OKEY H1 2026: Revenue Decline Narrows to -3.6% as EBITDA Halves; Net Loss Widens to RUB 5.6bn
OKEY reported H1 2026 revenue of RUB 67,127.7m, down 3.6% y/y, while EBITDA fell 45.6% y/y to RUB 6,659.9m and net profit swung to a loss of RUB 5,625.4m from a RUB 127.9m loss a year earlier. Revenue growth accelerated versus the previous half (H2 2025: -13.0%), but EBITDA growth decelerated sharply (H2 2025: -40.9% to H1 2026: -45.6%).
H1 2026 vs H1 2025: headline y/y growth
What drove the result
The top line held up better than in H2 2025, but profitability deteriorated materially: EBITDA margin compressed to 9.9% in H1 2026 from 17.6% in H1 2025, a roughly 770 bp decline. The net loss widened to RUB 5,625.4m from RUB 127.9m, reflecting the EBITDA shortfall and likely higher below-the-line charges; the company did not disclose segment detail in the provided facts, so the driver mix cannot be quantified here.
Key figures
| Metric | H1 2025 | H1 2026 | Change |
|---|---|---|---|
| Revenue, RUB m | 69,636.5 | 67,127.7 | -3.6% |
| EBITDA, RUB m | 12,251.0 | 6,659.9 | -45.6% |
| EBITDA margin | 17.6% | 9.9% | -770 bp |
| Net profit, RUB m | -127.9 | -5,625.4 | n/m |
Outlook
The key question for the second half is whether the EBITDA collapse is a one-off cost or a structural margin reset. With H1 2026 EBITDA of RUB 6,659.9m against FY 2025 EBITDA of RUB 20,029.0m, the run-rate implies a meaningful full-year decline unless cost pressure eases. Revenue stabilization (-3.6% vs -13.0% in H2 2025) is a modest positive, but profitability remains the swing factor for the equity story.
Open the company's financial profile OKEY →
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