Moscow, Russia – Russia’s energy giant Gazprom posted a net income of 134.2 billion roubles ($1.72 billion) for the third quarter of 2025, rebounding from a net loss of 53 billion roubles in the same period last year, the company announced on Friday.

The improved results were largely supported by government measures easing Gazprom’s tax burden, following the company’s loss of its European gas pipeline market after the outbreak of the Ukraine conflict in February 2022.

Despite the rebound, the net income fell short of analyst expectations, with Interfax polling forecasts of around 200 billion roubles. Gazprom’s shares rose modestly, up 1.13% to 125.46 roubles on the Moscow Stock Exchange after the earnings release.

Revenue for the third quarter reached 2.18 trillion roubles, slightly down from 2.4 trillion roubles in Q3 2024. For the first nine months of the year, Gazprom’s net income increased by nearly 13% year-on-year, reaching 1.12 trillion roubles.

The results highlight the resilience of Russia’s state-backed energy companies amid international sanctions and shifting global energy markets, though the loss of European pipeline exports continues to reshape the company’s revenue structure.