Polyus Q2 2026: Revenue Up 13.8% but Net Profit Falls 64.5% on Cost Pressures

Polyus reported Q2 2026 revenue of RUB 176,333mn, up 13.8% y/y, while net profit plunged 64.5% y/y to RUB 30,617mn. Revenue growth was broadly stable versus the previous half (H1 2026 also +13.8% y/y), but profitability deteriorated sharply. EBITDA was not disclosed for the quarter, limiting margin analysis.

Q2 2026 vs Q2 2025: YoY growth

What drove the result

The divergence between top-line growth and bottom-line collapse points to severe cost inflation or one-off charges. In Q2 2025, net profit was RUB 86,244.5mn on revenue of RUB 154,897mn, implying a net margin of 55.7%. By Q2 2026, the net margin had fallen to 17.4% (30,617/176,333), a 38.3 percentage point contraction. Without EBITDA disclosure, it is unclear whether the pressure came from operating costs, depreciation, or below-the-line items. The H1 2026 net profit of RUB 61,234mn compares with RUB 172,489mn in H1 2025 (derived as Q2 2025 net profit plus H2 2025 net profit minus Q4 2025 net profit), a decline of 64.5% y/y, consistent with the quarterly trend.

Key figures

Outlook

The absence of EBITDA and any guidance update leaves the cost outlook uncertain. Investors will focus on the H1 2026 EBITDA release (not yet available) to gauge whether the margin compression is structural or temporary. Net debt rose in absolute terms, which we note separately. The key question is whether Polyus can restore profitability in H2 2026; without management commentary, we remain cautious.