HeadHunter Q1 2026: Revenue Declines for First Time, but Net Profit Rises on Below-the-Line Items
HeadHunter reported Q1 2026 revenue of RUB 9,492 mn, down 1.5% YoY — the first decline after several years of growth. Adjusted EBITDA margin compressed to 48.2% from 51.2% a year earlier. However, IFRS net profit rose 8.5% YoY to RUB 3.7 bn, diverging from the top-line weakness due to lower interest costs and favorable tax items.
Q1 2026 YoY Growth by Segment
What Drove the Result
The core HR business declined 3.3% YoY, pressured by softness in the SME/mid-market subscription revenue. In contrast, the HRtech segment surged 32.1% YoY to RUB 698 mn, with its adjusted EBITDA margin improving from -18.6% to -7.6% (still loss-making but narrowing). Within the core, Large Clients revenue rose 9.0% YoY, supported by a 9.4% increase in ARPC. Net profit growth (+8.5%) despite revenue decline reflects lower interest costs, a favorable tax position, and one-off finance items — operating margins compressed.
Key Figures
| Metric | Q1 2025 | Q1 2026 | Change |
|---|---|---|---|
| Revenue (RUB mn) | 9,600 | 9,492 | -1.5% |
| Adj. EBITDA margin | 51.2% | 48.2% | -3.0 pp |
| IFRS Net Profit (RUB bn) | 3.4 | 3.7 | +8.5% |
| HRtech Revenue (RUB mn) | 529 | 698 | +32.1% |
Outlook
The first revenue decline is a clear signal of macro pressure on the Russian labour market, particularly in the SME segment. However, the HRtech pivot (+32% YoY) and continued strength in Large Clients provide strategic offsets. No dividend or guidance update was provided. Key watchpoints: whether core revenue stabilizes in coming quarters and how quickly HRtech can reach breakeven.