Delimobil answers investors (15 July): debt/EBITDA not above ~5, the October refinancing and "2026 is the year of correction, 2027 the year of success"

Jul 15, 2026

An open Q&A broadcast by Enhanced Investments with the top management of Delimobil (PJSC Carsharing Russia) on 15 July 2026. Speaking for the company were founder and CEO Vincenzo Trani, CFO Anna Manushina and Director of IR and Corporate Finance Andrey Novikov; the host was Kirill Kuznetsov, founder of Enhanced Investments. Topics: the results of the new "economy" strategy, the debt load ahead of the October redemption, and the bond issue that is about to be placed.

[Broadcast recording](https://www.youtube.com/live/BnHd9wXLERY). The summary was prepared by Enhanced Investments (t.me/eninv).

Timecodes

02:00 — Participants and agenda
05:26 — Transformation: back to the economy segment, sale of the premium fleet
11:33 — 1Q results: minutes per car +50%, EBITDA per car +23%
13:57 — A 27k-car fleet: unit economics down to each car
15:59 — Debt/EBITDA: 4.8 in 1Q, slightly higher in 2Q because of a one-off leasing deal
22:17 — Fuel crisis: wholesale and retail channels, own storage tanks
31:57 — Purpose of the issue: refinancing the October redemption of ~RUB 3bn
34:13 — "We don't chase revenue": efficiency and the "low start"
39:42 — "2026 is the year of correction, 2027 the year of success"
42:32 — Shareholder credit line of RUB 10bn
47:06 — Debt structure: two thirds at a fixed rate
48:23 — Issue terms: coupon up to 22%, monthly, RII sector
55:15 — Driverless cars: "managing a fleet without drivers is our key role"
58:45 — Trani bought 12.5% of the shares; interest in market consolidation

The return to the economy segment worked: minutes per car +50%

According to Trani, the attempt to develop the premium segment in late 2024 ran into a gap between the price per minute and what customers could afford, and in November 2025 the company went back to its historical positioning of affordable carsharing. Lower prices did not come at the expense of margin: costs were cut first (sale of inefficient premium cars such as old BMWs, cuts in staff and premises), prices second. By the end of the first quarter Delimobil had become, in the company's estimate, the most affordable carsharing in Russia.

The first-quarter effect in numbers: minutes sold per car almost +50%, EBITDA per car +23%. In the second quarter the trend continued, according to management: customers are returning to the service, and not only in Moscow but across the whole footprint.

The 27,000-car fleet is not being cut but redistributed

The company stresses that there was no mass sell-off of the fleet: it only got rid of unprofitable cars that are hard to maintain after the manufacturers left. Unit economics have been worked out "down to every car, every model, every region", and the fleet is redistributed to where cars are short. There is no hard target for fleet size; management considers raising the efficiency of the current 27k cars more important than nominal expansion. For comparison, the broadcast mentioned that the largest fleet of a single taxi company is about 7k cars, which makes Delimobil the largest private fleet owner in the country.

Debt/EBITDA: 4.8 in the first quarter, a ceiling of about 5

CFO Anna Manushina: debt/EBITDA was 4.8 at the end of the first quarter, and in the second quarter the ratio will "rise slightly", to at most around 5. The cause is one-off: the partner car-sourcing programme (a pilot in 2023, with the main volumes in late 2024 and 2025) proved economically inefficient across the whole chain and was fully closed in April 2026; the cars stayed in the fleet but were moved to leasing contracts, at prices the company calls attractive for both shareholders and bondholders.

The debt strategy is not to increase it: "The company's development plan has no plan to increase debt." According to Trani, a sharp cut in debt/EBITDA to 4 would require sharply shrinking the business, which the company deliberately avoids, preferring to wait for EBITDA growth. Debt structure: two thirds at a fixed rate, one third floating, so a lower key rate will reduce servicing costs.

The October redemption and the terms of the new issue

On 10 October the company must redeem bonds of about RUB 3bn; the new issue of ~RUB 1bn will partly go to refinance it (the maturing issue was a floater). Management points out that an issue of RUB 6.5bn, almost twice the October one, was already redeemed in May, and that in ~10 years the company has never failed to meet an obligation. Besides bonds, bank financing and shareholder support are available.

Placement terms: a coupon of no more than 22% (effective yield with reinvestment of about 24%), monthly payments, a long issue aimed primarily at retail investors. The bonds are to be included in the RII sector of the Moscow Exchange, which gives holders a tax benefit after one year. A separate novelty is a promo programme for bondholders, similar to DeliClub for shareholders; its development will depend on how the issue goes.

Shareholder support: a RUB 10bn line and the purchase of 12.5% of the shares

The credit line from Trani's shareholder structure (Mikrokapital) was renewed to RUB 10bn in January; it was used only partly, about RUB 1bn in January-February, after which the company found market financing on more attractive terms (including a public deal with VTB). Management calls the line "a comfort tool and extra insurance".

Trani himself recently bought 12.5% of the shares: "If I have decided to stay at the wheel of this company, it means I believe in myself and in the company." The company itself does not plan a buyback: "every kopeck" goes to improving the debt/EBITDA ratio. No corporate actions (additional issues, conversions) are planned in the near term; the exception is a potential carsharing market consolidation deal, in which Delimobil has been "strongly interested" for 4 years: "I meet with everyone. I can't wait" (1:01:17).

Fuel crisis: own storage tanks as a hedge

The company built two fuel purchasing channels in advance: wholesale, with direct contracts with oil companies and filling into its own tanks, from which vans refuel the cars, and retail, with customers and employees refuelling at petrol stations. The channels are balanced according to which is cheaper, which hedges both the price and the availability of fuel. Trani says more expensive petrol pushes the whole carsharing market towards higher prices, but the company does not expect a critical effect on utilisation and EBITDA, and regards the fuel crisis as "a local, not a systemic problem". An extra argument for customers: a carsharing car is "already refuelled", which saves time amid queues at petrol stations.

Strategy: the "low start", driverless cars and no guidance

Trani's formula: "We don't chase revenue, we don't chase a crazy growth in the number of cars — we go for efficiency." The company keeps itself in a "low-start position" so that it can expand aggressively when the macro picture turns (new regions are opened selectively, 1-2 cities at a time). Full-year guidance is not disclosed because of macro volatility (something may be announced in September); internally there is a three-year plan and forecasts twice a month. Management does not expect dividends in 2026: "2026 is the year of correction, 2027 the year of success". Administrative expenses were cut by 10% y/y in the first quarter, the company's own maintenance infrastructure already saves about 10% on servicing, and direct spare-parts supplies from China have resumed.

On the strategic side: the company "strongly believes" in driverless transport and sees itself as the key operator of such fleets: whoever already manages 27 thousand cars will be able to manage thousands of cars without drivers. There is also B2B expansion: companies find it harder to maintain their own fleets (spare parts, fuel, servicing), and a carsharing operator becomes a natural counterparty for them. Management sees the arrival of driverless taxis as an expansion of its addressable market: "a car without a driver doesn't need a licence".

Tickers

DELI (Delimobil / Carsharing Russia); also mentioned in the context are VTBR (the financing deal) and MOEX (the RII sector). Extended issuer cards are on the portal frontier.eninvs.com.

Summary

Delimobil has turned its strategy around: giving up premium in favour of affordability delivered +50% minutes and +23% EBITDA per car in the first quarter with the same fleet. The debt load is kept at around 5x debt/EBITDA, with a one-off technical rise from closing the partner programme, and the October redemption is covered by a mix of sources, from the new issue (coupon up to 22%, monthly, RII) to the RUB 10bn shareholder line. Signs of the majority owner's commitment are his personal purchase of 12.5% of the shares and Trani's role as CEO. The year is positioned as one of correction, with an eye on 2027.

Full recording: [youtube.com/live/BnHd9wXLERY](https://www.youtube.com/live/BnHd9wXLERY).