Cian Q2 2026: Revenue +22.8% YoY, EBITDA Surges 84.4% on Operating Leverage

Cian reported Q2 2026 revenue of RUB 4,425 mn, up 22.8% YoY, with EBITDA jumping 84.4% to RUB 1,311 mn and net profit rising 31.6% to RUB 1,040 mn. Revenue growth accelerated from 20.5% in H1 2026 to 22.8% in Q2 2026, while EBITDA growth remained robust at 84.4%, though slightly below the 86.6% seen in H1 2026.

Q2 2026 YoY growth (headline metrics)

What drove the result

The standout was the 84.4% YoY EBITDA growth on 22.8% revenue growth, highlighting significant operating leverage. Net profit rose 31.6% YoY, a sharp deceleration from the 103.1% growth in H1 2026, partly due to a higher base and possibly increased taxes or other expenses. The company's core business continued to outperform the broader real-estate market, as noted in the Q1 2026 release, with lead-generation and display ads driving revenue.

Key figures (RUB mn)

Outlook

Management reaffirmed FY 2026 revenue growth guidance of +17–22% YoY and an adjusted EBITDA margin of at least 30%. The interim dividend of RUB 53 per share (6% above prior guidance) was paid on 22 June 2026, and an additional dividend is planned for 2026. The strong Q2 results suggest the company is on track to meet or exceed its full-year targets.

The key takeaway is the continued margin expansion and robust top-line growth, though net profit growth decelerated sharply from H1 2026. Investors should watch for sustainability of the operating leverage and any updates on capital allocation, especially given the net debt position.