Mechel Q2 2026: Revenue Down 22.9% YoY, Losses Deepen

Mechel reported Q2 2026 revenue of RUB 58,675m, down 22.9% year-on-year, with net loss widening to RUB 21,590m from RUB 20,255.5m a year earlier and EBITDA remaining negative at RUB -4,875m (vs RUB -6,543m in Q2 2025). Revenue growth was broadly stable versus the previous half (H1 2026 also -22.9% YoY), while the EBITDA loss narrowed sequentially from H2 2025's RUB -2,847m but stayed deeply negative.

Q2 2026 vs Q2 2025: YoY change

What drove the result

The top-line contraction of 22.9% YoY reflects continued weak demand and pricing across Mechel's mining and steel segments, though segment-level figures were not disclosed in the release. The EBITDA loss narrowed to RUB -4,875m from RUB -6,543m, a 25.5% improvement in absolute terms, suggesting some cost containment or mix effect, but the business remains cash-negative at the operating line. Net loss deepened by 6.6% YoY to RUB -21,590m, with the gap between EBITDA and net profit pointing to heavy below-EBITDA charges (interest, FX, or impairments) that were not itemised.

Key figures (RUB m)

Outlook

The stable -22.9% YoY revenue decline across H1 2026 and Q2 2026 offers no sign of a top-line inflection, and with EBITDA still negative the company remains reliant on external support. The sequential narrowing of the EBITDA loss from H2 2025's RUB -2,847m to Q2 2026's RUB -4,875m is not comparable on a half-year basis, but the direction of travel on profitability is at least less negative than the prior-year quarter. Watch for any disclosure on segment volumes, cost-cutting, or restructuring; none was provided in the headline release.

Bottom line: Mechel's Q2 2026 is a story of persistent revenue weakness and a still-negative EBITDA, with net loss deepening YoY. The absence of segment detail and guidance limits visibility; the key question is whether cost measures can push EBITDA back above zero before liquidity pressures mount.