EuroElTech Q2 2026: Revenue Up 46.9% YoY, But Margin Squeeze Hits Net Profit

EuroElTech reported Q2 2026 revenue of RUB 2,425.7 mn, up 46.9% y/y, with EBITDA of RUB 197.8 mn (+2.0% y/y) and net profit of RUB 60.4 mn (-14.6% y/y). Revenue growth was broadly stable versus the previous half (H1 2026 also +46.9% y/y), while EBITDA growth decelerated sharply from the prior half's pace, and net profit turned negative y/y.

Q2 2026 vs Q2 2025: headline YoY growth

What drove the result

The top line nearly doubled off a low base, but profitability deteriorated: EBITDA margin compressed to 8.2% from 11.7% a year ago, and net margin fell to 2.5% from 4.3%. The divergence between revenue (+46.9%) and EBITDA (+2.0%) points to a sharp rise in operating costs, likely raw materials, logistics or integration expenses, though the release does not break these out. Net profit was further pressured by higher depreciation and interest costs, consistent with the rise in net debt.

Key figures (RUB mn)

Outlook

The key question is whether the margin compression is transitory or structural. Revenue momentum remains strong, but with EBITDA growth decelerating to +2.0% y/y and net profit negative, the market will look for signs of cost normalisation in H2 2026. The rise in net debt adds interest burden and limits flexibility. No consensus figures, dividend updates or share-price reaction were provided in the release.