Cian Q1 2026: Revenue Growth Decelerates but EBITDA Margin Surges on Cost Discipline
Cian reported Q1 2026 revenue of RUB 3,895 mn (+17.9% YoY), a deceleration from the 21.4% YoY growth recorded in H1 2024. Adj. EBITDA surged 77.5% to RUB 1,264 mn, with margin expanding 11.6 pp to 34.4%, driven by flat operating expenses (−0.4% YoY). Net profit jumped 363% YoY to RUB 1.0 bn (Q1 2025: 217 mn).
YoY Growth: Q1 2026 vs Q1 2025
What Drove the Result
Core-business revenue grew 19.3% YoY, outpacing the group, while lead-generation revenue rose 18.4% YoY on market-share gains. Display ads added 10% YoY. The key swing factor was operating expenses declining 0.4% YoY, enabling the 11.6 pp margin expansion. Operating cash flow fell 9% YoY due to a corporate-tax pre-payment and adverse working-capital timing.
Key Figures (RUB mn)
| Metric | Q1 2025 | Q1 2026 | Change |
|---|---|---|---|
| Revenue | 3,300 | 3,895 | +17.9% |
| Adj. EBITDA | — | 1,264 | +77.5% |
| Net Profit | 217 | 1,000 | +363% |
| Adj. EBITDA Margin | 22.8% | 34.4% | +11.6 pp |
Outlook
Management reaffirmed FY 2026 guidance: revenue growth of +17–22% YoY and adj. EBITDA margin ≥30%. An interim dividend of RUB 53/share (6% above prior guidance) was recommended, payable 22-Jun-2026, with an additional dividend planned later in the year. The strong margin trajectory and cost discipline support the outlook, though revenue deceleration warrants monitoring.