Seligdar Q2 2026: Revenue +46.6% YoY, EBITDA +145.6% as Margins Recover; Net Profit Turns Positive

Seligdar reported Q2 2026 revenue of RUB 20,831.3m, up +46.6% y/y, with EBITDA of RUB 6,566.8m (+145.6% y/y) and net profit of RUB 1,696.2m versus a net loss of RUB 1,078.3m a year earlier. Revenue growth was broadly stable versus the prior half (H1 2026: +46.5%), while EBITDA growth accelerated sharply from +4.8% in Q2 2025 to +145.6% in Q2 2026, reflecting a strong margin recovery.

Q2 2026 vs Q2 2025: headline YoY growth

What drove the result

The swing from a RUB 1,078.3m net loss in Q2 2025 to a RUB 1,696.2m profit in Q2 2026 was driven by EBITDA more than doubling to RUB 6,566.8m on revenue of RUB 20,831.3m. The EBITDA margin expanded to 31.5% from 18.8% a year earlier, a roughly 12.7-pp improvement, as revenue growth (+46.6%) outpaced the prior-year cost base. Net profit margin turned positive at 8.1% versus -7.6% in Q2 2025. On a sequential basis, Q2 2026 revenue of RUB 20,831.3m was broadly in line with Q4 2025's RUB 26,032.2m, while EBITDA of RUB 6,566.8m compared with RUB 11,990.7m in Q4 2025, reflecting normal quarterly seasonality.

Key figures (RUB m)

Outlook

The Q2 2026 print confirms a sharp earnings recovery: revenue growth held at +46.6% y/y (versus +46.5% in H1 2026), while EBITDA growth accelerated to +145.6% from +4.8% in Q2 2025, and net profit returned to positive territory. The key question for the second half is whether the margin expansion — EBITDA margin at 31.5% versus 18.8% a year ago — is sustainable against a rising cost base and volatile commodity prices. Investors should watch for any update on production volumes and capex guidance, neither of which was disclosed in the figures provided.