SCF Group: Q2 revenue up 74.9%, but debt added RUB 60.6 bn over the year

On August 28, SCF Group released its Q2 2026 results: revenue grew 74.9% YoY to RUB 41,550.0 mn, net profit – 676.9% to RUB 13,791.1 mn. EBITDA margin reached 55.1% versus a negative figure a year earlier. This review examines what drove the jump, how debt changed, and what it means for shareholders.

Key takeaways

— Q2 revenue grew 74.9% – the best quarterly pace in two years

— EBITDA margin of 55.1% – the highest in eight quarters, but a year ago it was negative

— Net profit up 676.9% – helped by absence of impairment that occurred a year ago

— Debt rose by RUB 60.6 bn over the year to RUB 70,144.0 mn, but net debt/EBITDA is 0.51

— Operating cash flow for the quarter – RUB 26,768.4 mn, almost double a year ago

— No dividends paid over the last 12 months, but the company declared RUB 11,367 mn in June

— EV/EBITDA – 3.02, above the three-year average (2.63), but P/E – 40.3

Key figures, RUB bn

Q2 revenue grew 74.9% – the best quarterly pace in two years

In Q2 2026, SCF Group's revenue reached RUB 41,550.0 mn, up 74.9% YoY. This is the highest quarterly growth rate since Q1 2024, when revenue grew 33.5% (in Q1 2026).

Quarterly dynamics show steady acceleration: Q1 2026 growth was +33.5%, Q2 – +74.9%. In contrast, Q4 2025 saw a -52.1% YoY decline, and Q3 2025 – -35.7%. Thus, the company has not only recovered from the downturn but is now on a clear growth path.

EBITDA margin of 55.1% – the highest in eight quarters, but a year ago it was negative

EBITDA for Q2 2026 reached RUB 22,893.7 mn, corresponding to a margin of 55.1%. A year ago, the margin was -73.9% – the company recorded a negative EBITDA due to vessel impairment.

Margin expansion was driven by revenue growing faster than costs: operating expenses rose, but not as quickly as the top line. As a result, vessel operating profit (TCE) for H1 2026 was USD 584.2 mn versus USD 306.0 mn a year earlier – nearly double.

Net profit up 676.9% – helped by absence of impairment that occurred a year ago

Net profit for Q2 2026 was RUB 13,791.1 mn versus RUB 1,775.2 mn a year earlier – growth of 676.9%. The key factor is the absence of vessel impairment: in H1 2025, the company recognized impairment of USD 358.2 mn, while in the current period there was none.

Operating profit for the quarter – RUB 14,165.0 mn versus RUB 4,612.5 mn a year ago. Operating profit growth (3x) outpaced revenue growth, reflecting operating leverage: with revenue up 74.9%, operating profit rose 207%.

Debt rose by RUB 60.6 bn over the year to RUB 70,144.0 mn, but net debt/EBITDA is 0.51

Net debt at the end of Q2 2026 stood at RUB 70,144.0 mn, up RUB 35.2 bn over the quarter and RUB 60.6 bn over the last 12 months. The increase is linked to financing the investment program: in H1 2026, capital expenditures (other investing activities) amounted to USD 612.3 mn, significantly higher than a year ago (USD 35.4 mn).

At the same time, net debt/EBITDA for the trailing twelve months is 0.51 – a low level, although comparison with last year is impossible as the metric was not disclosed earlier. Debt burden remains comfortable, especially given EBITDA growth.

Operating cash flow for the quarter – RUB 26,768.4 mn, almost double a year ago

Operating cash flow (OCF) for Q2 2026 was RUB 26,768.4 mn versus RUB 7,402.7 mn a year earlier – a 3.6x increase. For H1 2026, OCF reached RUB 49,790.3 mn (sum of Q1 and Q2), significantly above H1 2025.

Strong operating flow finances the investment program and debt growth. However, free cash flow, calculated as OCF minus capex, was negative in H1 2026: USD 612.3 mn (capex) versus RUB 49,790.3 mn OCF – but this is covered by borrowings.

No dividends paid over the last 12 months, but the company declared RUB 11,367 mn in June

Over the last 12 months, SCF Group paid no dividends – payments were zero. However, on June 26, 2026, the company declared dividends totaling RUB 11,367 mn (equivalent to USD 150.3 mn), paid in July 2026. This is the first dividend declaration in the period under review.

Our model estimates the next payout at RUB 0.0 per share, implying a zero payout ratio. At the same time, we consider a fair yield of 7.0% for this stock, implying a payout ratio of 0.6 of profit – but the company has not yet disclosed its dividend policy for 2026.

EV/EBITDA – 3.02, above the three-year average (2.63), but P/E – 40.3

Current EV/EBITDA multiple is 3.02, above the three-year average (2.63). This means the market values the company somewhat higher than the average over the past three years, but still at a low level in absolute terms.

At the same time, P/E (LTM) is 40.3, reflecting low net profit over the last 12 months (due to losses in Q4 2025). Return on equity (ROE) is 14.5%, which is moderate. Investors should watch whether the company can sustain high margins and convert EBITDA into net profit.

Valuation on the latest reported figures

Bottom line

The Q2 2026 report is strong: revenue grew 74.9%, EBITDA margin reached 55.1%, and net profit was RUB 13,791.1 mn without one-off impairments. However, debt growth of RUB 60.6 bn over the year and zero dividends over the last 12 months signal that the company is investing in fleet expansion rather than shareholder payouts. The key question for holders is whether the company can convert high EBITDA into cash flow and start paying dividends, as our model implies with a 7.0% yield. Valuation (EV/EBITDA 3.02) is above the three-year average but remains low in absolute terms.