Raspadskaya H1 2026: Revenue Decline Slows to -4.4% as EBITDA Turns Positive

Raspadskaya reported H1 2026 revenue of RUB 56,708m, down 4.4% y/y, a marked improvement from the 17.5% y/y decline in H2 2025 — revenue growth is accelerating (less negative). EBITDA swung to a positive RUB 1,363m from a loss of RUB 10,416m a year earlier, while net loss narrowed to RUB 8,297m from RUB 16,552m. The headline is a stabilisation in top-line trends and a return to positive operating profitability, though the bottom line remains deeply negative.

H1 2026 vs H1 2025: YoY change

What drove the result

The EBITDA recovery from -10,416m to +1,363m (a 113.1% y/y swing) is the key operational highlight, likely reflecting cost containment and a less adverse pricing environment versus the prior-year trough. Revenue held up better than in H2 2025, when sales fell 17.5% y/y; the H1 2026 decline of 4.4% suggests volumes and/or prices are stabilising. Net profit improved by 49.9% y/y (loss narrowed by RUB 8,255m), but the RUB 8,297m net loss shows that below-EBITDA charges — likely depreciation, interest and FX — still overwhelm operating gains.

Key figures (RUB m)

Outlook

The sequential improvement in revenue trend (from -17.5% in H2 2025 to -4.4% in H1 2026) and the positive EBITDA print are encouraging signs that the worst of the downcycle may be passing. However, the company remains loss-making at the net level, and the sustainability of the EBITDA recovery depends on coal prices and cost discipline in H2 2026. Investors should watch whether the positive EBITDA carries into the second half and whether below-EBITDA charges ease enough to narrow the net loss further.