Rostelecom Q2 2026: revenue growth holds at 11.4% as EBITDA momentum cools

Rostelecom reported Q2 2026 revenue of RUB 226,753m (+11.4% y/y), EBITDA of RUB 86,431m (+8.4% y/y) and net profit of RUB 6,585m (+8.8% y/y). Revenue growth was broadly stable versus the 10.7% seen in H1 2026, while EBITDA growth decelerated from 10.7% in H1 2026 to 8.4% in Q2, pointing to margin pressure in the quarter.

Q2 2026 y/y growth

What drove the result

Revenue growth of 11.4% was the strongest quarterly reading in the supplied series, edging above the 9.9% in Q1 2026 and 10.7% in H1 2026. However, EBITDA grew only 8.4%, below the 13.3% in Q1 2026 and 10.7% in H1 2026, implying an EBITDA margin of 38.1% in Q2 2026 versus 39.2% in Q2 2025 (86,431/226,753 vs 79,762/203,462). Net profit growth of 8.8% was supported by a lower effective tax burden or non-operating items, as net margin held at 2.9% (6,585/226,753 vs 6,054/203,462).

Key figures

Outlook

The divergence between revenue (+11.4%) and EBITDA (+8.4%) growth in Q2 2026 is the key watch item: if cost inflation or mix shift persists, full-year EBITDA growth could undershoot the 10.7% delivered in H1 2026. Net profit growth of 8.8% was steady but modest, and the Q4 2025 net profit collapse (-94.7% y/y) remains a reminder of earnings volatility. No consensus figures, dividend updates or share-price reaction were provided in the facts.