Inter RAO Q1 2026: Revenue growth accelerates to 18.6% YoY, but net profit flat as margins compress
Inter RAO reported Q1 2026 revenue of RUB 523,325 mn, up 18.6% YoY — accelerating from the 13.2% YoY growth recorded in Q4 2025. EBITDA rose 6.1% YoY to RUB 52,391 mn, while net profit slipped 1.5% YoY to RUB 46,510 mn, highlighting a sharp divergence between top-line momentum and bottom-line stagnation.
YoY Growth (%) — Q1 2026 vs Q1 2025
What drove the result
The 18.6% revenue acceleration likely reflects higher wholesale electricity prices and capacity-market payments, but the near-flat net profit suggests rising operating, fuel, or power-purchase costs eroded the incremental margin. Inter RAO's vertically integrated model (generation, supply, trading) makes it sensitive to wholesale price dynamics and regulatory changes. The balance sheet remains exceptionally cash-rich, with total equity of RUB 1,187,917 mn (equity ratio ~75%), supporting an ongoing M&A/dividend narrative — though no specific announcement was made this quarter.
Key Figures (RUB mn)
| Metric | Q1 2025 | Q1 2026 | Change |
|---|---|---|---|
| Revenue | 441,258 | 523,325 | +18.6% |
| EBITDA | 49,369 | 52,391 | +6.1% |
| Net Profit | 47,195 | 46,510 | -1.5% |
Outlook
The key question for Inter RAO is whether the margin compression is temporary (e.g., one-off cost items) or structural (rising input costs outpacing tariff indexation). With net debt falling sharply (by RUB 142.4 bn in Q1 alone), the company retains ample financial flexibility for potential M&A or special dividends. Investors should watch for segment-level disclosures in the full IFRS report and any updates on capacity-market reforms or dividend policy.