In the first half of 2026, Incab reported a 16% year-on-year revenue increase to 2.17 ₽ billion. The company's EBITDA rose by 57% to nearly 700 ₽ million, with a margin of 33%. Net profit reached nearly 300 ₽ million, a significant turnaround from the 240 ₽ million loss recorded in the previous year.
The company successfully conducted an IPO on the Moscow Exchange in June 2026, raising 2 ₽ billion through an additional share issue. These funds were primarily allocated to debt reduction. Consequently, the net financial debt dropped from 3.76 ₽ billion at the end of 2025 to 1.72 ₽ billion by June 30, 2026.
Incab's debt-to-EBITDA ratio improved to 1.34 by mid-2026, down from 3.65 at the end of 2025. The company plans to fully repay its commercial credit debt by July 2027. Additionally, the firm has secured contracts for underwater fiber-optic cables worth 2.3 ₽ billion, with 1.9 ₽ billion already received as an advance payment.
While the first-half results do not fully reflect the impact of new underwater cable production, which began in the second quarter of 2026, the company expects significant interest savings of 340 ₽ million. These savings are projected to directly boost free cash flow and net profit in the coming periods.
