IDGC Volga Q2 2026: Revenue +25% y/y, EBITDA +95% as margins expand sharply

IDGC Volga reported Q2 2026 revenue of RUB 34,660.2mn, EBITDA of RUB 7,042.3mn and net profit of RUB 3,506.5mn. Revenue growth accelerated to +25.0% y/y from +20.0% in H1 2026, while EBITDA growth accelerated to +95.4% y/y from +43.4% in H1 2026. Net profit grew +134.5% y/y.

Q2 2026 y/y growth

What drove the result

The standout feature is the margin expansion: EBITDA margin rose to 20.3% in Q2 2026 from 13.0% in Q2 2025, a gain of 7.3 pp. Net margin improved to 10.1% from 5.4%, up 4.7 pp. Revenue growth of +25.0% y/y was solid, but the disproportionate EBITDA growth (+95.4%) indicates strong operating leverage, with cost growth well below revenue growth. Net profit growth of +134.5% y/y further benefited from lower relative financial costs or other below-EBITDA items, though the exact drivers are not detailed in the provided data.

Key figures (RUB mn)

Outlook

The sharp acceleration in EBITDA and net profit growth in Q2 2026, following a moderation in Q1 2026 (EBITDA +11.9% y/y, net profit +26.1% y/y), suggests improving operational efficiency. However, without explicit guidance or segment breakdown, sustainability of these margins remains a key question. The company operates in a regulated electricity distribution market, where tariff decisions and cost control will be critical for maintaining profitability. Investors should watch for any regulatory changes and the company's ability to sustain revenue growth amid a challenging macroeconomic environment.