Severstal Q3 2026: EBITDA and profit rise despite revenue decline; revenue trend broadly stable
Severstal reported Q3 2026 revenue of RUB 173,535 mln, down 7.0% y/y, while EBITDA rose 14.1% y/y to RUB 39,601 mln and net profit increased 16.8% y/y to RUB 15,174 mln. Revenue growth was broadly stable versus the previous quarter (Q2 2026: -8.6% y/y), while EBITDA growth turned positive after a -39.7% y/y decline in Q2 2026.
Q3 2026 vs Q3 2025: headline y/y growth
What drove the result
The divergence between revenue and profitability is the key feature of the quarter: revenue fell 7.0% y/y, but EBITDA rose 14.1% y/y, lifting the EBITDA margin to 22.8% from 18.6% a year earlier (39,601/173,535 vs 34,695/186,504). Net profit rose 16.8% y/y to RUB 15,174 mln, with the net margin at 8.7% versus 7.0% in Q3 2025. On a sequential basis, EBITDA jumped from RUB 23,112 mln in Q2 2026 to RUB 39,601 mln in Q3 2026, while net profit rose from RUB 4,062 mln to RUB 15,174 mln, marking a sharp recovery from the weak first half.
Key figures
| Metric | Q3 2025 | Q3 2026 | Change |
|---|---|---|---|
| Revenue | 186,504 | 173,535 | -7.0% |
| EBITDA | 34,695 | 39,601 | +14.1% |
| Net profit | 12,993 | 15,174 | +16.8% |
| EBITDA margin | 18.6% | 22.8% | +4.2 pp |
| Net margin | 7.0% | 8.7% | +1.7 pp |
Outlook
The Q3 2026 results mark a clear inflection from the depressed levels of H2 2025 and H1 2026, when EBITDA fell 46.2% and 47.1% y/y respectively. The recovery in EBITDA and net profit despite lower revenue suggests improving cost dynamics or product mix, though the top line remains under pressure. Investors should watch whether the EBITDA recovery is sustained into Q4 2026 and whether revenue growth can return to positive territory; the revenue trend has been broadly stable at -7.0% y/y in Q3 2026 versus -8.6% y/y in Q2 2026.
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