(AGENPARL) – Wed 11 February 2026 FOR IMMEDIATE RELEASE
NOVATEK Announces Financial Results
for the Year Ended 31 December 2025
Moscow, 11 February 2026. PAO NOVATEK (“NOVATEK” and/or the “Company”)
reported today disclosable consolidated financial statements for the year ended 31 December
2025.
In 2025, our total revenues and Normalized EBITDA, including our share in the EBITDA of
joint ventures, amounted to RR 1,446 billion and RR 859 billion, respectively, representing
decreases of 6.5% and 14.7% as compared to 2024. Normalized profit attributable to
shareholders of PAO NOVATEK, excluding the effect of foreign exchange gains (losses),
amounted to RR 207 billion in 2025 as compared to RR 553 billion in 2024. The Group’s
Normalized profit in 2025 was significantly negatively affected by one-off non-cash items, the
effect of which amounted to RR 301 billion.
Net cash provided by operating activities of the Group amounted to RR 503 billion in 2025 as
compared to RR 357 billion in 2024, representing an increase of 40.9%. Our cash used for
capital expenditures amounted to RR 150 billion in 2025, which is 22.1% lower than in 2024.
Key performance indicators
(in millions of Russian roubles except as stated)
FY 2025
Financial results
Total revenues
Operating expenses
Normalized EBITDA
Profit attributable to shareholders of PAO NOVATEK
Normalized profit attributable to
shareholders of PAO NOVATEK,
excluding the effect of foreign exchange gains (losses)
Non-current assets
Non-current liabilities
Net debt (net cash position)
Production volumes
Hydrocarbons production (million barrels of oil equivalent)
Daily production (million barrels of oil equivalent per day)
Cash flow results
Net cash provided by operating activities
Cash used for capital expenditures
FY 2024
1,445,593
1,545,851
(1,132,469) (1,175,881)
859,306
1,007,614
183,027
493,491
206,548
553,402
2,818,673
323,609
(39,270)
3,105,657
397,700
141,607
503,328
150,253
357,142
192,970
Disclosable consolidated financial statements of PAO NOVATEK and the notes thereto are
available on the Company’s web site (www.novatek.ru/en/).
For further information, please visit http://www.novatek.ru or contact:
Press Service
Investor Relations
PAO NOVATEK is one of the largest independent natural gas producers in Russia, and in
2017, entered the global LNG market by successfully launching the Yamal LNG project.
Founded in 1994, the Company is engaged in the exploration, production, processing and
marketing of natural gas and liquid hydrocarbons. Upstream activities of the Company’s
subsidiaries and joint ventures are concentrated mainly in the prolific Yamal-Nenets
Autonomous Area, which is the world’s largest natural gas producing area and accounts for
approximately 80% of Russia’s natural gas production and approximately 15% of the world’s
gas production. NOVATEK is a public joint stock company established under the laws of the
Russian Federation.