TransMichel Results for 9 Months TransMichel has published its RAS report for 9 months. The condition of one of Rustom's main transport assets remains dire. Despite the increase in transportation to China and Belarus in 2026, as well as high rates in Q2-3, the company's financial situation is not improving. Revenues for the period increased by 6.6% to 130 billion rubles. The increase in revenue was completely eaten up by the increase in costs. The loss remained at last year's level in the amount of 4.6 billion rubles. Net debt increased by 4% since the beginning of the year and reached 130 billion rubles, although long-term debt decreased by almost 2 times. Interest payments remained high and amounted to 17.5 billion rubles. Cash flow from current operations increased by 95%, capex decreased by 79%. The positive points include:
- Reduction of management costs by 300 million rubles Entering a positive free cash flow zone (+9.7 billion rubles). In this case, all profit from current operations goes to pay interest. The company will continue to attract new debt to the old service and some more drastic steps are required to bring its operations into the profitable zone. The market remains largely positive for TransContainer, but according to surveys of market participants, the company's middle management level is apathetic and incompetent. Let's see how the new management of the Delo Group works. We still believe that the asset is capable of being the cash cow of Rosatom Group and the transport cluster.