Published on March 25, 2026
Novatek, Russia’s second-largest gas exporter, has reported a significant slump in profit for the year 2025, as indicated financial statements. The company’s net income plummeted by 2.7 times, plummeting from 493.4 billion rubles to just 183 billion rubles. This steep decline in profit marks a challenging year for the firm amidst a turbulent economic landscape.
In contrast to the drastic drop in net income, Novatek’s revenue displayed a less severe contraction. The total revenue for the company decreased by 6.4 percent, arriving at 1.445 trillion rubles. Additionally, normalized profit attributable to Novatek shareholders—excluding the effects of exchange-rate fluctuations—also saw a troubling downturn, amounting to 207 billion rubles. This figure, too, reflected a 2.7-fold drop compared to the previous year’s results.
On a more positive note, Novatek has resumed sales of liquefied natural gas (LNG) from its Arctic LNG 2 project during the latter half of the year. This initiative had previously been hampered , which hindered the company’s ability to secure buyers willing to navigate the restrictions for nearly eighteen months. The resumption of sales is a crucial development for Novatek as it seeks to rebound from the financial setbacks experienced over the past year. The Arctic LNG 2 project remains a key component of Novatek’s strategy to expand its influence in the global gas market.
As the company navigates these challenges, industry analysts will be watching closely to see how Novatek adapts to the evolving geopolitical landscape and the ongoing pressures facing Russia’s energy sector.