Rusagro H1 2026: Revenue +9.1% but EBITDA -28.6% and Net Profit -98.8% as Margins Collapse

Rusagro reported H1 2026 revenue of RUB 183.0 bn (+9.1% y/y), but profitability deteriorated sharply: EBITDA fell 28.6% y/y to RUB 13.8 bn and net profit collapsed 98.8% y/y to RUB 55.9 m. Q2 2026 alone showed revenue of RUB 91.5 bn, EBITDA of RUB 6.9 bn and net profit of RUB 27.9 m. The revenue growth decelerated from +13.6% in H2 2025 to +9.1% in H1 2026, while the EBITDA decline moderated from -24.2% in H2 2025 to -28.6% in H1 2026 — still deeply negative. The story is one of margin compression overwhelming top-line growth.

H1 2026 vs H1 2025: y/y growth

Margin collapse drives the miss

The divergence between revenue and profit is stark. H1 2026 EBITDA margin fell to 7.5% (13,781.666 / 183,039.298) from 11.5% in H1 2025 (19,314.889 / 167,774.391), a loss of roughly 4 percentage points. Net margin collapsed to 0.03% from 2.9% a year earlier. Q2 2026 was similarly weak: EBITDA margin of 7.5% (6,890.666 / 91,519.298) and net margin of 0.03% (27.939 / 91,519.298). The company is growing volumes/revenue but at sharply lower profitability — likely reflecting cost inflation, weaker pricing, or a mix shift toward lower-margin segments. No segment-level breakdown was provided in the facts, so we cannot attribute the decline to specific business lines.

Key figures (RUB m)

Outlook

The key question for H2 2026 is whether the margin trough has been reached. The H1 2026 EBITDA decline of -28.6% is worse than H2 2025's -24.2%, indicating no stabilization yet. Revenue growth, while positive at +9.1%, is decelerating from +13.6% in H2 2025. With net profit near zero, the company has little buffer against further cost pressure. Investors should watch for any management commentary on cost inflation, pricing, and segment mix — none of which was provided in the facts. The balance sheet remains leveraged, with net debt rising over the past 12 months, limiting flexibility.