Tattelecom H1 2026: revenue growth accelerates to +17.6% y/y, EBITDA +24.5%, net profit +33.1%
Tattelecom reported H1 2026 revenue of RUB 6,999.5m, EBITDA of RUB 2,013.8m and net profit of RUB 1,353.9m. Revenue growth accelerated to +17.6% y/y from +7.9% in H2 2025, and EBITDA growth accelerated to +24.5% y/y from +8.0% in H2 2025, marking a sharp inflection from the negative EBITDA prints seen through H1 2025.
H1 2026 y/y growth
What drove the result
The margin picture improved materially: EBITDA margin rose to 28.8% in H1 2026 from 27.2% in H1 2025, while net margin expanded to 19.3% from 17.1%. Net profit growth of +33.1% outpaced EBITDA growth of +24.5%, which in turn outpaced revenue growth of +17.6%, pointing to operating leverage and cost discipline on top of the top-line acceleration. The H1 2026 revenue base of RUB 6,999.5m is already above the full H2 2025 revenue of RUB 6,438.0m, underscoring the step-up in momentum.
Key figures (RUB m)
| Metric | H1 2025 | H1 2026 | Change |
|---|---|---|---|
| Revenue | 5,950.0 | 6,999.5 | +17.6% |
| EBITDA | 1,617.0 | 2,013.8 | +24.5% |
| Net profit | 1,017.5 | 1,353.9 | +33.1% |
| EBITDA margin | 27.2% | 28.8% | +1.6 pp |
| Net margin | 17.1% | 19.3% | +2.2 pp |
Outlook
The H1 2026 print confirms a genuine inflection: revenue growth of +17.6% is more than double the +7.9% seen in H2 2025, and EBITDA has swung from a -9.7% decline in H1 2025 to +24.5% growth. With net profit up +33.1% and margins expanding, the key question for the second half is whether this acceleration is sustainable or flattered by a low base and one-off cost effects. No consensus figures, dividend updates or share-price reaction were provided in the facts.
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