Press Releases and Events

NOVATEK Announces Financial Results for the Year Ended 31 December 2024

Moscow, 12 February 2025. PAO NOVATEK (“NOVATEK” and/or the “Company”) reported today disclosable consolidated financial statements for the year ended 31 December 2024.

In 2024, our total revenues and Normalized EBITDA, including our share in the EBITDA of joint ventures, amounted to RR 1,546 billion and RR 1,008 billion, respectively, representing increases of 12.7% and 13.2% as compared to 2023. Normalized profit attributable to shareholders of PAO NOVATEK, excluding the effect of foreign exchange gains (losses), amounted to RR 553.4 billion in 2024, which is 4.6% higher as compared to 2023.

Net cash provided by operating activities of the Group amounted to RR 357.1 billion in 2024, representing a decrease of 17.6% compared to 2023. Our cash used for capital expenditures amounted to RR 193.0 billion in 2024, which is 13.8% lower than in 2023.

Key performance indicators
(in millions of Russian roubles except as stated)

	FY 2024	FY 2023
Financial results
Total revenues	1,545,851	1,371,508
Operating expenses	(1,175,881)	(1,056,407)
Normalized EBITDA	1,007,614	889,835
Profit attributable to shareholders of PAO NOVATEK	493,491	463,031
Normalized profit attributable to shareholders of PAO NOVATEK, excluding the effect of foreign exchange gains (losses)	553,402	529,088
Non-current assets	3,105,657	2,656,935
Non-current liabilities	397,700	311,916
Net debt	141,607	9,244
Production volumes
Hydrocarbons production (million barrels of oil equivalent)	667	645
Daily production (million barrels of oil equivalent per day)	1,82	1,77
Cash flow results
Net cash provided by operating activities	357,142	433,316
Cash used for capital expenditures	192,970	223,797

Disclosable consolidated financial statements of PAO NOVATEK and the notes thereto are available on the Company’s web site (www.novatek.ru/en/).

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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.