Alrosa Q2 2026: Revenue -33.2% YoY, EBITDA -68.7%, Net Profit Turns Negative

Alrosa reported Q2 2026 revenue of RUB 45,381m, down 33.2% y/y, with EBITDA of RUB 9,758m (-68.7% y/y) and a net loss of RUB 150m versus a profit of RUB 24,575m a year earlier. Revenue growth was broadly stable versus the previous half (H1 2026: -32.7% y/y), while EBITDA decline decelerated from -72.1% in Q1 2026 to -68.7% in Q2 2026.

Q2 2026 vs Q2 2025: YoY change

What drove the result

The sharp revenue decline and margin compression reflect continued weakness in the diamond market. EBITDA fell to RUB 9,758m from RUB 31,200m, a drop of 68.7% y/y, while the net result swung to a small loss of RUB 150m from a profit of RUB 24,575m. The EBITDA margin contracted to 21.5% (9,758/45,381) from 45.9% (31,200/67,967) a year earlier, highlighting severe operating leverage on lower sales volumes and prices. Sequentially, revenue was roughly flat versus Q1 2026 (RUB 44,931m), but EBITDA more than doubled from RUB 4,089m, suggesting some cost relief or one-off factors, though still far below prior-year levels.

Key figures

Outlook

No guidance or dividend updates were provided in the data. The company remains exposed to diamond price and demand trends, with no near-term recovery signals in the reported numbers. The net loss in Q2 2026, though small, marks a deterioration from the profit in Q4 2025 (RUB 3,888m) and Q2 2025, and follows a larger loss in Q1 2026 (RUB 9,392m).

The key takeaway is that Alrosa's top line remains under severe pressure, with revenue down by a third y/y and profitability collapsing. The sequential EBITDA improvement from Q1 2026 is a rare positive, but the net loss and weak margins underscore the challenging environment. Investors will watch for signs of stabilization in diamond prices and any cost-cutting measures that could support earnings.