M Video H1 2026: Revenue Slump Persists, EBITDA Turns Positive

M Video reported H1 2026 revenue of RUB 108,171mn, down 36.8% y/y, while EBITDA swung to RUB 12,751mn from RUB 5,192mn a year earlier (+145.6% y/y). Revenue growth was broadly stable versus the previous half (H2 2025: -38.5% y/y), while EBITDA growth turned sharply positive after a negative H2 2025 reading. Net loss widened to RUB 36,118mn from RUB 25,159mn in H1 2025.

H1 2026 vs H1 2025: headline YoY growth

What drove the result

The top-line contraction remains severe, with revenue nearly halving versus H1 2025. However, EBITDA turned positive at RUB 12,751mn, a marked improvement from the RUB 5,192mn in H1 2025 and a swing from the negative RUB 9,574mn in H2 2025. This suggests cost discipline or one-off factors supported profitability despite lower sales. Net loss widened to RUB 36,118mn, likely reflecting higher interest costs given the rising net debt burden.

Key figures

Outlook

The revenue trend remains weak, with H1 2026 showing a broadly stable decline versus H2 2025. The EBITDA improvement is a positive signal, but the widening net loss and rising net debt (up RUB 49.0bn over 12 months) keep leverage risk elevated. Investors should watch for any signs of revenue stabilisation and further EBITDA delivery in H2 2026, as well as commentary on cost control and interest expenses.