IDGC Center & Volga Q2 2026: Revenue Growth Slows to 11.5% as Net Profit Jumps 20.7%

IDGC Center & Volga reported Q2 2026 revenue of RUB 39,494.1 mn, up 11.5% y/y, with net profit rising 20.7% to RUB 6,005.6 mn and EBITDA up 11.2% to RUB 12,005.4 mn. Revenue growth decelerated from 12.8% in H1 2026 to 11.5% in Q2 2026, while EBITDA growth also slowed from 15.3% in H1 2026 to 11.2% in Q2 2026. Despite the slowdown, profitability improved, with net margin expanding to 15.2% from 14.1% a year ago.

Q2 2026 y/y growth

What drove the result

The bottom-line outperformance was driven by net margin expansion to 15.2% from 14.1% in Q2 2025, as net profit grew 20.7% y/y, outpacing the 11.5% revenue increase. EBITDA margin remained broadly stable at 30.4% versus 30.5% a year ago. Sequentially, Q2 2026 revenue of RUB 39,494.1 mn was lower than Q1 2026 revenue of RUB 46,417.3 mn, while net profit declined from RUB 8,833.0 mn in Q1 2026 to RUB 6,005.6 mn in Q2 2026, reflecting typical seasonal patterns in the electricity distribution business.

Key figures

Outlook

The company did not provide any new guidance or dividend updates in the reported figures. The deceleration in revenue growth from 12.8% in H1 2026 to 11.5% in Q2 2026, coupled with a slowdown in EBITDA growth from 15.3% to 11.2%, suggests that top-line momentum is moderating. However, the strong net profit growth of 20.7% and margin expansion indicate improving operational efficiency. Investors will watch whether the margin gains can be sustained if revenue growth continues to slow.

The Q2 2026 results show a company with slowing top-line growth but improving bottom-line profitability. While revenue and EBITDA growth decelerated from the first half, net profit growth remained robust at 20.7%, supported by margin expansion. The key question for the coming quarters is whether the company can maintain its profitability gains amid a moderating revenue environment.