Rusolovo H1 2026: revenue accelerates 91.8% as EBITDA turns positive and net profit returns to black

Rusolovo reported H1 2026 revenue of RUB 8,569.6m, up +91.8% y/y, with EBITDA of RUB 2,493.9m versus a negative RUB 973.5m in H1 2025 and net profit of RUB 178.3m versus a loss of RUB 2,889.6m a year earlier. Revenue growth accelerated sharply from +18.3% in H2 2025 to +91.8% in H1 2026, while EBITDA swung from negative to positive, marking a decisive inflection in profitability.

H1 2026 vs H1 2025: headline YoY growth

What drove the result

The swing is visible across every line: revenue nearly doubled to RUB 8,569.6m from RUB 4,467.4m, EBITDA turned positive at RUB 2,493.9m from a RUB 973.5m loss, and net profit reached RUB 178.3m from a RUB 2,889.6m loss. The EBITDA margin on the latest revenue base is 29.1% (2,493.9/8,569.6), a dramatic recovery from the negative margin a year ago. The H1 2026 revenue figure alone exceeds the full FY 2025 revenue of RUB 9,179.3m on an annualised run-rate basis, underscoring the scale of the operational rebound.

Key figures (RUB m)

Outlook

The H1 2026 result marks a clear break from the loss-making trajectory of FY 2024 (net loss RUB 3,405.7m) and FY 2025 (net loss RUB 5,026.8m). With EBITDA now firmly positive and revenue growth accelerating to +91.8%, the key question for H2 2026 is whether this momentum is sustained. Investors should watch for confirmation that the positive EBITDA run-rate holds through the second half, and whether net profit continues to build on the RUB 178.3m delivered in H1.