Gazprom Q2 2026: Revenue Growth Accelerates to +14.8% y/y, EBITDA +35.4%

Gazprom reported Q2 2026 revenue of RUB 2,502.8bn, up +14.8% y/y, with EBITDA of RUB 922.0bn (+35.4% y/y) and net profit of RUB 557.2bn (+63.9% y/y). Revenue growth accelerated from +6.3% y/y in H1 2026 to +14.8% y/y in Q2 2026, while EBITDA growth also accelerated from +17.5% y/y in Q1 2026 to +35.4% y/y in Q2 2026.

Q2 2026 y/y growth

What drove the result

The strong y/y gains reflect higher revenue and improved operational efficiency, with EBITDA margin expanding to 36.8% in Q2 2026 from 31.2% in Q2 2025. Net profit growth outpaced EBITDA, supported by lower non-operating charges or favourable FX effects, though the exact drivers are not detailed in the provided data.

Key figures

Outlook

The acceleration in revenue and EBITDA growth in Q2 2026 suggests positive momentum, though the company has not provided updated guidance in the available data. Investors will watch for sustainability of margin expansion and any changes in the operating environment.

The Q2 2026 results show a clear acceleration in top-line and profitability metrics, with net profit growing significantly faster than revenue. The key question is whether this momentum can be sustained amid volatile commodity markets and geopolitical factors.