Cian accelerates in Q2: revenue +22.8%, EBITDA margin nearly doubles
In Q2 2026, Cian reported revenue growth of 22.8% YoY to RUB 4,425 million, with EBITDA up 84.4% and EBITDA margin reaching 29.6% versus 19.7% a year earlier. The company continues to gain market share amid weak real-estate demand and reaffirmed its 2026 guidance.
Key figures, RUB bn
| Metric | Q2 2025 | Q2 2026 | Change |
|---|---|---|---|
| Выручка / Revenue | 3,60 | 4,42 | +22,8% |
| EBITDA / EBITDA | 0,71 | 1,31 | +84,4% |
| Операционная прибыль / Operating profit | 0,61 | 1,22 | +98,9% |
| Чистая прибыль / Net profit | 0,79 | 1,04 | +31,6% |
| Операционный денежный поток / Operating cash flow | 1,18 | 1,22 | +3,5% |
| Капзатраты / Capex | 0,03 | 0,06 | +76,8% |
| Рентабельность по EBITDA / EBITDA margin | 19,7% | 29,6% | +9,9 п.п. |
| Чистая маржа / Net margin | 21,9% | 23,5% | +1,6 п.п. |
What the report showed and what's behind it
In Q2 2026, Cian's revenue grew 22.8% YoY to RUB 4,425 million, notably faster than in Q1 (+17.9%). Net profit for the quarter was RUB 1,040 million, up 31.6% YoY. The company attributes the acceleration to higher transaction volumes and lead values, as well as market-share gains amid overall weaker real-estate activity.
Margins and costs
EBITDA margin in Q2 2026 was 29.6% versus 19.7% a year earlier. EBITDA grew 84.4% YoY to RUB 1,311 million, significantly outpacing revenue growth. The key driver was keeping operating expenses nearly flat: in Q1 2026 they declined 0.4% YoY, expanding the margin by 11.6 percentage points.
Debt, cash flow, capex
At the end of Q2 2026, Cian's net debt stood at RUB –3,670 million (i.e., a net cash position), versus RUB –6,049 million a quarter earlier. Over the quarter, the net cash position decreased by RUB 2.4 billion, and over the last 12 months by RUB 0.8 billion. Operating cash flow for the quarter was RUB 1,223 million, capex RUB 61 million. Over the last 12 months, operating cash flow reached RUB 4,300 million.
Valuation and what to watch next quarter
The current EV/EBITDA (LTM) multiple is 12.3, below its three-year average of 15.6. P/E (LTM) is 15.9, and trailing dividend yield is 16.4%. The company reaffirmed its 2026 revenue growth guidance of 17–22% and an EBITDA margin target of at least 30%. In the next report, watch for sustained revenue growth and the trajectory of operating expenses, which are the key margin driver.
Valuation on the latest reported figures
| Metric | Value |
|---|---|
| Капитализация / Market cap | 49,6 млрд ₽ |
| P/E (LTM) | 15,9 |
| EV/EBITDA (LTM) | 12,3 |
| P/B | 8,33 |
| Чистый долг / EBITDA (LTM) | -1,49 |
| Операционный денежный поток (LTM) | 4,30 млрд |
| ROE | 83,2% |
| Дивидендная доходность (12 мес) | 16,4% |
| EV/EBITDA, среднее за 3 года | 15,6 |
Open the company's financial profile CNRU →
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