SNGN Romgaz (SNG) investor relations material

Executive summary

• 9M gas production was 3,600.2 million m³, down 2.06% YoY; the annual strategic decline target is 2.5%.

• 9M revenue was RON 5,700.6 million, down 5.74%, and net profit was RON 2,217.7 million, down 8.90% YoY.

• Neptun Deep remained on schedule for first gas in H1 2027, with plateau production targeted by end-Q3 2027.

Financial highlights

• 9M EBITDA was RON 2,849.7 million, down 14.05%; EBIT was RON 2,264.8 million, down 19.34%.

• Q3 revenue rose 1.01% YoY to RON 1,817.6 million; EBITDA fell 23.33% to RON 772.5 million and net profit fell 36.20% to RON 481.8 million.

• 9M gas revenues declined 9% as volumes sold fell 6%, reflecting lower volumes and regulated prices.

• 9M windfall tax was RON 724.6 million and royalties RON 461 million; combined taxes were RON 1,186 million, up 16% YoY.

• Total taxes and duties were RON 1,221.2 million, up 16.00% YoY.

Outlook and guidance

• Neptun Deep first gas is expected in H1 2027, with plateau output targeted by end-Q3 2027; projected plateau production is 8 bcm annually for almost 10 years.

• Iernut plant synchronization is targeted for Q1 2027, subject to testing readiness; missing the Dec. 31, 2026 commissioning deadline risks repayment of the RON 292.4 million grant.

• Fertilizer production at Azomureș is targeted to resume in H1 2027 after preparatory work, maintenance and inspections.

• Most gas volumes were contracted for Q4 2026 and Q1 2027 under the RON 110/MWh obligation; no volumes were contracted beyond Q1 2027.

• Mature-field declines are targeted to stay within 2.5% in 2027–2028 through investment and new wells.