Lenenergo H1 2026: Revenue Growth Broadly Stable at +17.7% y/y; EBITDA and Net Profit Up ~20%

Lenenergo reported H1 2026 revenue of RUB 80,595.8 mn, up +17.7% y/y, with EBITDA of RUB 41,067.2 mn (+20.2% y/y) and net profit of RUB 24,451.5 mn (+19.8% y/y). Revenue growth was broadly stable versus the +19.1% y/y seen in H2 2025, while EBITDA growth decelerated sharply from the +175.9% y/y reported in H2 2025 (which was flattered by a low base) to +20.2% y/y in H1 2026.

H1 2026 y/y growth (headline metrics)

What drove the result

The company does not disclose segment-level figures in the provided data, but the combination of double-digit revenue growth and ~20% EBITDA growth points to solid operational performance. EBITDA margin remained strong at 51.0% (41,067.2 / 80,595.8), while net profit margin was 30.3% (24,451.5 / 80,595.8). The absolute EBITDA increase of RUB 6,908.7 mn y/y and net profit increase of RUB 4,042.0 mn y/y confirm healthy profitability. Notably, H2 2025 net profit was only RUB 14,590.5 mn, so the H1 2026 figure represents a significant sequential improvement.

Key figures (RUB mn)

Outlook

The company has not provided any guidance or dividend update in the data. The strong H1 2026 results, with revenue growth broadly stable and profitability metrics improving, suggest a solid operating trajectory. However, the sharp deceleration in EBITDA growth from the exceptional H2 2025 level (+175.9% y/y) to +20.2% y/y in H1 2026 indicates a return to more normalized growth rates. Investors will watch whether revenue growth can sustain near 18% and whether margins hold at current levels.

The H1 2026 results show Lenenergo delivering robust top-line growth and healthy profitability, with EBITDA and net profit both expanding by around 20% y/y. The key takeaway is the normalization of growth rates after the exceptional H2 2025, with revenue growth broadly stable and margins remaining strong. The main risk is whether the company can maintain this momentum amid potential regulatory or cost pressures, but the current trajectory appears solid.