Magnit Q2 2026: Revenue +12.8% but EBITDA -20.7% and Net Loss RUB 4.8bn

Magnit reported Q2 2026 revenue of RUB 943,593.88m, up +12.8% y/y, broadly stable versus the +12.8% growth in H1 2026. EBITDA fell -20.7% y/y to RUB 85,879.04m and net profit swung to a loss of RUB 4,772.80m from a small profit of RUB 77.24m a year earlier, a -6,279.3% y/y change. The headline is a clear margin and earnings miss despite resilient top-line growth.

Q2 2026 vs Q2 2025: headline YoY growth

What drove the result

The divergence between revenue and EBITDA is the core story: revenue rose +12.8% y/y while EBITDA dropped -20.7%, implying a sharp compression in EBITDA margin. On the reported figures, EBITDA margin fell to roughly 9.1% in Q2 2026 from about 12.9% in Q2 2025 (85879.036/943593.88 vs 108260.524/836611.617). Net profit turned negative at RUB -4,772.80m, versus RUB 77.24m a year earlier, extending the loss seen in H2 2025 (net loss RUB -31,730.18m) and H1 2026 (net loss RUB -9,545.59m). The data do not break out segment or cost-line detail, so the margin squeeze cannot be attributed to specific drivers from the provided facts.

Key figures (RUB m)

Outlook

The key watch item is whether the EBITDA margin erosion is temporary or structural. Revenue growth has been broadly stable at +12.8% in both H1 2026 and Q2 2026, but EBITDA growth decelerated sharply from +13.7% in H1 2026 to -20.7% in Q2 2026, and net profit remains deeply negative. Without segment or cost detail in the release, the market will look for management commentary on cost inflation, promotional intensity and the path back to profitability. No dividend or guidance update is provided in the facts.

Bottom line: Magnit delivered double-digit revenue growth but a severe EBITDA and net-profit miss in Q2 2026. The margin compression and the swing to a net loss are the dominant negatives; the stability of revenue growth is the only clear positive. The stock reaction is not provided in the facts.