TNS Energo Kuban H1 2026: Revenue Growth Accelerates to +15.9%, But EBITDA Flat and Profit Growth Slows to +6.7%

TNS Energo Kuban reported H1 2026 revenue of RUB 44,951.2 mn, up +15.9% y/y, accelerating from +13.3% in H2 2025. EBITDA was essentially flat at RUB 723,830.9 mn (-0.0% y/y), while net profit rose +6.7% to RUB 2,779.1 mn, a marked deceleration from the +309.4% net-profit growth recorded in H2 2025.

H1 2026 vs H1 2025: headline YoY growth

What drove the result

The top line accelerated on higher revenue, but profitability did not follow: EBITDA was flat y/y, implying margin compression as revenue grew +15.9% while EBITDA stayed at RUB 723,830.9 mn. Net profit growth of +6.7% lagged revenue growth, and the sharp slowdown from H2 2025's +309.4% net-profit growth reflects a much tougher base and the absence of the prior half's low-base effect. The company remains net cash positive, with net debt at RUB -9.7 bn at 30 June 2026.

Key figures (RUB mn unless stated)

Outlook

The key watch item is whether revenue growth can translate into EBITDA and net-profit expansion. With EBITDA flat y/y despite +15.9% revenue growth, margin pressure is the main risk to the earnings trajectory. Net debt reduction over the past 12 months (-3.5 bn, -21.1% of market cap) supports the balance sheet, but the equity story now hinges on cost control and the sustainability of the top-line acceleration into H2 2026.