HeadHunter Q2 2026: Revenue Flat, EBITDA Down 9.1%, Net Profit Up 4.2%

HeadHunter reported Q2 2026 revenue of RUB 10,149.5 mn, virtually unchanged YoY (+0.0%), while EBITDA fell 9.1% to RUB 4,849.0 mn and net profit rose 4.2% to RUB 4,361.6 mn. Revenue growth was broadly stable versus the previous quarter (Q4 2025: +0.4% YoY), but EBITDA growth decelerated from +7.0% in Q4 2025 to −9.1% in Q2 2026, marking a sharp deterioration in operating profitability.

Q2 2026 vs Q2 2025: headline YoY growth

What drove the result

The divergence between flat revenue and falling EBITDA points to margin compression: EBITDA margin declined to 47.8% in Q2 2026 from 52.6% a year earlier. Net profit still grew 4.2% YoY, likely supported by lower interest costs or favourable tax items below the operating line, as seen in Q1 2026. The core HR business remains under pressure from a softer Russian labour market, while HRtech continues to expand rapidly — in Q1 2026 it grew 32.1% YoY and its adjusted EBITDA margin improved from −18.6% to −7.6%.

Key figures

Outlook

No dividend or guidance update was provided in the latest release. The key question is whether the core HR business can stabilise as the labour market normalises, and whether HRtech can scale fast enough to offset core weakness. Margin trends will be critical: the Q1 2026 adjusted EBITDA margin of 48.2% already showed pressure, and Q2 2026 EBITDA margin of 47.8% confirms further compression.

The stock reaction is not available in the provided data. Investors should watch for signs of stabilisation in SME/mid-market subscription revenue and further narrowing of HRtech losses. With revenue flat and EBITDA declining, the company's ability to defend margins while investing in growth will determine the earnings trajectory.