En+ Group H1 2026: Revenue Stabilises, EBITDA and Net Profit Surge
En+ Group reported H1 2026 revenue of RUB 774,210.3m, down 0.8% y/y, while EBITDA jumped 45.8% to RUB 171,680.7m and net profit more than doubled to RUB 69,331.1m (+138.4% y/y). Revenue growth accelerated from -15.0% in H2 2025 to -0.8% in H1 2026, while EBITDA growth turned sharply positive from -17.4% in H2 2025 to +45.8% in H1 2026.
H1 2026 vs H1 2025: headline YoY growth
What drove the result
The divergence between flat revenue and sharply higher EBITDA points to a powerful margin expansion story. EBITDA margin on the reported figures rose to 22.2% in H1 2026 from 15.1% in H1 2025, a gain of roughly 7.1 percentage points. Net profit growth of 138.4% outpaced EBITDA growth, reflecting lower below-the-line charges or non-operating items relative to the prior-year period. The sequential comparison is equally striking: H2 2025 was loss-making at the net line (-RUB 10,235.2m) and EBITDA was only RUB 71,976.5m, so the H1 2026 recovery represents a sharp inflection in profitability despite the revenue base being broadly unchanged.
Key figures (RUB m)
| Metric | H1 2025 | H1 2026 | Change |
|---|---|---|---|
| Revenue | 780,722.2 | 774,210.3 | -0.8% |
| EBITDA | 117,746.0 | 171,680.7 | +45.8% |
| EBITDA margin | 15.1% | 22.2% | +7.1 pp |
| Net profit | 29,087.1 | 69,331.1 | +138.4% |
Outlook
The key question for the second half is whether the margin gains are structural or cyclical. Revenue has now been broadly flat for two consecutive half-year periods (H2 2025: RUB 639,428.8m; H1 2026: RUB 774,210.3m), so the earnings story rests entirely on cost and pricing dynamics rather than volume growth. Investors should watch whether the EBITDA margin above 22% is sustained in H2 2026; any normalisation would sharply reduce the earnings run-rate. The balance sheet remains a constraint: net debt rose over the period, and the automatic net-debt line below quantifies the increase.
Bottom line: H1 2026 is a margin-driven beat on profitability, not a revenue recovery. The 45.8% EBITDA growth and 138.4% net profit growth are impressive, but with revenue still down 0.8% y/y and net debt rising, the quality and durability of the margin expansion will determine whether this is a re-rating event or a one-off. Watch H2 2026 EBITDA margin and any commentary on cost inflation.
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