FGC UES Q2 2026: margins expand as net profit jumps 50% y/y, revenue growth broadly stable

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 decelerated slightly from +18.3% in Q1 2026 to +16.3% in Q2 2026, while EBITDA growth accelerated from +26.2% to +28.5% over the same comparison, pointing to a stronger margin mix in the latest quarter.

Q2 2026 y/y growth: headline metrics

What drove the result

The earnings story is margin-led rather than revenue-led. EBITDA margin rose to 34.6% in Q2 2026 from 31.3% in Q2 2025, and net margin improved to 17.1% from 13.2%, as EBITDA growth (+28.5%) outpaced revenue growth (+16.3%) by more than 12 percentage points. Net profit growth of +50.2% also benefited from a lower effective tax burden relative to the prior-year quarter, with pre-tax profit growth of +28.5% at the EBITDA line translating into a materially faster bottom-line increase. On a sequential basis, Q2 2026 revenue of RUB 455,334mn was below Q1 2026's RUB 526,131mn, while EBITDA of RUB 157,602mn also came in below Q1 2026's RUB 186,091mn, consistent with normal seasonal phasing.

Key figures

Outlook

The key question for the second half is whether the margin expansion is structural or one-off. EBITDA growth has now accelerated for two consecutive reported quarters (+26.2% in Q1 2026, +28.5% in Q2 2026), while revenue growth has moderated (+18.3% to +16.3%). If the cost base remains contained, the operating leverage should continue to support profitability even as top-line growth normalises. No consensus figures, dividend updates or share-price reaction were provided in the data set, so we make no comment on those points.

Bottom line: a strong quarter on profitability, with EBITDA and net profit growth clearly outpacing revenue. Watch the durability of the margin gain and the trajectory of revenue growth into H2 2026.