Public Joint Stock Company Gazprom (GAZP) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was RUB 2,799,209 million, nearly flat year-over-year, while net profit dropped sharply to RUB 375,655 million from RUB 694,400 million in Q1 2025, reflecting higher operating expenses and lower finance income.

• Cash and cash equivalents increased to RUB 915,937 million as of 31 March 2026, up from RUB 633,190 million at year-end 2025.

• The audit review concluded no material misstatements in the interim financial information.

Financial highlights

• Operating profit for Q1 2026 was RUB 609,799 million, up from RUB 479,604 million year-over-year.

• Finance income fell significantly to RUB 128,708 million from RUB 604,535 million, while finance expenses rose to RUB 189,206 million from RUB 143,937 million.

• Basic and diluted EPS was RUB 13.56, down from RUB 26.93 in Q1 2025.

• Net cash from operating activities increased to RUB 1,027,242 million from RUB 944,682 million year-over-year.

• Net cash used in investing activities was RUB 511,290 million, and net cash used in financing activities was RUB 234,520 million.

Outlook and guidance

• Management is monitoring the impact of ongoing sanctions and economic volatility but does not expect these to threaten business continuity.

• The Group is assessing the impact of new and upcoming IFRS standards, with no significant effect expected from recent amendments.