Basis Q2 2026: Revenue Growth Decelerates to +25.7% While EBITDA Margin Expands

Basis reported Q2 2026 revenue of RUB 1,451.4 mln, EBITDA of RUB 684.0 mln and net profit of RUB 337.5 mln. Revenue growth decelerated to +25.7% y/y from +29.8% in H1 2026, while EBITDA growth accelerated to +47.2% y/y (from +19.4% in H1 2026) and net profit growth slowed to +6.2% y/y (from +7.4% in H1 2026).

Q2 2026 y/y growth

What drove the result

The EBITDA margin expanded to 47.1% in Q2 2026 from 40.3% in Q2 2025, a 6.8 pp improvement, as EBITDA grew +47.2% y/y against revenue growth of +25.7% y/y. Net profit rose only +6.2% y/y to RUB 337.5 mln, lagging EBITDA growth, implying higher depreciation, interest or tax charges below the operating line. Sequentially, Q2 2026 revenue of RUB 1,451.4 mln was up from RUB 1,072.8 mln in Q1 2026, and net profit recovered to RUB 337.5 mln from RUB 132.0 mln.

Key figures

Outlook

The key tension is between strong EBITDA momentum and weak bottom-line conversion. Revenue growth is decelerating (+25.7% in Q2 2026 vs +29.8% in H1 2026), but the margin expansion is a positive offset. Watch whether the gap between EBITDA and net profit growth narrows in coming quarters, and whether revenue growth stabilises near the mid-20s. No consensus, dividend or guidance updates were provided in the facts.