Gazprom’s quarterly profit plummeted by nearly half
31 May 12:14
In the first quarter of 2026, Gazprom saw its net profit drop by 48% to 345.2 billion rubles, down from 660.4 billion rubles a year earlier. This was reported by "Komersant Ukrainian", citing Russian propaganda media.
“The first months of 2026 set positive trends for the further growth of Gazprom Group’s financial indicators… Revenue from gas sales to the domestic market increased by 21% compared to the first quarter of last year and reached 600 billion rubles,” Gazprom stated.
Gas export volumes also increased, but the 15% strengthening of the ruble’s average exchange rate against the U.S. dollar, according to the report, put pressure on export revenue.
The group’s total revenue amounted to approximately 2.8 trillion rubles, remaining roughly at last year’s level.
Gazprom Group’s EBITDA in the first quarter rose by 16% to 979 billion rubles from 844 billion rubles a year earlier.
Gazprom’s free cash flow at the end of the quarter stood at 624 billion rubles.
Net debt (adjusted) decreased by 226 billion rubles at the end of the first quarter to 5.8 trillion rubles.
The debt-to-EBITDA ratio (net debt (adjusted)/EBITDA) fell to 1.91 from 2.07 at the end of 2025.
It should be noted that Gazprom shares began to fall sharply on the Moscow Exchange following Russian President Vladimir Putin’s unsuccessful visit to China, where no agreements were reached regarding the project to build a new gas pipeline.
