PJSC Incab Holding has published its consolidated financial statements under International Financial Reporting Standards (IFRS) for 2025.

Despite an 18% decline in revenue, to RUB 4,998 million, amid a high key interest rate and reduced investment by major customers, the company recorded its strongest operating efficiency to date. EBITDA margin rose to 20.6% — the best figure in the company’s history. EBITDA itself was virtually unchanged at RUB 1,030 million (−3%).

Indicator	2021	2022	2023	2024	2025
Revenue, mln RUB	7 764	5 757	6 341	6 082	4 998
EBITDA, mln RUB	643	814	1 048	1 061	1 030
EBITDA margin	8.3%	14.1%	16.5%	17.4%	20.6%
Net Profit, mln RUB	234	218	154	193	80

The defining trend of 2025 was a shift towards higher-margin products. The Special Cables segment increased its share of revenue to 17.6%, with a margin of 64%. The power sector segment accounted for 18.8%, with a margin of 60%. Physical output grew by 13% to 75,889 km of cable.

Sales line	Indicator	2021	2022	2023	2024	2025
Telecommunications	Share of revenue	82.1%	74.8%	68.6%	69.8%	63.6%
	Profitability	57%	70%	57%	38%	46%
Energy sector	Share of revenue	11.6%	13.1%	16.4%	16.6%	18.8%
	Profitability	52%	43%	41%	60%	60%
Special-purpose cables	Share of revenue	6.2%	12.1%	15.0%	13.6%	17.6%
	Profitability	75%	8%	31%	55%	64%

In parallel, the company is delivering its investment programme: production of the submarine cable core in Perm is already up and running, and the launch of the plant in the Russian Far East is scheduled for the second quarter of 2026. The full statements are available on the company’s page at e-disclosure.ru.