En+ Group's H1 profit up 2.4x, EBITDA +45.8%

Aug 27, 2026

En+ Group reported H1 2026 results: net profit up 138.4% YoY, EBITDA up 45.8%, while revenue was nearly flat (-0.8%). EBITDA margin expanded from 15.1% to 22.2%, and net margin from 3.7% to 9.0%.

Key figures, RUB bn

Metric	H1 2025	H1 2026	Change
Выручка / Revenue	781	774	-0,8%
EBITDA / EBITDA	118	172	+45,8%
Операционная прибыль / Operating profit	78,0	131	+67,7%
Чистая прибыль / Net profit	29,1	69,3	+138,4%
Операционный денежный поток / Operating cash flow	153	124	-18,7%
Капзатраты / Capex	84,1	76,8	-8,7%
Рентабельность по EBITDA / EBITDA margin	15,1%	22,2%	+7,1 п.п.
Чистая маржа / Net margin	3,7%	9,0%	+5,3 п.п.

What the report showed and what's behind it

In H1 2026, En+ Group's revenue declined 0.8% YoY to RUB 1,413.6 bn (LTM). However, EBITDA rose 45.8% to RUB 227.0 bn (LTM), and net profit jumped 138.4% to RUB 59.1 bn (LTM). The main driver was a sharp improvement in operational efficiency, not revenue growth.

Margins and costs

EBITDA margin for H1 2026 was 22.2% versus 15.1% a year earlier. Net margin rose from 3.7% to 9.0%. The margin expansion occurred despite nearly flat revenue, indicating a significant reduction in unit costs.

Debt, cash flow, capex

Net debt at the latest balance sheet date stood at RUB 1,244.5 bn, up RUB 104.7 bn from the previous reporting date and RUB 167.0 bn over the last 12 months. Operating cash flow for the last 12 months reached RUB 273.6 bn. Net debt to EBITDA (LTM) stands at 5.48.

Valuation and what to watch next quarter

EV/EBITDA (LTM) is 6.29, below its three-year average of 8.11. P/E (LTM) is 3.10. ROE is 14.79%. In the next report, watch revenue dynamics, margin sustainability, and net debt changes.

Valuation on the latest reported figures

Metric	Value
Капитализация / Market cap	183 млрд ₽
P/E (LTM)	3,1
EV/EBITDA (LTM)	6,3
P/B	0,17
Чистый долг / EBITDA (LTM)	5,48
Операционный денежный поток (LTM)	274 млрд
ROE	14,8%
EV/EBITDA, среднее за 3 года	8,1

Open the company's financial profile ENPG →