Rostelecom Q2 2026: EBITDA dips 6.6% YoY, net loss narrows sharply

Rostelecom reported Q2 2026 results with EBITDA of RUB 74,483 million, down 6.6% year-on-year, while net loss narrowed to RUB -7,434 million from -16,374 million in Q2 2025. Revenue for the quarter was not disclosed, limiting top-line visibility. The EBITDA decline marks a deceleration from the +13.3% growth seen in Q1 2026, reflecting margin pressure.

Q2 2026 YoY growth (latest vs prior-year period)

What drove the result

EBITDA contraction of 6.6% YoY in Q2 2026 follows a strong +13.3% growth in Q1 2026, indicating a sharp deceleration. Net loss improved significantly, narrowing by 54.6% YoY (from -16,374 to -7,434 million), though the company remained loss-making. The sequential deterioration from Q1 2026 net profit of 7,436 million to a Q2 loss suggests seasonal or one-off cost pressures. Revenue data is unavailable, so we cannot assess top-line momentum or margin evolution.

Key figures

Outlook

The sharp EBITDA swing from +13.3% in Q1 2026 to -6.6% in Q2 warrants close monitoring. With H1 2026 net profit of 2,400 million, the company has returned to profitability on a half-year basis, but Q2's loss raises questions about cost discipline. Investors should watch for revenue disclosure and management commentary on margin recovery, as well as the trajectory of net debt, which rose in absolute terms.