Gazprom Reports Strong Financial Growth and Lower Debt in 2025, Driven by Rising Gas Sales and Operational Efficiency
According to preliminary data, Gazprom Group has reported a robust financial performance for the first nine months of 2025, with its earnings before interest, taxes, depreciation, and amortization (EBITDA) surging by 37 percent year-on-year. The company’s EBITDA is projected to exceed RUB 2.1 trillion, marking one of its strongest performances in recent years.
A major contributor to this growth has been Gazprom’s gas business, which continues to play a central role in the company’s financial success. Increased demand both in the domestic and international markets significantly bolstered results. Natural gas supplies to Russia’s domestic market grew by 2.8 percent, reflecting stronger industrial activity and residential demand. Meanwhile, gas exports to China climbed by more than 27 percent, underscoring the deepening energy partnership between the two countries and Gazprom’s expanding role in the Asian market.
The company’s strong momentum was also reflected in its half-year performance. According to Gazprom Group’s audited financial statement prepared under International Financial Reporting Standards (IFRS), the Group’s EBITDA for the first six months of 2025 reached RUB 1.547 trillion—an increase of 6 percent compared with the same period in 2024. This improvement was primarily driven by the second quarter’s solid results, during which EBITDA rose by 28 percent compared to the same quarter of the previous year. Gazprom attributed this surge not only to revenue growth but also to effective cost management and a reduction in operating expenses.
Famil Sadygov, Deputy Chairman of the Gazprom Management Committee, emphasized that operational efficiency measures and disciplined financial management played key roles in sustaining the company’s growth. The company continues to pursue a conservative and prudent debt policy to maintain financial stability amid fluctuating market conditions.
During the first half of 2025, Gazprom successfully reduced its debt burden. The ratio of adjusted net debt to annualized EBITDA fell by 7 percent—from 1.83 at the end of 2024 to 1.71 by mid-2025—indicating a stronger balance sheet and improved debt-servicing capacity. This reduction highlights Gazprom’s ongoing efforts to strengthen its financial position through cautious borrowing and efficient capital allocation.
A cornerstone of Gazprom’s financial strategy is to prevent unnecessary debt accumulation. The company ensures that new borrowings do not exceed its scheduled debt repayments, thereby maintaining a stable overall debt profile. When market conditions allow, Gazprom uses its free cash flow to repay existing debt instead of refinancing. This disciplined approach has helped the company maintain financial flexibility and protect its credit profile despite external challenges in the global energy market.
As a result of these efforts, Gazprom’s total debt decreased substantially in the first half of 2025. The company reported a reduction of RUB 637 billion, bringing total debt down to RUB 6 trillion. Meanwhile, net debt—adjusted for deposits—declined by RUB 221 billion to approximately RUB 5.5 trillion. This notable decrease underscores Gazprom’s commitment to maintaining a strong financial foundation and minimizing exposure to interest rate and currency risks.
Gazprom officials confirmed that the Group’s total debt level remained stable throughout the first nine months of 2025, with no significant increases observed. This reflects the company’s ongoing focus on financial discipline, cost control, and efficient project execution.
The combination of rising gas sales, effective cost management, and a conservative debt approach has positioned Gazprom Group for continued resilience and profitability. As global energy markets evolve, the company remains focused on long-term value creation, prioritizing operational excellence and strategic investments in both domestic and international energy infrastructure.
With growing exports to China and sustained demand within Russia, Gazprom’s financial and operational results for 2025 demonstrate the company’s ability to adapt to changing market conditions while delivering solid performance across all business segments.
