Inter RAO Q2 2026: Net Loss Widens Sharply as EBITDA Turns Deeply Negative

Inter RAO reported a net loss of RUB -24,335 mn for Q2 2026, versus a net loss of -11,450 mn in the same period last year, while EBITDA fell to -12,977 mn from -1,366 mn. Revenue for the quarter was not disclosed, but the sequential deterioration from Q1 2026 (net profit of 46,510 mn, EBITDA of 52,391 mn) is stark.

YoY Growth: Q1 2026 vs Q2 2026 (where available)

What drove the result

The Q2 2026 loss marks a sharp reversal from the profitable first quarter, with EBITDA swinging to a deep negative. While revenue growth was robust in Q1 (+18.6% YoY), net profit barely moved (-1.5%), suggesting margin pressure from rising operating and fuel costs. The Q2 loss likely reflects similar cost dynamics, though without a segment breakdown, the exact drivers remain unclear.

Key figures (RUB mn)

Outlook

The company's balance sheet remains exceptionally cash-rich (total equity of 1,187,917 mn as of Q1 2026, equity ratio ~75%), supporting an ongoing M&A/dividend narrative, though no announcements were made this period. Investors should watch for cost containment and any recovery in wholesale power prices. The sharp Q2 loss raises questions about full-year profitability, especially after a strong FY 2025 (net profit of 133,834 mn).