Press Releases and Events

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	FY 2024
Financial results
Total revenues	1,445,593	1,545,851
Operating expenses	(1,132,469)	(1,175,881)
Normalized EBITDA	859,306	1,007,614
Profit attributable to shareholders of PAO NOVATEK	183,027	493,491
Normalized profit attributable to shareholders of PAO NOVATEK, excluding the effect of foreign exchange gains (losses)	206,548	553,402
Non-current assets	2,818,673	3,105,657
Non-current liabilities	323,609	397,700
Net debt (net cash position)	(39,270)	141,607
Production volumes
Hydrocarbons production (million barrels of oil equivalent)	673	667
Daily production (million barrels of oil equivalent per day)	1.84	1.82
Cash flow results
Net cash provided by operating activities	503,328	357,142
Cash used for capital expenditures	150,253	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/).

---

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.