TNS Energy H1 2026: revenue growth edges up to +16.3% as margins compress
TNS Energy reported H1 2026 revenue of RUB 189,927.8m (+16.3% y/y), EBITDA of RUB 13,588.3m (+6.9% y/y) and net profit of RUB 11,896.4m (+14.1% y/y). Revenue growth accelerated modestly from +14.9% in H2 2025 to +16.3% in H1 2026, while EBITDA growth decelerated sharply from the distorted +583.8% base in H2 2025 to +6.9%, reflecting margin compression as costs grew faster than sales.
H1 2026 y/y growth
What drove the result
The top line accelerated for a second consecutive half (+10.8% in H1 2025, +14.9% in H2 2025, +16.3% in H1 2026), but profitability lagged: EBITDA margin fell to 7.2% in H1 2026 from 7.8% in H1 2025 (13,588.3/189,927.8 vs 12,715.6/163,367.9), a roughly 60bp contraction. Net margin held at 6.3% (11,896.4/189,927.8 vs 10,429.8/163,367.9), supported by lower non-operating charges rather than operating leverage. The H2 2024 loss (net profit -RUB 2,088.9m) and FY 2024 loss (-RUB 11,332.8m) confirm the base was depressed, so the H1 2026 print is a normalisation rather than a step-change in profitability.
Key figures (RUB m)
| Metric | H1 2025 | H1 2026 | Change |
|---|---|---|---|
| Revenue | 163,367.9 | 189,927.8 | +16.3% |
| EBITDA | 12,715.6 | 13,588.3 | +6.9% |
| Net profit | 10,429.8 | 11,896.4 | +14.1% |
| EBITDA margin | 7.8% | 7.2% | -0.6 pp |
| Net margin | 6.4% | 6.3% | -0.1 pp |
Outlook
The key question for H2 2026 is whether revenue momentum can be converted into EBITDA: the +16.3% top-line growth versus +6.9% EBITDA growth implies cost inflation of roughly 17% y/y (derived from 189,927.8 - 13,588.3 = 176,339.5 versus 163,367.9 - 12,715.6 = 150,652.3). Without operating leverage, further revenue acceleration would add little to earnings. No consensus, dividend or guidance data were provided, so we make no beat/miss call; the balance-sheet deleveraging noted below is the main supportive factor.
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