APRI: revenue grows, but operating cash flow turned negative by RUB 9 billion

On August 25, APRI released its Q2 2026 results: revenue grew 24.9% YoY to RUB 5,449.5 million, EBITDA rose 20.2% to RUB 1,233.6 million, but net profit turned negative at RUB -469.6 million versus a profit a year earlier. The review will show that revenue growth is accompanied by deteriorating cash flows and rising debt.

Key takeaways

— Q2 revenue grew 24.9% YoY to RUB 5,449.5 million, but EBITDA margin fell from 23.5% to 22.6%

— Net profit turned negative at RUB -469.6 million versus a profit a year earlier, resulting in a negative net margin of -8.6%

— Operating cash flow for the trailing twelve months was minus RUB 9,000.0 million, indicating a gap between profit and cash generation

— Debt rose by RUB 5.1 billion in the quarter and by RUB 18.5 billion over 12 months, reaching RUB 53,330.0 million, with net debt/EBITDA LTM at 6.16

— Capex in Q2 was RUB 472.0 million, lower than a year earlier, but does not offset the negative operating flow

— Market capitalization is RUB 18,114.7 million, and P/E LTM is 13.0, which looks stretched given the negative net profit in the reported quarter

Key figures, RUB bn

Q2 revenue grew 24.9% YoY to RUB 5,449.5 million, but EBITDA margin fell from 23.5% to 22.6%

In Q2 2026, APRI's revenue reached RUB 5,449.5 million, up 24.9% YoY. This continues strong growth: in Q1 2026, growth was even higher at 33.5% YoY.

EBITDA grew 20.2% to RUB 1,233.6 million, but slower than revenue, so the EBITDA margin declined from 23.5% to 22.6%. This suggests that sales growth is accompanied by faster growth in cost of sales or operating expenses.

Net profit turned negative at RUB -469.6 million versus a profit a year earlier, resulting in a negative net margin of -8.6%

Net profit in Q2 2026 was RUB -469.6 million versus RUB 163.7 million a year earlier. This is a decline of 386.8% YoY, resulting in a negative net margin of -8.6%.

Negative net profit with positive EBITDA points to significant non-operating expenses, likely related to interest on debt or other financial items. In the previous quarter, net profit was positive at RUB 590.2 million, so the deterioration occurred in Q2.

Operating cash flow for the trailing twelve months was minus RUB 9,000.0 million, indicating a gap between profit and cash generation

For the trailing twelve months, APRI's operating cash flow was RUB -9,000.0 million, while net profit for the same period was positive at RUB 1,389.6 million. This means the company is not generating cash from its operations despite reporting profitability.

In Q2 2026, operating flow was also negative at RUB -4,592.4 million, repeating the pattern of Q1 (RUB -3,784.3 million). Only in Q4 2025 was the flow slightly negative (RUB -928.5 million), while in Q2 2025 it was positive (RUB 5,066.7 million).

Debt rose by RUB 5.1 billion in the quarter and by RUB 18.5 billion over 12 months, reaching RUB 53,330.0 million, with net debt/EBITDA LTM at 6.16

Net debt at the end of Q2 2026 stood at RUB 53,330.0 million, up RUB 5.1 billion in the quarter and RUB 18.5 billion over 12 months. This is consistent with the accumulated negative operating flow and capital expenditures.

Net debt to EBITDA for the trailing twelve months is 6.16. This is a high level, indicating significant leverage. Rising debt with negative operating flow creates risk for financial stability.

Capex in Q2 was RUB 472.0 million, lower than a year earlier, but does not offset the negative operating flow

Capex in Q2 2026 was RUB 472.0 million, significantly lower than RUB 1,329.3 million in Q2 2025. The decline in capex may be related to the completion of part of the investment program.

However, even with lower capex, the negative operating flow of RUB -4,592.4 million means the company is spending more than it generates, covering the gap with debt. For the trailing twelve months, operating flow minus capex was RUB -9,472.0 million (calculated).

Market capitalization is RUB 18,114.7 million, and P/E LTM is 13.0, which looks stretched given the negative net profit in the reported quarter

APRI's market capitalization is RUB 18,114.7 million, and P/E for the trailing twelve months is 13.0. Net profit for the trailing twelve months is positive at RUB 1,389.6 million, but the company posted a loss in Q2 2026.

EV/EBITDA for the trailing twelve months is 8.7. This multiple looks moderate, but it does not account for the negative operating flow and rising debt. If cash generation does not recover, the current valuation may prove stretched.

Valuation on the latest reported figures

Bottom line

In Q2 2026, APRI showed strong revenue growth of 24.9% YoY, but this did not convert into profit: net profit turned negative, and operating cash flow remained deeply negative. Debt growth of RUB 18.5 billion over 12 months and net debt/EBITDA of 6.16 indicate accumulating financial risks. For shareholders, the key question is when the company can turn revenue growth into positive cash flow and restore profitability. Until then, the valuation of 13.0x P/E LTM looks optimistic.