OGK-2 Q2 2026: Revenue +15.6% y/y, EBITDA Doubles, Net Loss Persists

OGK-2 reported Q2 2026 revenue of RUB 38,416 mln, up 15.6% y/y, while EBITDA more than doubled to RUB 3,238 mln (+96.7% y/y). Despite the strong top-line and operational improvement, the company posted a net loss of RUB 357 mln, slightly wider than the RUB 322 mln loss in Q2 2025. Revenue growth decelerated from 19.3% in H1 2026 to 15.6% in Q2 2026, while EBITDA growth accelerated sharply from 32.2% in H1 2026 to 96.7% in Q2 2026.

Q2 2026 vs Q2 2025: YoY growth

What drove the result

The revenue increase was likely driven by higher power prices and capacity payments, though specific segment details were not disclosed. EBITDA growth significantly outpaced revenue growth, indicating improved operating efficiency or lower operating costs. However, the net loss widened slightly, suggesting that higher depreciation, interest expenses, or other non-operating charges offset the operational gains. The company's net debt rose to RUB 45.9 bn as of 30 June 2026, up RUB 9.7 bn from 31 March 2026 and up RUB 16.8 bn from 30 June 2025, which may have contributed to increased interest costs.

Key figures

Outlook

The company's ability to sustain EBITDA growth and return to profitability will depend on power price dynamics, cost control, and debt management. The recent deceleration in revenue growth warrants monitoring, though the sharp EBITDA acceleration is a positive signal. No guidance or dividend updates were provided in the reported figures.

The Q2 results show a mixed picture: strong operational performance with EBITDA doubling, but persistent net losses and rising net debt. Investors should watch for further margin expansion and any signs of a turnaround in the bottom line. The divergence between revenue deceleration and EBITDA acceleration suggests that cost efficiency is improving, but non-operating factors continue to weigh on net income.