Gazprom's 2025 Net Earnings Jump 7% on Stronger Rouble Despite Lower Revenue
Financial Performance and Export Dynamics
Net Income Growth Driven by Currency Strength
MOSCOW, April 30 (Reuters) - Gazprom, Russia's largest natural gas producer, said on Thursday its full-year net income rose 7% in 2025 to 1.3 trillion roubles ($17.3 billion), thanks to a stronger rouble, which had a positive effect on its forex-denominated debt.
Decline in Core Profit
However, the company said its core profit, or earnings before interest, taxes, depreciation and amortization, declined 6% year-on-year to almost 3 trillion roubles.
Impact of Geopolitical Tensions
Challenges from Western Sanctions
Gazprom is arguably the Russian business hardest hit by the fallout from Moscow's fraying ties with the West over the conflict in Ukraine.
European Gas Exports Plummet
According to Reuters calculations, Gazprom's pipeline gas exports to Europe sank 44% in 2025 to their lowest since the mid-1970s after the closure of the Ukrainian transit route and as the European Union phases out fossil fuel imports from Russia.
Remaining Export Routes
TurkStream is the only remaining operational pipeline through which Gazprom exports Russian gas to Europe, after explosions at the undersea Nord Stream pipeline in September 2022.
Another big gas pipeline from Russia, Yamal-Europe, has been inactive since 2022.
Revenue and Sales Breakdown
Revenue Decline
Gazprom also said on Thursday its 2025 revenue declined 8.8% to 9.77 trillion roubles.
Growth in Chinese and Domestic Markets
The company reiterated that gas exports to China rose last year by almost 25%, while domestic gas sales increased 8%.
Additional Information
($1 = 75.0000 roubles)
(Reporting by Anton Kolodyazhnyy, Oksana Kobzeva and Vladimir Soldatkin. Editing by Andrew Osborn and Mark Potter)
