FGC UES Q2 2026: Revenue Growth Broadly Stable at +16.3% as EBITDA and Net Profit Accelerate

FGC UES reported Q2 2026 revenue of RUB 455,334mn (+16.3% y/y), EBITDA of RUB 157,602mn (+28.5% y/y) and net profit of RUB 77,684mn (+50.2% y/y). Revenue growth was broadly stable versus Q1 2026 (+18.3% y/y), while EBITDA growth accelerated from +26.2% in Q1 2026 to +28.5% in Q2 2026 and net profit growth accelerated from +41.3% to +50.2%.

Q2 2026 y/y growth: revenue, EBITDA, net profit

What drove the result

The earnings story is one of margin expansion rather than revenue acceleration. EBITDA grew +28.5% y/y to RUB 157,602mn, well ahead of the +16.3% revenue increase, lifting the EBITDA margin to 34.6% from 31.3% a year earlier (157,602/455,334 vs 122,632/391,394). Net profit rose +50.2% y/y to RUB 77,684mn, with the net margin improving to 17.1% from 13.2% (77,684/455,334 vs 51,707/391,394). On a sequential basis, Q2 2026 revenue of RUB 455,334mn was lower than Q1 2026's RUB 526,131mn, while EBITDA of RUB 157,602mn also came in below Q1 2026's RUB 186,091mn, reflecting the usual seasonal pattern rather than a deterioration in underlying profitability.

Key figures

Outlook

The Q2 2026 print confirms that FGC UES is converting top-line growth into disproportionately stronger EBITDA and net profit, with both margins expanding by more than 3 percentage points y/y. Revenue growth of +16.3% remains broadly stable versus Q1 2026's +18.3%, so the investment case rests on cost efficiency and operating leverage rather than a re-acceleration of the top line. The key watch item is whether the EBITDA margin can hold near the 34.6% level seen in Q2 2026, given that Q1 2026's EBITDA margin was 35.4% (186,091/526,131) and the prior-year Q2 margin was 31.3%.