Gazprom Posts RUB 78.4 Billion Half-Year Profit as Debt Falls to RUB 969 Billion

Gazprom reported a net profit of RUB 78.4 billion, about USD 998 million, for the first half of 2026 under Russian Accounting Standards (RSBU), reversing a loss of RUB 10.76 billion in the same period a year earlier.

Revenue rose 2.9% year on year to RUB 3,138 billion. Gross profit climbed 15% to RUB 1,082 billion, and pre-tax profit came in at RUB 75.9 billion.

The gap between gross profit and pre-tax profit is the story beneath the headline number: RUB 1,082 billion of gross profit converted into RUB 75.9 billion before tax, leaving the bottom line at RUB 78.4 billion. On a revenue base above RUB 3 trillion, the net result is a thin margin for a producer of this scale.

The balance sheet moved in two directions at once. Receivables rose from RUB 1,145 billion at the end of 2025 to RUB 1,261 billion at the end of June. Debt fell over the same period from RUB 1,172 billion to RUB 969 billion, a reduction of RUB 203 billion.

That combination matters more to creditors than the profit line. The company is carrying a larger stock of money owed to it while cutting what it owes, which points to cash being directed at deleveraging rather than at the receivables position.

The figures are drawn from RSBU accounts, the domestic Russian standard, which covers the parent entity rather than the consolidated group. RSBU results are a partial view of a holding structure and are not directly comparable with the IFRS reporting used by internationally listed peers.

Gazprom has lost a substantial share of its European market and remains among the world's largest natural gas producers, according to the Anadolu Agency dispatch that carried the results. The return to profit therefore comes without any recovery of that lost European volume being reported alongside it.

For global gas traders and credit desks, the read-across is narrow but concrete. A producer that once anchored European pipeline supply is now generating a sub-USD 1 billion half-year result on parent-company accounts while reducing gross debt by roughly a fifth of its opening balance. Revenue growth of 2.9% is close to flat in nominal terms, and the 15% gross profit increase suggests the improvement came through cost and margin structure rather than volume expansion.

The dispatch was filed from Moscow by correspondent Emre Gurkan Abay for Anadolu Agency, and republished by Capital in its company news section.