Segezha: negative EBITDA in Q2 2025 and debt up by RUB 10.8 bn in H1

27 августа 2026 года Сегежа раскрыла результаты за первое полугодие 2026 года: выручка снизилась на 15,3% год к году, до 37 984 млн руб., а чистый убыток сократился до 15 263 млн руб. с 21 765 млн руб. годом ранее. В отчёте также отражён рост долга на 10,8 млрд руб. за полугодие и сохраняющийся отрицательный операционный денежный поток. Этот обзор разбирает, что стоит за этими цифрами и какие факторы будут определять динамику компании в ближайшие кварталы.

Key takeaways

— H1 revenue fell 15.3% due to weak demand and lower product prices

— EBITDA margin was only 1.7% versus -6.6% a year earlier, but Q2 EBITDA was negative

— Net loss narrowed, but mainly due to one-off factors and lower interest expenses

— Operating cash flow remains negative: minus RUB 8,557 million in H1

— Debt rose by RUB 10.8 billion in H1 to RUB 78,452 million due to new borrowings

— The company continues to operate under significant uncertainty related to credit portfolio restructuring

Key figures, RUB bn

H1 revenue fell 15.3% due to weak demand and lower product prices

In H1 2026, Segezha's revenue amounted to RUB 37,984 million, down 15.3% year-on-year. The decline affected all major segments: paper and packaging lost 16.7% of revenue, woodworking – 15.5%, plywood and boards – 4.2%, and forestry in Siberia – 79.0%.

In Q2 2026, the decline accelerated: revenue fell 22.4% year-on-year to RUB 20,268 million, after growing 7.7% in Q1. The company cites weak demand in key markets and lower product prices, as well as the ruble's appreciation against the yuan and the dollar, as the main reasons.

EBITDA margin was only 1.7% versus -6.6% a year earlier, but Q2 EBITDA was negative

EBITDA for H1 2026 was RUB 657 million, corresponding to a margin of 1.7% – an improvement from -6.6% a year earlier, but still an extremely low level. In Q2 2026, EBITDA turned negative: RUB -5,068 million, while in Q1 it was positive at RUB 2,112 million.

The margin improvement in H1 is due to lower expenses for the woodworking segment reorganisation: last year RUB 5,574 million was written off for these purposes, this year – zero. However, operating activity remains loss-making: the operating loss for H1 was RUB 5,314 million, although it halved from RUB 10,288 million a year earlier.

Net loss narrowed, but mainly due to one-off factors and lower interest expenses

Net loss for H1 2026 was RUB 15,263 million versus RUB 21,765 million a year earlier. The improvement is mainly due to lower interest expenses: they fell from RUB 15,834 million to RUB 10,761 million thanks to debt restructuring and the additional share issue conducted in mid-2025.

In addition, last year there was a one-off loss from the woodworking segment reorganisation of RUB 5,574 million, while this year there were no such expenses. However, without these factors, operating activity remains deeply loss-making: the net margin for H1 was -40.2%.

Operating cash flow remains negative: minus RUB 8,557 million in H1

Operating cash flow for H1 2026 was RUB -8,557 million, better than -RUB 19,049 million a year earlier, but still deeply negative. The company continues to spend more than it earns from operations and has to cover the deficit through borrowings.

Capital expenditures for H1 amounted to RUB 1,840 million – a minimal level that only maintains current capacity. Even at such a low investment level, free cash flow remains negative, indicating continued financial strain.

Debt rose by RUB 10.8 billion in H1 to RUB 78,452 million due to new borrowings

At the end of June 2026, Segezha's debt amounted to RUB 78,452 million, up RUB 10.8 billion from the beginning of the year. Over the past 12 months, debt has grown by RUB 19.9 billion. The increase is due to new loans and bond placements, which were used to cover the operating deficit and refinance old obligations.

Net debt (excluding cash) stood at RUB 77,037 million at the end of H1. The company notes that current liabilities exceed current assets by RUB 77,003 million, creating significant uncertainty about its ability to continue as a going concern.

The company continues to operate under significant uncertainty related to credit portfolio restructuring

The auditor included an emphasis of matter about material uncertainty that may cast significant doubt on the company's ability to continue as a going concern. The reason is current liabilities exceeding current assets by RUB 77,003 million, continuing operating losses, and negative operating cash flow.

The company is negotiating with external investors to modify the terms of option agreements concluded as part of the debt restructuring. At the end of H1, liabilities under these agreements amounted to RUB 32,089 million, and the company did not comply with financial covenants under them. Management expects to complete the documentation of new arrangements by the end of 2026.

Valuation on the latest reported figures

Bottom line

Bottom line: Segezha narrowed its net loss and improved its EBITDA margin, but this was mainly due to one-off factors and lower interest expenses after debt restructuring. Operating activity remains loss-making, cash flow is negative, and debt continues to grow. The key question for shareholders is whether the company can reach agreements with investors to modify the terms of option agreements and gain access to new financing. Without this, the risk of default and further share depreciation remains.