Public Joint Stock Company Gazprom (GAZP) Q4 2025 earnings summary

Executive summary

• Consolidated financial statements for the year ended 31 December 2025 were audited and present fairly the Group's financial position and performance in accordance with IFRS.

• The Group operates in gas, oil, electric power, and media segments, with the Russian Federation as the ultimate controlling party.

• The audit highlighted revenue recognition, impairment of property, plant and equipment, and expected credit losses as key audit matters due to sanctions and macroeconomic volatility.

Financial highlights

• Revenue from sales decreased to RUB 9,770,671 million in 2025 from RUB 10,714,686 million in 2024.

• Operating profit was RUB 1,309,766 million, down from RUB 1,456,390 million year-over-year.

• Net profit attributable to owners was RUB 1,306,777 million, with basic EPS of RUB 52.57 (up from RUB 49.15).

• Total assets increased to RUB 31,890,811 million from RUB 30,698,255 million.

• Net cash from operating activities rose to RUB 2,867,018 million (2024: RUB 2,495,688 million).

Outlook and guidance

• The Group is monitoring the impact of ongoing sanctions and economic uncertainty but management believes business continuity is not in question.

• Investment programme for 2026 is set at RUB 2,540,151 million.