NLMK Q2 2026: Revenue Decline Eases, EBITDA Contraction Narrows
NLMK reported Q2 2026 revenue of RUB 199,139m, down 9.1% YoY, a milder decline than the 13.9% drop in Q1 2026, indicating an acceleration in revenue growth (i.e., a slower contraction). EBITDA fell 8.8% YoY to RUB 34,901m, also an improvement from the 24.9% decline in the prior quarter.
Q2 2026 YoY Change
Performance Drivers
The revenue decline reflects softer market conditions, with volumes and prices under pressure. EBITDA margin remained resilient at 17.5% (EBITDA/revenue), slightly down from 17.5% in Q2 2025 (38,261/219,021 = 17.5%), indicating cost control partially offsetting revenue weakness.
Key Figures (RUB m)
| Metric | Q2 2025 | Q2 2026 | Change |
|---|---|---|---|
| Revenue | 219,021 | 199,139 | -9.1% |
| EBITDA | 38,261 | 34,901 | -8.8% |
Outlook
The sequential improvement in YoY trends suggests the trough may be passing, but the company remains exposed to global steel demand and pricing. Watch for continued margin resilience and any signs of volume recovery in H2 2026.
Open the company's financial profile NLMK →
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