RZD Revenue Up 10.7% in First Half of 2026
Operational expenses of RZD in the first half of 2026 amounted to 1.626 trillion rubles (+7.7%), and operational profit was 338.3 billion rubles (+27.8%).
Consensus
- RZD's total revenue for the first half of 2026 increased by 10.7% compared to the same period in 2025.
- RZD's net profit for the first half of 2026 was 32.5 billion rubles.
- RZD's net profit increased 7.4 times compared to the same period in 2024.
- RZD's EBITDA for the first half of 2026 reached 622.7 billion rubles, up 21.2% year-on-year.
- RZD's EBITDA margin increased to 32% from 29% in the previous year.
- RZD's operating expenses increased by 7.7% to 1.62–1.63 trillion rubles.
- RZD's operating profit increased by 27.8% to 338.3–338.35 billion rubles.
- The ratio of net debt to EBITDA in annual equivalent was 3.25x.
- RZD's freight and infrastructure access revenue increased by 9.9% to 1.42–1.43 trillion rubles.
- RZD's passenger transport revenue increased by 10% to 230.38–230.4 billion rubles.
- RZD continued implementation of infrastructure and rolling stock modernization projects.
- RZD received a 20 billion ruble subsidy from the federal budget after June 30, 2026, to compensate for locomotive complex operating costs in 2026 related to freight transport.
Points of divergence
- Pogрузка (cargo volume) of RZD in January–July 2026 decreased by 0.8% year-on-year. — vedomosti
- Freight turnover including empty wagon runs decreased by 0.3% year-on-year in January–July 2026. — vedomosti
- RZD received a 20-billion-ruble subsidy from the federal budget after June 30 to compensate for locomotive complex costs in 2026. — interfax
- RZD signed contracts worth 16.132 billion rubles (including VAT) for infrastructure construction, reconstruction, and rolling stock modernization after the reporting date. — interfax
- RZD's investment program for 2026 totals 713.6 billion rubles. — interfax
- RZD implemented an investment program worth 323.1 billion rubles in the first half of 2016. — vedomosti
Coverage (3 sources)
- Total revenues of RZD grew by 10.7% for the half-year — Ведомости
- Pure profit of RZD grew seven times in the first half of the year according to IFRS — Коммерсантъ
- Clean profit of RZD according to IFRS in the first half of the year increased 7.4 times, EBITDA - by 21% — Интерфакс