IDGC Siberia Q2 2026: EBITDA triples as revenue growth holds near 21%
IDGC Siberia reported Q2 2026 revenue of RUB 32,898.3m (+20.7% y/y) and EBITDA of RUB 8,638.1m (+336.6% y/y), with net profit swinging to RUB 1,021.8m from a RUB 1,282.2m loss a year earlier. Revenue growth was broadly stable versus H1 2026 (+21.6%), while EBITDA growth accelerated sharply from +96.2% in H1 2026 to +336.6% in Q2 2026.
Q2 2026 vs Q2 2025: headline y/y growth
What drove the result
The earnings swing was driven by margin expansion rather than revenue alone: EBITDA margin rose to 26.3% in Q2 2026 from 7.3% in Q2 2025, lifting EBITDA by RUB 6,659.8m on a RUB 5,653.0m revenue increase. Net profit turned positive at RUB 1,021.8m, although it was below the RUB 5,393.2m reported for the full H1 2026, implying a softer Q1 2026 contribution. Net debt stood at RUB 47.9bn at 30 June 2026, up RUB 4.8bn from 31 December 2025 but down RUB 1.9bn over twelve months.
Key figures (RUB m unless stated)
| Metric | Q2 2025 | Q2 2026 | Change |
|---|---|---|---|
| Revenue | 27,245.2 | 32,898.3 | +20.7% |
| EBITDA | 1,978.4 | 8,638.1 | +336.6% |
| EBITDA margin | 7.3% | 26.3% | +19.0 pp |
| Net profit | -1,282.2 | 1,021.8 | n/m |
Outlook
The Q2 2026 result confirms a sharp recovery in profitability, with EBITDA growth far outpacing revenue. However, the sequential moderation in net profit versus H1 2026 suggests earnings momentum may be uneven. Investors should watch whether the elevated EBITDA margin is sustained and whether net debt, which rose in absolute terms versus year-end 2025, continues to build.
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