PIK Group H1 2026: Revenue Slows, EBITDA Holds, Profit Halves

PIK Group reported H1 2026 revenue of RUB 290,137m, down 11.6% y/y, while EBITDA rose 4.5% to RUB 44,539m and net profit fell 54.1% to RUB 14,681m. Revenue growth decelerated sharply from +7.5% in H2 2025 to -11.6% in H1 2026, whereas EBITDA growth decelerated from +52.0% in H2 2025 to +4.5% in H1 2026.

H1 2026 vs H1 2025: headline YoY growth

What drove the result

The revenue decline reflects lower top-line conversion, but cost discipline kept EBITDA in positive territory. The EBITDA margin expanded to 15.4% from 13.0% a year earlier, as EBITDA grew while revenue fell. Net profit was hit by higher non-operating charges and a weaker operating result, with the net margin collapsing to 5.1% from 9.8% in H1 2025.

Key figures

Outlook

The sharp deceleration in revenue growth and the halving of net profit are the key negatives. EBITDA resilience is a positive, but the margin expansion is unlikely to offset the top-line pressure if the revenue decline persists. Investors should watch for any recovery in revenue conversion and cost control to sustain EBITDA, while net profit remains vulnerable to non-operating items.