APRI Q2 2026: Revenue +24.9% but Net Loss on Margin Squeeze; Growth Decelerates

APRI reported Q2 2026 revenue of RUB 5,449.5 mn (+24.9% y/y), EBITDA of RUB 1,233.6 mn (+20.2% y/y) and a net loss of RUB 469.6 mn (vs a RUB 163.7 mn profit a year earlier). Revenue growth decelerated to 24.9% from 29.5% in H1 2026, while EBITDA growth also slowed to 20.2% from 21.7% over the same comparison.

Q2 2026 vs Q2 2025: headline YoY growth

What drove the result

Top-line momentum remains solid, but profitability deteriorated sharply: the net result swung from a RUB 163.7 mn profit to a RUB 469.6 mn loss despite higher EBITDA, pointing to pressure below the operating line (likely higher interest costs given rising net debt, or non-operating charges). EBITDA margin compressed to 22.6% from 23.5% a year earlier, while the net margin fell to -8.6% from +3.8%. On a sequential basis, Q2 revenue of RUB 5,449.5 mn was below Q1 2026's RUB 6,564.4 mn, and net profit turned negative after Q1's RUB 590.2 mn gain.

Key figures (RUB mn)

Outlook

The key question is whether the bottom-line loss is a one-off (non-operating charge) or a structural margin issue. With net debt rising, interest costs are a growing drag; EBITDA growth of 20.2% is no longer sufficient to cover the gap. Watch for management commentary on the cost base and any guidance update. Revenue growth remains double-digit but is decelerating (29.5% in H1 2026 vs 24.9% in Q2), so the operating leverage story is weakening.