VseInstrumenti: revenue declines, but EBITDA margin rises to 9.9% – at what cost?

On August 17, 2026, VseInstrumenti released its results for the first half of 2026. Revenue for the reporting period amounted to RUB 89.6 billion, EBITDA to RUB 8.8 billion, and net profit to RUB 2.6 billion. In this review, we examine what is behind the margin expansion and how the company is faring amid declining revenue.

Key takeaways

— Revenue for the first half of 2026 decreased by 3.2% year-on-year to RUB 89.6 billion

— EBITDA margin for the half-year increased to 9.9% from 8.5% a year earlier

— Net profit for the half-year amounted to RUB 2.6 billion versus RUB 0.2 billion a year earlier

— Net debt decreased by RUB 1.8 billion over the half-year and by RUB 18.1 billion over 12 months

— The company paid dividends of RUB 7 per share over the last 12 months, providing a yield of 10%

— The stock trades at an EV/EBITDA multiple of 2.5x versus the three-year average of 5.0x

Key figures, RUB bn

Revenue for the first half of 2026 decreased by 3.2% year-on-year to RUB 89.6 billion

For the first half of 2026, VseInstrumenti's revenue amounted to RUB 89.6 billion, which is 3.2% lower than in the same period last year (RUB 86.8 billion in 2025). The decline accelerated in the second quarter: while in the first quarter the fall was 4.1% year-on-year, in the second it was already 10.3%.

The main contribution to the decline came from retail (B2C): revenue in this segment for the half-year decreased by 5.8% year-on-year to RUB 21.3 billion. At the same time, the corporate segment (B2B) grew by 6.2% to RUB 67.5 billion, partially offsetting the decline in retail.

EBITDA margin for the half-year increased to 9.9% from 8.5% a year earlier

EBITDA for the first half of 2026 amounted to RUB 8.8 billion, which is 19.8% higher than a year earlier (RUB 7.4 billion). The EBITDA margin increased to 9.9% from 8.5%.

The increase in profitability occurred against the backdrop of declining revenue, indicating control over expenses. Commercial expenses for the half-year decreased by 1.2% year-on-year to RUB 21.6 billion, while transport costs increased by 14.5% to RUB 3.8 billion, and advertising costs decreased by 1.8% to RUB 1.3 billion.

Net profit for the half-year amounted to RUB 2.6 billion versus RUB 0.2 billion a year earlier

Net profit for the first half of 2026 increased to RUB 2.6 billion from RUB 0.2 billion in the same period last year. The growth was driven by both operating results and lower net finance costs: they decreased from RUB 3.3 billion to RUB 1.9 billion due to lower interest expenses on loans and borrowings.

In the second quarter of 2026, net profit amounted to RUB 2.0 billion versus RUB 0.9 billion a year earlier. Net margin for the half-year reached 2.9%.

Net debt decreased by RUB 1.8 billion over the half-year and by RUB 18.1 billion over 12 months

As of June 30, 2026, the company's net debt amounted to RUB 14.0 billion, which is RUB 1.8 billion less than as of December 31, 2025 (RUB 13.3 billion). Over the last 12 months, net debt decreased by RUB 18.1 billion.

The ratio of net debt to EBITDA for the last 12 months was 0.7x. The debt reduction occurred against the backdrop of strong operating cash flow: for the first half of 2026, it amounted to RUB 9.0 billion versus RUB 5.4 billion a year earlier.

The company paid dividends of RUB 7 per share over the last 12 months, providing a yield of 10%

Over the last 12 months, VseInstrumenti paid dividends of RUB 7 per share, providing a yield of 10% at the current price. The company's model estimates the next payment also at RUB 7 per share, giving a forward yield of 10%.

Payments for the first half of 2026 amounted to RUB 6 per share (RUB 2 in March and RUB 4 in June), corresponding to a payout ratio of 0.94 of profit. The company continues to return a significant portion of profit to shareholders.

The stock trades at an EV/EBITDA multiple of 2.5x versus the three-year average of 5.0x

As of August 17, 2026, VseInstrumenti's market capitalization amounted to RUB 34.8 billion. The EV/EBITDA multiple for the last 12 months is 2.5x, which is half the three-year average (5.0x).

The stock trades at a discount to its own history. At the same time, the P/E for the last 12 months is 6.1x, and the dividend yield is 10%, making the share attractive for income-oriented investors.

Valuation on the latest reported figures

Bottom line

VseInstrumenti reported strong operational efficiency for the first half of 2026: EBITDA margin increased to 9.9%, net profit grew 13 times, and net debt continues to decline. However, these results were achieved against the backdrop of falling revenue, raising questions about the sustainability of margin expansion. The company remains generous to shareholders, paying out almost all profit in dividends, but this may limit investments in future growth. The key question for holders is whether the company can stabilize revenue without sacrificing margin.