Novatek's H1 net profit drops 34% to 225.7 bln rubles, adjusted profit down 17% to 237 bln rubles

MOSCOW. July 30 (Interfax) - Novatek reported net profit of 225.7 billion rubles for H1 2025, down 34% from 341.7 billion rubles a year earlier, the company said.

The market had expected a result of 255 billion rubles. The closest forecast came from Gazprombank , which projected 221 billion rubles.

Adjusted profit excluding foreign exchange differences amounted to 237.06 billion rubles for the reporting period, compared to 285.6 billion rubles a year earlier (down 16.8%). The consensus forecast for this indicator, which is used in dividend calculations, was 229 billion rubles. The most accurate estimates came from Sovcombank and Tsifra Broker, both forecasting 235 billion rubles.

The basis for calculating Novatek's dividends is its net profit to International Financial Reporting Standards (IFRS), adjusted for non-core and non-cash items. The company's dividend policy stipulates payouts of no less than 50% of this figure. The published result supports interim dividends for H1 2025 in the amount of 39 rubles per share. For the same period last year, the company paid 35.5 rubles per share.

Revenue from sales increased 6.9% to 804.3 billion rubles, while adjusted EBITDA including the share in EBITDA of joint ventures over six months amounted to 471.8 billion rubles, which is 1.8% lower than in the same period of 2024. The market expected adjusted EBITDA including JV shares to be 462 billion rubles.

Net cash provided by the group's operating activities amounted to 195.7 billion rubles for 6M 2025, up 7.3% compared to the same period in 2024. Cash used for capital expenditures totaled 76.4 billion rubles for H1 2025 compared to 122 billion rubles a year earlier (down 38%).

Net debt declined 22% over the half-year to 108.4 billion rubles.