Basis revenue up 25.7% in Q2, but margins contract

In Q2 2026, Basis revenue grew 25.7% YoY to RUB 1,451.4 million, while EBITDA rose 19.9% and net profit only 6.2%. EBITDA margin fell from 49.4% to 47.1%, and net margin from 27.5% to 23.3%.

Key figures, RUB bn

What the report showed and what drove it

In Q2 2026, Basis revenue reached RUB 1,451.4 million, up 25.7% YoY. This is a notable slowdown compared to previous quarters: Q2 2025 saw 89.8% growth, Q3 2025 54.5%, Q4 2025 73.8%, and Q1 2026 35.8%. Still, quarterly revenue was higher than in Q1 2026 (RUB 1,072.8 million), indicating a recovery after the seasonal dip.

Quarterly dynamics: revenue, % YoY

Margins and costs

EBITDA margin in Q2 2026 was 47.1%, down from 49.4% a year earlier. Net margin also fell from 27.5% to 23.3%. Operating profit grew 16.9% (from RUB 276.8 million to RUB 323.5 million), but slower than revenue, indicating faster cost growth. As a result, net profit rose only 6.2% to RUB 337.5 million.

Debt, cash flow, capex

At the end of Q2 2026, Basis had a net cash position of RUB 358.4 million (negative net debt). Net debt changed slightly during the quarter: an increase of RUB 0.2 billion versus the previous reporting date. Operating cash flow in Q2 was positive at RUB 289.2 million, after a negative figure in Q1 (-RUB 461.9 million). Capex was RUB 469.8 million, exceeding operating cash flow, but the company retains a net cash position.

Valuation and what to watch next

Given capitalised development, the key multiple is EV/EBITDAC, which stands at 7.57 on trailing twelve months. This is higher than EV/EBITDA (4.43), reflecting significant capitalised development costs. P/E LTM is 7.68, ROE is 22.9%. In the next report, watch revenue dynamics in Q3 (last year growth was 54.5%) and whether margins stabilise. Also important is operating cash flow, which was negative in Q1 but recovered in Q2.

Valuation on the latest reported figures