Russia is contending with some of analysts’ bleakest projections as major companies post downbeat financial results.
Lukoil, the country’s leading oil producer, reported a sharp deterioration in the first half of 2025. Net profit fell by half to 287 billion rubles, compared with nearly twice that amount a year earlier.
Analysts’ forecasts largely aligned with the outcome. A consensus compiled by pro-Kremlin Interfax put net profit around 280 billion rubles, while Renaissance Capital’s estimate of 290 billion proved the closest.
Other key metrics also declined. Total revenue slid nearly 17% to 3.6 trillion rubles. EBITDA dropped 1.6 times to 606.2 billion rubles, below analysts’ expectations of 656 billion.
The downturn at one of Russia’s biggest oil players underscores broader pressures: sanctions, export constraints and weaker prices are forcing the Kremlin and affiliated companies to operate in increasingly challenging conditions. Despite Moscow’s assertions of “economic stability,” results from top corporates point to mounting strain, with even giants like Lukoil taking multibillion-ruble hits.
