Mosenergo Q3 2026: Revenue Slows 8.4% YoY as EBITDA Turns Negative

Mosenergo reported Q3 2026 revenue of RUB 45,705 mln, down 8.4% y/y, with EBITDA of RUB -5,415 mln and a net loss of RUB -5,641 mln. Revenue growth decelerated sharply from +15.3% y/y in Q2 2026 to -8.4% y/y in Q3 2026, and the EBITDA line deteriorated from a positive RUB 916 mln in Q2 2026 to a loss in the latest quarter.

Q3 2026 vs Q3 2025: headline YoY

What drove the result

The swing to negative EBITDA and net loss reflects a sharp deterioration in operating profitability: Q3 2026 EBITDA of RUB -5,415 mln compares with RUB -1,798 mln in Q3 2025, while the net loss widened to RUB -5,641 mln from RUB -2,601 mln. The revenue decline of 8.4% y/y compounds the pressure, and the Q3 loss follows a positive Q1 2026 (net profit RUB 13,731 mln) and a small Q2 loss (RUB -1,911 mln), underscoring high seasonal and cost volatility in the quarterly earnings profile.

Key figures

Outlook

The Q3 2026 result marks a clear negative inflection: revenue growth decelerated from +15.3% y/y in Q2 2026 to -8.4% y/y, and EBITDA swung from positive RUB 916 mln in Q2 2026 to a RUB -5,415 mln loss. With Q1 2026 carrying the bulk of year-to-date profitability (net profit RUB 13,731 mln), the full-year outcome will hinge on Q4 2026, which in FY 2025 delivered positive EBITDA of RUB 6,218 mln despite a net loss of RUB -5,650 mln. Investors should watch whether the Q3 cost pressure proves seasonal or structural.

Closing read: the quarter is a profitability miss with no consensus figures provided to quantify the gap. The key debate is whether the negative EBITDA is a one-off seasonal trough or a sign of sustained margin erosion; the sharp deceleration in revenue growth and the widening net loss argue for caution until Q4 2026 clarifies the trend.