EL5-Energo Q2 2026: Revenue Accelerates +84.9% but Margins Squeezed as Net Profit Turns Negative

EL5-Energo reported Q2 2026 revenue of RUB 29,709.5 mln, up +84.9% y/y, accelerating from +50.2% in H1 2026 as a whole; however, EBITDA fell -9.8% y/y to RUB 3,312.1 mln and net profit swung to a loss of RUB 881.3 mln (from a RUB 707.8 mln profit a year earlier, -224.5% y/y). The top-line surge did not translate into earnings: EBITDA growth decelerated versus the prior half, and the bottom line deteriorated sharply.

Q2 2026 vs Q2 2025: headline YoY growth

What drove the result

The divergence between revenue and profitability is the key story. Revenue more than doubled y/y, yet EBITDA declined -9.8% and the net result turned negative, implying a sharp compression in EBITDA margin and a swing in net margin. On the supplied figures, Q2 2026 EBITDA margin was 11.1% (3,312.1 / 29,709.5) versus 22.8% in Q2 2025 (3,671.4 / 16,070.0), a roughly 11.7 pp contraction. Net margin fell to -3.0% from +4.4%. The data do not disclose segment or cost-line detail, so the precise driver of the margin squeeze cannot be quantified here; the pattern is consistent with a revenue mix shift toward lower-margin activity or cost inflation outpacing tariff/revenue gains.

Key figures (RUB mln unless stated)

Outlook

The key question for the coming quarters is whether the revenue acceleration can be converted into EBITDA and net profit. Q2 2026 EBITDA of RUB 3,312.1 mln was the weakest quarterly reading in the supplied series (versus RUB 5,134.9 mln in Q1 2026 and RUB 11,715.7 mln in Q4 2025), and the net loss is the first negative print in the data set. Without disclosed guidance, dividends, or consensus figures, the read-through is cautionary: margin recovery, not top-line growth, is the swing factor for earnings. Investors should watch the EBITDA margin trajectory and any cost or mix disclosure in the next report.