S.N.T.G.N. Transgaz (TGN) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2025 rose to 1,287.8 million lei, up from 954.3 million lei in Q1 2024, driven by strong domestic and international transmission activities and higher balancing revenues.

• Net profit for Q1 2025 reached 516.6 million lei, doubling from 257.9 million lei in Q1 2024, with EPS at 2.74 lei versus 1.37 lei year-over-year.

• Operating profit before balancing and construction activities was 551.6 million lei, up from 261.6 million lei in Q1 2024.

Financial highlights

• Total assets as of 31 March 2025 were 10,797.8 million lei, slightly up from 10,769.4 million lei at year-end 2024.

• Equity increased to 4,904.1 million lei from 4,389.6 million lei at 31 December 2024.

• Cash and cash equivalents decreased to 964.8 million lei from 1,064.3 million lei at year-end 2024.

• Net cash from operating activities was 624.5 million lei, nearly double the 318.1 million lei in Q1 2024.

• Net cash used in investing activities was (326.0) million lei, and net cash from financing activities was (397.9) million lei.

Outlook and guidance

• The 2025 Revenue and Expense Budget and estimates for 2026–2027 were approved in April 2025.

• Dividend distribution for 2024 was approved, reflecting continued shareholder returns.