Russian oil major Lukoil posts sharp reversal to loss in 2025

Lukoil reported a net loss of 1.06 trillion rubles (approximately $11.8 billion) for 2025, a sharp reversal from the 851.5 billion rubles ($9.5 billion) net profit recorded in 2024, according to the company’s financial statements.

The company’s revenue declined by 15% year-on-year, falling to 3.8 trillion rubles ($42.2 billion), reflecting weaker financial performance over the reporting period.

At the same time, Lukoil significantly reduced its net debt by 78%, bringing it down to 226 billion rubles ($2.5 billion), indicating efforts to strengthen its balance sheet despite losses.

A key factor behind the negative result was a large impairment: the company recognised a loss of 1.667 trillion rubles ($18.5 billion) related to its subsidiary LUKOIL International GmbH.

Despite the loss, the board of directors recommended paying dividends for 2025, proposing a payout of 278 rubles ($3.1) per ordinary share.

By Tamilla Hasanova