X5 Retail Group Q3 2026: Revenue Growth Accelerates to 13.0%, EBITDA +21.1%, Net Profit +3.8%

X5 Retail Group reported Q3 2026 revenue of RUB 1,311.0 bn, up 13.0% y/y, with EBITDA of RUB 86.9 bn (+21.1%) and net profit of RUB 29.3 bn (+3.8%). Revenue growth accelerated from 9.9% in Q2 2026 to 13.0% in Q3 2026, while EBITDA growth also accelerated sharply from 8.4% in Q2 to 21.1% in Q3, marking a clear inflection after a soft first half.

Q3 2026 vs Q3 2025: headline YoY growth

What drove the result

The top-line acceleration was accompanied by strong EBITDA margin expansion: EBITDA rose 21.1% y/y to RUB 86.9 bn, well ahead of revenue growth, implying margin gains from gross profit expansion and operating leverage. Net profit grew only 3.8% y/y to RUB 29.3 bn, lagging EBITDA sharply, likely due to higher finance costs and/or tax below the operating line — a pattern already visible in Q1 2026 when net profit fell 27.6% despite operating profit rising 31.2%. The Q3 net profit growth of 3.8% marks a sharp improvement from the -39.3% y/y decline in Q2 2026, suggesting the drag from below-EBITDA items is easing.

Key figures (RUB mn unless stated)

Outlook

The Q3 print shows a clear sequential improvement: revenue growth accelerated from 9.9% in Q2 to 13.0%, and EBITDA growth swung from 8.4% to 21.1%. Net profit growth turned positive (+3.8%) after a -39.3% decline in Q2. No new dividend or guidance was announced in the latest release. The key question for the coming quarters is whether the EBITDA margin expansion can be sustained and whether the below-EBITDA drag (finance costs/tax) continues to ease, allowing net profit to converge toward EBITDA growth. Investors should watch for any commentary on cost inflation and the trajectory of finance costs given the rising net debt.