Famil Sadygov: “Gazprom starts year 2025 confidently”
Famil Sadygov, Deputy Chairman of the Gazprom Management Committee:
“Gazprom started the year 2025 confidently. In January-March, the key financial indicators of the Group remained high.
The Gazprom Group's revenue for the first quarter of 2025 rose to RUB 2,809 billion. A significant contribution to the final result was made by the gas business, as its share in the Group's total revenue increased to 60 per cent versus 56 per cent recorded in the first quarter of 2024. The growth of export gas prices observed in the first quarter of 2025 helped offset the adverse effect of the downward trend in oil prices.
The EBITDA for January-March 2025 totaled RUB 844 billion. A positive factor that contributed to this figure was the reduction of tax payments due to the abolishment of the additional severance tax on gas. At the same time, the generation of EBITDA was held back by exchange losses on the operating items.
The Net Profit of the Gazprom Group increased to RUB 660 billion. The Net Profit was significantly influenced by, inter alia, the appreciation of the ruble, which created profit from exchange rate differences as a result of revaluation of foreign currency liabilities.
The Operating Cash Flow adjusted for changes in the amount of short-term bank deposits reached RUB 963 billion. The result was facilitated, inter alia, by the decrease in trade receivables.
The Operating Cash Flow was more than sufficient to cover the capital expenditures. As a result, the Free Cash Flow adjusted for deposits totaled RUB 273 billion, which is 32 per cent more than in the first quarter of 2024. The Free Cash Flow fully covered the interest payments on the Gazprom Group's debt obligations.
The Total Debt decreased by RUB 641 billion to RUB 6.1 trillion. The positive dynamics reflect the previously mentioned appreciation of the ruble. In addition, in the first quarter of 2025, the amount of debt repayment exceeded the amount of borrowings by RUB 87 billion.
Since the end of 2024, the Net Debt adjusted for deposits decreased by 10 per cent to RUB 5.1 trillion. The generated positive Free Cash Flow contributed to the decline of this indicator.
The (Adjusted) Net Debt/EBITDA ratio decreased to 1.68 against 1.83 observed at the end of 2024, reaching its minimum since the end of 2022.”