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

Executive summary

• Interim and consolidated financial statements for the nine months ended 30 September 2025 show strong performance, with net profit up 471% year-over-year and EBITDA rising 191%.

• Revenue growth was driven by increased capacity booking, commodity component, balancing activity, and higher domestic and Moldova transmission activity.

• Major development projects and strategic investments are underway, focusing on expanding transmission capacity, interconnections, and hydrogen infrastructure.

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

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

Financial highlights

• Consolidated net profit for 9M 2025 surged by 471% to 681,945 thousand lei; EBITDA increased by 191% to 885,183 thousand lei.

• Total revenue from domestic transmission: 1.79 billion lei (up from 1.27 billion lei year-over-year); Moldova transmission: 193.1 million lei.

• Revenues from balancing activity increased by RON 560 million year-over-year.

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

• Cash generated from operations: 1.01 billion lei (up from 581.3 million lei year-over-year).

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, hydrogen corridors, and interconnections.

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

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

• Investments of EUR 2.54 billion planned for 2024-2025, with ongoing infrastructure modernization and expansion.