Positive (RU_POSI): Q2 2026 – Revenue growth decelerates, but EBITDA turns positive YoY

Positive reported Q2 2026 revenue of RUB 6,128m, up 38.9% YoY, decelerating from the 45.6% YoY growth seen in Q1 2026. EBITDA swung to a positive RUB 1,007m from a loss of RUB 900m in the prior-year period, while net profit turned positive at RUB 24m versus a net loss of RUB 2,242m.

YoY growth, Q2 2026 vs Q2 2025

Key drivers

The strong revenue growth was driven by continued operational recovery, though the pace moderated from the prior quarter. EBITDA improvement reflects cost discipline and higher volumes, while the swing to net profit marks a significant turnaround from the heavy loss in Q2 2025.

Key figures (RUB m)

Outlook

With revenue growth decelerating and net debt rising by RUB 6.1bn in the quarter, investors should monitor the company's ability to sustain margin improvement and manage leverage. The turnaround in profitability is encouraging, but the pace of top-line expansion bears watching.