Glorax Profit Rises 29% in First Half 2026
Glorax reported a 29% increase in net profit to 1.6 billion rubles and a 45% rise in revenue to 27 billion rubles in the first half of 2026, driven by regional expansion. The company's EBITDA grew by 36%, and its credit rating was upgraded to BBB+(RU) with a positive outlook.
Consensus
- Glorax's revenue increased by 45% in the first half of 2026 compared to the same period in 2025.
- Glorax's net profit increased by 28.2% to 9.8 billion rubles according to one source, or 29% to 1.6 billion rubles according to others.
- Glorax's EBITDA increased by 36% in the first half of 2025.
- The company's regional projects' share in revenue rose from 22% to 59%.
- The average interest rate on Glorax's loan portfolio decreased to 11.8%.
- Glorax's credit rating was upgraded to BBB+(RU) by AKRA with a positive outlook.
- Glorax did not pay dividends for two years after its IPO in October 2025.
- The company's IPO in October 2025 raised 2.1 billion rubles.
- The average interest rate on Glorax’s loan portfolio decreased to 11.8%
- The company’s debt-to-EBITDA ratio was 2.93 according to one source, and 2.9x according to another.
Points of divergence
- Glorax's net profit was 9.8 billion rubles, up 28.2%, and EBITDA was 8.6 billion rubles. — kommersant
- Glorax's net profit was 1.6 billion rubles, up 29%, and EBITDA was 8.6 million rubles. — fontanka
- Glorax's net profit was 1,600 million rubles, and EBITDA was 8,600 million rubles. — vedomosti
- Glorax's debt-to-EBITDA ratio increased from 2.80 to 2.93. — kommersant
- Glorax's debt-to-EBITDA was 2.9x. — vedomosti
- Glorax's escrow balances decreased to 35.3 billion rubles. — kommersant
- Glorax's escrow coverage dropped from 87% to 78% after project completions and new launches. — vedomosti
- Glorax's regional revenue grew from 4.2 billion to 15.9 billion rubles. — kommersant
- Regional projects' share in revenue increased from 22% to 59%, surpassing half of total revenue. — fontanka
- Glorax's Moscow, St. Petersburg, and Leningrad Oblast revenue decreased by 23.4%. — kommersant
- Glorax's regional expansion was the key factor in financial performance. — fontanka
- The Moscow authorities approved the development parameters for a 3.5-hectare site on Arhitektora Vlasova Street. — kommersant
Coverage (3 sources)
- Main things on the real estate market by morning of September 1 — Коммерсантъ
- Net profit of GloraX grew by 29% and reached 1.6 billion rubles — Фонтанка
- Glorax revenue increased by 45% according to IFRS for the first half of the year — Ведомости