S.N.T.G.N. Transgaz (TGN) Q3 2025 earnings summary

Executive summary

• Interim and consolidated financial statements as of 30 September 2025 show strong performance, with gross profit up 37% and net profit up 471% year-over-year, driven by higher transmission activity and inflation adjustment gains.

• Major development projects and strategic investments are underway, focusing on infrastructure expansion, modernization, and hydrogen integration.

• Stock market performance was outstanding, with the share price reaching an all-time high and market capitalization more than doubling since January 2025.

• The group completed the acquisition of a 51% stake in Petrostar SA, resulting in a bargain purchase gain.

Financial highlights

• Consolidated net profit for 9M 2025 surged by 471% to 681.9 million lei; EBITDA increased by 191% to 885.2 million lei.

• Turnover increased by 45% year-over-year to 2.08 billion lei; domestic transmission revenue rose to 1.79 billion lei.

• Revenues from balancing activity rose by RON 560 million, with a 14% increase in gas transmitted.

• Financial income nearly doubled, mainly due to a 229.7 million lei gain from inflation adjustment of the concession receivable.

• Cash generated from operations reached 1.01 billion lei, with cash and cash equivalents at 743.4 million lei at period end.

Outlook and guidance

• Financial indicators for 2025-2029 approved, aligned with corporate governance and regulatory requirements.

• Strategic focus on major infrastructure projects, including compressor stations, new pipelines, and hydrogen corridors.

• RON 300 million correction to be staggered over two years (2026-2028), with an additional RON 60 million efficiency gain included.

• The National Energy Regulatory Authority approved the updated 2024-2033 Development Plan and new regulated tariffs effective 1 October 2025.

• Continued focus on investment and development, with EUR 2.54 billion planned for 2025.