Transneft Reports Lower Oil Throughput

Transneft: A Stable Player in the Oil Transportation Sector with Attractive Dividends

Transneft Reports Q3 Revenue Growth of 4.5% and Operating Profit Increase of 11%

Transneft Added to New UK Sanctions List

Transneft Reports Decrease in Profit for 2025 and Q3 2025

Transneft Increases Tariffs by 5.1% Effective January 1

Transneft's first-quarter results were disappointing. The main negative is pressure on profitability. EBITDA declined slightly, and the margin narrowed to 42.9% amid rising expenses, primarily salaries. Net shareholder income decreased by 9% year-on-year, but the company's financial position remains one of the strongest in the market: the company has no debt, and its net cash position exceeds 300 billion rubles.

Transneft's EV/EBITDA is 40% below the historical average, with upside potential of ~33% including dividends. The key idea is to lock in the position before the market begins to reflect the impact of lower rates and a recovery in corporate profits. The conditions for revaluation may become significantly more favorable in the second half of the year.