Yuzhuralzoloto H1 2026: revenue growth accelerates to +90.5% y/y as EBITDA nearly triples

Yuzhuralzoloto reported H1 2026 revenue of RUB 84,124m (+90.5% y/y), EBITDA of RUB 37,989m (+197.2%) and net profit of RUB 15,385m (+110.4%). Revenue growth accelerated from +54.8% in H2 2025 to +90.5% in H1 2026, and EBITDA growth accelerated even more sharply from +36.7% to +197.2%, pointing to a powerful combination of volume and price/margin expansion.

H1 2026 vs H1 2025: headline y/y growth

What drove the result

The EBITDA line is the standout: EBITDA of RUB 37,989m on revenue of RUB 84,124m implies an EBITDA margin of 45.2%, versus 28.9% in H1 2025 (12,783/44,156). Net margin was 18.3% versus 16.6% a year earlier. The step-up in profitability alongside the revenue surge suggests operating leverage and a favourable gold-price environment, though the release does not break out volume versus price. Net profit growth (+110.4%) lagged EBITDA growth (+197.2%), consistent with higher depreciation, interest or tax charges below the operating line.

Key figures (RUB m)

Outlook

The H1 2026 run-rate (revenue RUB 84,124m, EBITDA RUB 37,989m) already exceeds the full FY 2025 totals of RUB 108,785m and RUB 37,175m respectively on the top line and matches them on EBITDA, so the second half only needs to hold steady to deliver a record year. The key swing factors are the gold price, which drives the revenue-to-EBITDA conversion, and cost inflation. With net debt falling in absolute terms this quarter, the balance sheet is moving in the right direction, but the release gives no formal guidance or dividend update, so the market will look to the next disclosure for confirmation of the margin trajectory.

Bottom line: a very strong half with accelerating revenue and an EBITDA margin near 45%, but the absence of segment detail, guidance and consensus comparison leaves the quality of the beat hard to verify. Watch the H2 print for whether the margin holds and whether net profit closes the gap to EBITDA growth.