Lukoil Q2 2026: Revenue Growth Accelerates to +864.5% YoY as Net Profit Surges +387.3%
Lukoil reported Q2 2026 revenue of RUB 1,029,639 mln, EBITDA of RUB 407,671 mln and net profit of RUB 220,028 mln. Revenue growth accelerated sharply to +864.5% y/y from +8.0% in H1 2026, while EBITDA growth held at +93.3% y/y and net profit growth reached +387.3% y/y. The revenue jump reflects a very low prior-year base (Q2 2025 revenue of RUB 106,755 mln), but the absolute EBITDA and net profit delivery is substantial.
Q2 2026 vs Q2 2025: headline YoY growth
What drove the result
The headline revenue acceleration is largely a base effect: Q2 2025 revenue of RUB 106,755 mln was exceptionally low relative to the RUB 1,860,165 mln booked in H2 2025 and the RUB 2,059,279 mln in H1 2026. On a sequential basis, Q2 2026 revenue of RUB 1,029,639 mln is roughly half of H1 2026, consistent with a normal half-year split. EBITDA of RUB 407,671 mln in Q2 2026 compares with RUB 210,936 mln in Q2 2025, a +93.3% increase, and net profit of RUB 220,028 mln is up +387.3% y/y. The EBITDA margin on reported revenue is 39.6% in Q2 2026 versus 197.6% in Q2 2025, reflecting the distorted prior-year revenue base rather than a margin collapse. Net profit margin stands at 21.4% in Q2 2026 versus 42.3% in Q2 2025.
Key figures
| Metric | Q2 2025 | Q2 2026 | Change |
|---|---|---|---|
| Revenue, RUB mln | 106,755 | 1,029,639 | +864.5% |
| EBITDA, RUB mln | 210,936 | 407,671 | +93.3% |
| Net profit, RUB mln | 45,148 | 220,028 | +387.3% |
| EBITDA margin | 197.6% | 39.6% | -158.0 pp |
| Net margin | 42.3% | 21.4% | -20.9 pp |
Outlook
The Q2 2026 print shows strong absolute EBITDA and net profit, but the revenue line is heavily distorted by the low Q2 2025 base. H1 2026 revenue of RUB 2,059,279 mln and EBITDA of RUB 815,342 mln provide a cleaner run-rate: H1 2026 revenue grew +8.0% y/y and EBITDA +93.3% y/y, with net profit up +387.3% y/y. The key question for H2 2026 is whether the EBITDA momentum can be sustained against a tougher comparative base (H2 2025 EBITDA of RUB 470,214 mln). No consensus figures, dividend updates or share-price reaction were provided in the facts, so we do not comment on beat/miss or capital returns.
Bottom line: the +864.5% revenue growth is a base-effect artefact, but the +93.3% EBITDA growth and +387.3% net profit growth are genuine and material. Watch H2 2026 EBITDA against the RUB 470,214 mln H2 2025 comparator, and monitor whether the revenue run-rate normalises toward the H1 2026 level of RUB 2,059,279 mln.
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