Russneft H1 2026: Revenue Growth Turns Positive, EBITDA and Net Profit Jump
Russneft reported H1 2026 revenue of RUB 120,450m, up +0.7% y/y, with EBITDA of RUB 33,141m (+37.5%) and net profit of RUB 15,902m (+34.7%). Revenue growth accelerated from -35.5% in H2 2025 to +0.7% in H1 2026, while EBITDA growth also accelerated from -53.3% to +37.5% over the same comparison.
H1 2026 vs H1 2025: headline YoY growth
What drove the result
The sharp EBITDA and net profit increases came despite nearly flat revenue, pointing to margin expansion. EBITDA margin rose to 27.5% in H1 2026 from 20.2% in H1 2025, while net margin improved to 13.2% from 9.9%. The revenue trend reversed from a -35.5% y/y decline in H2 2025 to +0.7% growth in H1 2026, marking a return to positive territory.
Key figures
| Metric | H1 2025 | H1 2026 | Change |
|---|---|---|---|
| Revenue | 119,608 | 120,450 | +0.7% |
| EBITDA | 24,102 | 33,141 | +37.5% |
| Net profit | 11,808 | 15,902 | +34.7% |
| EBITDA margin | 20.2% | 27.5% | +7.3 pp |
| Net margin | 9.9% | 13.2% | +3.3 pp |
Outlook
The key takeaway is the margin recovery: EBITDA nearly doubled its margin contribution year-on-year even as revenue growth remained modest. Investors will watch whether the revenue recovery sustains into H2 2026 and whether the margin gains hold, given the sharp swing from the prior half's losses.
Open the company's financial profile RNFT →
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