TMK Q2 2026: Revenue Down 36.9% YoY, EBITDA Collapses 78% as Losses Deepen
TMK reported Q2 2026 revenue of RUB 74,718m, down 36.9% y/y, with EBITDA of RUB 4,413m (-78.0% y/y) and a net loss of RUB 15,068m versus a RUB 1,624.5m loss a year earlier. Revenue growth was broadly stable versus H1 2026 (-36.9% vs -36.9%), but EBITDA growth decelerated sharply from -43.4% in H2 2025 to -78.0% in Q2 2026, underscoring severe margin compression.
Q2 2026 vs Q2 2025: headline YoY growth
What drove the result
The collapse in EBITDA to RUB 4,413m from RUB 20,097m a year ago implies an EBITDA margin of just 5.9% versus 17.0% in Q2 2025, a roughly 11-percentage-point compression. Revenue fell to RUB 74,718m from RUB 118,495m, and the net loss widened to RUB 15,068m from RUB 1,624.5m. The sequential picture is equally weak: H1 2026 revenue of RUB 149,436m and EBITDA of RUB 8,825m confirm the deterioration is not a one-quarter anomaly, with H1 2026 net loss at RUB 30,136m.
Key figures
| Metric | Q2 2025 | Q2 2026 | Change |
|---|---|---|---|
| Revenue, RUB m | 118,495 | 74,718 | -36.9% |
| EBITDA, RUB m | 20,097 | 4,413 | -78.0% |
| EBITDA margin | 17.0% | 5.9% | -11.1 pp |
| Net profit, RUB m | -1,624.5 | -15,068 | n/m |
Outlook
The trajectory is concerning: revenue growth has been broadly stable at -36.9% for two consecutive periods, but EBITDA growth has deteriorated from -43.4% in H2 2025 to -78.0% in Q2 2026. With H1 2026 already showing a RUB 30,136m net loss, the full-year 2026 loss could exceed the RUB 24,458m reported for FY 2025 unless margins recover. Investors should watch for any sequential stabilization in EBITDA margin and revenue, though the current data offer no evidence of a trough.
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