Gazprom's first-half profit fell 12%.

en.Wedoany.com Reported - On August 28, Gazprom released its first-half 2026 IFRS results, with net profit attributable to shareholders of the company reaching 863.9 billion rubles, down 12.1% from 983.1 billion rubles in the same period of 2025. Group revenue increased 6.3% year-on-year to 5.302 trillion rubles, with oil business revenue up 8% and natural gas business revenue up 3%.

Gazprom's first-half EBITDA increased 28% year-on-year to 1.977 trillion rubles. In the second quarter, this indicator reached 998 billion rubles, up 42% year-on-year; net profit for the same period was 518.6 billion rubles, up 61% year-on-year and 50% from the first quarter. Second-quarter revenue increased to 2.503 trillion rubles from 2.18 trillion rubles in the same period last year. The company attributed the second-quarter performance changes to higher oil and gas prices in international energy markets.

The group's operating cash flow, adjusted for changes in short-term deposits, stood at 1.466 trillion rubles in the first half, with free cash flow increasing 2.2 times year-on-year to 634 billion rubles. Net debt at the end of the period was 6.055 trillion rubles, roughly flat compared with the end of 2025; the net debt-to-EBITDA ratio fell to 1.81 from 2.07 at the end of 2025.

Gazprom stated that part of its sales are settled in foreign currency, and the appreciation of the ruble reduced the ruble-denominated amount of foreign currency revenue after conversion. The company expects full-year 2026 EBITDA to grow by 6% to 7% following an increase in domestic natural gas supply and export volumes to China. Gazprom previously forecast domestic natural gas supply growth of 2% to 4%, and the group's EBITDA for 2025 was 2.9 trillion rubles.