TGK-14 H1 2026: Revenue Growth Accelerates to +19.2% as EBITDA and Net Profit More Than Double
TGK-14 reported H1 2026 revenue of RUB 12,990.4 mn (+19.2% y/y), EBITDA of RUB 2,620.7 mn (+64.6% y/y) and net profit of RUB 842.9 mn (+109.3% y/y). Revenue growth accelerated from +9.5% in H2 2025 to +19.2% in H1 2026, while EBITDA swung from a -36.7% decline in H2 2025 to +64.6% growth in H1 2026, marking a sharp inflection in profitability.
H1 2026 vs H1 2025: headline YoY growth
What drove the result
The revenue increase of RUB 2,095.7 mn y/y was accompanied by a much larger EBITDA increase of RUB 1,028.4 mn, lifting the EBITDA margin to 20.2% from 14.6% in H1 2025. Net profit more than doubled to RUB 842.9 mn from RUB 402.8 mn, with the net margin rising to 6.5% from 3.7%. The operating leverage is evident: EBITDA grew 3.4x faster than revenue, and net profit grew 5.7x faster, indicating effective cost containment and improved operating efficiency. The H1 2026 result also marks a strong rebound from H2 2025, when the company posted a net loss of RUB 165.0 mn.
Key figures (RUB mn)
| Metric | H1 2025 | H1 2026 | Change |
|---|---|---|---|
| Revenue | 10,894.7 | 12,990.4 | +19.2% |
| EBITDA | 1,592.3 | 2,620.7 | +64.6% |
| EBITDA margin | 14.6% | 20.2% | +5.6 pp |
| Net profit | 402.8 | 842.9 | +109.3% |
| Net margin | 3.7% | 6.5% | +2.8 pp |
Outlook
The strong H1 2026 performance sets a positive tone for the full year, with revenue growth accelerating and profitability recovering sharply from the H2 2025 loss. However, the company remains exposed to operating cost pressures and seasonal factors in the second half. Investors should watch whether the improved EBITDA margin is sustained and whether net profit remains positive through the winter period. No consensus figures, dividend updates or share-price reaction were provided in the data.
Open the company's financial profile TGKN →
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