SNGN Romgaz (SNG) Q3 2025 earnings summary

Executive summary

• Achieved record net profit for the first nine months and Q3 2025, driven by strong operational and financial performance, with net profit margin at 40.3% and EBITDA margin at 54.8%.

• Gas production reached 3.68 BCM (+0.1% YoY), with market share rising to nearly 65% of total Romanian consumption and 80% of domestically produced gas.

• Total revenue increased 7.42% YoY to RON 6,048 million, mainly from higher gas sales and storage services.

• Advanced decarbonization strategy and significant investments in green energy and infrastructure, including a memorandum for up to 400 MW of green energy projects.

• Romgaz shares surged over 90% on the Bucharest Stock Exchange in 2025.

Financial highlights

• Revenues for 9M 2025 reached RON 6,048 million (+7% YoY); Q3 revenues were RON 1,800 million (+4% YoY).

• Net profit for 9M 2025 was RON 2,434 million (+7% YoY); Q3 net profit was RON 755 million (+73% YoY).

• EBITDA for 9M 2025 was RON 3,315 million (+9.45% YoY); Q3 EBITDA was RON 1,008 million (+50% YoY).

• Main taxes paid in 9M 2025 decreased by 16.5% YoY; windfall profit tax expense dropped 24% YoY to RON 597 million.

• Strong cash position at end-September 2025: RON 3,566 million in cash and deposits, net cash position of RON 342 million.

Outlook and guidance

• Neptun Deep offshore project progressing on schedule, with first gas expected in 2027.

• Decarbonization strategy targets net-zero emissions by 2050, with phased investments exceeding EUR 2.5 billion.

• Estimated gas sales at regulated prices: 10.6 TWh in Q4 2025 and 9.67 TWh in Q1 2026.

• Iernut power plant completion targeted for end of next year, pending procurement and contracting processes.

• Fitch Ratings maintained BBB- rating with negative outlook.