Nizhnekamsknef-m H1 2026: Revenue Decline Narrows but EBITDA and Net Profit Collapse

Nizhnekamsknef-m reported H1 2026 revenue of RUB 128,408mn, down 6.1% y/y, with EBITDA at RUB 16,624mn (-48.6% y/y) and net profit at RUB 1,640mn (-93.8% y/y). Revenue growth accelerated versus the previous half-year (H2 2025: -20.7% y/y), but EBITDA growth decelerated sharply from -55.7% in H2 2025 to -48.6% in H1 2026, and net profit growth improved only marginally from -94.5% to -93.8%. The headline is a continued severe margin squeeze: EBITDA margin fell to 12.9% from 23.7% a year earlier, and net margin collapsed to 1.3% from 19.4%.

H1 2026 vs H1 2025: headline YoY growth

What drove the result

The divergence between revenue and profitability is the key story. Revenue fell 6.1% y/y to RUB 128,408mn, a marked improvement from the -20.7% y/y decline in H2 2025, suggesting the top-line contraction is moderating. However, EBITDA nearly halved to RUB 16,624mn from RUB 32,359mn, and net profit fell to RUB 1,640mn from RUB 26,476mn. The EBITDA margin of 12.9% compares with 23.7% in H1 2025 and 16.1% in H2 2025, indicating persistent cost pressure or weaker pricing. Net profit was further hit by items below EBITDA, with the net margin at just 1.3%. On a sequential basis, H1 2026 revenue of RUB 128,408mn was higher than H2 2025's RUB 118,030mn, but EBITDA of RUB 16,624mn was lower than H2 2025's RUB 18,981mn, underscoring the margin deterioration.

Key figures

Outlook

The company did not provide updated guidance in the reported figures. The key watch items are whether the revenue decline continues to moderate and whether EBITDA margin stabilises. The sharp fall in net profit relative to EBITDA suggests non-operating or below-EBITDA items are weighing heavily; without further disclosure, the sustainability of even the current low profit level is uncertain. The sequential improvement in revenue (H1 2026 vs H2 2025) offers some comfort, but the margin trajectory remains the critical variable.