Astra: quarterly profit up 3.9x, but cash flow turned negative
In Q2 2026, Astra's revenue grew 47.0% YoY, and net profit surged 288.7%. However, operating cash flow fell to -205.0 million rubles, contrasting with profit growth.
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 5,122.7 million rubles, up 47.0% YoY. Net profit increased by 288.7% to 1,853.4 million rubles. Quarterly dynamics show that after a weak Q1 (revenue -15.4% YoY), the company returned to growth. The main driver appears to be growth in software and services sales, although the revenue structure is not disclosed.
Margins and costs
EBITDA margin in Q2 2026 was 44.3% versus 27.2% a year earlier, reflecting operating leverage. Net margin increased to 36.2% from 13.7%. Operating profit reached 1,774.8 million rubles, and EBITDA – 2,270.3 million rubles. The margin expansion may be due to economies of scale and cost control.
Debt, cash flow, capex
Net debt at the end of Q2 2026 was 3,968.4 million rubles, up 2.9 billion rubles from the previous reporting date. Net debt to EBITDA for the last 12 months is 0.25. Operating cash flow in Q2 was negative: -205.0 million rubles, while capex was 1,350.5 million rubles. Over the last 12 months, operating cash flow was 5,700.0 million rubles, covering capex, but quarterly volatility is high.
Valuation and what to watch next report
EV/EBITDAC for the last 12 months is 9.07, significantly below the three-year average of 15.16. EV/EBITDA is 5.45, and P/E is 6.76. ROE for the last 12 months is 62.7%. Dividend yield for the last 12 months is 3.9%. In the next report, watch for recovery in operating cash flow and revenue dynamics in Q1, which is traditionally weak.
Valuation on the latest reported figures
| Metric | Value |
|---|---|
| Капитализация / Market cap | 43,9 млрд ₽ |
| P/E (LTM) | 6,8 |
| EV/EBITDA (LTM) | 5,4 |
| EV/EBITDAC (LTM, EBITDA минус капитализированная разработка) | 9,1 |
| P/B | 3,67 |
| Чистый долг / EBITDA (LTM) | 0,25 |
| Операционный денежный поток (LTM) | 5,70 млрд |
| ROE | 62,7% |
| Дивидендная доходность (12 мес) | 3,9% |
| EV/EBITDA, среднее за 3 года | 15,2 |
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