Rushydro Q2 2026: Revenue +18.7% y/y, EBITDA +50.1%, Net Profit +80.4%

Rushydro reported Q2 2026 revenue of RUB 176,205 mln, up 18.7% y/y, with EBITDA of RUB 68,791 mln (+50.1% y/y) and net profit of RUB 22,833 mln (+80.4% y/y). Revenue growth was broadly stable versus the prior half (H1 2026: +18.9% y/y), while EBITDA growth accelerated from +47.4% y/y in H1 2026 to +50.1% y/y in Q2 2026.

Q2 2026 y/y growth

What drove the result

The strong EBITDA and net profit growth outpaced revenue, indicating margin expansion. EBITDA margin rose to 39.0% in Q2 2026 from 30.9% in Q2 2025, while net profit margin improved to 13.0% from 8.5%. This suggests effective cost control or favourable pricing. However, net debt increased significantly, which will be detailed in the appended note.

Key figures

Outlook

The company did not provide updated guidance in the release. Investors will focus on the sustainability of margin gains and the trajectory of net debt, which has risen sharply over the past year.

Rushydro's Q2 2026 results show robust top-line growth and even stronger profitability, with EBITDA and net profit growing significantly faster than revenue. However, the substantial increase in net debt warrants monitoring, as it could impact future financial flexibility.