Lenta Q3 2026: revenue growth holds near 29% as EBITDA margin compresses

Lenta reported Q3 2026 revenue of RUB 359,322m, EBITDA of RUB 33,332m and net profit of RUB 5,117m. No prior-year same-period figures were supplied, so a headline YoY comparison for the quarter is not computable; the growth read must come from the year-to-date and prior-period series. On that basis the story is one of still-robust top-line momentum (Q2 2026 revenue +28.8% y/y, per the pre-computed series) against clear margin pressure: Q2 2026 EBITDA grew 17.0% and net profit fell 25.5% y/y, and the 9M 2026 EBITDA margin of 9.1% (91,622/1,007,810) sits below the FY 2025 level of 10.2% (112,976.525/1,103,662.719).

YoY growth, latest comparable periods (%)

What drove the result

The revenue line remains the bright spot: Q2 2026 revenue growth of 28.8% y/y was ahead of H1 2026's 26.2%, so top-line momentum is not fading. The problem is below the top line. Q2 2026 EBITDA rose 17.0% y/y, well short of revenue growth, and net profit fell 25.5% y/y — the same decline as in H1 2026, indicating the pressure is persistent rather than a one-off. The 9M 2026 EBITDA margin of 9.1% versus 10.2% for FY 2025 quantifies the compression. Q3 2026 EBITDA of RUB 33,332m on revenue of RUB 359,322m implies a 9.3% margin, a modest sequential improvement on the 9.0% implied for 9M 2026 (91,622/1,007,810), but still below the FY 2025 level.

Key figures (RUB m unless stated)

Outlook

No revised guidance, dividend announcement or consensus figures were provided, so the read is purely on the reported trajectory. The key tension for the coming quarters is whether revenue growth of roughly 26–29% can be converted into EBITDA growth closer to the top line. Q2 2026's 17.0% EBITDA growth and -25.5% net profit show the operating leverage is currently working against the company: costs are rising faster than sales. The Q3 2026 margin of 9.3% is a small positive versus the 9M average, but it is too early to call a trough. Watch the EBITDA margin trajectory and any commentary on cost inflation and the net profit line, which has now declined 25.5% y/y in both H1 and Q2 2026.