Delimobil H1 2026: Revenue Slips 3.6% but EBITDA Jumps 18.3% as Cost Cuts Bite

Delimobil reported H1 2026 revenue of RUB 14,149m, down 3.6% y/y, marking a deceleration from the 6.0% growth seen in H2 2025. However, EBITDA rose 18.3% y/y to RUB 2,135m, a sharp acceleration from the 38.9% decline in H2 2025. Net loss narrowed to RUB 1,670m from RUB 1,934m a year earlier. The divergence between top-line contraction and EBITDA expansion points to aggressive cost control and a mix shift toward higher-margin operations.

H1 2026 vs H1 2025: YoY change

What drove the result

The revenue decline likely reflects softer demand and pricing pressure in the car-sharing market, but the strong EBITDA growth suggests successful cost optimisation and improved operational efficiency. The EBITDA margin expanded to 15.1% in H1 2026 from 12.3% in H1 2025, a 280 basis point improvement. Despite the net loss, the narrowing from the prior year indicates that bottom-line pressures are easing. The company continues to invest in fleet and technology, but the focus on profitability is yielding visible results.

Key figures (RUB m)

Outlook

The company has not provided updated guidance, but the H1 2026 results suggest that the cost-cutting measures are gaining traction. The key question is whether revenue can return to growth, as the current decline may limit the pace of further EBITDA expansion. Management may need to balance investments in fleet expansion with the ongoing focus on profitability. The net loss, while narrowing, remains a concern, and achieving positive net income will likely require both top-line recovery and sustained cost discipline.

The H1 2026 results present a mixed picture: while revenue declined, the significant EBITDA growth and margin expansion demonstrate improving operational efficiency. Investors will watch for signs of revenue stabilisation in the coming quarters, as well as further progress on the path to profitability. The narrowing net loss is a positive, but the company still faces headwinds from a challenging demand environment. The focus on cost control appears to be paying off, but sustainable growth will require a return to top-line expansion.