MMK Q2 2026: Revenue decline eases sharply, but net loss deepens on weak steel spreads
MMK reported Q2 2026 revenue of RUB 153,286m, down 1.1% YoY, a marked acceleration from the 18.6% decline in Q1 2026. EBITDA fell 27.8% YoY to RUB 15,971m, while net profit swung to a loss of RUB 17,742m from a profit of RUB 2,476m a year earlier, pressured by weak steel margins and elevated costs.
Key YoY Change (%)
Revenue and EBITDA trends
Revenue decline improved sharply from -18.6% in Q1 2026 to -1.1% in Q2, likely supported by higher steel volumes or pricing stabilization. EBITDA, however, contracted more severely at -27.8% YoY, reflecting margin compression as input costs outpaced revenue recovery. The EBITDA margin fell to 10.4% from 14.3% a year ago.
Key figures
| Metric | Prior (Q2 2025) | Latest (Q2 2026) | Change |
|---|---|---|---|
| Revenue (RUB m) | 155,060 | 153,286 | -1.1% |
| EBITDA (RUB m) | 22,135 | 15,971 | -27.8% |
| Net profit (RUB m) | 2,476 | -17,742 | -816.6% |
| EBITDA margin | 14.3% | 10.4% | -3.9pp |
Outlook
The sharp improvement in revenue growth suggests demand may be stabilizing, but the persistent net loss and EBITDA decline highlight ongoing margin headwinds. Investors should watch for any recovery in steel spreads and cost control measures in the coming quarters. Net debt fell by RUB 14.7bn during the quarter, providing some balance sheet relief.
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