Rusolovo: revenue doubled, but operating cash flow turned negative at RUB 1.3bn

31 августа Русолово раскрыла результаты за первое полугодие 2026 года. Выручка выросла на 91,8% год к году, EBITDA-маржа составила 29,1% против минус 21,8% годом ранее, однако операционный денежный поток за последние 12 месяцев ушёл в минус на 1,3 млрд руб. В обзоре разберём, что стоит за этими цифрами и почему рынок отреагировал ростом котировок на 29,6% в день публикации.

Key takeaways

— Half-year revenue grew 91.8% to RUB 13.3bn, but operating cash flow over 12 months remains negative

— Half-year EBITDA margin reached 29.1% versus minus 21.8% a year earlier – the key driver of the report

— Half-year net margin was 2.1% of revenue, versus a loss of 64.7% a year earlier

— Debt burden remains high: net debt of RUB 24.4bn, 11.84 times EBITDA over 12 months

— Market cap is RUB 9.9bn, implying EV/EBITDA of 16.7 – above its own history

— Shares rose 29.6% on the report day but have added only 1.3% since – the market has already priced in the positives

Key figures, RUB bn

Half-year revenue grew 91.8% to RUB 13.3bn, but operating cash flow over 12 months remains negative

In the first half of 2026, Rusolovo's revenue reached RUB 13.3bn, up 91.8% from the same period a year earlier. This is strong growth, yet it does not translate into cash flow: over the trailing twelve months, operating cash flow is negative at minus RUB 1.3bn.

The gap between profit and cash flow is the key feature of the report. The revenue growth was likely accompanied by working capital accumulation, which led to the negative operating cash flow. This means the company is not yet generating free cash despite operating profit.

Half-year EBITDA margin reached 29.1% versus minus 21.8% a year earlier – the key driver of the report

EBITDA margin for the first half of 2026 was 29.1%, versus a negative 21.8% a year earlier. This is a turnaround in operational efficiency, likely driven by higher tin prices and cost control.

Positive EBITDA is the basis for debt service, but its level is still insufficient to cover interest expenses and capital expenditures. Nevertheless, the margin improvement is the main signal to investors that the business is reaching operational breakeven.

Half-year net margin was 2.1% of revenue, versus a loss of 64.7% a year earlier

Net margin for the first half of 2026 was 2.1%, meaning a small but positive net profit. A year earlier, the company incurred a loss of 64.7% of revenue, so the shift to profit is significant.

However, net profit remains modest relative to revenue, indicating high interest expenses and possibly tax payments. For shareholders, this means dividend payments are unlikely in the near term.

Debt burden remains high: net debt of RUB 24.4bn, 11.84 times EBITDA over 12 months

At the end of the half-year, Rusolovo's net debt stood at RUB 24.4bn, up RUB 1.2bn from the previous reporting date and RUB 4.2bn over the trailing twelve months. Net debt to EBITDA over the trailing twelve months is 11.84, a high level.

Rising debt amid negative operating cash flow means the company is financing its operations with borrowed funds. This increases refinancing risks, especially in a high interest rate environment.

Market cap is RUB 9.9bn, implying EV/EBITDA of 16.7 – above its own history

Rusolovo's market capitalization at the time of calculation was RUB 9.9bn. Including net debt, EV/EBITDA over the trailing twelve months is 16.7. This is above the three-year average, indicating that the market has already priced in expectations of further improvement.

The high valuation is justified only if the company can convert revenue growth into cash flow and reduce its debt burden. Otherwise, the current price looks stretched.

Shares rose 29.6% on the report day but have added only 1.3% since – the market has already priced in the positives

On the day of the report release, Rusolovo's shares jumped 29.6%, reflecting a positive reaction to improved operating metrics. However, from that point to August 17, 2026, the gain was only 1.3%, indicating consolidation.

Investors are likely waiting for confirmation that the margin improvement is sustainable and that the company can manage its debt burden. Without that, further upside is limited.

Valuation on the latest reported figures

Bottom line

The first-half 2026 report showed strong revenue growth and a turnaround in EBITDA margin to positive territory, which was the main driver of the share price increase. However, operating cash flow remains negative and debt continues to rise, casting doubt on the sustainability of the improvements. The key question for holders is whether the company can convert profit into cash and begin reducing its debt burden. Without that, the current valuation looks stretched.