NLMK Q2 2026: Revenue Decline Eases to -9.1% y/y, But EBITDA Collapse Deepens to -39.5%

NLMK reported Q2 2026 revenue of RUB 199.1bn, down 9.1% y/y, with net profit of RUB 15.6bn (-33.0% y/y) and EBITDA of RUB 25.0bn (-39.5% y/y). The revenue decline decelerated from -11.6% y/y in H1 2026, but EBITDA deterioration accelerated from -32.0% y/y in H1 2026 to -39.5% y/y in Q2, signalling intensifying margin pressure.

Q2 2026 vs Q2 2025: y/y change

What drove the result

The divergence between revenue and EBITDA growth points to severe margin compression. While revenue fell 9.1% y/y, EBITDA plunged 39.5% y/y, implying a sharp drop in profitability. Net profit declined 33.0% y/y, less than EBITDA, likely due to non-operating items or a lower effective tax rate. Sequentially, Q2 2026 revenue of RUB 199.1bn was roughly flat versus Q4 2025 (RUB 192.5bn), but EBITDA fell from RUB 29.6bn to RUB 25.0bn, highlighting persistent cost inflation or weaker pricing.

Key figures (RUB mn)

Outlook

The sharp EBITDA decline raises concerns about NLMK's ability to maintain profitability if revenue pressures persist. With net debt rising modestly in absolute terms, the company's leverage metrics may come under scrutiny. Investors will watch for signs of stabilisation in steel demand and pricing, as well as any cost-control measures that could support margins in coming quarters.