• HYDROCARBON PRODUCTION AMOUNTED TO 182.6 MLN TOE

• LIQUID HYDROCARBON PRODUCTION TOTALED 134.7 MLN TONS

• GAS PRODUCTION TOTALLED 58.2 BCM

• EBITDA AMOUNTED TO RUB 1,641 BLN

• FREE CASH FLOW AMOUNTED TO RUB 591 BLN

Rosneft Oil Company (hereinafter, Rosneft, the Company) announces its results for 9M 2025 prepared in accordance with the International Financial Reporting Standards (IFRS).

Commenting on the results for 9M 2025, Igor Sechin, Chairman of the Management Board and Chief Executive Officer of Rosneft stated:

"During the reporting period, the Company operated in a deteriorating macroeconomic environment, including lower prices amid rising oil supply. 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.

Despite the negative macroeconomic environment, the protection of shareholders’ interests remains one of the Company’s main priorities. On November 17, the Board of Directors recommended that the General Shareholder Meeting, at an extraordinary absentee vote, should resolve to pay interim dividend of RUB 11.56 per share. In full compliance with the corporate dividend policy, a total of RUB 122.5 bln or 50% of H1 2025 net income is recommended to be distributed as dividends.

Operating Performance

Exploration and Production

9M 2025 liquid hydrocarbons production amounted to 134.7 mln tons (3.67 mln bpd), including 45.4 mln tons in Q3 2025. The indicator performance is primarily driven by the production cap in compliance with the decisions of the Russian Government.

The Company's 9M 2025 gas production amounted to 58.2 bcm (1.30 mln boepd). Greenfield projects in the Yamal-Nenets Autonomous Region commissioned in 2022 account for over a third of the Company's gas production.

As a result, the Company’s hydrocarbon production in 9M 2025 amounted to 182.6 mln toe (4.97 mln boepd).

9M 2025 production drilling footage exceeded 9 mln meters. Rosneft commissioned 2.2 th. new wells, 74% of which were horizontal.

In 9M 2025, Rosneft completed 1.2 th. km of 2D seismic and 3.5 th. sq. km of 3D seismic onshore. The Company completed testing of 38 exploratory wells with a success rate of 95%.

Vostok Oil Project

As part of the flagship Vostok Oil project, in 9M 2025, the Company completed 1.2 th. km of 2D seismic and 1.5 th. sq. km of 3D seismic.

The Company continues pilot development of the Payakhskoye and Ichemminskoye fields: in 9M 2025, production drilling footage was 101 th. meters, while 19 production wells were completed. Pilot production is carried out at the Payakhskoye and Ichemminskoye fields with produced crude transported in winter by trucks from the Payakhskoye field to Suzunskoye field.

Work is underway at the 'Vankor – Payakha – Sever Bay' trunk oil pipeline. As of the end of September 2025, 637 km of the pipeline were laid at design levels and 119 th. piles were installed. Underwater main and back-up sections of the pipeline crossing the Yenisey River were laid and backfilled. The shore reinforcement and engineering protection work is underway.

The construction of two cargo berths, as well as a berth for the port fleet at the Sever Bay Port terminal, is nearing completion. Construction of the first oil loading terminal continues, and construction of the second one has begun. Construction of a crude oil delivery and acceptance point at the Sever Bay Port, and of the Suzun and Payakha oil pumping stations is underway.

Refining

The refining volume amounted to 57.7 mln tons in 9M 2025. Decrease in the refining volume is attributable to the need for maintenance and repair works as well as to the optimization of refinery utilization amid the current pricing environment, logistics constraints and demand.

Rosneft continuously works to maintain a high level of reliability of its oil refining assets. In particular, the Company supplies the refineries with its own catalysts, which are necessary for the production of high-quality motor fuel. In 9M 2025, Rosneft produced 1.9 th. tons of catalysts for hydrotreatment of diesel fuel and gasoline fractions, as well as protective layer catalysts. Rosneft subsidiaries also produced 102 tons of gasoline reforming catalysts and 218 tons of catalysts for production of hydrogen, petrochemicals and adsorbents.

The Company is a key supplier of high-quality motor fuels for Russian consumers. In 9M 2025, 30.7 mln tons of petroleum products were supplied to the domestic market, including 9.5 mln tons of gasoline and 12.3 mln tons of diesel fuel.

Rosneft continues to actively participate in trading on the St. Petersburg International Mercantile Exchange. In the reporting period, 7.1 mln tons of gasoline and diesel fuel were sold on the exchange, which is 1.8 times higher than the required volume.

Financial Performance

The Company's revenue² in 9M 2025 decreased by 17.8% year-on-year, amounting to RUB 6,288 bln, due to declining oil prices and a stronger ruble. At the same time, 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. As a result, EBITDA in 9M 2025 decreased to RUB 1,641 bln.

The net income attributable to Rosneft’s shareholders amounted to RUB 277 bln in 9M 2025. The indicator is still negatively affected by the high level of the key rate. In addition, non-monetary and one-time factors negatively affected the indicator in the reporting period.

In 9M 2025, the Company's capital expenditure amounted to RUB 1,118 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 RUB 591 bln.

The net debt/EBITDA ratio at the end of September 2025 amounted to 1,3õ, which continues to remain at a level significantly below the minimum covenant under the loan agreements.

ESG

In the reporting period, the Company continued activities aimed at achieving sustainable development goals under the Rosneft-2030 Strategy.

Rosneft applies advanced technologies and state-of-the-art production methods to create a safe working environment and minimize the risk of occupational injuries and occupational illnesses. In 9M 2025, the Lost Work Injury Severity Rate (LWIS) decreased by 22%.

As a result of accident prevention measures taken, the number of incidents related to process safety at the Company’s subsidiaries sites decreased. In particular, in 9M 2025, the frequency rate of severe loss of containment events (PSER-1) reduced by 50% year-on-year.

Reproduction of aquatic biological resources is an integral part of environmental protection activities. In 9M 2025, the Group Subsidiaries released more than 16.5 mln juvenile fish of various species into water bodies in the regions of their operations.

Special attention is given to conservation and restoration of natural resources – over 9M 2025, employees of the Group subsidiaries planted more than 900,000 forest seedlings.

^{1 The updated average forecast of IEA and the US Department of Energy for Q4 2025 is 3.2 mln bpd, and for H1 2026 is 3.6 mln bpd. An increase in OPEC+ oil production quotas in September was 547 thousand bpd, and an increase in October–December was agreed at 137 thousand bpd monthly. At the same time, OPEC+ pauses oil output increase for Q1 2026.
2This includes sales revenue and income from associated organizations and joint ventures.}

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Rosneft Oil Company