SNGN Romgaz (SNG) Q4 2025 earnings summary

Executive summary

• Achieved record annual net profit of RON 3.35 billion in 2025, up 4.39% year-over-year, with the highest net profit margin in company history at 41.7%.

• Total revenues exceeded RON 8 billion, a 1.2% increase from 2024, driven by strong upstream performance, higher gas volumes sold, and increased storage and electricity sales.

• Maintained a leading market position in Romania and CEE, supplying over 50% of domestic gas and operating 91% of underground storage.

• Advanced major strategic projects, including Neptun Deep offshore development and a new high-efficiency power plant, with significant investments in renewables, hydrogen, and CCS.

• Approved a comprehensive decarbonization strategy targeting net zero by 2050.

Financial highlights

• Net profit reached RON 3.35 billion, up 4.39% from 2024, with a net profit margin of 41.7%.

• EBITDA was RON 4,406 million (+8% y/y), with an EBITDA margin of 54.9%; EBIT margin was 46.2%.

• Gas sales revenue was over RON 6.9 billion, marginally down 0.3% despite a 5.5% increase in volumes sold.

• Storage services revenue rose 10% to RON 562 million; electricity revenue increased nearly 2% to RON 382 million.

• Main tax expenses decreased 26.3% year-over-year, mainly due to lower windfall tax and royalties.

Outlook and guidance

• Production for 2026 expected to remain stable at around 4.9 BCM, maintaining the 2.5% decline threshold.

• First gas from Neptun Deep expected in 2027, positioning Romania as the EU's top gas producer.

• New power plant scheduled for completion by end-2026, with technical readiness targeted for October 2026.

• Decarbonization strategy aims for 180 MW RES by 2030 and 1,180 MW by 2050, with phased investments over EUR 2.5 billion.

• About half of 2026 production likely to be sold at regulated prices, with Q1 2026 already at over 80%.