Samolet H1 2026: Revenue Falls 31.3% YoY as Net Loss Widens to RUB 22.3bn

Samolet reported H1 2026 revenue of RUB 117,448mn, down 31.3% y/y, with EBITDA of RUB 31,298mn (-39.9% y/y) and a net loss of RUB 22,289mn versus a RUB 1,843mn profit in H1 2025. Revenue growth decelerated sharply from +16.4% in H2 2025 to -31.3% in H1 2026, and EBITDA growth also decelerated from +25.8% to -39.9% over the same comparison.

H1 2026 vs H1 2025: headline YoY growth

What drove the result

The top-line contraction was the primary driver: revenue fell to RUB 117,448mn from RUB 170,967mn a year earlier. EBITDA declined less than revenue in absolute terms (to RUB 31,298mn from RUB 52,075mn), but the EBITDA margin compressed to 26.6% from 30.5% in H1 2025. The swing to a net loss of RUB 22,289mn from a RUB 1,843mn profit reflects the combined effect of lower revenue and margin pressure, with the net loss also worsening sequentially from the RUB 4,134mn loss reported in H2 2025.

Key figures (RUB mn)

Outlook

The H1 2026 results mark a sharp deterioration from the FY 2025 trend, when revenue grew 8.2% to RUB 366,816mn and EBITDA reached RUB 103,056mn despite a net loss of RUB 2,291mn. The latest half-year revenue decline of 31.3% and the widening net loss suggest continued pressure on the business, with no guidance or dividend update provided in the disclosed figures. Investors will watch for any stabilisation in revenue and margin recovery in H2 2026.