S.N.T.G.N. Transgaz (TGN) Q2 2025 earnings summary

Executive summary

• Revenue for H1 2025 rose to 2.18 billion lei, up from 1.82 billion lei year-over-year, driven by higher tariffs, volumes, and increased domestic and Moldovan transmission activity.

• Net profit surged to 519 million lei from 184 million lei in the prior year, reflecting strong operational performance and a gain from the Petrostar acquisition.

• EBITDA increased 181% to 719.4 million lei, with EBITDA margin in total sales rising to 45.55% from 37.55% year-over-year.

• The group completed the acquisition of a 51% stake in Petrostar S.A. in May 2025, expanding engineering and consultancy capabilities.

• Major strategic investments and a positive credit outlook support expansion and diversification.

Financial highlights

• Turnover for H1 2025 was 1,579.3 million lei, up 49% year-over-year.

• Revenue from domestic transmission: 1.34 billion lei (up from 942 million lei year-over-year).

• Revenue from Moldovan transmission: 147 million lei (up from 77 million lei year-over-year).

• Balancing revenues more than doubled to 234 million lei.

• Basic and diluted EPS: 2.75 lei/share (up from 0.98 lei/share year-over-year).

Outlook and guidance

• Regulated revenue for natural gas transmission set at 2,005 million lei for Oct 2024–Sep 2025, up from 1,647 million lei in the prior period.

• Strategic objectives include major infrastructure investments, hydrogen transmission, and compliance with EU energy directives.

• Major infrastructure investments continue, supported by new syndicated loans and EU grants.