Unipro FY2025: Revenue +4.7%, Net Profit +23.4% on Strong H2

Unipro reported FY2025 revenue of RUB 134,304m, up 4.7% YoY, with EBITDA of RUB 37,031m (+10.5%) and net profit of RUB 39,386m (+23.4%). The headline growth was driven by a strong H2, where revenue rose 7.5% YoY and EBITDA surged 103.3%.

FY2025 YoY Growth (%)

H2 2025 rebound

After a weak H1 (revenue +1.8%, EBITDA -18.1%, net profit -3.8%), H2 2025 saw a sharp acceleration: revenue growth picked up to +7.5% YoY, while EBITDA and net profit rebounded strongly (+103.3% and +81.0% YoY respectively). This drove the full-year outperformance.

Key figures (RUB m)

Outlook

The strong H2 momentum, particularly the EBITDA surge, suggests improving operational efficiency or favorable market conditions. However, the significant net debt increase (as detailed separately) warrants monitoring. We look for continued revenue growth and margin stability in 2026.