Transneft Prefs Q2 2026: Revenue Growth Accelerates to +5.8% y/y, But EBITDA Slips 5.7%

Transneft reported Q2 2026 revenue of RUB 378,844mn, up 5.8% y/y, with net profit of RUB 80,165mn (+3.8% y/y) and EBITDA of RUB 140,292mn (-5.7% y/y). Revenue growth accelerated from +2.9% in H1 2026 to +5.8% in Q2 2026, while EBITDA growth decelerated from -4.0% in H1 2026 to -5.7% in Q2 2026. The EBITDA decline contrasts with the revenue gain, pointing to cost inflation or a less favourable revenue mix.

Q2 2026 y/y growth (headline metrics)

What drove the result

Revenue growth accelerated to 5.8% y/y in Q2 2026 from 2.9% in H1 2026, supported by higher transportation volumes or tariffs. However, EBITDA declined 5.7% y/y, implying that operating costs grew faster than revenue. The EBITDA margin contracted to 37.0% in Q2 2026 from 41.5% a year earlier (140,292/378,844 vs 148,718/357,938). Net profit rose 3.8% y/y, helped by non-operating items or a lower tax burden, as the EBITDA decline would otherwise have weighed more heavily on the bottom line.

Key figures (RUB mn)

Outlook

The divergence between revenue and EBITDA growth bears watching: if cost pressures persist, margin erosion could continue to offset top-line gains. Net profit growth remains positive but modest, and the Q4 2025 net loss of RUB 3,423mn highlights earnings volatility. No consensus figures, dividend updates, or share-price reaction were provided.