FESCO H1 2026: Revenue Growth Accelerates to +5.0% but EBITDA Falls 32.5% as Margins Compress

FESCO reported H1 2026 revenue of RUB 92,074m, up +5.0% y/y, accelerating from the -21.3% decline in H2 2025. However, EBITDA fell -32.5% y/y to RUB 13,366m and net profit collapsed -94.9% y/y to RUB 36m, as profitability deteriorated sharply. The revenue trend is accelerating, but EBITDA growth decelerated from +22.4% in H1 2025 to -32.5% in H1 2026.

H1 2026 vs H1 2025: YoY growth

What drove the result

The divergence between revenue and profitability is stark: revenue rose +5.0% y/y to RUB 92,074m, but EBITDA fell -32.5% to RUB 13,366m, implying an EBITDA margin of 14.5% versus 22.6% in H1 2025. Net profit of RUB 36m is effectively breakeven, down from RUB 709m, as higher operating costs and margin compression overwhelmed top-line growth. The H2 2025 loss of RUB 3,878m already signaled pressure, and H1 2026 confirms only a marginal return to positive net income.

Key figures (RUB m)

Outlook

The key question is whether the margin compression is cyclical or structural. Revenue growth has returned, but the collapse in EBITDA and near-zero net profit leave little room for error. Investors should watch for any stabilization in operating costs and a recovery in EBITDA margin toward the 22.6% seen in H1 2025; without it, the top-line recovery will not translate into earnings. No consensus figures or guidance updates were provided in the data.