IDGC Center Q2 2026: Net Profit Doubles as EBITDA Growth Accelerates to 29.7%

IDGC Center reported Q2 2026 revenue of RUB 38,040.3mn, up 13.8% y/y, broadly stable versus the 13.5% growth recorded in H1 2026. EBITDA rose 29.7% y/y to RUB 11,023.1mn, accelerating from 16.5% in H1 2026, while net profit more than doubled to RUB 4,550.0mn (+114.7% y/y). The results highlight a clear margin expansion story: EBITDA margin reached 29.0% in Q2 2026 versus 25.4% in Q2 2025, and net margin improved to 12.0% from 6.3%.

Q2 2026 y/y growth (headline metrics)

What drove the result

The outperformance was driven by a combination of top-line growth and significant operating leverage. Revenue growth of 13.8% y/y was stable versus the 13.5% seen in H1 2026, but EBITDA growth accelerated sharply to 29.7% from 16.5% in H1 2026, indicating improving cost efficiency and favourable tariff dynamics. Net profit growth of 114.7% y/y was further boosted by lower net interest expenses or other non-operating items, as net debt declined over the quarter. The EBITDA margin expanded by 3.6 percentage points y/y to 29.0%, while the net margin rose by 5.7 percentage points to 12.0%.

Key figures (RUB mn)

Outlook

The strong Q2 results, with EBITDA growth accelerating and net profit doubling, suggest that IDGC Center is benefiting from a favourable tariff environment and effective cost control. The reduction in net debt over the quarter and the last twelve months further strengthens the balance sheet. However, the sustainability of such high net profit growth will depend on the absence of one-off items and the continuation of current operational trends. Investors will look for confirmation that the margin expansion is structural rather than cyclical.

The Q2 2026 report is a clear positive: revenue growth held steady at 13.8% y/y, while EBITDA and net profit growth accelerated significantly, driving substantial margin expansion. The company's ability to grow profits much faster than revenue highlights strong operational leverage. With net debt declining, the financial position remains solid. The key question for the coming quarters is whether these margin gains can be sustained, especially if tariff growth moderates or costs normalise. We would watch for any guidance from management on full-year expectations and capital expenditure plans.