Raspadskaya H1 2026: Revenue Decline Slows, EBITDA Turns Positive

Raspadskaya reported H1 2026 revenue of RUB 56,708m, down 4.4% YoY, a significant improvement from the 17.5% decline in H2 2025, indicating accelerating revenue growth (i.e., a slower contraction). EBITDA swung to a positive RUB 1,363m from a loss of RUB 10,416m in the prior-year period, while net loss narrowed to RUB 8,297m from RUB 16,552m.

H1 2026 YoY Change

What drove the result

The improvement in EBITDA was driven by a combination of slightly lower revenue and likely cost discipline, though specific cost details are not provided. The net loss narrowed substantially, reflecting the EBITDA recovery and possibly lower impairment or other one-off items, but the exact breakdown is not disclosed.

Key Figures (RUB m)

Outlook

The positive EBITDA swing and narrowing net loss suggest the company may be past the worst of the downturn. However, revenue remains under pressure, and the sustainability of the EBITDA recovery will depend on coal prices and cost control. Investors should watch for any guidance on production volumes and capex in the upcoming full-year report.