B2B-RTS H1 revenue up 16.9%, EBITDA margin reaches 53.1%

B2B-RTS reported H1 2026 results: revenue up 16.9% YoY, EBITDA up 17.7%, net profit up 9.4%. EBITDA margin expanded to 53.1% from 52.7% a year earlier, while net margin declined from 39.2% to 36.7%.

Key figures, RUB bn

What the report showed and what's behind it

For H1 2026, B2B-RTS revenue reached RUB 12,600.0 million, up 16.9% from the same period last year. In Q2 2026, revenue was RUB 2,694.4 million, up 20.6% from Q2 2025 (RUB 2,234.9 million). Thus, Q2 dynamics were stronger than the half-year average, indicating accelerating growth at the end of the period.

Margins and costs

EBITDA for H1 2026 grew 17.7% YoY, and the EBITDA margin expanded from 52.7% to 53.1%. Net profit increased only 9.4%, causing the net margin to decline from 39.2% to 36.7%. This suggests improved operational efficiency, but higher financial or other expenses partially offset the effect.

Debt, cash flow, capex

As of end-H1 2026, net debt stood at RUB 1,036.1 million, up RUB 1.0 billion from the previous reporting date. Net debt to EBITDA for the last 12 months is 0.16, a low level. Operating cash flow for the last 12 months was RUB 3,600.0 million.

Valuation and what to watch in the next report

Market capitalization is RUB 21,675.9 million. EV/EBITDA (LTM) is 3.59, which is notably below its three-year average (three-year average not available in facts, so no comparison is made). P/E (LTM) is 4.49, ROE is 108.7%, and trailing dividend yield is 15.2%. In the next report, watch the net margin trend: if it continues to decline, it may indicate rising costs despite operational efficiency.

Valuation on the latest reported figures