Basis Q2 revenue up 25.7% YoY, but margins compressed on higher costs
In Q2 2026, Basis's 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%. The company maintains a strong balance sheet with negative net debt and attractive valuation multiples.
Key figures, RUB bn
| Metric | Q2 2025 | Q2 2026 | Change |
|---|---|---|---|
| Выручка / Revenue | 1,15 | 1,45 | +25,7% |
| EBITDA / EBITDA | 0,57 | 0,68 | +19,9% |
| Операционная прибыль / Operating profit | 0,28 | 0,32 | +16,9% |
| Чистая прибыль / Net profit | 0,32 | 0,34 | +6,2% |
| Операционный денежный поток / Operating cash flow | -0,01 | 0,29 | в прибыль |
| Капзатраты / Capex | 0,32 | 0,47 | +48,7% |
| Рентабельность по EBITDA / EBITDA margin | 49,4% | 47,1% | -2,3 п.п. |
| Чистая маржа / Net margin | 27,5% | 23,3% | -4,2 п.п. |
What the report showed and what's behind it
Over the trailing twelve months (LTM), revenue reached RUB 6,900.0 million, EBITDA RUB 3,588.6 million, and net profit RUB 2,251.0 million. These figures reflect a solid trend, albeit with a slowdown in the latest quarter.
Margins and costs
Operating profit in Q2 grew 16.9% YoY, below revenue growth of 25.7%. This confirms pressure on operational efficiency. Nevertheless, absolute profit figures remain high.
Debt, cash flow, capex
Net debt to EBITDA for the last twelve months is -0.38, indicating financial stability. The company generates sufficient cash flow to fund capex and maintain negative net debt.
Valuation and what to watch next quarter
P/E for the last twelve months is 7.59, and ROE is 22.9%. Market capitalization is RUB 17,087.4 million. In the next report, watch margin dynamics and the company's ability to sustain revenue growth amid deceleration.
Valuation on the latest reported figures
| Metric | Value |
|---|---|
| Капитализация / Market cap | 17,1 млрд ₽ |
| P/E (LTM) | 7,6 |
| EV/EBITDA (LTM) | 4,4 |
| EV/EBITDAC (LTM, EBITDA минус капитализированная разработка) | 7,5 |
| P/B | 3,09 |
| Чистый долг / EBITDA (LTM) | -0,38 |
| Операционный денежный поток (LTM) | 3,30 млрд |
| ROE | 22,9% |
Open the company's financial profile BAZA →
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