What is Gazprom's forecasted core profit growth for 2026, and what are the main drivers cited in the news?

Gazprom forecasts a 6–7% rise in core earnings (EBITDA) for 2026, driven primarily by increased domestic gas supplies—expected to grow by around 2% to 4%—and higher exports to China. The company supplied 38.8 billion cubic metres (bcm) of gas to China via the Power of Siberia pipeline in 2025, and following an agreement during President Putin’s September visit to China, annual volumes on that route are set to increase by an additional 6 bcm to reach 44 bcm per year.

How has Gazprom’s export strategy shifted since 2022, and what challenges remain in expanding gas sales to China?

Since the start of Russia’s conflict with Ukraine in 2022, Gazprom has been forced to diversify away from its historically dominant European market due to deepening economic and political rifts with the West. Its current pivot focuses on boosting domestic supply and expanding exports to China; however, efforts to significantly increase those exports have 'stumbled on disagreements over price and other issues', as noted in the report.

Russia's Gazprom Forecasts Core Profit to Rise 6-7% in 2026

Jun 26, 2026

Gazprom forecasts a 6-7% rise in core profits driven by increased domestic supply and Chinese exports. Following 2025 deliveries of 38.8 billion cubic metres, annual volumes to China are set to increase by 6 bcm.

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Russia's Gazprom Forecasts Core Profit to Rise 6-7% in 2026

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