Sollers H1 2026: Revenue Accelerates +29.3% but EBITDA Turns Negative as Costs Bite

Sollers reported H1 2026 revenue of RUB 32,985 mln, up +29.3% y/y, a sharp reversal from the -22.4% y/y decline in H2 2025 — revenue growth has accelerated. However, profitability deteriorated sharply: EBITDA swung to a loss of RUB 472 mln from a positive RUB 1,536 mln in H1 2025 (EBITDA growth of -130.7% y/y), and net loss widened to RUB 2,691 mln from RUB 1,227 mln a year earlier. The top-line recovery is not translating into earnings.

H1 2026 vs H1 2025: headline YoY growth

What drove the result

The +29.3% revenue increase points to a recovery in volumes and/or pricing versus the depressed H1 2025 base, but the swing to negative EBITDA (-130.7% y/y) and a wider net loss indicate that cost inflation, negative operating leverage, or one-off charges overwhelmed the top-line gain. The H2 2025 EBITDA of RUB 8,115 mln (on revenue of RUB 36,930 mln) shows the business can generate strong profitability; the H1 2026 loss of RUB 472 mln therefore marks a severe sequential deterioration that warrants scrutiny of the cost base and any non-recurring items.

Key figures (RUB mln)

Outlook

The key question is whether the H1 2026 EBITDA loss is a one-off or structural. With revenue growth accelerating, the operational gearing should be positive if costs are contained; the H2 2025 EBITDA of RUB 8,115 mln provides a benchmark for what the business can deliver. Investors should watch for management commentary on cost drivers, pricing power, and any restructuring or one-off charges behind the swing to negative EBITDA. Without a clear path back to positive EBITDA, the widening net loss will pressure the equity story despite the revenue recovery.