Europlan: Q2 net profit up 4.9x as provisions shrink, but interest income keeps falling

20 августа Европлан раскрыл сокращённую промежуточную консолидированную финансовую отчётность за второй квартал 2026 года. Чистая прибыль за квартал составила 2 473,2 млн руб., что в 4,9 раза больше, чем годом ранее, при этом чистый процентный доход сократился на 29,6% до 3 937,0 млн руб.. В обзоре разберём, что обеспечило рост прибыли, почему падает процентный доход и как это влияет на оценку компании.

Key takeaways

— Q2 net profit rose 4.9x year-on-year, driven by a sharp decline in expected credit loss provisions

— Net interest income keeps falling: down 29.6% YoY in Q2

— Non-interest income fell 8.9% but remains a significant revenue source

— Net margin in Q2 reached 62.8% versus 9.0% a year earlier

— Debt burden is easing: loans and bonds down RUB 35.3bn in H1

— The stock trades at 10.6x P/E with 21.6% ROE; our model implies a 4.8% dividend yield

Key figures, RUB bn

Q2 net profit rose 4.9x year-on-year, driven by a sharp decline in expected credit loss provisions

In Q2 2026, Europlan's net profit reached RUB 2,473.2m versus RUB 502.2m a year earlier. The main driver was a sharp reduction in expected credit loss provisions on leasing assets: from RUB 5,060.8m in Q2 2025 to just RUB 276.1m now. This freed up a significant portion of profit that previously went into provisions.

Changes in other loss provisions also decreased – from RUB 1,750.3m to RUB 1,233.5m – providing additional support. As a result, pre-tax profit rose from RUB 669.6m to RUB 3,274.3m, and after tax to RUB 2,473.2m.

Net interest income keeps falling: down 29.6% YoY in Q2

Net interest income in Q2 2026 was RUB 3,937.0m, down 29.6% year-on-year. Interest income fell from RUB 14,504.4m to RUB 9,349.0m, while interest expenses decreased from RUB 8,908.7m to RUB 5,412.0m. The decline in income is linked to a shrinking leasing portfolio: net investment in leases stood at RUB 141,270.1m at end-June versus RUB 169,928.7m at end-2025.

The report notes that the high key rate of the Central Bank of Russia limited access to financing for small and medium-sized businesses, leading to a decline in the leasing portfolio. The company expects pent-up demand to materialize as the rate declines.

Non-interest income fell 8.9% but remains a significant revenue source

Non-interest income in Q2 2026 was RUB 4,627.0m versus RUB 4,980.3m a year earlier, down 8.9%. Key components include income from service arrangement (RUB 1,436.5m), additional income from lease contracts (RUB 1,584.0m), and agency commissions from standard insurance (RUB 953.1m).

Net non-interest income (after non-interest expenses) was RUB 4,172.2m, comparable to net interest income (RUB 3,937.0m). Thus, non-interest activities generate about half of the company's operating result.

Net margin in Q2 reached 62.8% versus 9.0% a year earlier

Net margin in Q2 2026 was 62.8% versus 9.0% in the same period last year. This jump is explained not so much by revenue growth as by a sharp reduction in provisions: a year ago, expected credit loss provisions on leasing assets consumed almost half of operating income, while now they are minimal.

At the same time, operating revenue (the sum of net interest and non-interest income) fell from RUB 10,133.1m to RUB 8,109.2m, i.e. by 20.0%. The margin increase is an effect of a low base and a one-off factor of provisions, not an improvement in the core business.

Debt burden is easing: loans and bonds down RUB 35.3bn in H1

At end-June 2026, loans stood at RUB 65,031.0m and bonds at RUB 35,562.7m, together RUB 35,281.6m less than at end-2025 (RUB 98,229.9m and RUB 37,645.4m, respectively). The company is actively repaying debt: in H1, it repaid RUB 33,007.2m of loans and RUB 1,945.1m of bonds.

The debt reduction is accompanied by a shrinking leasing portfolio, meaning the company is deleveraging its balance sheet. This is also visible in the cash flow: net operating inflow was RUB 32,862.0m, but a significant portion went to repay liabilities.

The stock trades at 10.6x P/E with 21.6% ROE; our model implies a 4.8% dividend yield

With a market cap of RUB 80,400.0m and trailing twelve-month net profit of RUB 7,567.7m, P/E stands at 10.6x. Return on equity is 21.6%, indicating high capital efficiency despite falling interest income.

The company has not paid dividends in the last 12 months, but our model estimates the next payout at RUB 32.57 per share, implying a forward yield of 4.8%. We consider a fair yield of 10.5% for this name, which implies either a higher payout or a lower share price.

Valuation on the latest reported figures

Bottom line

In Q2, Europlan posted strong profit, but it was driven mainly by lower provisions, not business growth. Interest income keeps falling, the portfolio is shrinking, and the company is actively repaying debt. For shareholders, the key question is when leasing demand recovers and whether the company can return to portfolio growth. For now, the 10.6x P/E valuation seems justified only if the rate cuts soon and the economy revives.