Basis Q2 2026: Revenue Growth Decelerates but Margins Hold
Basis reported Q2 2026 revenue of RUB 1,451.4m, up 25.7% YoY, with EBITDA of RUB 684.1m (+19.9% YoY) and net profit of RUB 337.5m (+6.2% YoY). Revenue growth decelerated from 35.8% YoY in Q1 2026, while EBITDA growth accelerated slightly from 18.7% YoY in the prior quarter.
Q2 2026 YoY Growth
Margin Analysis
EBITDA margin for Q2 2026 was 47.1% (684.1/1451.4), down from 49.5% in Q2 2025 (570.8/1154.2) but up from 39.6% in Q1 2026 (424.9/1072.8). Net margin was 23.3% (337.5/1451.4) versus 27.5% in Q2 2025 (317.7/1154.2) and 12.3% in Q1 2026 (132.0/1072.8). The sequential improvement suggests cost control is stabilizing.
Key Figures
| Metric | Prior | Latest | Change |
|---|---|---|---|
| Revenue | 1154.2 | 1451.4 | +25.7% |
| EBITDA | 570.8 | 684.1 | +19.9% |
| Net Profit | 317.7 | 337.5 | +6.2% |
Outlook
The deceleration in revenue growth from Q1 to Q2 may signal a normalization after a strong H2 2025, where revenue grew 28.7% YoY. However, EBITDA growth remained resilient, and margins improved sequentially. Watch whether revenue growth stabilizes above 20% in coming quarters and whether net profit growth can catch up with EBITDA growth, as it lagged in Q2.
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