Cherkizovo Q2 2026: Revenue Growth Steady at +3.5% as EBITDA and Net Profit Surge

Cherkizovo reported Q2 2026 revenue of RUB 70,799m (+3.5% y/y), EBITDA of RUB 15,737m (+23.5% y/y) and net profit of RUB 7,041m (+102.6% y/y). Revenue growth was broadly stable versus the prior half (H1 2026 also +3.5% y/y), while EBITDA and net profit growth accelerated sharply from the prior-year period, when both metrics declined.

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

What drove the result

The divergence between modest top-line growth (+3.5% y/y) and strong EBITDA expansion (+23.5% y/y) points to margin improvement. EBITDA margin rose to 22.2% in Q2 2026 from 18.6% in Q2 2025, while net profit margin more than doubled to 9.9% from 5.1%. Net profit growth of +102.6% y/y significantly outpaced EBITDA growth, likely reflecting lower below-EBITDA costs or non-operating items, though the exact drivers are not detailed in the provided data.

Key figures

Outlook

The sharp recovery in EBITDA and net profit in Q2 2026, following declines in the prior-year period, suggests improving operational efficiency and possibly favourable pricing or cost dynamics. However, revenue growth remains modest at +3.5% y/y, unchanged from H1 2026, indicating limited top-line momentum. Investors will watch whether margin gains are sustainable and whether revenue growth can accelerate in the coming quarters.