IDGC North West Q2 2026: Revenue +12.7% y/y, EBITDA +119.7% as margins expand

IDGC North West reported Q2 2026 revenue of RUB 19,583.3 mn, up 12.7% y/y, while EBITDA more than doubled to RUB 2,540.2 mn (+119.7% y/y) and net profit swung to RUB 581.2 mn from a loss of RUB 270.3 mn a year earlier. Revenue growth decelerated from 17.3% y/y in H1 2026 (which includes Q2) to 12.7% y/y in Q2 2026, while EBITDA growth accelerated sharply from 56.5% y/y in H1 2026 to 119.7% y/y in Q2 2026.

Q2 2026 vs Q2 2025: y/y growth

What drove the result

The sharp EBITDA increase reflects both revenue growth and significant margin expansion: EBITDA margin rose to 13.0% in Q2 2026 from 6.7% in Q2 2025. Net profit turned positive, aided by the operating leverage from higher revenue and lower relative costs. On a sequential basis, Q2 2026 revenue of RUB 19,583.3 mn was lower than Q1 2026 revenue of RUB 25,248.6 mn, but Q2 is typically a seasonally weaker quarter for the company.

Key figures

Outlook

The company has not provided new guidance in the reported figures. The strong EBITDA growth and margin recovery in Q2 2026, if sustained, could support further profitability improvement in coming quarters. However, the deceleration in revenue growth from 17.3% y/y in H1 2026 to 12.7% y/y in Q2 2026 warrants monitoring, as it may signal softer demand or tariff dynamics.

The Q2 2026 results show a clear improvement in profitability, with EBITDA more than doubling and net profit returning to positive territory. The key watch item is whether the revenue growth deceleration continues and whether margin gains can be sustained. Net debt fell in absolute terms this quarter, which is a positive for the balance sheet.