Beluga's profit fell 38% in H1, but EBITDA grew 9%

In H1 2026, Beluga's revenue grew 7.6%, EBITDA rose 9.0%, but net profit fell 38.3% due to rising costs and lower margins. EBITDA margin remained nearly stable (13.5% vs 13.3% a year earlier), while net margin dropped from 3.0% to 1.7%.

Key figures, RUB bn

What the report showed and what's behind it

In H1 2026, Beluga's revenue grew 7.6% year-on-year. EBITDA increased 9.0%, indicating operating profit outpaced revenue growth. However, net profit fell 38.3%, the main negative surprise of the report. Based on margin dynamics, the pressure on profit came mainly from operating and financial costs, not weak sales.

Margins and costs

EBITDA margin for H1 was 13.5% versus 13.3% a year earlier – a slight improvement, likely reflecting operating leverage. Meanwhile, net margin fell from 3.0% to 1.7%, suggesting higher interest expenses or other non-operating items. The 38.3% drop in net profit despite 9.0% EBITDA growth points to a significant increase in financial costs or depreciation. These factors deserve attention as they directly affect the company's ability to generate profit for shareholders.

Debt, cash flow, capex

Net debt at the latest reporting date stood at RUB 41,598 million, up RUB 0.6 billion from the previous reporting date and RUB 4.7 billion over the last 12 months. The net debt to EBITDA ratio for the trailing twelve months is 1.92, a moderate level. Operating cash flow for the trailing twelve months reached RUB 12,300 million, covering interest payments and partial debt repayment. Rising debt with stable cash flow may limit the company's financial flexibility.

Valuation and what to watch in the next report

For the trailing twelve months, P/E is 5.0 and EV/EBITDA is 2.93, significantly below the three-year average of 4.30. This indicates the market values the company cheaper than its own history. Dividend yield for the trailing twelve months is 6.6%, which may support investor interest. In the next report, watch the dynamics of net margin and the company's ability to restore profit, as well as changes in debt burden.

Valuation on the latest reported figures