Phosagro Q3 2026: Revenue growth accelerates to +15% but margin pressure caps EBITDA at +0.5%

Phosagro reported Q3 2026 revenue of RUB 164,673m (+15.0% y/y), EBITDA of RUB 51,303m (+0.5% y/y) and net profit of RUB 12,649m (-37.2% y/y). Revenue growth accelerated from +7.7% in Q2 2026 to +15.0% in Q3 2026, while EBITDA growth turned marginally positive (+0.5%) after a -26.7% decline in Q2 2026, though net profit remained under pressure.

Q3 2026 vs Q3 2025: headline YoY growth

What drove the result

The top-line acceleration was the standout: Q3 2026 revenue of RUB 164,673m rose 15.0% y/y and 9.8% q/q from Q2 2026's RUB 149,929m. However, EBITDA of RUB 51,303m was essentially flat y/y (+0.5%), implying a margin of 31.2% versus 35.7% in Q3 2025, a compression of about 4.5 percentage points. Net profit fell 37.2% y/y to RUB 12,649m, with the net margin at 7.7% versus 14.1% a year earlier, reflecting higher costs and non-operating pressures below the EBITDA line. On a 9M 2026 basis, revenue reached RUB 446,061m, EBITDA RUB 112,178m and net profit RUB 31,302m.

Key figures (RUB m unless stated)

Outlook

The key question for the coming quarters is whether the revenue acceleration can translate into EBITDA growth. Q3 2026 showed the first positive EBITDA y/y print since at least Q2 2026 (-26.7%), but the margin compression of about 4.5 pp y/y suggests cost inflation and weaker realizations are offsetting volume gains. Net profit remains the weak spot, down 37.2% y/y, and the gap between EBITDA and net profit implies elevated below-EBITDA charges. Investors should watch for any stabilization in net margin and whether the revenue momentum of +15.0% in Q3 2026 (versus +7.7% in Q2 2026) is sustained into Q4 2026.