MD Medical H1 2026: Revenue Growth Decelerates to +28.8% as Net Profit Lags

MD Medical reported H1 2026 revenue of RUB 24,809.2m, EBITDA of RUB 6,985.8m and net profit of RUB 5,322.7m. Revenue growth decelerated to +28.8% y/y from +39.3% in H2 2025, while EBITDA growth also slowed to +20.0% from +23.8% in the prior half; net profit grew just +5.1% y/y.

H1 2026 y/y growth

What drove the result

Revenue growth remained robust at +28.8% y/y, but the pace eased from +39.3% in H2 2025. EBITDA rose +20.0% y/y to RUB 6,985.8m, implying an EBITDA margin of 28.2% (6,985.8/24,809.2), down from 30.2% in H1 2025 (5,822.9/19,264.5). Net profit grew only +5.1% y/y to RUB 5,322.7m, well below revenue growth, pointing to margin pressure and higher costs below the EBITDA line.

Key figures

Outlook

The deceleration in revenue growth from +39.3% in H2 2025 to +28.8% in H1 2026, combined with a lower EBITDA margin and minimal net profit growth, suggests the company is facing rising cost pressures. Investors will watch whether revenue growth stabilises and whether margin compression persists in the second half.