Astra's Q2 profit up 3.9x, but net debt doubles
In Q2 2026, Astra's revenue grew 47.0% YoY, EBITDA rose 139.8%, and net profit surged 288.7%. EBITDA margin reached 44.3% versus 27.2% a year earlier, but net debt climbed to RUB 3.97 billion, warranting attention.
Key figures, RUB bn
| Metric | Q2 2025 | Q2 2026 | Change |
|---|---|---|---|
| Выручка / Revenue | 3,49 | 5,12 | +47,0% |
| EBITDA / EBITDA | 0,95 | 2,27 | +139,8% |
| Операционная прибыль / Operating profit | 0,46 | 1,77 | +283,8% |
| Чистая прибыль / Net profit | 0,48 | 1,85 | +288,7% |
| Операционный денежный поток / Operating cash flow | -0,85 | -0,21 | — |
| Капзатраты / Capex | 0,61 | 1,35 | +119,9% |
| Рентабельность по EBITDA / EBITDA margin | 27,2% | 44,3% | +17,1 п.п. |
| Чистая маржа / Net margin | 13,7% | 36,2% | +22,5 п.п. |
What the report showed and what's behind it
In Q2 2026, Astra's revenue reached RUB 5,122.7 million, up 47.0% YoY. This marks a sharp acceleration after a 15.4% decline in Q1 2026, indicating a recovery in demand. Net profit for the quarter hit RUB 1,853.4 million, up 3.9x from RUB 476.8 million in Q2 2025. Profit growth far outpaced revenue, suggesting high operational efficiency and possibly one-off factors.
Quarterly dynamics: revenue, % YoY
Margins and costs
EBITDA margin in Q2 2026 stood at 44.3%, well above the 27.2% a year earlier. Net margin rose to 36.2% from 13.7% in the same period last year. Operating profit reached RUB 1,774.8 million versus RUB 462.5 million in Q2 2025. The margin improvement stems from faster revenue growth and cost control.
Debt, cash flow, capex
Net debt at the end of Q2 2026 stood at RUB 3,968.4 million, up RUB 2.9 billion from the previous reporting date. Operating cash flow for the quarter was negative at RUB -205.0 million, while capex reached RUB 1,350.5 million. Over the trailing twelve months, operating cash flow was RUB 5,700.0 million, and capex totaled RUB 4,831.9 million (sum of quarterly values). Net debt to EBITDA for the LTM is 0.25, indicating moderate leverage.
Valuation and what to watch next quarter
EV/EBITDAC for the LTM is 9.08, well below the three-year average of 15.16, indicating the stock trades at a discount to its own history. P/E LTM is 6.78, and the trailing twelve-month dividend yield is 3.9%. In the next report, watch revenue dynamics in Q3 (last year growth was only 4.1%) and the company's ability to generate positive quarterly operating cash flow.
Valuation on the latest reported figures
| Metric | Value |
|---|---|
| Капитализация / Market cap | 44,0 млрд ₽ |
| P/E (LTM) | 6,8 |
| EV/EBITDA (LTM) | 5,5 |
| EV/EBITDAC (LTM, EBITDA минус капитализированная разработка) | 9,1 |
| P/B | 3,68 |
| Чистый долг / EBITDA (LTM) | 0,25 |
| Операционный денежный поток (LTM) | 5,70 млрд |
| ROE | 64,3% |
| Дивидендная доходность (12 мес) | 3,9% |
| EV/EBITDA, среднее за 3 года | 15,2 |
Open the company's financial profile ASTR →
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