Glorax H1 2026: revenue accelerates +44.6% but margins compress as EBITDA slips -3.3%

Glorax reported H1 2026 revenue of RUB 27,008.8m, up +44.6% y/y, with revenue growth accelerating from +14.4% in H2 2025. However, EBITDA declined -3.3% y/y to RUB 6,625.2m and net profit fell -31.6% y/y to RUB 1,596.8m, as profitability compressed sharply despite the top-line surge.

H1 2026 vs H1 2025: headline YoY growth

What drove the result

The divergence between revenue and profit is the key story. Revenue growth accelerated to +44.6% y/y in H1 2026 from +14.4% in H2 2025, but EBITDA margin fell to 24.5% from 36.7% in H1 2025, and net margin dropped to 5.9% from 12.5%. The EBITDA decline of -3.3% y/y alongside a +44.6% revenue increase implies significant cost inflation or a shift toward lower-margin business. Net profit fell -31.6% y/y, likely amplified by higher interest costs given the rising net debt position.

Key figures (RUB m)

Outlook

The H1 2026 results show a company prioritizing top-line expansion at the expense of profitability. With EBITDA margin down 12.2 pp y/y and net profit down -31.6%, the market will look for evidence that the revenue surge is sustainable and that margin pressure is temporary. The rising net debt burden adds further risk to the earnings outlook. Watch for management commentary on cost drivers and any guidance revision.