Positive Q2 2026: Revenue +38.9% YoY, EBITDA Turns Positive, Net Profit Breaks Even

Positive reported Q2 2026 revenue of RUB 6,127.5 mn, up 38.9% y/y, with EBITDA of RUB 1,006.6 mn versus a negative RUB 899.6 mn a year earlier, and net profit of RUB 24.2 mn against a loss of RUB 2,242.4 mn in Q2 2025. Revenue growth decelerated slightly from 41.2% y/y in H1 2026 to 38.9% y/y in Q2 2026, though the company returned to positive EBITDA and net profit after a loss-making Q1 2026.

Q2 2026 vs Q2 2025: key YoY changes

What drove the result

The swing to positive EBITDA (RUB 1,006.6 mn) and net profit (RUB 24.2 mn) from year-ago losses reflects a sharp revenue increase of 38.9% y/y, which likely provided operating leverage. Sequentially, Q2 2026 revenue of RUB 6,127.5 mn was 79.5% above Q1 2026 revenue of RUB 3,413.9 mn, while EBITDA improved from a negative RUB 153.5 mn in Q1 2026 to positive RUB 1,006.6 mn. This suggests a strong rebound in business activity after a weak start to the year.

Key figures

Outlook

The company has not provided guidance or dividend updates in the reported figures. The return to profitability in Q2 2026 is a positive signal, but the sustainability of this recovery depends on maintaining revenue momentum. Investors should watch whether the revenue growth deceleration continues and if EBITDA margins can be sustained at current levels.

The Q2 2026 results mark a sharp turnaround from the loss-making Q1 2026, with revenue growth remaining robust at 38.9% y/y despite a slight deceleration from H1 2026. The key question is whether this profitability can be sustained, especially given the sequential revenue jump. Without further details on segment performance or cash flow, the focus remains on top-line growth and margin recovery.