Beluga Q2 2026: Revenue and EBITDA Grow, but Net Profit Falls 38%

Beluga reported Q2 2026 revenue of RUB 37,195 mln, up 7.6% y/y, and EBITDA of RUB 5,023 mln, up 9.0% y/y. Revenue growth was broadly stable versus the prior half (H1 2026 also +7.6% y/y), while EBITDA growth held at +9.0% y/y. Net profit, however, fell 38.3% y/y to RUB 648.5 mln, a sharp deceleration from the +19.3% net-profit growth seen in H2 2025.

Q2 2026 y/y growth: revenue and EBITDA up, net profit down

What drove the result

Top-line growth of 7.6% y/y was steady, matching the H1 2026 rate, and EBITDA grew slightly faster at 9.0% y/y, implying a modest margin expansion. The disconnect is at the net-profit line: a 38.3% y/y decline to RUB 648.5 mln against EBITDA of RUB 5,023 mln points to higher below-EBITDA costs — likely depreciation, interest, or tax — though the exact drivers are not disclosed in the provided figures. Net profit margin compressed to roughly 1.7% from about 3.0% a year earlier, a meaningful deterioration in bottom-line quality.

Key figures (RUB mln unless stated)

Outlook

The key question for the rest of 2026 is whether the net-profit squeeze is a one-off (e.g. higher interest or a tax true-up) or structural. Revenue and EBITDA trends remain intact — growth was stable at +7.6% and +9.0% y/y respectively — but the bottom line is deteriorating sharply. Watch for any disclosure on below-EBITDA cost drivers and whether management revises guidance; neither is provided in the current release. Net debt rose in absolute terms, which, combined with weaker net profit, keeps leverage in focus.