Gazprom, Russia's largest natural gas producer, said on Thursday its full-year net income rose seven per cent in 2025 to RUB1.3 trillion ($17.3 billion), thanks to a stronger rouble, which had a positive effect on its forex-denominated debt.
However, the company said its core profit, or earnings before interest, taxes, depreciation and amortisation, declined six per cent year-on-year to almost RUB3 trillion.
Gazprom is arguably the Russian business hardest hit by the fallout from Moscow's fraying ties with the West over the conflict in Ukraine.
According to Reuters calculations, Gazprom's pipeline gas exports to Europe sank 44 per cent 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.
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.
Gazprom also said on Thursday its 2025 revenue declined 8.8 per cent to RUB9.77 trillion. The company reiterated that gas exports to China rose last year by almost 25 per cent, while domestic gas sales increased eight per cent.
(Reporting by Anton Kolodyazhnyy, Oksana Kobzeva and Vladimir Soldatkin. Editing by Andrew Osborn and Mark Potter)
