RUS AQUA H1 2026: Revenue Accelerates to +37.8% y/y, EBITDA +40.6%, Loss Narrows Sharply
RUS AQUA reported H1 2026 revenue of RUB 13,843.4m, up +37.8% y/y, with EBITDA of RUB 3,334.5m (+40.6% y/y) and a net loss of RUB 425.3m versus a RUB 7,463.9m loss a year earlier. Revenue growth accelerated from +9.9% in H2 2025 to +37.8% in H1 2026, and EBITDA growth swung from -35.7% in H2 2025 to +40.6% in H1 2026 — a clear inflection in both top-line momentum and operating profitability.
H1 2026 vs H1 2025: headline y/y growth
What drove the result
The sharp revenue recovery (+37.8% y/y) contrasts with the -45.0% y/y decline in H1 2025 and marks the strongest top-line reading in the recent series. EBITDA margin improved to 24.1% in H1 2026 from 23.6% in H1 2025, as EBITDA grew slightly faster than revenue (+40.6% vs +37.8%). The net loss narrowed dramatically to RUB 425.3m from RUB 7,463.9m, reflecting the operating improvement and a much smaller drag below the EBITDA line than a year ago. On a sequential basis, H1 2026 revenue of RUB 13,843.4m was broadly in line with H2 2025's RUB 14,593.3m, while EBITDA of RUB 3,334.5m edged above H2 2025's RUB 3,203.0m.
Key figures
| Metric | H1 2025 | H1 2026 | Change |
|---|---|---|---|
| Revenue, RUB m | 10,047.4 | 13,843.4 | +37.8% |
| EBITDA, RUB m | 2,371.4 | 3,334.5 | +40.6% |
| EBITDA margin | 23.6% | 24.1% | +0.5 pp |
| Net profit, RUB m | -7,463.9 | -425.3 | Loss narrowed |
Outlook
The H1 2026 print signals a genuine turnaround: revenue growth has re-accelerated to +37.8% y/y and EBITDA is expanding again after a -35.7% y/y contraction in H2 2025. The key question for the second half is whether this momentum is sustainable and whether the company can return to net profitability — H2 2025 already delivered a positive net profit of RUB 5,225.9m, so the seasonal swing into the second half could push FY 2026 into the black. Watch the EBITDA margin trajectory and the pace of revenue conversion into operating cash flow.
Bottom line: the H1 2026 results are a clear positive surprise on growth and profitability, with revenue and EBITDA both accelerating sharply versus the prior half. The remaining blemish is the still-negative net result, but the loss is now small relative to EBITDA and the H2 seasonal pattern offers a path to full-year profitability. The main risk is whether the strong top-line growth can be sustained without margin erosion.
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