SNGN Romgaz (SNG) Q3 2026 earnings summary

Executive summary

• 9M 2026 net profit was RON 2,217.7 million, down 8.90% YoY; revenue was RON 5,700.6 million, down 5.74%, while higher taxes and duties weighed on results.

• Neptun Deep advanced toward first gas in H1 2027; the Azomureș fertilizer business was acquired on September 1, with production targeted for H1 2027.

Financial highlights

• 9M revenue was RON 5,700.6 million versus RON 6,047.6 million; profit before tax fell 15.64% to RON 2,448.5 million and net profit fell 8.90%.

• 9M EBIT was RON 2,264.8 million, down 19.34%; EBITDA was RON 2,849.7 million, down 14.05%; EPS was RON 0.58 versus RON 0.63.

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

• 9M operating cash flow was RON 2,407.7 million, down 2.91%; investing cash outflow was RON 1,842.6 million and financing cash outflow was RON 864.8 million.

• Adjusted for the RON 126.0 million net gain from releasing trade-receivable impairment allowances, reported net profit benefited from collections of amounts due from government ministries.

Outlook and guidance

• Neptun Deep first gas is expected in H1 2027, with production plateau targeted by end-Q3 2027; the project remains on schedule.

• Fertilizer production is targeted to resume in H1 2027 after preparatory works, maintenance and inspections at the acquired Azomureș facility.

• The CTE Iernut investment must be commissioned by December 31, 2026 to avoid repayment of the RON 292.4 million collected under the National Investment Plan grant; reimbursement eligibility extends to June 30, 2027.