ArenaData H1 2026: Revenue +85.8% YoY but Growth Decelerates; Losses Narrow Sharply
ArenaData reported H1 2026 revenue of RUB 2,520.5 mn, up +85.8% y/y, while net loss narrowed to RUB -347.0 mn from RUB -920.0 mn and EBITDA loss improved to RUB -438.6 mn from RUB -1,190.8 mn. Revenue growth decelerated from +100.7% in H2 2025 to +85.8% in H1 2026, though the prior-year base was exceptionally weak (H1 2025 revenue fell -41.7% y/y).
H1 2026 vs H1 2025: headline YoY
What drove the result
The sharp narrowing of EBITDA loss (from -RUB 1,190.8 mn to -RUB 438.6 mn) and net loss (from -RUB 920.0 mn to -RUB 347.0 mn) points to operating leverage as revenue scaled, though the company remains loss-making at both the EBITDA and net lines. The H2 2025 comparison is stark: revenue of RUB 7,397.0 mn, EBITDA of RUB 4,267.2 mn and net profit of RUB 3,875.6 mn in that half show a highly seasonal or lumpy business profile, making H1 figures a weak guide to full-year profitability.
Key figures
| Metric | H1 2025 | H1 2026 | Change |
|---|---|---|---|
| Revenue, RUB mn | 1,356.4 | 2,520.5 | +85.8% |
| EBITDA, RUB mn | -1,190.8 | -438.6 | n/m |
| Net profit, RUB mn | -920.0 | -347.0 | n/m |
Outlook
The key question is whether the H2 2025 profitability (EBITDA margin of 57.7% and net margin of 52.4% in that half) can be repeated in H2 2026. H1 2026 revenue of RUB 2,520.5 mn is only 28.8% of FY 2025 revenue, implying a heavily back-loaded year. Watch for any guidance update and the trajectory of operating costs as revenue scales; no consensus figures or dividend news were provided.
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