MTS Q2 2026: Revenue Growth Slows to +9.2% but EBITDA and Net Profit Surge

MTS reported Q2 2026 revenue of RUB 213,456 mn, up +9.2% YoY, with EBITDA of RUB 84,614 mn (+16.3%) and net profit of RUB 37,929 mn (+987.7%). Revenue growth decelerated from +11.8% in H1 2026 to +9.2% in Q2, while EBITDA growth also eased slightly from +17.1% in H1 to +16.3% in Q2. The profit line was boosted by operating leverage and a low base.

Q2 2026 YoY growth (headline metrics)

What drove the result

EBITDA margin expanded to 39.6% in Q2 2026 from 37.2% a year earlier, reflecting operating leverage and cost discipline. Net profit surged on a low prior-year base (Q2 2025 net profit was RUB 3,487 mn) and benefited from lower interest costs and a favorable tax line. The Q1 2026 press release highlighted Telecom B2O (+33.7% YoY) and Fintech (+18.4% YoY) as the fastest-growing segments, trends likely sustained into Q2.

Key figures (RUB mn)

Outlook

The Board recommended a RUB 35/share dividend for FY 2025 (total RUB 69.9 bn), with record date 9 July 2026, providing a clear capital return signal. Deleveraging continues, with net debt/LTM OIBDA at 1.6x in Q1 2026 (improved from 1.8x a year earlier). Watch for further revenue deceleration as the base normalizes and for margin sustainability amid rising capex (+29.1% YoY in Q1 2026).