Alrosa's Q2 revenue fell by a third, EBITDA dropped to 455 million

In Q2 2026, Alrosa's revenue fell 33.2% year-on-year to RUB 45,381 million, while EBITDA dropped 91.6% to RUB 455 million. The EBITDA margin was just 1.0% versus 8.0% a year earlier. The company continues to face pressure on operating metrics amid weak market conditions.

Key figures, RUB bn

What the report showed and what's behind it

In Q2 2026, Alrosa's revenue amounted to RUB 45,381 million, down 33.2% year-on-year. For the first half of 2026, revenue reached RUB 93,279 million (sum of Q1 and Q2), but the trend is worsening: Q1 saw a decline of 27.7%, while Q2 fell 33.2%. The main driver is lower sales volumes and diamond prices amid weak demand.

Margins and costs

EBITDA in Q2 2026 fell 91.6% year-on-year to RUB 455 million, resulting in an EBITDA margin of just 1.0% versus 8.0% a year earlier. Such a sharp margin compression indicates that revenue is declining faster than costs can be cut. In Q1 2026, EBITDA was RUB 2,196 million, so the decline continued in Q2.

Debt, cash flow, capex

Net debt at the end of Q2 2026 stood at RUB 113,669 million, up RUB 11.9 billion from the previous reporting date and RUB 51.4 billion over the last 12 months. The net debt to EBITDA ratio for the trailing twelve months is 1.32. Operating cash flow for the trailing twelve months was RUB 35,800 million, which may limit the company's ability to fund capex without increasing debt.

Valuation and what to watch next quarter

EV/EBITDA for the trailing twelve months is 3.30, well below the three-year average of 6.52. P/E for the trailing twelve months is 1.29, and ROE is 9.34%. Low multiples reflect market expectations of further deterioration. In the next report, the key will be revenue and EBITDA dynamics: if the decline slows and margins start to recover, it could confirm stabilization. Also important is the change in net debt and operating cash flow.

Valuation on the latest reported figures