Societatea Nationala De Gaze Naturale Romgaz S.a. · BVB:SNG
Societatea Nationala De Gaze Naturale Romgaz — Romgaz — 9M 2025 Earnings Presentation
38 slides from Societatea Nationala De Gaze Naturale Romgaz's earnings presentation, November 2025
Slide 1: Investors Presentation 9M / Q3 2025
Investors Presentation 9 Months / the 3rd Quarter of 2025 https://www.romgaz.ro/en/summary-results-and-presentations-investors November 2025 1
Slide 2: Disclaimer
Disclaimer ROMGAZ Group (ROMGAZ or ROMGAZ Group or The Company) consists of SNGN ROMGAZ SA as parent company, Filiala de Înmagazinare Gaze Naturale Depogaz Ploieşti SRL (subsidiary owned 100% by ROMGAZ SA) and ROMGAZ Black Sea Limited (100% owned by ROMGAZ). This document was prepared by SNGN ROMGAZ
Slide 3: Contents
Contents 01 HIGHLIGHTS ROMGAZ in a Nutshell Performance in (9M/Q3 2025 / Main regulatory framework 02 STRONG POSITION IN ROMANIA AND CEE 03 RELEVANT GROWTH OPPORTUNITIES 04 FINANCIAL PERFORMANCE, CAPEX, DIVIDENDS 05 ESG MINDSET TO ENHANCE EFFICIENCY ROMGAZ Decarbonization Strategy 2025-2050 06 EXPER
Slide 4: 01 Highlights
01 HIGHLIGHTS 4
Slide 5: ROMGAZ – in a Nutshell
ROMGAZ – in a Nutshell State’s Growth ownership, Top gas producer opportunities Strong ESG mindset to experienced in Romania, driven by energy Profitability and strengthen Management Strong position in sector evolution Robust Balance operational Team, Blue-chip the CEE and expected Sheet efficiency
Slide 6: ROMGAZ Group - Highlights of performance for 9M/Q3 2025
ROMGAZ Group - Highlights of performance for 9M/Q3 2025 Strong Operational & Financial Results: Highest Net Profit ever recorded in 9-Months and Q3 9M/2025: MARKET SHARE in Gas Consumption Group CAPEX Gas production from 3.68 bcm RON 2.84 billion domestic production Estim 80% NET PROFIT Revenues Mai
Slide 7: Highlights of important events for the last period
ROMGAZ Group - Highlights of important events for the last period Decarbonization Strategy ➢ ROMGAZ BoD approved the company’s Decarbonization Strategy on October 22, 2025. The project was developed with the 2025-2050 approved support of the EBRD and KPMG, aims to bring the company closed to the net
Slide 8: Romania – Overview of regulatory framework
Romania – Overview of regulatory framework GEO no. 156 / Dec 2024 ►A special construction tax of 0.5 % was introduced, in force starting 2025. GEO no. 91 / Oct 23, ►Gas storage royalties increased to 3.5% of related revenues (starting Oct 2023); except for some existing concession Law no. 228 / July
Slide 9: 02 Robust Position in Romania and CEE
02 ROBUST POSITION IN ROMANIA AND CEE 9
Slide 10: ROMGAZ business segments
ROMGAZ business segments Gas Exploration, Production & Supply Underground Gas Storage Electricity Production Other activities • Romania’s largest producer and • 7% of Revenues and 5% in EBITDA in • Iernut plant operates at low • Support operations at Group level one of the largest suppliers 9M 2025
Slide 11: Exploration and production portfolio
Exploration and production portfolio ►Onshore Titleholder and operator in 121 petroleum agreements & co-titleholder non-operator in 13 petroleum agreements. ► Offshore 2 Petroleum agreements for offshore E&P in the Black Sea. ►2024: Reserve Replacement Ratio of 74.3% ►Reserves independently audited
Slide 12: Exploration and production portfolio: key projects and partnerships
Exploration and production portfolio ► Portfolio Developments in KEY PROJECTS and PARTNERSHIPS NEPTUN DEEP - Progressing in line with the plan Status in Nov 2025: Drilling ON-SHORE: Dec 2023: over 80% of execution development and construction CARAGELE DEEP: Largest onshore discovery in the past 30 y
Slide 13: Neptun Deep - largest gas offshore project in the EU
Neptun Deep - largest gas offshore project in the EU ROMGAZ holds 50% in “Neptun Deep” Project ►Remaining 50% - owned by OMV Petrom, acting as the operator; Romania will become the largest gas producer in the EU ►ROMGAZ and OMV Petrom will invest up to EUR 4 billion (50% each, ROMGAZ; through its af
Slide 14: Natural gas production - onshore
Natural gas production - onshore ► Natural Gas Production Overview - Strong performance in 9M 2025 Gas Production Evolution (million cm) +3.6% +0.1% • Production in the first 9 Months +0.1% y/y - significantly compensating for the natural decline, and +0.5% y/y in Q3 alone: y/y Average daily product
Slide 15: Gas supply & sales
Gas supply & sales ROMGAZ weight* in national gas consumption Gas Volumes Sold (million m3) and Revenues (million RON) - total 80% 7,978 60% 5,248 6,905 4,848 40% 50.0% 51.6% 54.9% 47.9% 20% 4,525 4,571 0% 3,630 2023 9M 2024 2024 9M 2025 in total gas consumption in consumption from internal sources
Slide 16: Underground gas storage
Underground gas storage Revenues from Storage (million RON) ► 91% market share within the gas storage business Total UGS Revenues: +15.7% y/y • Storage capacity is crucial for Romania and ROMGAZ, in terms of the 140 97 country's energy security, economic growth and energy transition (lately, at the
Slide 17: Electricity production & trading
Electricity production & trading ► New Iernut Power Plant – State-of-the Art Investment Existing (Old) Plant - Electricity Production and Revenues ▪ Located in the middle of Romania’s electricity system, Iernut Power Plant is well positioned to strengthen energy security and operational efficiency o
Slide 18: 03 Relevant Growth Opportunities
03 RELEVANT GROWTH OPPORTUNITIES 18
Slide 19: Romania: energy security provider as ROMGAZ positioned among leaders
Romania: energy security provider as ROMGAZ positioned among leaders 2024 Gas Production1 (million m3 / day) ROMANIA: 2nd Gas Consumer in CEE2 (2024, billion m3 / year) 21.0 23.6 16.6 13.6 8.7 7.3 9.5 8.2 6.7 4.3 1.8 2.7 Poland Romania Hungary Czech Republic Slovakia Bulgaria Natural Gas Prices on B
Slide 20: Romania: Energy transition expected to reverse gas consumption evolution
Romania: Energy transition expected to reverse gas consumption evolution Total Natural Gas Consumption* (million MWh) Mix of Energy Resources (9M 2025) 105 28 17 19 Domestic production Coal/gas-fired plants Imports Hydroplants 70 24% 14 28% 23 Nuclear plants Other renewables 81 85 87 35 Imports 17%
Slide 21: Growth strategy pillars
Growth strategy pillars Further develop existing portfolio allowing transition and mitigating climate change effects • Grow production through new off-shore gas blocks in the Black Sea • Maximize the recovery factor of existing production +10 production wells in Neptun Deep • Strengthen efficiency a
Slide 22: 04 Financial Performance, Capex, Dividends
04 FINANCIAL PERFORMANCE, CAPEX, DIVIDENDS 22
Slide 23: Robust profitability margins
Robust profitability margins ► Significant profitability rates despite volatility in gas prices and strong regulations ROMGAZ Group: EBITDA by Segments (million RON) ▪ Revenue generation is driven by the evolution of gas prices, which were subject to regulations imposed by GEO No. 27/2022 as amended
Slide 24: Strong cash generation, Dividend distribution
Strong cash generation, Dividend distribution Cash Flows (million RON) 5,000 Dividends (million RON) and dividend payout ratio (%) (for the previous year) * Payout ratios computed as: 2,500 Total Gross Dividends / annual 1500 unconsolidated Net Profit 52.1% Dividends 0 Payout ratio 2023 9M 2024 2024
Slide 25: Capital expenditures mainly driven by Neptun Deep development
Capital expenditures mainly driven by Neptun Deep development Capital expenditures (million RON) ► CAPEX driven by Neptun Deep ▪ 9M 2025 developments: CAPEX 3,204 9M 2025 2.84 Billion RON 2,158 2,843 Neptun Deep 2.07 Billion RON 1,214 ROMGAZ - 732 Million RON Depogaz - 40 Million RON 2023 2024 9M 20
Slide 26: Financial Performance (consolidated figures)
Financial Performance (consolidated figures) ROMGAZ Group: P&L (Million 9M 9M Q3 Q3 2023 2024 %ch %ch Summary 9M 2025 (vs 9M 2024) RON) 2024 2025 2024 2025 Revenues - total 6,048 million RON ( 7%) Revenues - of which 9,002 7,929 5,630 6,048 7.4% 1,733 1,800 3.9% EBITDA 3,315 million RON ( 10%) Gas
Slide 27: Financial Performance (consolidated figures): balance sheet
Financial Performance (consolidated figures) Dec 31, Dec 31, Dec 31, Sept 30, ROMGAZ Group: Balace Sheet (Million RON) 2022 2023 2024 2025 ▪ End-September 2025: Total Cash of RON 3,566 million (Cash Total non-current assets, thereof 10,422 11,403 13,985 16,284 and cash equivalents and Bank deposits)
Slide 28: 05 ESG Mindset to Enhance Efficiency
05 ESG MINDSET TO ENHANCE EFFICIENCY ROMGAZ Decarbonization Strategy 2025-2050 28
Slide 29: ROMGAZ Decarbonization Strategy 2025-2050
ROMGAZ Decarbonization Strategy 2025-2050 Milestones used as basis for the Decarbonization Strategy 2027 - No more coal-based electricity production (Romania's Long-term Strategy) plus Production of at least 48.7 kilotonnes/year of Green Hydrogen by 2027; 2030 - Reduction of GHG* emissions by 78% un
Slide 30: Decarbonization Strategy: Renewable Energy Sources
ROMGAZ Decarbonization Strategy 2025-2050 Renewable Energy UM 2030 2040 2050 Renewable Energy Sources RES – RENEWABLE ENERGY SOURCES Sources Installed capacity MW 180 500 1,180 ❑ High expected demand for RES in Romania; ❑ Limited impact on the Carbon footprint, as ROMGAZ does not ➢ Wind MW 0 100 500
Slide 31: Decarbonization Strategy: Green Hydrogen and Biomethane
ROMGAZ Decarbonization Strategy 2025-2050 Green Hydrogen production potential based on installed RES capacities GREEN HYDROGEN Year 2030 2036 2050 ❑ Expected to play an important role in the decarbonization process and achieving the net-zero emissions goal by 2050; RES capacity [MW] 180 312 1,180 (S
Slide 32: Estimated CAPEX in the Net-Zero Scenario
ROMGAZ Decarbonization Strategy 2025-2050 Estimated CAPEX in the “Net-Zero” Scenario Wind Biomethane Project CAPEX until 2050 (EUR billion) CO2 capture and storage (CCS) 0.651* 23% 2030-2040 Solar 0.516 46% Renewable Wind 1 energy sources 77% 54% (RES) Total RES 1.516 2040-2050 Biomethane 0.250 Hydr
Slide 33: ROMGAZ Strategy – Operational Efficiency
ROMGAZ Strategy – Operational Efficiency Continue to develop the gas resources portfolio → Focused on mitigating climate changes effects, resilient hydrocarbons, operational safety and reliability TARGETS: Exploration-development-production activities in gas fields under concession Operational ► Ext
Slide 34: 06 Experienced Management
06 EXPERIENCED MANAGEMENT 34
Slide 35: Management team
Management team ROMGAZ is led by an experienced team of professionals. The Group employs around 5,850 people. ROMGAZ Group has developed extensive expertise in conventional natural gas production in Romania which is reflected in ROMGAZ’s proven track record. ► Board of Directors (7-member body) ► Ma
Slide 36: 07 Blue Chip on the BVB
07 BLUE CHIP ON THE BVB 36
Slide 37: Shareholding Structure and Stock Performance
Shareholding Structure and Stock Performance 12-Month: Share Price Performance on the BVB Period Min (RON) Max (RON) Q4/24 5.00 5.60 Romanian Other Q1/25 5.19 6.04 State shareholders 70% 30% Q2/25 5.67 7.01 Q3/25 6.70 8.58 12M Total Traded Value (Q4 2024 – Q3 2025): 699 million RON or 0.6 million EU
Slide 38: Financial Calendar 2025 - Thank you for your attention!
Financial Calendar 2025 Nov 14: Release of 9M/Q3 2025 Financial Results Nov 14: Conference call with financial analysts and investors E-mail: investor.relations@romgaz.ro Investor Relations Department: Manuela Ogrinja, CFA Alexandra Posea Mihnea Dinescu Capital Market Department: Adina Ștefănescu, M