© Reuters.
Meanwhile, investing.com notes that the company’s shares are currently trading at 99.20 rubles, which is close to a multi-year low. This indicates a lack of long-term investor interest in Gazprom’s securities, even though the stock price reached 144.40 rubles earlier this year.
The publication emphasizes that, formally, the company’s dividend policy has not yet been violated: payments to shareholders are provided for when the net debt-to-EBITDA ratio does not exceed 2.5x, and as of the end of 2025, it stood at 2.07x (compared to 1.83x a year earlier). However, free cash flow and the debt burden continue to constrain management.
The group’s total debt remained at 6.7 trillion rubles, while EBITDA declined by 6% to 2.917 trillion rubles. Net income under IFRS rose by 7% to 1.3 trillion rubles; however, this growth is accounting-driven rather than operational: it was driven by positive foreign exchange gains of 567 billion rubles. Revenue, meanwhile, fell by 8.8% to 9.77 trillion rubles.
Gazprom CEO Alexey Miller stated that the company “responded promptly to external challenges and ensured full financial stability,” and that its EBITDA growth “is better than the industry average”.
