VK Q3 2026: Revenue Growth Holds at 11.7% as EBITDA Momentum Fades

VK reported Q3 2026 revenue of RUB 46,957m, bringing 9M 2026 revenue to RUB 128,000m. The top line grew 11.7% year-on-year in H1 2026, matching the Q2 2026 rate, but EBITDA growth decelerated sharply to 2.0% in Q2 2026 from 37.9% in H1 2026. Net profit and EBITDA for Q3 2026 were not disclosed in the release, leaving the margin trajectory unclear for the quarter.

Revenue growth decelerated from Q4 2025 to H1 2026

What drove the result

Revenue growth moderated from 12.9% in Q4 2025 to 11.7% in H1 2026 and held at 11.7% in Q2 2026, indicating a stable but slower top-line trajectory. The sharp deceleration in EBITDA growth—from 37.9% in H1 2026 to 2.0% in Q2 2026—suggests margin pressure emerged in the second quarter, likely from cost inflation or investment spending. Net profit was negligible at RUB 7.5m in Q2 2026, down from a loss of RUB 73.5m in Q4 2025, but the absence of Q3 2026 profitability figures limits visibility on whether this improvement persisted.

Key figures

Outlook

The lack of Q3 2026 EBITDA and net profit figures leaves the margin and profitability outlook uncertain. Investors should watch for the full Q3 release to assess whether the EBITDA slowdown in Q2 was a one-off or the start of a margin compression trend. Revenue growth appears to have stabilised in the low-double digits, but without guidance or consensus figures, the trajectory for the remainder of 2026 remains unclear.