NMTP Q2 2026: Revenue Growth Accelerates to +5.3% y/y, Net Profit Jumps +13.2%

Novorossiysk Commercial Sea Port (NMTP) reported Q2 2026 revenue of RUB 19,851 mln, up +5.3% y/y, accelerating from +2.6% in H1 2026 (which includes Q2). EBITDA rose +5.0% y/y to RUB 14,544 mln, while net profit advanced +13.2% y/y to RUB 12,602 mln. The revenue growth acceleration contrasts with the EBITDA decline of -8.4% in H1 2026, indicating a sharp sequential improvement in profitability.

Q2 2026 y/y growth

What drove the result

The top-line acceleration was accompanied by a notable improvement in net profitability: net margin expanded to 63.5% in Q2 2026 from 59.0% a year earlier, as net profit grew faster than revenue. EBITDA margin, however, compressed slightly to 73.3% from 73.5%, reflecting cost pressures. Sequentially, revenue was roughly flat versus Q1 2026 (RUB 19,829 mln), but net profit rose 17.4% q/q, suggesting effective cost control or one-off gains. No segment breakdown was provided in the data.

Key figures

Outlook

The Q2 2026 results mark a return to positive EBITDA growth after the -20.0% y/y decline in Q1 2026 and -8.4% in H1 2026. With revenue growth accelerating and net profit expanding at a double-digit pace, the company appears to have turned a corner. However, the absence of segment detail and guidance limits visibility. Investors will watch whether the margin improvement is sustainable and whether the top-line acceleration continues into H2 2026.