Inter RAO profit drops 17.2% in H1 2026
Inter RAO's net profit under IFRS fell by 17.2% year-on-year to 68.7 billion rubles in the first half of 2026, despite a 16.5% increase in revenue to 953.4 billion rubles, driven by rising operational costs and sanctions from the EU.
Consensus
- Inter RAO's net profit under IFRS in the first half of 2026 was 68.7 billion rubles.
- The net profit was 17.2% lower than in the same period of the previous year.
- Revenue for the first half of 2026 increased by 16.5% to 953.4 billion rubles.
- Operating expenses increased by 19% to 902 billion rubles.
- EBITDA decreased by 4.3% to 89.3 billion rubles.
- Capital expenditures increased by 46.9% to 101.6 billion rubles.
- The EU imposed sanctions on Inter RAO in July 2026 as part of the 21st sanctions package.
- Inter RAO is the sole operator of electricity export-import in Russia, accounting for about 10% of Russia's generation output.
- The EU cited state control as a reason for sanctions, noting that Rosneftgaz owns 27.6% of Inter RAO and Rosseti owns 8.57%.
- Igor Sechin, head of Rosneft, is a member of Inter RAO's board of directors.
Points of divergence
- The company attributes the EBITDA decline in the Russian power generation segment to higher forward market prices and commissioning of modernized power units. — kommersant
- The trading and energy machinery segments saw revenue growth of 23.9% and 52%, respectively, due to higher commercial sales to friendly countries and increased project participation. — vedomosti
- The EBITDA in the trading and energy machinery segments grew by 54.5% and 74%, respectively, due to increased export volumes. — vedomosti
- The construction and engineering segment saw revenue grow by 44.2%, but EBITDA fell by 38.4%. — vedomosti
- The cost of electricity and capacity purchases increased by 22.9% due to rising prices on the wholesale market. — vedomosti
- Under RASB, net profit was 17.78 billion rubles, a 29.6% increase year-on-year, with revenue at 31.53 billion rubles and gross profit up 47.4%. — vedomosti
- The consensus forecast by Interfax predicted revenue of 953.4 billion rubles and EBITDA of 88 billion rubles, slightly below actual EBITDA. — interfax
- Interfax reported that loans and borrowings increased by 13.8% to 18.3 billion rubles, and cash on hand was 242.35 billion rubles at the end of June 2026. — interfax
- As of March 2024, Rosneftgaz owned 27.63% of Inter RAO, Inter RAO Capital owned 29.56%, and Rosseti owned 8.57%. — interfax
Coverage (3 sources)
- Net profit of Inter RAO fell by 17.2% in the first half of the year — Коммерсантъ
- Net profit of Inter RAO for the first half of the year decreased by 17.2% — Ведомости
- Net profit of Inter RAO according to IFRS in the first half of the year decreased by 17.2% to 68.7 billion rubles — Интерфакс