Uniwagon H1 2026: Revenue Collapses 90% YoY as Growth Decelerates Sharply

Uniwagon reported H1 2026 revenue of RUB 4,928m, down 90.1% y/y, with net profit of RUB 987m (-95.5% y/y) and EBITDA of negative RUB 1,166m (-105.3% y/y). Revenue growth decelerated further from -79.9% in H2 2025 to -90.1% in H1 2026, while EBITDA growth remained at -105.3% y/y in both periods, confirming a severe and deepening contraction.

H1 2026 vs H1 2025: headline YoY growth

What drove the result

The collapse is broad-based: revenue fell to RUB 4,928m from RUB 49,628m a year earlier, while EBITDA swung from positive RUB 21,983m to negative RUB 1,166m. Net profit held positive at RUB 987m despite the EBITDA loss, implying a large non-operating or below-the-line contribution that is not detailed in the headline figures. The sequential deterioration is stark: H2 2025 already showed revenue of RUB 15,753m and a net loss of RUB 29,000m, and H1 2026 revenue of RUB 4,928m marks a further step down.

Key figures (RUB m)

Outlook

The trajectory is deeply negative: revenue growth decelerated from -79.9% in H2 2025 to -90.1% in H1 2026, and the swing to negative EBITDA removes the operating cushion. With net profit still positive but down 95.5% y/y, the quality of earnings is questionable absent disclosure on non-operating items. The key watch items are whether the revenue base stabilises in H2 2026 and whether the EBITDA loss reverses; the current run-rate offers little visibility. No consensus, dividend, or guidance data were provided.