Delimobil's revenue fell 8.7% in H1, but EBITDA rose 8.6% on cost control

In H1 2026, Delimobil's revenue fell 8.7% YoY, but EBITDA rose 8.6%, with EBITDA margin expanding from 23.8% to 28.3%. Net loss remained nearly flat, and leverage remains high.

Key figures, RUB bn

What the report showed and what's behind it

For H1 2026, Delimobil's revenue amounted to RUB 30,100 million (LTM), down 8.7% YoY. This is the first decline after several years of growth, possibly reflecting market saturation or intensifying competition. However, EBITDA for the half-year rose 8.6%, indicating that the company offset the revenue decline through operational efficiency. The divergence between revenue and EBITDA suggests structural changes, possibly related to fleet optimization and pricing policy.

Margins and costs

EBITDA margin in H1 2026 was 28.3%, notably higher than 23.8% a year earlier. This improvement likely stems from cost control and lower fuel and maintenance expenses. Net margin remained negative at -8.8% versus -8.6% last year, indicating persistent pressure on net income, possibly due to high interest expenses and depreciation. The EBITDA margin expansion without revenue growth highlights a focus on efficiency, but the sustainability of this approach is limited.

Debt, cash flow, capex

Net debt at the latest balance sheet date was RUB 29,368 million, up RUB 5.0 billion from the previous reporting date and RUB 4.2 billion over the last 12 months. Net debt to EBITDA for the trailing twelve months stands at 5.31, a high level. Operating cash flow for the LTM was RUB 6,100 million, only partially covering debt service needs. Rising debt amid negative net margin poses risks to financial stability.

Valuation and what to watch next quarter

EV/EBITDA for the LTM is 6.64, reflecting current market valuation. The company's market cap is RUB 7,408 million, significantly below book value of equity, given negative ROE of -119%. In the next report, key indicators will be revenue dynamics (whether the decline can be halted), further changes in EBITDA margin, and the ability to generate positive net cash flow. If revenue continues to fall and debt rises, the current valuation may come under pressure.

Valuation on the latest reported figures