S.N.T.G.N. Transgaz (TGN) Q4 2025 earnings summary

Executive summary

• Preliminary unaudited 2025 results show significant year-over-year growth in revenue, profit, and EBITDA, driven by higher tariffs, increased capacity bookings, and strategic investments, with both individual and consolidated statements outperforming the previous year.

• Major infrastructure and hydrogen transmission projects are underway, supporting long-term growth and decarbonization objectives.

• The company completed key acquisitions and expanded its operational footprint, notably with the purchase of a majority stake in Petrostar S.A.

• Total assets and equity both grew, indicating a strengthened financial position.

Financial highlights

• Operating revenue before balancing and construction activity rose 124% to 2,617.6 million lei compared to 2024; turnover reached 2,828.9 million lei, up 128%.

• Net profit increased 206% year-over-year to 808.8 million lei; consolidated net profit grew 219% to 713.4 million lei; net profit up 290% year-over-year on a consolidated basis.

• EBITDA margin reached 42.07%, with EBITDA up 147% to 2,212.2 million lei; consolidated EBITDA up 150% to 1,367.9 million lei.

• Gross profit up 240% year-over-year; gross profit ratio rose to 32.94%.

• Basic and diluted EPS: 4.77 lei, up from 2.18 lei year-over-year.

Outlook and guidance

• Strategic objectives for 2025–2029 focus on energy security, decarbonization, and integration of hydrogen into the transmission system.

• Expectation of increased transported gas volumes due to Black Sea production and new cogeneration units.

• Major investments exceeding EUR 9.1 billion planned for infrastructure upgrades and expansion.

• Technological consumption is expected to remain below 0.5%, with 0.4% considered a sustainable target.

• Additional revenue delta of RON 300 million for the 2024-2025 gas year, with regulatory corrections to be finalized in May/June.