Gazprom Neft Q2 2026: Revenue Growth Accelerates to 15.6% as EBITDA and Net Profit Surge

Gazprom Neft reported Q2 2026 revenue of RUB 1,022,238 million, up 15.6% y/y, with EBITDA of RUB 357,696 million (+75.3% y/y) and net profit of RUB 195,118 million (+182.5% y/y). Revenue growth accelerated from 5.9% in H1 2026 to 15.6% in Q2 2026, while EBITDA growth also accelerated from 46.0% in H1 to 75.3% in Q2.

Q2 2026 y/y growth

What drove the result

The sharp increase in profitability was driven by a combination of higher revenue and significant margin expansion. EBITDA margin rose to 35.0% in Q2 2026 from 23.1% in Q2 2025, while net profit margin improved to 19.1% from 7.8%. The acceleration in revenue growth from 5.9% in H1 2026 to 15.6% in Q2 2026 indicates strengthening top-line momentum, likely supported by favorable commodity prices and operational efficiency.

Key figures

Outlook

The strong Q2 performance, with revenue growth accelerating and profitability metrics at multi-period highs, suggests positive momentum for the remainder of 2026. However, net debt increased by RUB 68.1 billion in Q2 2026 and by RUB 543.0 billion over the past 12 months, which may constrain financial flexibility. Investors will watch for sustainability of margin expansion and any updates on capital allocation.