Henderson H1 2026: Revenue growth decelerates to +3.6% as net profit halves

Henderson reported H1 2026 revenue of RUB 11,203.6m, up +3.6% y/y, a sharp deceleration from +13.1% in H2 2025; EBITDA edged down -0.8% y/y to RUB 3,507.6m, also decelerating from +6.0% in the prior half. Net profit collapsed -53.0% y/y to RUB 452.8m, the weakest growth reading in the recent series and a further deterioration from -17.9% in H2 2025.

H1 2026 vs H1 2025: headline YoY growth

What drove the result

The top line held up modestly, but profitability deteriorated sharply. EBITDA margin compressed to 31.3% in H1 2026 from 32.7% in H1 2025, as EBITDA fell -0.8% y/y against +3.6% revenue growth. The much larger net-profit decline (-53.0%) versus the EBITDA move (-0.8%) points to below-the-line pressure — likely higher interest costs, FX or one-off items — though the release provides no segment or cost breakdown to isolate the driver. Net profit margin fell to 4.0% from 8.9% a year earlier.

Key figures (RUB m)

Outlook

The trajectory is concerning: revenue growth has slowed for three consecutive halves (+17.1% in H1 2025, +13.1% in H2 2025, +3.6% in H1 2026), and EBITDA has now turned negative y/y. With no guidance or dividend update in the release, the key question for the second half is whether the below-EBITDA drag on net profit persists. Watch for any cost or one-off disclosure that would explain the gap between the -0.8% EBITDA move and the -53.0% net-profit decline.