Company DigestCompaniesLast updated: 20 March 2026

Lukoil Reports 2025 Results: Full Write-Off of the Lukoil International Investment, RUB 1.66 Trillion Impairment and a Recommended Dividend of 278 Rubles per Share

PJSC Lukoil (ПАО «Лукойл») reported its financial results for 2025 on March 20, 2026: a full write-off of the company's investment in its subsidiary Lukoil International GmbH as a consequence of U.S. sanctions, an impairment loss of 1.66 trillion rubles, revenue down 15% to 3.8 trillion rubles and a net loss exceeding 1 trillion rubles. Together with the results, the board of directors recommended a dividend of 278 rubles per share; the shareholder register closes on May 4, 2026 and the payment is to be completed by May 19, 2026.

Full write-off of the investment in Lukoil International GmbH

MOSCOW, March 20, 2026 — Lukoil (ПАО «Лукойл») has published its financial results for 2025. The central item of the reporting period is the full write-off of the company's investment in Lukoil International GmbH, its subsidiary outside Russia. The write-off follows the U.S. sanctions imposed on the subsidiary and is recognised in the 2025 accounts as an impairment loss of 1.66 trillion rubles, the largest single charge in the results.

The announcement places the sanctions-driven charge at the centre of the year's reporting: because the investment in Lukoil International GmbH is written off in full, the impairment loss of 1.66 trillion rubles flows directly into the bottom line of the 2025 results. Corporate announcements, results materials and media information of the company are published on its website at https://www.lukoil.com/.

Revenue, net loss and the key figures of 2025

Beyond the impairment, the results show a contraction of the top line and a negative bottom line for the year. Revenue fell 15% to 3.8 trillion rubles, while the net loss for 2025 exceeded 1 trillion rubles, reflecting the impairment charge described above. The principal reported figures are as follows:

revenue: 3.8 trillion rubles, down 15% year on year;
net loss: more than 1 trillion rubles for 2025;
impairment loss from the full write-off of the investment in Lukoil International GmbH: 1.66 trillion rubles;
production cited in the results coverage: 3.9 million tonnes of oil and gas.

Taken together, the figures describe a reporting year in which the operating business continued to produce and sell oil and gas while the sanctions-related charge on the foreign investment determined the financial outcome of 2025.

Dividend of 278 rubles per share: recommendation, approval and payment dates

Alongside the annual results, the board of directors recommended a dividend of 278 rubles per share for 2025. The recommendation was subsequently put to the shareholders, and the payment calendar was fixed around the register close date of May 4, 2026. The sequence of dividend events stands as follows:

March 20, 2026 — the board of directors recommends a dividend of 278 rubles per share for 2025 together with the annual results;
April 23, 2026 — the shareholders approve the final dividend of 278 rubles per share for 2025 at the annual general meeting;
May 4, 2026 — the shareholder register closes for the purposes of the payment;
May 19, 2026 — the deadline by which the dividend payment is to be completed.

Dividend parameters at a glance

dividend per share: 278 rubles;
reporting period covered: 2025;
register close date: May 4, 2026;
payment completion deadline: May 19, 2026.

The approved amount of 278 rubles per share matches the board's recommendation announced with the results, so the dividend parameters remained unchanged between the recommendation of March 20, 2026 and the shareholders' approval of April 23, 2026.

Production context in the results coverage

The coverage of the 2025 results also cited a production figure of 3.9 million tonnes of oil and gas. This figure frames the operating side of the business in the same reporting period in which the sanctions-related write-off shaped the financial statements: production continued while the investment in Lukoil International GmbH was removed from the balance sheet in full.