United Medical Group: H1 2026 revenue accelerates +40.4% y/y, but net profit slips -17.3%

United Medical Group reported H1 2026 revenue of RUB 17,675.67m, up +40.4% y/y, with EBITDA of RUB 6,431.25m (+24.6% y/y) and net profit of RUB 4,408.59m (-17.3% y/y). Revenue growth accelerated sharply from +5.8% in H2 2025 to +40.4% in H1 2026, while EBITDA growth also turned positive and accelerated from -11.7% in H2 2025 to +24.6% in H1 2026.

H1 2026 vs H1 2025: headline y/y growth

What drove the result

The top-line acceleration was the standout: revenue rose +40.4% y/y to RUB 17,675.67m, a marked step-up from the +5.8% y/y growth seen in H2 2025. EBITDA grew +24.6% y/y to RUB 6,431.25m, implying an EBITDA margin of 36.4% (6,431.25/17,675.67), down from 41.0% in H1 2025 (5,161.92/12,591.90). Net profit fell -17.3% y/y to RUB 4,408.59m despite higher EBITDA, pointing to higher depreciation, interest, or tax charges; the net margin compressed to 24.9% from 42.3% in H1 2025.

Key figures (RUB m)

Outlook

The sharp revenue acceleration in H1 2026 marks a clear inflection after the subdued +5.8% y/y growth in H2 2025 and the -13.6% y/y decline in H2 2024. However, the margin compression — EBITDA margin down to 36.4% from 41.0% and net margin down to 24.9% from 42.3% — suggests that growth is coming at a cost. Investors will watch whether the top-line momentum can be sustained and whether profitability stabilises in H2 2026.

The key takeaway is a company in strong top-line expansion but with deteriorating bottom-line conversion. Revenue growth of +40.4% y/y is impressive, yet the -17.3% y/y decline in net profit and the 17.4 pp drop in net margin raise questions about cost discipline. Watch for commentary on the drivers of the revenue surge and any guidance on margin recovery.