NMTP: Q2 2026 net profit up 13.2% on stable revenue and reserve reversal

On August 28, NMTP released its Q2 2026 results: revenue grew 5.3% YoY to RUB 19,851 million, EBITDA – 5.0% to RUB 14,544 million, net profit – 13.2% to RUB 12,602 million. This review examines what drove profit growth, how debt changed, and what it means for dividends.

Key takeaways

— Q2 2026 net profit grew 13.2% thanks to a RUB 1,323 million reversal of credit loss provisions.

— Q2 2026 revenue grew 5.3% driven by stevedoring services, which brought RUB 19,091 million.

— EBITDA margin remained almost unchanged at 73.3% vs 73.5% a year earlier, operating expenses rose 6.0%.

— Net debt decreased by RUB 3.7 billion in the quarter and by RUB 5.3 billion over 12 months, to -RUB 30,062 million.

— Capex for H1 2026 totaled RUB 15,066 million, of which RUB 13,754 million in the stevedoring segment.

— Dividends over 12 months – RUB 1.1448 per share, yield 16.9%; our next payout estimate is RUB 1.14 per share.

— Shares trade at EV/EBITDA of 2.0x vs 3-year average of 3.8x, P/E 3.1x – a discount to its own history.

Key figures, RUB bn

Q2 2026 net profit grew 13.2% thanks to a RUB 1,323 million reversal of credit loss provisions.

In Q2 2026, NMTP's net profit amounted to RUB 12,602 million, up 13.2% year-on-year. The main contributor was the reversal of the credit loss provision: this item brought RUB 1,323 million in income versus RUB 10 million a year earlier. The report states that the decrease in the provision is due to payment received from a counterparty after the reporting date.

Without this one-off factor, profit would have grown by about 4% – driven by operating activities and a lower FX loss. Income tax decreased by RUB 804 million YoY, also supporting the bottom line.

Q2 2026 revenue grew 5.3% driven by stevedoring services, which brought RUB 19,091 million.

Q2 2026 revenue amounted to RUB 19,851 million, up 5.3% year-on-year. The main driver was stevedoring and additional port services: revenue rose to RUB 19,091 million from RUB 18,234 million a year earlier. Fleet services brought RUB 538 million versus RUB 466 million, other services – RUB 222 million versus RUB 159 million.

Revenue growth accelerated compared to Q1 2026, when it was flat (+0.0%). For H1, revenue grew 2.6% to RUB 39,680 million.

EBITDA margin remained almost unchanged at 73.3% vs 73.5% a year earlier, operating expenses rose 6.0%.

Q2 2026 EBITDA amounted to RUB 14,544 million, up 5.0% year-on-year. EBITDA margin remained almost unchanged at 73.3% versus 73.5% in Q2 2025. Operating expenses excluding depreciation rose 6.0% to RUB 5,307 million, roughly in line with revenue growth.

In the cost structure, employee compensation increased notably from RUB 2,641 million to RUB 3,425 million (+29.7%), as did fuel – from RUB 134 million to RUB 844 million. These increases were partially offset by the provision reversal and assignment of receivables.

Net debt decreased by RUB 3.7 billion in the quarter and by RUB 5.3 billion over 12 months, to -RUB 30,062 million.

At the end of Q2 2026, NMTP's net debt stood at -RUB 30,062 million, meaning cash and deposits exceed debt by this amount. Net debt decreased by RUB 3.7 billion in the quarter and by RUB 5.3 billion over the last 12 months. Net debt / EBITDA for the last 12 months is -0.25.

Debt reduction occurred amid rising capital expenditures: H1 2026 capex totaled RUB 15,066 million, almost double the year-ago figure (RUB 8,152 million). The bulk – RUB 13,754 million – was in the stevedoring segment, including concession agreement costs.

Capex for H1 2026 totaled RUB 15,066 million, of which RUB 13,754 million in the stevedoring segment.

H1 2026 capital expenditures almost doubled to RUB 15,066 million from RUB 8,152 million a year earlier. The bulk – RUB 13,754 million – was in the stevedoring segment, related to port infrastructure development, including the concession agreement. Construction in progress stood at RUB 131,313 million as of June 30, 2026, versus RUB 118,922 million at end-2025.

Higher capex did not hurt cash flow: H1 operating cash flow totaled RUB 16,591 million, covering investments. The company continues to build its cash position – cash and equivalents rose to RUB 40,476 million at end-June.

Dividends over 12 months – RUB 1.1448 per share, yield 16.9%; our next payout estimate is RUB 1.14 per share.

Over the last 12 months, NMTP paid RUB 1.1448 per share, providing a dividend yield of 16.9% at the current price. Our model estimates the next payout at RUB 1.14 per share, implying a forward yield of also 16.9%. We consider 10.5% a fair yield for this stock – the current one is notably higher.

The implied payout ratio is 0.41 of profit. The company declared dividends for H1 2026 of RUB 21,654 million, including non-controlling interest, equivalent to RUB 1.14 per share. Payments were made after the reporting date.

Shares trade at EV/EBITDA of 2.0x vs 3-year average of 3.8x, P/E 3.1x – a discount to its own history.

NMTP's market capitalization is RUB 131,063 million, and with EV/EBITDA of 2.0x for the last 12 months, it looks very cheap relative to its own 3-year average of 3.8x. P/E LTM is 3.1x, ROE – 25.1%.

The discount to its own history is partly explained by sanctions and general uncertainty for Russian issuers, but at such multiples the market is not pricing in even current profitability. The question is whether the company can sustain cash generation amid rising capex.

Valuation on the latest reported figures

Bottom line

The Q2 2026 report shows stable operations: revenue and EBITDA grew around 5%, margins are stable, and net profit got an additional boost from a one-off provision reversal. The company continues to reduce net debt despite doubling capex, and maintains a high dividend yield. The key question for shareholders is whether NMTP can sustain current payouts amid rising infrastructure investments. At EV/EBITDA of 2.0x versus the 3-year average of 3.8x, the market prices the company at a significant discount, but this discount reflects geopolitical risks rather than business weakness.