RUS AQUA: revenue and EBITDA up ~40%, net loss cut 17-fold — all on biological asset revaluation

On August 3, 2026, RUS AQUA reported H1 2026 results: revenue rose 37.8% to RUB 13,843.4m, EBITDA grew 40.6%, and net loss narrowed from RUB 7,463.9m to RUB 425.3m. The key driver was biological asset revaluation: the loss from it fell from RUB 8,327.8m to RUB 2,177.3m. At the current price, the share looks attractive: EV/EBITDA LTM (7.1) is only slightly above its own three-year average (6.4), and the portal's model implies +101% upside.

Key takeaways

— Revenue +37.8% — driven by salmon, which added RUB 4,582.5m and now accounts for 82% of sales

— EBITDA margin rose to 24.1% from 23.6% — even though gross profit before biological asset revaluation grew only 19%

— Net loss narrowed 17-fold — but only because of a smaller loss from biological asset revaluation

— Operating cash flow is negative: minus RUB 1,256.4m for the half-year

— Debt rose by RUB 3.9bn over the half-year — to RUB 23,160.0m, with interest expense of RUB 1,247.4m

— Capex halved to RUB 1,319.2m, but the feed plant construction continues

— Dividend over 12 months — RUB 10 per share, yield 3.0% versus our fair 7.0%

Attractiveness

Key figures, RUB bn

Revenue +37.8% — driven by salmon, which added RUB 4,582.5m and now accounts for 82% of sales

In H1 2026, RUS AQUA's revenue reached RUB 13,843.4m, up 37.8% year-on-year. The main contributor was salmon: sales rose from RUB 6,798.4m to RUB 11,380.8m, adding RUB 4,582.5m. Salmon's share of revenue climbed to 82%.

Trout sales, by contrast, fell from RUB 2,808.2m to RUB 1,893.2m, while seaweed products and red caviar remained insignificant at RUB 386.0m and RUB 62.2m respectively. Growth is concentrated in one fish species, making results sensitive to salmon prices specifically.

EBITDA margin rose to 24.1% from 23.6% — even though gross profit before biological asset revaluation grew only 19%

EBITDA for H1 2026 grew 40.6% year-on-year, and the EBITDA margin expanded from 23.6% to 24.1%. However, gross profit before biological asset revaluation rose only from RUB 3,767.4m to RUB 4,481.8m — up 19%.

The gap is explained by the fact that EBITDA excludes the loss from biological asset revaluation, which was RUB 2,177.3m for the half-year versus RUB 8,327.8m a year earlier. Operating efficiency, judging by gross profit, is growing more slowly than it appears at the EBITDA level.

Net loss narrowed 17-fold — but only because of a smaller loss from biological asset revaluation

Net loss for H1 2026 was RUB 425.3m versus RUB 7,463.9m a year earlier. Net margin improved from -74.3% to -3.1%.

The main reason is biological asset revaluation: the loss from it fell from RUB 8,327.8m to RUB 2,177.3m. Excluding this factor, the operating result remains loss-making: pre-tax loss for the half-year was RUB 446.0m versus RUB 7,500.0m a year earlier.

Operating cash flow is negative: minus RUB 1,256.4m for the half-year

Despite revenue and EBITDA growth, operating cash flow for H1 2026 was minus RUB 1,256.4m versus plus RUB 876.3m a year earlier. The reason is working capital growth: inventories increased by RUB 1,633.2m, biological assets by RUB 808.2m, and prepayments to suppliers by RUB 875.5m.

Negative operating cash flow means the company is financing inventory growth with debt rather than from its own operations. This is a key point in assessing the business's sustainability.

Debt rose by RUB 3.9bn over the half-year — to RUB 23,160.0m, with interest expense of RUB 1,247.4m

Total debt (loans and borrowings) as of June 30, 2026 was RUB 23,160.0m, up RUB 3.9bn from December 31, 2025. Net debt reached RUB 14,265.4m, and the net debt to EBITDA LTM ratio was 2.34.

Interest expense for the half-year was RUB 1,247.4m, almost equal to EBITDA for the same period (EBITDA for H1 2026 — about RUB 3,336m, estimated). In June 2026, the company placed bonds worth RUB 3bn with a coupon of 'key rate +2.8%', increasing the debt burden.

Capex halved to RUB 1,319.2m, but the feed plant construction continues

Capital expenditures for H1 2026 were RUB 1,319.2m versus RUB 1,966.8m a year earlier. The main investments are in the feed plant in Veliky Novgorod: property, plant and equipment additions for the half-year were RUB 983.7m, and prepayments to suppliers of fixed assets rose to RUB 1,044.0m.

The halving of capex may be temporary — the company continues to invest in vertical integration, which should reduce dependence on imported feed in the future.

Dividend over 12 months — RUB 10 per share, yield 3.0% versus our fair 7.0%

Over the last 12 months, the company paid RUB 10 per share, providing a dividend yield of 3.0%. Our model estimates a fair yield for this name at 7.0%, meaning the current yield is half the desired level.

The payout ratio to LTM profit is 0.24, leaving room for higher dividends if profit grows. However, with negative operating cash flow and rising debt, payouts may come under pressure.

Valuation on the latest reported figures

Bottom line

RUS AQUA showed strong revenue and EBITDA growth in H1 2026, but behind this growth are two factors: higher salmon sales and a smaller loss from biological asset revaluation. Operating cash flow is negative, debt is rising, and the dividend yield (3.0%) is half our fair level (7.0%). At the same time, the share trades at EV/EBITDA LTM of 7.1 — only slightly above its own three-year average (6.4), and the portal's model implies +101% upside. Verdict — 'attractive': the current price does not reflect the improvement in profitability and the potential for lower debt burden, but the realisation of this scenario depends on the company's ability to generate positive operating cash flow.