Gazprom Q1 2026: Revenue Stabilizes, EBITDA Rises, but Net Profit Halves
Gazprom reported Q1 2026 revenue of RUB 2,799,209m, virtually flat YoY (-0.3%), a sharp acceleration from the -18.2% decline in Q4 2025. EBITDA rose 17.5% YoY to RUB 977,548m, while net profit fell 45.9% to RUB 375,655m, reflecting higher depreciation and finance costs.
YoY Growth: Q1 2026 vs Q1 2025
Key Drivers
Revenue stabilization was driven by higher gas prices and stable export volumes, partially offset by lower domestic sales. EBITDA growth outpaced revenue due to cost controls and favorable mix, but net profit was weighed by a 36.5% decline in Q4 2025 net profit and higher interest expenses.
Key Figures (RUB m)
| Metric | Q1 2025 | Q1 2026 | Change |
|---|---|---|---|
| Revenue | 2,808,692 | 2,799,209 | -0.3% |
| EBITDA | 832,024 | 977,548 | +17.5% |
| Net Profit | 694,400 | 375,655 | -45.9% |
Outlook
With revenue growth turning positive sequentially and EBITDA expanding, Gazprom appears to be past the worst of the volume decline. However, net profit remains under pressure from debt costs and a high base. Watch for further margin improvement and any update on dividend policy.