Diasoft FY2026: Revenue Slips 2.8%, Margins Under Pressure as Profit Falls 77%

Diasoft reported FY2026 revenue of RUB 9,778.1 mln, down 2.8% y/y, with EBITDA collapsing 54.0% to RUB 1,343.1 mln and net profit down 77.3% to RUB 544.2 mln. The top-line decline marks a deceleration from H2 2025, when revenue grew 22.0% y/y; H2 2026 revenue fell 4.5% y/y, confirming a sharp slowdown in the second half. Profitability deteriorated materially, with the EBITDA margin falling to 13.7% from 29.0% a year earlier.

FY2026 vs FY2025: headline y/y growth

What drove the result

The earnings decline was driven by a combination of lower revenue and severe margin compression. EBITDA fell 54.0% y/y to RUB 1,343.1 mln, far outpacing the 2.8% revenue decline, implying a sharp rise in operating costs or a one-off charge. The EBITDA margin of 13.7% compares with 29.0% in FY2025. Net profit fell 77.3% to RUB 544.2 mln, with the net margin at 5.6% versus 23.9% a year earlier. The H2 2026 figures show the deterioration intensified: revenue fell 4.5% y/y, EBITDA dropped 62.1% and net profit declined 80.4%, worse than the full-year rates. No segment breakdown or cash flow data was provided, limiting visibility on the operational drivers.

Key figures (RUB mln)

Outlook

The sharp deterioration in H2 2026 — with revenue down 4.5% y/y and EBITDA down 62.1% — suggests the pressure is intensifying rather than abating. Without management guidance or a segment breakdown, visibility on the trajectory into FY2027 is limited. The key question is whether the margin compression reflects a temporary cost spike or a structural shift in the cost base. Investors should watch for any commentary on cost drivers and the sustainability of the revenue base, given the deceleration from +22.0% in H2 2025 to -4.5% in H2 2026.