MMK Q2 2026: Revenue decline narrows to -1.1% y/y, but EBITDA falls 27.8% and net loss deepens

MMK reported Q2 2026 revenue of RUB 153,286 m, down 1.1% y/y, a sharp improvement from the 18.6% y/y decline in Q1 2026, so revenue growth is accelerating. EBITDA fell 27.8% y/y to RUB 15,971 m, while net profit swung to a loss of RUB 17,742 m from a RUB 2,476 m profit a year earlier. The headline is a narrower top-line decline but persistent margin pressure and a heavy bottom-line loss.

Q2 2026 vs Q2 2025: headline y/y growth

What drove the result

The revenue decline moderated sharply from -18.6% y/y in Q1 2026 to -1.1% y/y in Q2 2026, but EBITDA fell 27.8% y/y, indicating that profitability deteriorated even as sales stabilised. The net loss of RUB 17,742 m compares with a RUB 2,476 m profit in Q2 2025 and a RUB 1,370 m loss in Q1 2026, so the bottom line worsened sequentially. The EBITDA margin was 10.4% in Q2 2026 versus 14.3% in Q2 2025, a one-step derivation from the reported figures.

Key figures (RUB m)

Outlook

The key question is whether the revenue stabilisation seen in Q2 2026 can translate into EBITDA recovery. The sequential EBITDA improvement from RUB 8,494 m in Q1 2026 to RUB 15,971 m in Q2 2026 is a positive sign, but the margin remains well below the prior-year level. With net debt falling this quarter, the balance sheet provides some cushion, but the bottom line needs to move back toward profitability. Watch for any guidance on cost pressures and pricing in the coming quarters.