SNGN Romgaz (SNG) investor relations material

Executive summary

• Revenue increased 9% year-over-year to RON 4,248 million in H1 2025, driven by higher gas deliveries and a market share of over 47% of national consumption.

• Net profit declined 8.6% to RON 1,679 million, mainly due to higher expenses, increased taxes, and a lower average gas sales price.

• EBITDA margin was robust at 54%, with net profit margin at 39.5% for H1 2025.

• Major investments continued, especially in the Neptun Deep offshore project, with first gas expected in 2027.

• The company maintained a strong balance sheet, with equity up 7.58% and significant cash reserves.

Financial highlights

• Gas sales volumes increased 12.6% year-over-year to 2.53 bcm, with revenues up 9% to RON 4,248 million.

• Net profit margin: 39.5%; EBITDA margin: 54.3%; ROE: 22% at end-June 2025.

• Cash and cash equivalents at period end: RON 1,442 million; net cash position: RON 1,056 million.

• Dividend payout ratio for 2024 at 19.6%, with RON 604 million approved for distribution in July 2025.

• H1 2025 CAPEX RON 1.89 billion, mainly for Neptun Deep and production modernization.

Outlook and guidance

• Neptun Deep project on track for first gas in 2027, expected to produce up to 8 bcm annually at plateau.

• 2025 investment program totals RON 5,089 million, with 74% of H1 targets achieved.

• Regulated price sales expected to be 84% of total sales in 2025 and over 87% in 2026.

• Storage capacity reservation projected to reach nearly 100% by end of injection cycle (October 2025).

• ESG strategy targets at least 10% emissions reduction by 2030 and net zero CO₂ by 2050.