Tatneft Q2 2026: Revenue Growth Accelerates to +36.9% YoY, EBITDA +81.8%

Tatneft reported Q2 2026 revenue of RUB 440,825m, up +36.9% y/y, with EBITDA of RUB 129,621m (+81.8% y/y). Revenue growth accelerated from +15.8% in H1 2026 to +36.9% in Q2 2026, while EBITDA growth held at +81.8% y/y. Net profit remained negative at RUB -2,148.5m, though the loss narrowed sharply from RUB -12,468.5m in Q2 2025.

Q2 2026 vs Q2 2025: headline YoY growth

What drove the result

The top-line acceleration was accompanied by a sharp EBITDA margin expansion: EBITDA margin reached 29.4% in Q2 2026 versus 22.1% in Q2 2025, a gain of 7.3 pp. Despite the strong operating performance, the bottom line stayed in negative territory, with net loss narrowing to RUB -2,148.5m from RUB -12,468.5m a year earlier. On a sequential basis, Q2 2026 revenue of RUB 440,825m was broadly in line with Q4 2025's RUB 469,993m, while EBITDA improved from RUB 91,567m to RUB 129,621m.

Key figures

Outlook

The sharp revenue acceleration and EBITDA margin expansion point to improving operational leverage, though the persistent net loss warrants caution. Investors should watch whether the top-line momentum sustains into H2 2026 and whether cost pressures ease enough to return the bottom line to profit. No consensus figures, dividend updates, or share-price reaction were provided in the release.