Russia's Gazprom forecasts core profit to rise 6-7% in 2026

MOSCOW, June 26 (Reuters) - Russian energy giant Gazprom said it expects growth of 6-7% in core earnings this year thanks to an increase in domestic supplies and exports to China.

In 2025, Gazprom's EBITDA (earnings before interest, taxes, depreciation, and amortisation) reached 2.9 trillion roubles ($37.7 billion).

Once the largest natural gas supplier to the lucrative European market, Gazprom has been forced to diversify away its gas exports from Europe since the start of Russia's conflict with Ukraine in 2022 that has deepened economic and political rifts with the West.

Deputy CEO Famil Sadygov told an annual shareholders meeting that the company expects to increase gas supplies to Russia's domestic market by around 2% to 4%. Gazprom also sees gas exports to China rising this year, he said.

Efforts to significantly boost exports to China have stumbled on disagreements over price and other issues.

Gazprom supplied 38.8 billion cubic metres of gas to China via the Power of Siberia pipeline in 2025.

During President Vladimir Putin's visit to China in September, the countries ​agreed to increase annual volumes on the route by an additional 6 bcm to 44 bcm a year.

($1 = 76.8500 roubles)

(Reporting by Oksana Kobzeva; Writing by Gleb Stolyarov and Vladimir Soldatkin; Editing by Edwina Gibbs)