Etalon H1 2026: Revenue Slows 9.6% but EBITDA Turns Positive as Net Loss Narrows

Etalon reported H1 2026 revenue of RUB 54,443m, down 9.6% y/y, a deceleration from the +3.6% growth seen in H2 2025. EBITDA, however, swung to RUB 1,279m from RUB 459m a year earlier (+178.6% y/y), and the net loss narrowed to RUB 13,170m from RUB 14,146m. The revenue trend is clearly decelerating, while the EBITDA line is improving off a very low base.

H1 2026 vs H1 2025: headline y/y growth

What drove the result

The top-line decline reflects a weaker revenue base versus the prior-year half, with H1 2026 revenue of RUB 54,443m below H1 2025's RUB 60,198m. The EBITDA improvement to RUB 1,279m from RUB 459m signals better cost absorption or a more profitable mix, though the absolute level remains thin relative to revenue. The net loss of RUB 13,170m, while still substantial, is narrower than the RUB 14,146m loss a year ago, helped by the EBITDA recovery.

Key figures (RUB m)

Outlook

The key question is whether the EBITDA recovery can be sustained while revenue remains under pressure. The H2 2025 EBITDA loss of RUB 13,239m shows how volatile the line can be, so the H1 2026 positive print needs confirmation in the second half. With revenue decelerating, cost discipline and project mix will be critical to keeping EBITDA in positive territory and further narrowing the net loss.