TMK H1 2026: Revenue and EBITDA Decelerate Sharply, Net Loss Widens

TMK reported H1 2026 revenue of RUB 149,436m, down 36.9% YoY, a further deceleration from the 34.5% decline in H2 2025. EBITDA fell 78.0% YoY to RUB 8,825m, while net loss widened to RUB 30,136m from a RUB 3,249m loss a year earlier.

H1 2026 YoY Change

What drove the result

The sharp revenue decline reflects continued weak demand and pricing pressure in the pipe market. EBITDA margin compressed dramatically, from 17.0% in H1 2025 to 5.9% in H1 2026, indicating significant operating deleverage. The net loss widened despite lower revenue, likely due to one-off charges and financing costs.

Key figures (RUB m)

Outlook

With revenue and EBITDA decelerating sharply, TMK faces a challenging operating environment. The company's ability to manage costs and working capital will be critical. Watch for any capacity rationalization or pricing actions, as well as the trajectory of net debt, which rose in absolute terms during the period.