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Rosneft posts $3.5 bln net income under IFRS for 9M

The indicator is still negatively affected by the high level of the key rate, the company said, adding that non-monetary and one-time factors also negatively affected the indicator in the reporting period

MOSCOW, November 29. /TASS/. Rosneft's net income attributable to shareholders under International Financial Reporting Standards (IFRS) for the first nine months of this year amounted to 277 bln rubles ($3.5 bln) compared to 926 bln rubles in the previous year, the company reported. This represents an around 3.3-fold decrease.

The indicator is still negatively affected by the high level of the key rate, the company said, adding that non-monetary and one-time factors also negatively affected the indicator in the reporting period.

Revenue fell by 17.8% year-on-year, amounting to 6.288 trillion rubles ($81 bln), due to declining oil prices and a stronger ruble.

The company operated in a deteriorating macroeconomic environment, including lower prices amid rising oil supply, in the reporting period, Igor Sechin, Chairman of the Management Board and Chief Executive Officer of Rosneft, said. "It is worth noting that in November, international energy agencies once again raised their oil market surplus forecasts for Q4 2025 and H1 20261 despite a slowdown in OPEC production growth. Outpacing inflation of natural monopoly tariff indexation, increased costs of anti-terrorism security measures, high level of the Bank of Russia's key rate, and the strengthening of the ruble since the beginning of the year put additional pressure on the company's performance for 9M 2025," he was quoted as saying.

The rate of cost savings and expense reduction lagged behind the revenue dynamics, with one of the reasons being indexation of tariffs imposed by the natural monopolies, the company said. As a result, EBITDA decreased by 29% to 1.641 trillion rubles ($21 bln). Capital expenditure rose by 6.3% to 1.118 trillion rubles ($14.4 bln) due to the planned implementation of the investment program, primarily at the assets of upstream.

Free cash flow for the reporting period amounted to 591 bln rubles ($7.6 bln). The net debt/EBITDA ratio at the end of September 2025 amounted to 1,3х, which continues to remain at a level significantly below the minimum covenant under the loan agreements, Rosneft said.