Segezha Q2 2026: Revenue returns to growth (+1.4% y/y) as EBITDA turns positive, but net loss persists

Segezha Group reported Q2 2026 revenue of RUB 20,547 mln, up +1.4% y/y, a sharp reversal from the -15.3% y/y decline in H1 2026, so revenue growth is accelerating. EBITDA turned positive at RUB 449 mln versus -RUB 5,068 mln a year earlier, while net loss narrowed to RUB 7,631.5 mln from RUB 14,946 mln in Q2 2025. The headline is a return to top-line growth and positive EBITDA, though profitability remains deeply negative.

Q2 2026 vs Q2 2025: y/y change

What drove the result

The swing in EBITDA from -RUB 5,068 mln to +RUB 449 mln (a RUB 5.5 bn improvement) and the halving of the net loss reflect a low base and likely cost normalisation, but the absolute EBITDA margin is only ~2.2% of revenue (449/20,547), leaving little buffer. Revenue growth of +1.4% y/y is the first positive print after H1 2026's -15.3%, suggesting the demand environment is stabilising. Net loss of RUB 7,631.5 mln still dwarfs EBITDA, implying heavy below-EBITDA charges (interest, depreciation, or impairments) that are not detailed in the release.

Key figures (RUB mln)

Outlook

The key question is whether Q2's positive EBITDA and revenue growth can be sustained into H2 2026. With H1 2026 EBITDA at just RUB 657 mln and net loss at RUB 15,263 mln, the company remains loss-making at the net level and highly sensitive to interest costs. No guidance or dividend update was provided in the facts. Watch for further EBITDA margin recovery and any reduction in below-EBITDA charges; without those, the equity remains a leveraged recovery play.