.4% from 27.5%, and net profit increased 48.9% to RUB 23,443 million.

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 (RUB 129,037 million). Over the last 12 months, net debt increased by RUB 11.6 billion (from RUB 115,044 million a year earlier). Net debt / EBITDA for the last 12 months is 1.68. Operating cash flow in Q2 2026 was RUB 18,294 million, capex – RUB 20,388 million.

Valuation and what to watch next quarter

EV/EBITDA for the last 12 months is 12.19, above the three-year average of 10.06 – the stock trades at a premium to its own history. P/E for the last 12 months is 13.67, ROE – 40.45%. In the next report, watch revenue and EBITDA dynamics in Q3 2026, and whether the company can sustain margins above 50%.

Valuation on the latest reported figures