Gazprom Stock (GAZP): 2025 Results, the Europe-to-Asia Pivot and Board Talking Points

Overview

Gazprom (Газпром) is Russia's state-controlled natural-gas producer and gas-transmission operator, with an integrated oil arm in its listed subsidiary Gazprom Neft. Its ordinary shares trade on the Moscow Exchange (MOEX) under the ticker GAZP and remain one of the most widely held blue chips in Russian retail portfolios, as well as a heavyweight in the MOEX benchmark index. Gazprom's London-listed depositary-receipt (GDR) programme was suspended and then terminated during 2022; since then the shares trade domestically on MOEX only. This page is a dated, sourced reference to the company's most recent reported results and to the topics Russian retail investors tend to discuss. It is informational, it is not investment advice, and it does not indicate whether anyone should buy, hold or sell any security.

Recent reported performance (2025, IFRS)

For the 2025 financial year, Gazprom reported net profit of roughly 1.307 trillion rubles under IFRS, up about 7% from roughly 1.2 trillion rubles in 2024 (Gazprom IFRS results, reported early 2026). Revenue declined about 8.8% to roughly 9.771 trillion rubles from about 10.7 trillion rubles a year earlier, and EBITDA fell about 6% to around 2.92 trillion rubles. Results commentary attributed the higher net figure partly to a stronger rouble, which reduced the rouble cost of servicing foreign-currency debt even as the top line contracted; the revenue decline chiefly reflected lower European sales volumes.

The operating story behind the headline is a change in export geography. Gazprom's pipeline-gas exports to Europe fell about 44% in 2025 — described in results coverage as the lowest level since the mid-1970s — while pipeline supplies to China exceeded the 2024 volume by about 24.8% and domestic Russian gas sales rose about 8%. The listed oil subsidiary Gazprom Neft reported 2025 IFRS net profit of about 246 billion rubles on revenue of about 3.607 trillion rubles. Taken together, the 2025 numbers describe a company earning more in rouble terms on a smaller, re-routed revenue base.

Market-structure context (neutral, dated)

Gazprom shares a market-structure history with most large Russian issuers. Foreign depositary programmes (LSE and US GDRs/ADRs) were terminated in 2022, after which the underlying shares trade principally on the Moscow Exchange. On 12 June 2024, the US Office of Foreign Assets Control (OFAC) designated the Moscow Exchange itself, together with its clearing and settlement companies, which ended exchange-based trading in US dollars and euros on MOEX. These are structural facts about where and how the shares change hands, recorded here without political interpretation.

Sanctions context (neutral, dated)

As of the 2026 research window, Gazprom as the MOEX-listed entity is subject to EU and UK sectoral and financing restrictions rather than a full US SDN (blocking) designation of the listed company; its foreign GDR programmes were terminated in 2022 and it remains state-controlled. Sanctions programmes are amended from time to time, so readers should confirm the current status against primary sources — OFAC, the EU Official Journal and the UK sanctions list.

Share trading and investor context

On MOEX, GAZP is quoted and settled in Russian rubles, with settlement through the National Settlement Depository; since the 12 June 2024 measures the shares no longer trade on the exchange against US dollars or euros, and non-resident access has been restricted since 2022. For retail holders the dominant question remains the dividend: Gazprom's distribution record since 2022 has been uneven, reflecting heavy investment needs and the revenue reset described above, so each board payout decision is watched closely at results time. Nothing here should be read as guidance on accessing or transacting in the shares — it is descriptive market context only.

What retail boards discuss

Russian-language discussion of GAZP tends to gather around a few durable themes rather than any single headline. On retail-investor venues such as Smart-Lab (smart-lab.ru) and MFD (mfd.ru), and in broker research feeds, recurring threads track the dividend question — whether Gazprom distributes, and how much, given heavy capital spending and the revenue contraction; the economics of the Asian pivot, weighing new China-bound volumes and the prospect of additional pipeline capacity against lost European sales; the sensitivity of reported profit to the rouble; and the tax and export-duty environment for gas. The steady "прогноз" (forecast) search demand reflects continuing interest in analyst price forecasts; this reference neither publishes nor endorses any price target. The description above is a neutral synthesis of the shape of that discussion and does not reproduce or endorse any individual post or author.

Related Russian issuers

Readers comparing large MOEX blue chips often also follow the oil majors Lukoil and Tatneft, and the country's largest bank Sberbank.

Disclaimer

This page is an informational reference compiled from publicly reported company results and market data as of mid-2026. It is not investment advice, an offer or a solicitation, and it does not recommend buying, holding or selling any security. Figures are as reported by the sources named and may be revised. Confirm current sanctions designations and financial data against primary sources before relying on them.