Rosneft Q2 2026: Revenue Growth Accelerates to +14% as EBITDA Margin Expands
Rosneft reported Q2 2026 revenue of RUB 2,257bn, EBITDA of RUB 576bn and net profit of RUB 85bn. Revenue growth accelerated to +14.0% y/y from +0.6% in H1 2026, while EBITDA growth also accelerated to +27.4% y/y from +24.7% in H1 2026. Net profit returned to positive y/y growth at +13.3%, a sharp reversal from the -18.4% decline in H1 2026.
Q2 2026 vs Q2 2025: headline YoY growth
What drove the result
The EBITDA margin expanded to 25.5% in Q2 2026 from 22.8% in Q2 2025, with EBITDA growing +27.4% y/y versus revenue growth of +14.0% y/y. Net profit margin was 3.8% in Q2 2026 versus 3.8% in Q2 2025, as net profit growth of +13.3% lagged EBITDA growth. The sequential recovery is also visible: Q2 2026 revenue of RUB 2,257bn rose from RUB 2,032bn in Q1 2026, and net profit of RUB 85bn improved from RUB 115bn in Q1 2026.
Key figures
| Metric | Q2 2025 | Q2 2026 | Change |
|---|---|---|---|
| Revenue, RUB m | 1,980,000 | 2,257,000 | +14.0% |
| EBITDA, RUB m | 452,000 | 576,000 | +27.4% |
| Net profit, RUB m | 75,000 | 85,000 | +13.3% |
| EBITDA margin | 22.8% | 25.5% | +2.7 pp |
| Net profit margin | 3.8% | 3.8% | 0.0 pp |
Outlook
The Q2 2026 print marks a clear inflection: revenue growth turned positive at +14.0% y/y after -11.0% in Q1 2026, and EBITDA growth accelerated to +27.4% y/y from +24.0% in Q1 2026. Net profit growth of +13.3% y/y compares with -32.4% in Q1 2026. The key question for H2 2026 is whether the EBITDA margin expansion to 25.5% is sustainable and whether net profit can close the gap with EBITDA growth.
What to watch: the sustainability of the 25.5% EBITDA margin, the trajectory of net profit relative to EBITDA, and whether the revenue acceleration from +0.6% in H1 2026 to +14.0% in Q2 2026 carries into Q3 2026.
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