S.n.t.g.n. Transgaz Sa · BVB:TGN
S.n.t.g.n. Transgaz Sa — Investor Presentation (June 2026)
49 slides from S.n.t.g.n. Transgaz Sa's investor presentation, June 2026
Slide 1: General Presentation
GENERAL PRESENTATION We transport natural gas under efficiency and the utmost safety conditions! We support investment in people and the environment! June 2026
Slide 2: SNTGN Transgaz S.A. technical operator of the National Gas Transmission System
SNTGN TRANSGAZ S.A. is the licensed technical operator of the National Natural Gas Transmission System and ensures the performance in terms of efficiency, transparency, safety, non-discriminatory access and competitiveness of the national strategy established for domestic and international transmiss
Slide 3: History (I)
16 May 2022 - The European 2020 – Completion and 16 June 2023 - At the Investment Bank (EIB) and HISTORY (I) commissioning of the Bulgaria- Romania-Hungary-Austria BRUA TRANSGAZ signed an Agreement on the provision of headquarters of the Romanian Government, in the presence of Deputy Prime natural g
Slide 4: History (II)
HISTORY (II) 11 January 2024 – At the initiative of June 2024 - the limited liability The construction of the Borcea Arm and the SNTGN TRANSGAZ S.A., the meeting company TRANSPORT ROMANIA Danube undercrossings. In terms of its length of the natural gas Transmission System HIDROGEN S.R.L. (TRH) was a
Slide 5: Activities, Vision and Mission
ACTIVITIES ,VISION AND MISSION VISION SNTGN TRANSGAZ S.A. aims to strengthen its role as an internationally acknowledged gas transmission operator, leader on the regional energy market, with a modern national gas transmission system, integrated at European level and with a competitive management sys
Slide 6: Responsibility for the Future!
RESPONSIBILITY FOR THE FUTURE! In 2017, the establishment of EUROTRANSGAZ S.R.L. on the territory of the In 2018, VESTMOLDTRANSGAZ S.R.L. (VMTG) was acquired by EUROTRANSGAZ Republic of Moldova was approved for the successful participation in the S.R.L., with TRANSGAZ becoming the sole shareholder o
Slide 7: Responsibility for the Future!
Tradition, continuity, professionalism Visionary leadership, corporate governance Participative management Orientation towards business excellence Ethics, transparency, compliance Organizational learning Resilience and flexibility Added value and performance Strong focus on and quality of human reso
Slide 8: Shareholding
TRANSGAZ is the second major state-owned company in the utilities sector which, in order to achieve its strategic objectives, launched an initial public offering of shares in 2008. TRANSGAZ RATING: BBB WITH STABLE OUTLOOK SHAREHOLDING In June 2025, Fitch Ratings revised SNTGN TRANSGAZ S.A.'s outlook
Slide 9: TGN Stock Market Performance in 2008 – 29.05.2026
The positive evolution of TGN share price and market capitalization during 2008 - 29.05.2026 reflects both the investors’ confidence in the company's prospects and the favorable impact of the strategic decisions, financial results, and the legislative and economic context. TRANSGAZ has thus consolid
Slide 10: TGN Stock Performance on the Stock Market 05.01-29.05.2026
TGN shares are attractive portfolio shares due to the company’s core business, TRANSGAZ' monopoly position in natural gas transmission, the company's position on the national and international energy market, its robust financial profile and TRANSGAZ’ ability to generate performance, stable and predi
Slide 11: Corporate Governance
CORPORATE GOVERNANCE Advisory committees set up at the level of the Board of Administration: • The Nomination and Remuneration Committee; • The Audit Committee; • The Risk Management Committee; The governing bodies of TRANSGAZ are: • The NTS Regulatory, Safety and Security Committee; • General meeti
Slide 12: Social Responsibility Is a Clear Mission for Us
SOCIAL RESPONSIBILITY IS A CLEAR MISSION FOR US, A WAY OF DOING BUSINESS AND SUPPORTING SOCIAL COHESION! Sustainable community development - We are where there is a real need! • Education - We believe in the potential of the young generation and that is why we invest in their education! • Sport - We
Slide 13: Certifications
CERTIFICATIONS INDEPENDENT SYSTEM OPERATOR Internal/management control TRANSGAZ implemented the internal/managerial control system in accordance with GSG Order no. 600/2018 on the approval of the internal/managerial control code of public entities. In accordance with the unbundling requirements of t
Slide 14: Organisational Structure
ORGANISATIONAL STRUCTURE harta Transgaz TRANSGAZ is structured into functional entities (divisions, units, departments, offices, compartments, etc.) and production entities (9 regional offices, sectors, laboratories, working units, etc.). Share (%) SNTGN TRANSGAZ S.A. Parent company EUROTRANSGAZ S.R
Slide 15: Human Resources
HUMAN RESOURCES Special emphasis on the quality of human resources Evolution of personnel number The optimal sizing of the number of personnel within the company is correlated with the real human resources needs imposed by the operational 4.405 activities carried out by the company, with the upgradi
Slide 16: Efficient Research and Design Capabilities
EFFICIENT RESEARCH AND DESIGN CAPABILITIES The design and research activity includes extremely complex strategic activities aimed at: Upgrade and retrofit of the natural gas transmission system to increase safety; Increase in energy efficiency; Gas flow metering; Occupational and environmental prote
Slide 17: Main Components of the National Gas Transmission System
MAIN COMPONENTS OF THE NATIONAL GAS TRANSMISSION SYSTEM As at 31 March 2025: NTS INFRASTRUCTURE ❑ 14.330 km of main transmission pipelines and connections for natural gas supply, of which 481 km - BRUA gas pipeline and 308 km Tuzla – Podișor pipeline; ❑ 1.191 natural gas metering stations (1.298 met
Slide 18: Key Factors of the Activity
KEY FACTORS OF THE ACTIVITY CIRCULATED NATURAL GAS Circulated natural gas (including storage) - mil. cm 14.974 15.011 15.323 14.350 14.494 14.611 14.557 14.695 13.809 13.904 13.898 13.937 13.969 14.128 13.345 ian.25 feb.25 mar.25 Apr-25 mai.25 iun.25 iul.25 aug.25 sept.25 oct.25 nov.25 dec.25 ian.26
Slide 19: Key Factors of the Activity
KEY FACTORS OF THE ACTIVITY Price (lei/MWH) for natural gas consumption in the transmission system 231,58 256,73 212,51 139,40 147,87 151,06 156,20 159,75 173,80 173,40 171,89 149,12 147,88 176,04 190,38 ian.25 feb.25 mar.25 apr.25 mai.25 iun.25 iul.25 aug.25 sept.25 oct.25 nov.25 dec.25 ian.26 feb.
Slide 20: Strategic Objectives 2025-2029
STRATEGIC OBJECTIVES 2025-2029 As a certified natural gas transmission system operator under the Third Business continuity and investment projects Energy Package, since July 2010 TRANSGAZ is a member of ENTSOG Safeguarding and increasing energy security (European Network of Transmission and System O
Slide 21: Strategic Objectives 2025-2029
STRATEGIC OBJECTIVES 2025-2029 SNTGN TRANSGAZ S.A., as operator of the National Gas Transmission System (NTS), is interested in the potential of integrating hydrogen from To this end, the corridors that could be included in the "backbone" of the future renewable and low-carbon sources into the natur
Slide 22: 2024-2033 TYNDP Strategic Investments
2024-2033 TYNDP STRATEGIC INVESTMENTS MAJOR PROJECTS BENEFITS: ▪ integration of the natural gas market and interoperability of natural gas transmission systems in the region; ▪ increasing the flexibility of the European gas transmission system by the achievement of bidirectional interconnections; ▪
Slide 23: Major Development Projects for Natural Gas Transmission 2024-2033 (I)
MAJOR DEVELOPMENT PROJECTS for NATURAL GAS TRANSMISSION 2024-2033 (I) Estimated Project no. Completion Project Project value The importance of the project deadline status mil. Euro The expansion of the compressor stations in Podișor and Bibești will ensure a constant supply of Expansion of the Podis
Slide 24: Major Development Projects for Natural Gas Transmission 2024-2033 (II)
MAJOR DEVELOPMENT PROJECTS for NATURAL GAS TRANSMISSION 2024-2033 (II) Project Estimated Completion Project no. Project value The importance of the project deadline status mil. Euro Phase 1: Phase 1: EASTRING will be open to well-established sources as well as alternative sources. It will bring gas
Slide 25: Major Development Projects for Hydrogen Transmission 2024-2033
MAJOR DEVELOPMENT PROJECTS for HYDROGEN TRANSMISSION 2024-2033 Value Deadline Project Project Project estimated for Project importance no. status mil. Euro completion Upgrade of the Isaccea - Jupa pipeline for hydrogen Repurposing of natural gas transmission infrastructure to transport hydrogen mixe
Slide 26: Major Investments Completed in Recent Years
MAJOR INVESTMENTS COMPLETED IN RECENT YEARS Project value Year of No. Project name The importance of the project Sources of funding (million EUR) completion Development on the Romanian territory of the National Gas Transmission System on the Bulgaria – Romania – Hungary – Austria Corridor-BRUA Phase
Slide 27: Other Major Investment Works (NTS Extensions) Completed in Recent Years
OTHER MAJOR INVESTMENT WORKS (NTS EXTENSIONS) COMPLETED IN RECENT YEARS Project Completion No. Project name value Project importance year (mil. LEI) DN 500 CRAIOVA - SEGARCEA - BĂILEȘTI - PLENIȚA-CALAFAT GAS This pipeline section can ensure the gas supply to the 6 territorial administrative units: C
Slide 28: Commissionings in 2013-2025
COMMISSIONINGS IN 2013-2025 In line with shareholders' expectations regarding investment objectives, Transgaz's investment strategy and policy is reflected in the evolution of investments made between 2013 and 2025, amounting to lei 5,25 billion (equivalent to EUR 1,09 billion), following an upward
Slide 29: Investments in Progress at the Beginning of 2026
INVESTMENTS IN PROGRESS AT THE BEGINNING OF 2026 The value of the main investment works in 2026, in various phases: execution, tender, design – is Lei 8,72 billion (approx. EUR 1,71 billion at the exchange rate of 5.09 Lei/EUR), as follows: - 34% investment works in the design phase - Lei 3,00 billi
Slide 30: Vertical Corridor - Regional Cooperation Projects
VERTICAL CORRIDOR - REGIONAL COOPERATION PROJECTS The Vertical Corridor concept has been promoted by Romania by Transgaz since 2016 as a strategic initiative aimed at reducing total dependence on Russian gas and facilitating the supply of American LNG produced by American companies both in the Unite
Slide 31: Financing Sources
FINANCING SOURCES Considering the need to finance the complex and extensive investment program, The company is making sustained efforts to obtain non- SNTGN TRANSGAZ S.A. aims to achieve sustainable financial and operational reimbursable financial assistance for financing investment projects perform
Slide 32: International Cooperation
INTERNATIONAL COOPERATION International cooperation is fundamental for the company. ensures energy security ensures integration into promotes green strengthens Romania's facilitates access to and European the European energy transition and regional strategic role in the funds and technology diversif
Slide 33: Financial Results at 31.12.2025
FINANCIAL RESULTS AT 31.12.2025 Statement of separate comprehensive income as at 31.12.2025 Statement of separate financial position as at 31.12.2025 Statement of consolidated comprehensive income as at 31.12.2025 Statement of consolidated financial position as at 31.12.2025 Main indicators – consol
Slide 34: Statement of Separate Comprehensive Income 2025 (1)
FINANCIAL RESULTS AS AT 31.12.2025 STATEMENT OF SEPARATE COMPREHENSIVE INCOME AS AT 31.12.2025 (1) Changes 2023 THOUSAND LEI 2024 2025 2025/2024 restated Absolute Relative Revenue from operation before the balancing and construction activity according to IFRIC12 1.711.286 2.105.069 2.618.362 513.293
Slide 35: Statement of Separate Comprehensive Income 2025 (2)
FINANCIAL RESULTS AS AT 31.12.2025 STATEMENT OF SEPARATE COMPREHENSIVE INCOME AS AT 31.12.2025 (2) Changes 2023 THOUSAND LEI 2024 2025 2025/2024 restated Absolute Relative Revenue from domestic gas transmission 1.451.982 1.954.194 2.460.922 506.728 126% Revenue from international gas transmission 11
Slide 36: Statement of Separate Financial Position 2025
FINANCIAL RESULTS AS AT 31.12.2025 STATEMENT OF SEPARATE FINANCIAL POSITION AS AT 31.12.2025 2023 2024 2025 Changes 2025/2024 THOUSAND LEI restated Absolute Relative Non-current assets 6.704.560 8.382.143 9.575.684 1.193.541 114% Current assets 1.653.610 1.924.409 1.740.047 -184.362 90% Total assets
Slide 37: Statement of Consolidated Comprehensive Income 2025
FINANCIAL RESULTS AS AT 31.12.2025 STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME AS AT 31.12.2025 Changes 2023 THOUSAND LEI 2024 2025 2025/2024 restated Absolute Relative Operating revenue before the balancing and construction activity according to IFRIC12 1.784.240 2.305.477 2.916.566 611.089 127%
Slide 38: Statement of Consolidated Financial Position 2025
FINANCIAL RESULTS AS AT 31.12.2025 STATEMENT OF CONSOLIDATED FINANCIAL POSITION AS AT 31.12.2025 Changes 2023 2024 2025 2025/2024 THOUSAND LEI restated Absolute Relative NON-CURRENT ASSETS 7.090.823 8.725.834 9.912.083 1.186.249 114% CURRENT ASSETS 1.734.527 2.043.522 1.975.303 -68.219 97% TOTAL ASS
Slide 39: Main Indicators – Consolidated Statements 2025
FINANCIAL RESULTS AS AT 31.12.2025 2023 2024 2025 MAIN INDICATORS – CONSOLIDATED STATEMENTS AS AT 31.12.2025 (restated) EBITDA margin 28,68% 37,88% 43,59% Turnover 2023-2025 EBITDA to equity ratio 15,25% 21,30% 27,69% Gross profit margin 10,21% 20,10% 33,32% 3.125.354 2.408.559 Return on equity 5,07
Slide 40: Interim Financial Statements for Q1 2026 (Unaudited)
A RESPONSIBLE COMPANY, A COMPANY OF THE FUTURE! INTERIM FINANCIAL STATEMENTS FOR Q1 2026 (UNAUDITED) Prepared in accordance with IFRS - EU 40
Slide 41: Statement of Separate Comprehensive Income as at 31.03.2026 (1)
Statement of separate comprehensive income as at 31.03.2026 (1) MAIN INDICATORS 31.03.2026 31.03.2025 CHANGES THOUSAND LEI (unaudited) (unaudited) 31.03.2026/31.03.2025 Absolute Relative Operational income before the balancing and construction activity according to IFRIC12 851.177 950.116 -98.939 90
Slide 42: Interim Separate Statement of Comprehensive Income as at 31.03.2026 (2)
Interim separate statement of comprehensive income as at 31.03.2026 (2) MAIN INDICATORS CHANGES 31.03.2026 31.03.2025 THOUSAND LEI (unaudited) (unaudited) 31.03.2026/31.03.2025 Absolute Relative Revenues from domestic gas transmission activity 801.116 907.762 -106.646 88% Other revenues 50.062 42.35
Slide 43: Interim Separate Statement of Financial Position as at 31.03.2026
Interim separate statement of financial position as at 31.03.2026 CHANGES 31.12.2025 31.03.2026/31.12.2025 THOUSAND LEI 31.03.2026 Absolute Relative FIXED ASSETS 9.518.907 9.575.684 -56.777 99% CURRENT ASSETS 1.938.881 1.740.047 198.834 111% TOTAL ASSETS 11.457.789 11.315.731 142.058 101% EQUITY 5.1
Slide 44: Interim Consolidated Statement of Comprehensive Income as at 31.03.2026
Interim consolidated statement of comprehensive income as at 31.03.2026 MAIN INDICATORS Consolidated Consolidated CHANGES THOUSAND LEI 31.03.2026 31.03.2025 2026/2025 Absolute Relative Operating revenue before the balancing and construction activity according to IFRIC12 979.533 1.053.140 -73.607 93%
Slide 45: Interim Consolidated Statement of Financial Position as at 31.03.2026
Interim consolidated statement of financial position as at 31.03.2026 Differences 31.03.2026 31.12.2025 THOUSAND LEI 31.03.2026/31.12.2025 Absolute Relative FIXED ASSETS 9.830.441 9.912.083 -81.642 99% CURRENT ASSETS 2.227.007 1.975.303 251.704 113% TOTAL ASSETS 12.057.448 11.887.386 170.062 101% EQ
Slide 46: Main Indicators
Main indicators 31.03.2026 compared to 31.03.2025 1Q2025 1Q2026 EBITDA in total sales 56,23% 57,15% 1.069.763 EBITDA in total equity 12,71% 9,99% 901.401 Gross profit ratio 50,46% 41,08% Return on capital 9,58% 6,05% Current liquidity ratio 1,31 1,37 Quick liquidity ratio 0,92 0,97 Leverage 61,70% 6
Slide 47: Involvement in Major National and European Associations
INVOLVEMENT IN MAJOR NATIONAL AND EUROPEAN ASSOCIATIONS EUROPEAN ASSOCIATIONS NATIONAL ASSOCIATIONS European Hydrogen Backbone 47
Slide 48: Organizational Relationships
ORGANIZATIONAL RELATIONSHIPS MAIN DOMESTIC AND FOREIGN PARTNERS MAIN FOREIGN PARTNERS MAIN DOMESTIC PARTNERS 48
Slide 49: gas
gas ‘transmission T (AG, AC, Ac SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE “TRANSGAZ” SA Capital social: 1.883.815.040,00 lei ‘ORC: 132/301/2000; C.LF.: RO 13068733 P-ta C.l. Motas, nr-1, cod 551130, Medi Tel: 0040 269 803333, 803334, Fax: 0040 269 839029 ttp://www.transgaz.fo; E-mail: cabinet