Evrotrans H1 2026: Revenue Slumps 28.5% as EBITDA Collapses to Near Zero

Evrotrans reported H1 2026 revenue of RUB 76,574.9 mn, down 28.5% y/y, with EBITDA collapsing 99.0% to RUB 104.8 mn and net profit swinging to a RUB 5,698.9 mn loss from a RUB 3,233.2 mn profit a year earlier. The revenue decline marks a sharp deceleration from the 52.7% growth recorded in H2 2025, while EBITDA growth also decelerated from 6.8% in H2 2025 to -99.0% in H1 2026.

H1 2026 vs H1 2025: headline YoY growth

What drove the result

The near-total erosion of EBITDA — from RUB 10,193.5 mn in H1 2025 to just RUB 104.8 mn — implies a severe margin compression, with EBITDA margin falling to roughly 0.1% from 9.5% a year earlier. Revenue fell to RUB 76,574.9 mn from RUB 107,132.1 mn, a loss of over RUB 30 bn in top-line, while the net loss of RUB 5,698.9 mn compares with a RUB 3,233.2 mn profit in H1 2025. The magnitude of the EBITDA decline relative to revenue suggests either a sharp drop in high-margin volumes or a significant cost inflation that could not be passed through. No segment-level data was provided to isolate the driver.

Key figures (RUB mn)

Outlook

The H1 2026 results represent a dramatic reversal from the growth trajectory seen through 2025, when revenue rose 30.2% in H1 2025 and 52.7% in H2 2025. The swing to a net loss and the virtual disappearance of EBITDA raise serious questions about the company's operational resilience and cost structure. With no guidance or dividend update provided, the key focus will be on whether the revenue decline and margin collapse are temporary or structural. The sharp deterioration warrants close monitoring of any management commentary on volume trends and pricing power in the coming periods.