Softline Q2 2026: Revenue +15.5% YoY, EBITDA +5.1%, Net Profit Turns Positive

Softline reported Q2 2026 revenue of RUB 19,362m (+15.5% y/y), EBITDA of RUB 1,441m (+5.1% y/y) and net profit of RUB 446m versus a net loss of RUB 44m a year earlier. Revenue growth was broadly stable versus the prior half (H1 2026 also +15.5% y/y), while EBITDA growth decelerated from +76.2% in Q4 2025 to +5.1% in Q2 2026, reflecting a much tougher base and margin compression.

Q2 2026 vs Q2 2025: headline YoY growth

What drove the result

Revenue growth held at +15.5% y/y, matching the H1 2026 rate, so top-line momentum is stable rather than accelerating. EBITDA rose only +5.1% y/y, well below the +76.2% seen in Q4 2025, implying EBITDA margin fell to 7.4% in Q2 2026 from 8.2% a year earlier (1,441/19,362 vs 1,371/16,763). The swing to a RUB 446m net profit from a RUB 44m loss a year ago was the main positive, though the absolute margin remains thin at 2.3% of revenue.

Key figures (RUB m)

Outlook

The key question is whether the EBITDA margin can stabilise after the drop to 7.4% in Q2 2026. Revenue growth of +15.5% is respectable, but with EBITDA growing at only a third of that pace, operating leverage is working against the company. The return to net profit is encouraging, but at 2.3% net margin it remains fragile. No consensus figures, guidance or dividend updates were provided in the release.

Bottom line: a stable top line and a return to profit are positives, but the sharp deceleration in EBITDA growth and margin compression are the watch items. Investors should focus on whether cost pressures ease in H2 2026 and whether the net profit line can build on this quarter's RUB 446m.