Transneft loses profits faster than it increases revenues The net profit of the parent company of the Transneft Group according to Russian accounting standards for the months January-September 2026 amounted to 88.2 billion rubles, which is 16% lower than the result of the corresponding period last year (105.2 billion rubles). The decrease in the index is due to the rapid growth of operating costs over attachment to rates, the reduction of interest income and the increase of the income tax rate. Major reasons for the decline in Transneft's profits are rapid growth in operating expenses. Oil pumping rates are up just 5.1% since the start of the year, while operating cost inflation has turned out to be higher. In particular, labor costs increased by 17.6%, and material costs by 19.1%, including due to attacks on infrastructure, which do not leave their mark on costs. Reduction of interest income. The financial income of the company decreased by 18.6% - to 40.3 billion rubles - against the background of a decrease in the central bank's key rate, which caused a decrease in the profitability of placed deposits. Increased tax burden. From the beginning of 2026, the income tax rate for Transneft PJSC was increased to 40% (valid until 2030 inclusive), which directly reduced the net profit. Reduced transport volumes. At the end of nine months, oil pumping decreased due to the OPEC+ agreement, as well as due to the damage and the forced shutdown of the Russian oil refinery, which limited the physical load of the pipeline system. Oil and capital we are in Max.

Transneft loses profits faster than it increases revenues The net profit of the parent company of the Transneft Group according to Russian accounting standards for the months January-September 2026 amounted to 88.2 billion rubles, which is 16% lower than the result of the corresponding period last year (105.2 billion rubles). The decrease in the index is due to the rapid growth of operating costs over attachment to rates, the reduction of interest income and the increase of the income tax rate. Major reasons for the decline in Transneft's profits are rapid growth in operating expenses. Oil pumping rates are up just 5.1% since the start of the year, while operating cost inflation has turned out to be higher. In particular, labor costs increased by 17.6%, and material costs by 19.1%, including due to attacks on infrastructure, which do not leave their mark on costs. Reduction of interest income. The financial income of the company decreased by 18.6% - to 40.3 billion rubles - against the background of a decrease in the central bank's key rate, which caused a decrease in the profitability of placed deposits. Increased tax burden. From the beginning of 2026, the income tax rate for Transneft PJSC was increased to 40% (valid until 2030 inclusive), which directly reduced the net profit. Reduced transport volumes. At the end of nine months, oil pumping decreased due to the OPEC+ agreement, as well as due to the damage and the forced shutdown of the Russian oil refinery, which limited the physical load of the pipeline system. Oil and capital we are in Max.