SCF Group: revenue grows for the first time in five quarters, but dividends remain at zero

27 мая СовКомФлот раскрыл результаты за первый квартал 2026 года: выручка выросла на 33,5% год к году, до 34 918,3 млн руб., EBITDA – на 81,1%, до 17 868,4 млн руб. Это первый квартальный рост после четырёх кварталов падения, но дивиденды по-прежнему не выплачиваются, а акции с момента отчёта подешевели на 13,4%. Разбираем, что стоит за восстановлением и почему рынок не спешит радоваться.

Key takeaways

— Выручка в первом квартале 2026 года выросла на 33,5% год к году – впервые за пять кварталов

— EBITDA-маржа достигла 51,2% против 37,7% годом ранее – помогло сокращение расходов на рейсы и комиссий

— Чистая прибыль составила 7 363,9 млн руб. против убытка годом ранее – но в отчёте нет разовых статей, которые могли бы её завысить

— Операционный денежный поток вырос до 23 021,9 млн руб. – почти вдвое выше EBITDA

— Долговая нагрузка: чистый долг отрицательный, -30 652,7 млн руб., но за год он вырос на 20,5 млрд руб.

— Капзатраты в первом квартале не раскрыты, но в четвёртом квартале 2025 года они составили 17 448,8 млн руб. – это может объяснить рост долга

— Дивиденды за последние 12 месяцев – 0,0 руб. на акцию, и модель не ожидает выплат в ближайшее время

Key figures, RUB bn

Revenue in Q1 2026 grew 33.5% YoY – the first growth in five quarters

In Q1 2026, SCF Group's revenue reached RUB 34,918.3 million, up 33.5% YoY. This is the first quarterly growth after four quarters of decline: Q2 2025 – minus 36.0%, Q3 2025 – minus 35.7%, Q4 2025 – minus 52.1%, Q1 2025 – minus 47.3%.

The company does not disclose segment revenue in the report, but notes that sanctions continue to create difficulties. Nevertheless, the growth in Q1 suggests the fleet is adapting, possibly through reorientation to other markets or changes in contract structure.

EBITDA margin reached 51.2% vs 37.7% a year earlier – helped by lower voyage costs and commissions

EBITDA for Q1 2026 reached RUB 17,868.4 million, up 81.1% YoY. EBITDA margin rose to 51.2% from 37.7% in Q1 2025.

The key factor is a sharp reduction in voyage costs and commissions: in the report they fell from USD 56.3 million to USD 98.8 million (in dollar terms), almost doubling time-charter equivalent revenue. This suggests the company managed to cut variable costs, possibly through route optimization or renegotiated terms with counterparties.

Net profit reached RUB 7,363.9 million vs a loss a year earlier – but no one-off items in the report could have inflated it

Net profit for Q1 2026 was RUB 7,363.9 million versus a loss of RUB 36,915.7 million a year earlier. Net margin was 21.1% versus minus 141.1% in Q1 2025.

The report does not mention any one-off income that could explain such a jump. The main contribution came from operating profit of RUB 9,009.8 million (versus a loss of RUB 2,314.0 million a year earlier) and positive FX gains. Profit before tax in dollar terms was USD 122.0 million versus a loss of USD 382.8 million a year earlier.

Operating cash flow rose to RUB 23,021.9 million – almost twice EBITDA

Operating cash flow for Q1 2026 was RUB 23,021.9 million versus RUB 1,693.2 million a year earlier. This is almost twice EBITDA (RUB 17,868.4 million), indicating a significant release of working capital.

The report shows that working capital changes added USD 86.1 million to cash flow, while income taxes paid were USD 18.8 million. This could be due to improved settlement terms with counterparties or changes in receivables structure.

Debt burden: net debt is negative at RUB -30,652.7 million, but it has grown by RUB 20.5 billion over the year

At the end of Q1 2026, SCF Group's net debt was RUB -30,652.7 million, meaning cash and deposits exceed debt. However, over the last 12 months net debt has grown by RUB 20.5 billion, and by RUB 2.4 billion versus the previous reporting date.

Net debt to EBITDA for the last 12 months is minus 1.09, reflecting negative net debt. The annual increase in debt may be related to capex: in Q4 2025, capex reached RUB 17,448.8 million, significantly higher than in previous quarters. In Q1 2026, capex was not disclosed.

Capex in Q1 is undisclosed, but in Q4 2025 it reached RUB 17,448.8 million – this may explain the debt increase

Capex is not disclosed in the Q1 2026 report, but in Q4 2025 it reached RUB 17,448.8 million – a sharp jump from RUB 153.8 million in Q4 2024. Such investments are likely related to vessel acquisitions or upgrades.

The RUB 20.5 billion increase in net debt over the year may be a consequence of these capex, especially if they were debt-financed. However, the company maintains negative net debt, providing a safety cushion.

Dividends over the last 12 months – RUB 0.0 per share, and the model expects no payouts in the near term

Over the last 12 months, SCF Group has not paid dividends – RUB 0.0 per share. The report confirms that in Q1 2026 the company did not declare dividends, as it did not a year earlier.

Our model estimates the next payout also at RUB 0.0 per share. With a fair yield of 7.0% and a payout ratio of 0.6 of profit, the absence of payouts suggests the company is likely prioritizing capex and debt repayment over profit distribution.

Valuation on the latest reported figures

Bottom line

SCF Group finished Q1 2026 with a strong recovery: revenue grew 33.5% YoY, EBITDA rose 81.1%, and net profit reached RUB 7,363.9 million versus a loss a year earlier. Operating cash flow was almost twice EBITDA, indicating quality improvement. However, the RUB 20.5 billion increase in debt over the year and zero dividends raise the question of where the company is directing cash – likely into capex, which reached RUB 17,448.8 million in Q4 2025. The market is not yet convinced of the recovery's sustainability: shares have fallen 13.4% since the report. The key question for shareholders is whether the company can sustain revenue growth and start paying dividends, or whether sanctions will prevail again.