LSR Group H1 2026: Revenue Flat, EBITDA Turns Negative on Margin Collapse

LSR Group reported H1 2026 revenue of RUB 97,116mn, up +0.7% y/y, broadly stable versus the +1.0% growth seen in H2 2025 (a slight deceleration). EBITDA swung to a loss of RUB 31,623mn from a profit of RUB 19,404mn a year earlier (-263.0% y/y), and net profit deteriorated to a loss of RUB 57,556mn from a loss of RUB 2,517mn in H1 2025. The headline is a severe margin collapse despite flat topline.

H1 2026 vs H1 2025: headline YoY growth

What drove the result

The divergence between flat revenue and a negative EBITDA is the key story: revenue of RUB 97,116mn was essentially unchanged y/y, but EBITDA fell from RUB 19,404mn to -RUB 31,623mn, implying a swing of roughly RUB 51bn in operating profitability. Net profit fell to -RUB 57,556mn from -RUB 2,517mn, a deterioration of about RUB 55bn. The data do not break out segment drivers, but the magnitude points to a sharp margin compression rather than a volume problem. The prior-year comparison already showed pressure: H1 2025 net profit was -RUB 2,517mn versus a profit in H2 2024, and H2 2025 net profit of RUB 13,295mn showed a partial recovery that has now reversed.

Key figures (RUB mn)

Outlook

The H1 2026 result marks a sharp deterioration from the H2 2025 recovery, when revenue grew +1.0% y/y and EBITDA was RUB 41,755mn. The swing to negative EBITDA and a net loss of RUB 57,556mn raises questions about cost inflation, project margins, or one-off charges, none of which are detailed in the provided data. With revenue growth broadly stable but profitability collapsing, the focus for the second half will be whether this is a temporary margin trough or a structural deterioration. No consensus figures, dividend updates, or share-price reaction were provided.

Watch for any disclosure on the cost drivers behind the EBITDA swing and whether management provides revised guidance. The absence of a segment breakdown limits visibility, but the scale of the loss suggests the market will demand clarity on project-level profitability and cash flow in the coming weeks.