Novatek Q2 2026: EBITDA +8.6% YoY, revenue growth steady at +4.0%
Novatek reported Q2 2026 revenue of RUB 418,168m (+4.0% y/y), EBITDA of RUB 113,050m (+8.6% y/y) and net profit of RUB 110,506.5m (-2.8% y/y). Revenue growth was broadly stable versus the prior half (H1 2026 also +4.0% y/y), while EBITDA growth of +8.6% compares with +8.6% in H1 2026, indicating steady underlying profitability momentum.
Q2 2026 vs Q2 2025: headline YoY growth
What drove the result
EBITDA grew faster than revenue (+8.6% vs +4.0%), implying margin expansion: EBITDA margin rose to 27.0% in Q2 2026 from 25.9% in Q2 2025. Net profit declined 2.8% y/y despite higher EBITDA, pointing to higher non-operating or below-EBITDA charges; net margin fell to 26.4% from 28.3%. Sequentially, Q2 2026 revenue of RUB 418,168m was essentially flat versus H1 2026 average, while net profit of RUB 110,506.5m matched the H1 2026 run-rate.
Key figures (RUB m)
| Metric | Q2 2025 | Q2 2026 | Change |
|---|---|---|---|
| Revenue | 402,160.0 | 418,168.0 | +4.0% |
| EBITDA | 104,065.0 | 113,050.0 | +8.6% |
| Net profit | 113,645.5 | 110,506.5 | -2.8% |
| EBITDA margin | 25.9% | 27.0% | +1.1 pp |
| Net margin | 28.3% | 26.4% | -1.9 pp |
Outlook
The key takeaway is steady top-line growth with improving EBITDA margin, though net profit remains under pressure from below-EBITDA items. Investors should watch whether the EBITDA margin expansion is sustained and whether net profit returns to growth as non-operating charges normalize. No consensus, dividend, or share-price reaction data were provided.
Open the company's financial profile NVTK →
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