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1 Investors Presentation H1/Q2 2025 https://www.romgaz.ro/en/summary-results-and-presentations-investors August 2025
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2 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 SA for the presentation of the H1/Q2 2025 Results (H1 stands for the 1st Semester, Q2 stands for the 2nd Quarter). This document is for your information only and all statements contained herein are related to intentions, assumptions and forecasts made by SNGN ROMGAZ S.A. or by its management. None of the information included herein shall be assumed as an invitation, an offer, a recommendation or an opinion expressed by SNGN ROMGAZ S.A. to subscribe, purchase or sell any securities. Also, this document and all information included herein shall not form the basis of any contract, investment decision or commitment whatsoever. This document and all information included herein shall not be treated as a consultancy or advice whatsoever. This presentation is not an offer for sale of securities in the United States or any other jurisdiction. The Company’s shares have not been and will not be registered under the US Securities Act of 1933 (the “Securities Act”) or with any security's regulatory authority of any state or other jurisdiction of the US. To the extent available, the industry, market and competitive position data contained in this presentation has come from official or third-party sources. While the Company believes that each of these publications, studies and surveys has been prepared by a reputable source, the Company has not independently verified the data contained therein. Accordingly, undue reliance should not be placed on any of the industry, market or competitive position data contained in this presentation. This presentation may include certain forward-looking statements, beliefs or opinions. No representation is made that any of these statements, beliefs or opinions will be achieved. There are a number of risks, uncertainties and factors that could cause actual results and developments to differ materially from those expressed or implied by these statements, beliefs or opinions. Past performance of the Company cannot be relied on as a guide to future performance. This document does not purport to contain all information that may be necessary in respect of the Company or its securities and each person receiving this document should make an independent assessment. Neither SNGN ROMGAZ S.A. nor its directors, management, employees and their consultancies can be held responsible for any losses or damages howsoever arising, directly or indirectly, from any use of this document or its contents. All figures included in this presentation are rounded (“round to nearest” method). Disclaimer
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3 01 HIGHLIGHTS ROMGAZ in a Nutshell Performance in H1/Q2 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 06 EXPERIENCED MANAGEMENT 07 BLUE CHIP ON THE BVB Contents
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4 01 HIGHLIGHTS
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5 ROMGAZ – in a Nutshell ►A 53% share in Romania’s gas production (Jan-May 2025) ►Over 47% of domestic consumption in H1 2025* ►Over 90% of underground storage facilities ►Strategic asset for the energy security in Romania ►Among largest gas producers in the EU as well * Romgaz estimates ►Strong RRR of 74% ►Important portfolio of onshore resources confirmed by the external audit ►Romania - top natural gas producer in the EU post Neptun Deep ►Enhance client portfolio in the gas supply business ►Iernut new power plant – will improve the gas value chain ►Robust profit margins - Net Profit margin of 39.5%, and EBITDA margin of 54.3% in H1 2025 ►Continued strong operating cash flow generation ►Favorable Net Cash position at end-June 2025 offers room for further investments ►ROE (Return on Equity) of 22% at end-June 2025 ►Investments into efficiency lead to operational excellency ►Min 10% reduction of carbon, methane & other gas emissions by 2030 vs 2020 drive environmental responsible exploration ►Business Diversification through Green/brown field gas projects, Gas to Power projects to exploit marginal gas reservoirs Top gas producer in Romania, Strong position in the CEE Growth opportunities driven by energy sector evolution and expected GDP growth Strong Profitability and Robust Balance Sheet ESG mindset to strengthen operational efficiency ►70% owned by the Romanian State ►Experienced Senior Management with strong local and industry understanding ►Commitment to governance confirmed by the listing on BVB as Blue Chip share State’s ownership, experienced Management Team, Blue-chip on the BVB
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6 Significant Operational and Financial Results, Strong Profitability Rates MARKET SHARE in domestically-produced gas consumption Estim 64% ROMGAZ Group - Highlights of performance for H1/Q2 2025 H1/2025: Gas production 2.49 bcm Group CAPEX RON 1.89 billion Revenues RON 4,248 million +9% y/y Main Taxes (Windfall Tax + Royalties + Energy Transition Fund) RON 781 million +18% y/y EBITDA RON 2,308 million -2% y/y EBITDA margin 54.3% NET PROFIT RON 1,679 million -9% y/y Net Profit margin 39.5% Q2/2025: Revenues RON 1,868 million +15% y/y Main Taxes (Windfall Tax + Royalties + Energy Transition Fund) RON 285 million -28% y/y EBITDA RON 999 million +30% y/y EBITDA margin 53.5% NET PROFIT RON 728 million +23% y/y Net Profit margin 39%
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7 ROMGAZ Group - Highlights of important events for the last period ➢ A new 2-year Market Making contract was concluded in August 2025 with Raiffeisen Bank International AG, with the aim to improve shares trading liquidity on the BVB. ➢ On April 30, 2025, we released the Romgaz Group Consolidated Sustainability Statement 2024. Ths statement was prepared in accordance with the EU directive 2013/34 and the European Sustainability Reporting Standards. ➢ The inaugural bond issue under the Euro Medium Term Notes Program of ROMGAZ (EMTN Programme) was concluded during a single day, on Sept 30, 2024. The issue amounts to EUR 500 mln, has an annual coupon of 4.75% and matures in 5 years on Oct 7, 2029. Investors demand was 10 times higher at EUR 5 billion – a premier on the corporate bond market in Romania. The bonds entered the Luxembourg Stock Exchange on October 2024, and the BVB on November 19. We are working on a new issue of bonds within the EMTN Programme. ➢ The Global Depositary Receipts (GDRs) issued by The Bank of New York Mellon (BNYM) have been delisted from the standard segment of the Official List of the UK Financial Conduct Authority and from the London Stock Exchange on Dec 31, 2024, due to the weak liquidity recorded on this market. SNG shares continue to be traded on the BVB. ➢ Fitch Ratings Limited revised the Outlook of the rating assigned to Romgaz from “Stable” to “Negative” and re- affirmed the Long-term Issuer Default Rating at “BBB-” - on Dec 17, 2024, following a similar action on the sovereign rating of Romania. The Rating “reflects Romgaz’s dominant position in Romania’s gas market, upstream production growth potential from the Neptun Deep and Caragele reservoir developments and conservative financial policy”. The inaugural credit rating was granted on May 22, 2024. ➢ Romania ranked the Top gas producer in the EU in 2024, according to Eurostat statistics. ➢ The external independent audit of our onshore gas reserves and resources (as of end-2023) was completed by DeGolyer & MacNaughton US, and released in Q3 2024. Inaugural EUR 500 mln bond issue, next one to follow GDRs delisted from the LSE; BVB remains the main market for our shares Inaugural credit rating from Fitch - revised Romania – 1st gas Producer in EU in 2024 Independent Audit of our onshore gas portfolio First ESG Report published A new MM contract to improve trading liquidity
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8 GEO no. 156 / Dec 2024 GEO no. 27/2022 as amended Gas Storage ►A special construction tax of 0.5 % was introduced, in force starting 2025. ►Measures applicable to the energy & gas markets starting with Apr 2022 - main provisions applicable include: ■ Regulated selling prices: during Apr 2024 – Mar 2026 – 120 RON/MWh for the allocated gas delivered to households (HHs) and heat producers for the production of thermal energy for HHs; (Sept 2022 – March 2024: 150 RON/MWh; April-August 2022: 150 RON/MWh for gas sold to HHs and 250 RON/MWh for the gas sold to HHs heat producers); ■ Windfall profit tax: Revenues from gas sold at regulated prices are exempted from the windfall tax; ■ Royalties due by gas producers for quantities sold at regulated prices are calculated based on these prices (instead of CEGH prices used for industrial clients); ■ Gas suppliers have capped sale prices: max 310 RON/MWh for HHs, and 370 RON/MWh for non-HHs with an annual consumption below 50,000 MWh and for heat producers and industrial parks – until end-June 2026; ■ Gas storage: mandatory for gas suppliers/heat producers to secure the maximum between 30% of consumption of final clients and 90% of the underground storages’ capacity; ■ Maximum 100 RON/MWh for the gas transferred to the Electricity Segment (until end-March 2024); ■ Energy: end-consumers prices capped until end-June 2025; free producers’ prices starting January 1st 2025; ■ The Energy Transition Fund: contributors include energy producers (until end-May 2025). Romania – Overview of regulatory framework Law no. 296 /Oct 2023 ►A 0.5% tax (or a 1% tax) on turnover of some companies operating in the oil and gas sector, starting with the fiscal year 2024. GEO no. 91 / Oct 23, Law no. 228 / July 2024 ►Gas storage royalties increased to 3.5% of related revenues (starting Oct 2023); except for some existing concession agreements, gas royalties in production perimeters increased by 1.5 ppts.
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9 02 ROBUST POSITION IN ROMANIA AND CEE
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10 Underground Gas Storage Electricity Production Other activitiesGas Exploration, Production & Supply ROMGAZ business segments • Romania’s largest producer and one of the largest suppliers • Generated 89% of Revenues and over 100% of EBITDA in H1 2025. • 6% of Revenues and 5% in EBITDA in H1 2025 • Top operator of the underground storages in Romania. • Iernut plant operates at low capacity to make room for new plant • 4% of Revenues and -5% of EBITDA in H1 2025 • EBITDA expected to return positive after new plant is finalized. • Market share of 1.7% (2024). • Support operations at Group level and others. Includes: − wells workover, − recompletions, − special well operations, − technological transport & maintenance • Around 0.1% in Revenues in H1 2025. Note: 1) 30% with depths >2,000m; 2) Romaz estimate. 8 exploration blocks onshore Gas production of 2.49 bcm (H1 2025) Around 3,000 wells1 >50% in domestic production 5 underground storages 2.87 bcm >90% market share New State-of-the-Art Power Plant in construction 56.4% gross efficiency rate 450 MW >47% in domestic consumption2
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11 External Audit of Onshore Gas Reserves and Contingent Resources (bcm)Reserves Replacement Ratios (RRR) (%) Exploration and production portfolio ►Onshore ►Offshore Titleholder and operator in 121 petroleum agreements & co-titleholder non-operator in 13 petroleum agreements. 2 Petroleum agreements for offshore E&P in the Black Sea. ►2024: Reserve Replacement Ratio of 74.3% ►Reserves independently audited as of end-2023 • Latest independent audit of the onshore reserves and resources (Dec 2023) by DeGolyer & MacNaughton, USA. • Focus is on improving recovery rate of proved reserves; • CAPEX for exploration, appraisal and production; • Maintaining and extending our gas reserves and resources represent a strategic priority! 63 70 56 97 74 2020 2021 2022 2023 2024 46.0 12.1 7.0 13.5 21.7 39.5 Proved Probable Possible 1C 2C 3C RESERVES RESOURCES
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12 ON-SHORE: CARAGELE DEEP: Largest onshore discovery in the past 30 years; Ongoing exploration to unlock the full potential of the project ❑ “76 Rosetti” well - in execution; ❑ ”54 Damianca” – in execution; ❑ “78 Rosetti” – in production; ❑ 7 more wells in different stages of drilling preparations. OFF-SHORE: NEPTUN DEEP PERIMETER: 50% share through the subsidiary ROMGAZ BLACK SEA LIMITED ❑ Progressing in line with the work programs and the execution schedule; currently in the execution phase; ❑ Drilling started in the Pelican South field in March 2025; ❑ Also progressing with equipment fabrication of and construction including the gas metering station in Tuzla, Romania; ❑ On schedule for the first gas in 2027. TRIDENT BLOCK: 12.2% working interest ❑ Seismic reprocessing finalized; Now preparing for wells drilling in Lira 2A ❑ In April 2024, NAMR approved the start of the 2nd stage (optional) of the evaluation-confirmation program for resources in IX Lira. Exploration and production portfolio NEPTUN DEEP - Progressing in line with the plan Aug 2022: ROMGAZ acquired ExxonMobil Exploration and Production Romania Limited (EMPERL) which holds 50% of rights and obligations in Neptun Deep water block. EMEPRL became ROMGAZ Black Sea Limited in Oct 2022. Jun 2023: ROMGAZ and OMV Petrom announced the Final Investment Decision in Neptun Deep and submitted the FDPs to NAMR for 2 gas commercial fields Dec 2023: over 80% of execution agreements awarded. Project will be delivered in collaboration with major global players (as Saipem, Transocean and Halliburton Aug 2023: The competent authority confirmed the Field Development Plans. Development phase effectively starts May 2024: Cut of First Steel for the platform Topsides at Saipem yard in Indonesia ►Portfolio Developments in KEY PROJECTS and PARTNERSHIPS October 2024: First steel cut for the jacket at Saipem yard construction site at Arbatax, in Sardinia, Italy Nov 2024: Transocean Barents, the mobile offshore drilling unit, arrived in Romania. Transocean Barents - contracted to drill the production wells of Neptun Deep. Status in Feb 2025: All main contracts awarded; Focus on permitting activities; Start of construction. March 2025: The spud of the 1st well for development and production of the Pelican South and Domino gas fields Currently: Drilling development; Progressing with the fabrication of equipment and construction
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13 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; ►ROMGAZ and OMV Petrom will invest up to EUR 4 billion (50% each, ROMGAZ; through its affiliate ROMGAZ Black Sea Limited). The largest natural gas project in the Romanian area of the Black Sea ►7,500 km2 large, 160 km from the shore, water depths between 100-1,000m; ►First gas production – expected for 2027; ►Production at plateau: cca 8 bcm annually, for almost 10 years. Significant impact on the Romanian gas market development ❑ The transaction represents a historical milestone in ROMGAZ corporate transformation and development. We will extend our natural gas portfolio, increase production, and consolidate our position as top player in Romania and other European markets. ❑ Development of commercial fields consists of infrastructure (10 wells, 3 subsea production systems and associated flow lines), an offshore platform, main gas pipelines to Tuzla, a gas metering station. ❑ The platform generates its own energy, operating at highest safety and environment protection standards. The entire infrastructure will be operated remotely by means of a digital twin. This allows process optimization and will contribute to improving environmental performance by efficient consumption and emission reduction. Romania will become the largest gas producer in the EU ❑ Largest natural gas project in the Romanian area of the Black Sea ❑ Romania will represent the top gas producer in the EU ❑ The most important transaction in the Romanian energy sector in the past 30 years ❑ Neptun Deep will ensure the country’s energy security.
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14 • Production almost flat in H1 2025 (compared to the similar period of the previous year), and +0.4% y/y in Q2 alone: • Ranks as TOP gas producer in Romania (5 months 2025): Gas Production Evolution (bcm) Natural gas production - onshore ► Natural Gas Production Overview - Strong performance in H1 2025 Average daily production in H1 13.7 million m3 105 wells subject to workover in H1 85 wells restarted in H1 = 100.4 million m3 53.0%47.1% ROMGAZ Other gas producers Source: ANRE Reports In H1 2025 we performed: • reactivation of 85 inactive wells through specific investment works (initial daily flow of over 1,266 thousand m3 in total); • rehabilitation projects of main mature gas fields; • optimization of gas field exploitation; • investment to extend production infrastructure and to connect new fields to it. Average annual decline of max 2.5% - a strategic objective! Main investments in production facilities in H1 included: • 1 production well – drilling preparations; • 5 surface facilities finalised, 7 – in execution; others – in different stages; • recompletion, reactivation, capitalizable repairs for 105 wells. 1,196 1,200 2,487 2,486 Q2'24 Q2'25 H1 2024 H1 2025 +0.4% -0.1% 3 new wells in production in 2025 = 9.1 million m3 4,936 4,789 4,963 2022 2023 2024 +3.6% y/y
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15 Gas supply & sales • H1 2025: We succeeded to record Gas Volumes sold +12.6%, and Gas Revenues +9.4% compared to last year; • In Q2 alone: Volumes sold +16.2%, Gas Revenues +10.1% y/y; • Gas sales – strongly influenced by GEO no 27/2022. • Transactions made through bilateral contracts on Commodities Exchange as well; • Gas sales are generally peaking in Q1 and Q4; • Optimisation of our gas value chain is important. 43% 17% 40% Portfolio of clients (volumes sold, H1 2025) Romania's 2 top gas suppliers (E.ON+ ENGIE) Large Producers of thermal / electrical energy Other clients ❑ We estimate a market share of over 47%* in total gas consumption in Romania in H1 2025; ❑ Strong contribution of almost 64% in consumption covered from domestically-produced gas in H1 2025. * ROMGAZ estimates; computed as Romgaz deliveries / Romania gas consumption 4,525 4,571 7,978 6,905 2023 2024 Gas Volumes Sold (million m3) and Revenues (million RON) - total 50.0% 45.3% 47.9% 47.2% 63.8% 0% 15% 30% 45% 60% 2023 H1 2024 2024 H1 2025 ROMGAZ weight* in national gas consumption in total gas consumption in consumption from internal sources 2,245 2,527 1,036 1,141 3,399 3,718 1,397 1,623 H1 2024 H1 2025 Q2 2024 Q2 2025 Gas sold (volumes million cm) Gas sold (revenues million RON)
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16 Underground gas storage ►91% market share within the gas storage business • Storage capacity is crucial for Romania and ROMGAZ, in terms of the country's energy security, economic growth and energy transition (lately, at the end of the injection cycle, more than 90% of storage capacity was used); • ROMGAZ through its subsidiary Depogaz operates 5 underground storage facilities (total storage capacity of 2.87 bcm); • In addition, ROMGAZ holds a 40% stake in JV with Engie Group Participations SA - Depomures (0.3 bcm, 4th largest in Romania); • Market share of 91% in Romania; • Planned CAPEX of Depogaz target UGS capacity expansion and increase of daily injection and withdrawal capacities; • 3.5% royalties on gross revenues. 11.4 9.8 10.3 10.9 3.5 5.9 5.4 5.3 4.5 7.3 6.9 6.5 Apr 1, 2022 - Mar 31, 2023 Apr 1, 2023 - Mar 31, 2024 Apr 1, 2024 - Mar 31, 2025 Apr 1, 2025 - Mar 31, 2026 Storage Tariffs (RON/MWh) Capacity Reservation Withdrawal Injection 19.4 23.0 22.6 Total: 22.7 ROMGAZ Group: Underground Gas Storages - working capacities (mln cm/cycle) - Bilciurești 1,310 Ghercești 250 Sărmășel 900 Bălăceanca 50 Urziceni 360 Total Working Capacity: 2,870 mln cm 301 295 144 149 71 76 76 120 61 62 2 2 140 97 48 65 45 62 2023 2024 H1 2024 H1 2025 Q2 2024 Q2 2025 Revenues from Storage (million RON) Capacity reservation Withdrawal Injection Total UGS Revenues: +8.4% y/y +18.6% y/y
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17 Electricity production & trading ▪ H1 2025: Revenues from Electricity -1.5% y/y, to RON 177 million, on production -24% y/y; ▪ In Q2 alone, Revenues from Electricity -9% y/y, on production -24% y/y; ▪ Old plant was in operation with lower capacity to make room to the new one; ▪ Selling prices are not capped anymore starting with 2025 (capped prices in 2024 Q1: 450 RON/MWh; Q2-Q4: 400 RON/MWh - GEO no. 27/2022 amendments). ►New Iernut Power Plant – State-of-the Art Investment ▪ Located in the middle of Romania’s electricity system, Iernut Power Plant is well positioned to strengthen energy security and operational efficiency of the national grid; ▪ Gross electric power capacity 430 MW, with a gross efficiency of 56.4% at nominal load and max emissions NOx 50 mg/Ncm, CO2 100 mg/Ncm; ▪ 25% of total eligible investment costs for the new plant is a non-refundable financing from the National Investment Plan; ▪ The new contract to complete the remaining works entered in force on August 1, 2023; ▪ Status of execution as of end-July 2025: cca 98% completion for the overall turnkey project (and cca 90% for the new EPC contract to complete the works and put into operation the investment objective). 963 880 406 375 2023 2024 Existing (Old) Plant - Electricity Production and Revenues 451 342 187 142 180 177 71 64 H1 2024 H1 2025 Q2 2024 Q2 2025 Electricity production (GWh) Electricity revenues (million RON)
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18 03 RELEVANT GROWTH OPPORTUNITIES
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19 ROMANIA: 2nd Gas Consumer in CEE1 (2023, million m3 / day) Romania: energy security provider as ROMGAZ positioned among leaders 53.8 25.5 22.7 17.0 11.3 5.7 Poland Romania Hungary Czech Republic Slovakia Bulgaria Sources: 1) CEIC data; ROMGAZ computation for Romania. 2)Companies’ reports, ROMGAZ computation; Petrom: Romania+abroad, OMV excluding Petrom. 2024 Gas Production2 (million m3 / day) 23.6 16.6 13.6 8.7 7.3 1.8 - 100.00 200.00 300.00 0 100 200 300 J-24 F-24 M-24 A-24 M-24 J-24 J-24 A-24 S-24 O-24 N-24 D-24 J-25 F-25 M-25 A-25 M-25 J-25 Natural Gas Prices on BRM, Current Imports and CEGH (RON/MWh) BRM - Commodities Exchange (gas forward&spot) Prices are shown in the month of delivery Current Imports, all mkts in Romania CEGH Day Ahead Market 1
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20 Seasonality of Gas Consumption (million MWh) Energy Resources Evolution – on sources (million MWh) Total Natural Gas Consumption* (million MWh) Romania: Energy transition expected to reverse gas consumption evolution 81 85 87 47 43 28 17 19 9 15 0 35 70 105 2022 2023 2024 H1 2024 H1 2025 Domestic production Imports *Including from underground storages - 2 4 6 8 10 12 14 16 18 20 22 24 26 28 Energy Resources - total Imports Production - total Other renewables Nuclear plants Hydroplants Coal/gas-fired plants Jan-May 2025 Jan-May 2024 0 5 10 15 20 J-22 F-22 M-22 A-22 M-22 J-22 J-22 A-22 S-22 O-22 N-22 D-22 J-23 F-23 M-23 A-23 M-23 J-23 J-23 A-23 S-23 O-23 N-23 D-23 J-24 F-24 M-24 A-24 M-24 J-24 J-24 A-24 S-24 O-24 N-24 D-24 J-25 F-25 M-25 A-25 M-25 J-25 Domestic Production Imports Mix of Energy Resources (Jan-May 2025) 24% 18% 16% 15% 27% Coal/gas-fired plants Hydroplants Nuclear plants Other renewables Imports Source: ANRE, National Statistics Institute, ROMGAZ estimates
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21 Growth strategy pillars Further develop existing portfolio allowing transition and mitigating climate change effects Opportunities by further strengthening market share and broadening energy portfolio Operational efficiency through digital transformation and innovative solutions Strengthen market position and foster profitability Build on its leading market position and further grow its position • Management & automation of production to optimize operation under safe and reliable conditions, with low environment impact: SCADA + Extended data network capacity • New Power Plant going operational • Photovoltaic energy & new gas-fired power plants (reduce the country’s carbon emissions by switching from coal to gas) • Grow production through new off-shore gas blocks in the Black Sea • Maximize the recovery factor of existing production • Strengthen efficiency and sustainability of existing production • Increase domestic market share through comprehensive product offering beyond existing business (i.e. distribution, methanol and olefin production, Gas to Power, Hydrogen) • Maximize value generation and develop trading at regional level >50% annual RRR onshore 430 MW @ Iernut +180 +3% Mkt share 2025 vs 2021 +10 production wells in Neptun Deep MW by 2030 in renewables
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22 04 FINANCIAL PERFORMANCE, CAPEX, DIVIDENDS
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23 Robust profitability margins ►Significant profitability rates despite volatility in gas prices and strong regulations ▪ Revenue generation is driven by the evolution of gas prices, which were subject to regulations imposed by GEO No. 27/2022 as amended, with significant impact during 2023 - 2025 (gas sold to HHs - at regulated prices and required volumes). ▪ All margins increased significantly in Q2 2025 compared to Q2 2024; ▪ Margins remained robust in H1 2025 as well; ▪ During Sept/2022 - March/2024, transfer price gas deliveries intra-segments was regulated at 100 RON/MWh, according to OUG 27. No similar legal requirement is applicable afterwards. Consolidated figures 830 1,096 2,371 2,369 45 31 120 122 (78) (82) (120) (107) -300 100 500 900 1,300 1,700 2,100 2,500 Q2 2024 Q2 2025 H1 2024 H1 2025 ROMGAZ Group: EBITDA by Segments (million RON) Upstream Storage Electricity Other activities Consolidation 38.9% 53.3% 44.5% 46.2%47.4% 60.5% 53.5% 54.3% 36.4% 47.1% 39.0% 39.5% Q2 2024 H1 2024 Q2 2025 H1 2025 EBITDA, EBIT and Net Profit margins EBIT margin EBITDA margin Net Profit margin
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24 Strong cash generation, Dividend distribution • ROMGAZ has a long dividend paying history due to its strong cash flow and stable financial position • Majority state-owned companies may have a flexible dividend policy, with a payout-ratio below the 50% minimum requirement, if they finance own or subsidiaries’ major energy projects – and upon approval from the Finance Ministry (GEO no 31/ March 2024). ►Strong cash flow generation, Dividend distribution history and prospects -5,000 -2,500 0 2,500 5,000 2023 H1 2024 2024 H1 2025 Cash Flows (million RON) Operational cash flow Investing cash flow Financing cash flow 0 1,000 2,000 Dec-2023 end-H1 2024 Dec-2024 end-H1 2025 Net Cash (million RON)* 1,318 549 604 52.1% 20.7% 19.6% -30.0%0 500 1000 1500 2022 2023 2024 Dividends (million RON) and dividend payout ratio (%) (for the previous year) Dividends Payout ratio * Payout ratios computed as: Total Gross Dividends / annual unconsolidated Net Profit * Computed as (Total Cash – Short&Long-term Borrowing)
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25 Capital expenditures mainly driven by Neptun Deep development ► CAPEX driven by Neptun Deep ▪ H1 2025 developments: o Exploration: 3 wells – finalised, 4 wells - in execution, 6 wells – in drilling works procurement and 16 wells – in different preparatory stages (such as design, obtaining authorisations etc); o Production: 1 well – in drilling execution; 5 surface facilities completed, other 26 – in various preparation stages; Recompletion, reactivation and capitalizable repairs for 105 wells; o Depogaz: 6 wells – drilled in Sărmășel and increase of the daily extraction capacity in Bilciurești; ▪ CAPEX are financed from the company’s funds, loans/bonds for Neptun Deep project, and the PNI for the new plant. ▪ In 2022, CAPEX included the acquisition of 50% of Neptun Deep Project (RON 5,119 million). 1.89 Billion RON CAPEX H1 2025 1.42 Billion RONNeptun Deep ROMGAZ - 447 Million RON Depogaz - 24 Million RON 1,214 3,204 1,253 1,895 2023 2024 H1 2024 H1 2025 Capital expenditures (million RON) 45% 69% 74% 73% 35% 15% 18% 11%6% 7% 4% 10%9% 2% 1% 0%5% 7% 3% 5% 2023 2024 H1 2024 H1 2025 CAPEX split by segments Neptun Deep Equipment upgrades Electricity (old & new) Gas storage Exploration
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26 Financial Performance (consolidated figures) ROMGAZ Group: P&L (Million RON) 2023 2024 H1 2024 H1 2025 %ch Q2 2024 Q2 2025 %ch Revenues - of which 9,002 7,929 3,897 4,248 9.0% 1,624 1,868 15.0% Gas Production 7,959 6,884 3,399 3,694 8.7% 1,397 1,623 16.2% Gas acquired for resale 20 20 0 23 - 0 Storage 517 511 254 276 8.4% 118 140 18.6% Electricity 406 375 180 177 -1.5% 71 64 -9.2% Other services 28 29 13 14 6.0% 10 10 2.8% Other income 21 62 38 8 7 3 Cost of commodities sold (107) (120) (52) (58) 11.9% (33) (21) -34.8% Changes in inventory (6) 48 40 (48) 37 8 Work performed and capitalised 251 307 125 148 18.7% 68 82 20.2% Raw materials (152) (200) (78) (97) 25.0% (40) (50) 25.8% Exploration expense (85) (79) (51) (27) -46.7% (22) (12) -42.2% Headcount expense (1,083) (1,202) (512) (558) 9.0% (259) (296) 14.2% Taxes & duties (1,496) (1,827) (668) (795) 19.0% (398) (291) -26.8% Other gains and losses (18) (31) (10) (35) 253.3% (7) (28) 296.6% Impairment on trade receivables 44 38 3 (8) (0) (4) Greenhouse gas certificates (243) (181) (77) (45) -41.0% (36) (29) -18.1% Third party services and other (713) (646) (289) (414) 43.6% (167) (224) 34.1% Other expenses - - - - - - EBITDA 5,402 4,083 2,358 2,308 -2.1% 770 999 29.7% EBITDA margin 60.0% 51.5% 60.5% 54.3% 47.4% 53.5% D&A (505) (603) (281) (346) 23.1% (138) (168) 21.7% EBIT 4,898 3,479 2,077 1,962 -5.5% 632 831 31.5% EBIT margin 54.4% 43.9% 53.3% 46.2% 38.9% 44.5% Net Finance income 151 97 81 37 -53.7% 44 31 -30.4% PROFIT BEFORE TAX 5,067 3,601 2,169 2,013 -7.2% 682 869 27.4% Income tax (2,255) (395) (332) (334) 0.6% (90) (141) 55.8% NET PROFIT 2,812 3,206 1,837 1,679 -8.6% 592 728 23.0% Net margin 31.2% 40.6% 47.2% 39.5% 36.5% 39.0% ▪ Revenues of RON 4.25 billion in H1 2025, +9% y/y, mostly based on higher gas sales. ▪ Main tax expenses +18% y/y jointly in H1 2025: Windfall tax: RON 475 million (H1 2024: RON 383 million); Royalties: RON 292 million (H1 2024: RON 275 million); Energy Transition Fund: RON 13 million. ▪ H1: Net Profit of RON 1,679 million, and robust Net Margin of 39.5%. ▪ In Q2 alone: Net Profit +23% y/y. Summary H1 2025 (vs H1 2024) Revenues - total 4,248 million RON ( 9%) EBITDA 2,308 million RON ( 2%) Net Profit 1,679 million RON ( 9%) EBITDA margin 54.3% ( ) NP margin 39.5% ( ) Employees (end-period) 5,898 ( ) Summary Q2 2025 (vs Q2 2024) Revenues - total 1,868 million RON ( 15%) EBITDA 999 million RON ( 30%) Net Profit 728 million RON ( 23%) EBITDA margin 53.5% () NP margin 39% ()
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27 Financial Performance (consolidated figures) ROMGAZ Group: Cash Flow Statement (Million RON) 2023 2024 H1/2024 H1/2025 Net profit for the period 2,812 3,206 1,837 1,679 Operating Cash Flow before Δ WC and Income tax 3,372 1,862 329 2,089 Movements in working capital 60 791 409 (490) Net Cash flows from operating activities 3,432 2,653 739 1,599 Net Cash flows from investing activities (3,137) (2,933) 1,033 (1,844) Net Cash flows from financing activities (1,643) 1,597 (164) (165) Net change in cash and cash equivalents** (1,349) 1,317 1,607 (410) * Computed as (Total Cash – Short&Long-term Borrowing) ** This line reflects only the change in “Cash and equivalent” (i.e. bank accounts with maturity below 3 months) ▪ End-June 2025: total cash of RON 4,331 million (cash, bank depos and government’s treasury bonds); ▪ Net Cash position: RON 1,056 million*; ▪ EMTN programme started with EUR 500 million bonds – fully subscribed on Sept 30, 2024; the issue has an annual coupon of 4.75%, and a 5-year maturity on Oct 7, 2029. ▪ Credit line of EUR 150 million from Banca Transilvania, granted in Sept 2024; ▪ Credit facility of EUR 325 million on March 30, 2022, for 5 years, to partially finance the acquisition of Neptun Deep Project (EUR 130 million in balance at end- June 2025). ROMGAZ Group: Balace Sheet (Million RON) Dec 31, 2022 Dec 31, 2023 Dec 31, 2024 June 30, 2025 Total non-current assets, thereof 10,422 11,403 13,985 15,462 Tangible assets 5,039 5,892 8,419 9,885 Other intangible assets 5,140 5,136 5,131 5,130 Investment in associates 29 33 59 63 Deferred tax asset 199 324 357 362 Right of use asset 9 12 13 15 Total current assets, thereof 3,906 5,063 5,930 5,992 Inventories 284 302 394 371 Trade and other receivables 1,374 1,399 838 949 Bank deposits other than cash/cash equivalenys 100 2,505 2,625 2,889 Cash and cash balances 1,884 535 1,852 1,442 Greenhouse Gas Certificates n/a 209 137 185 Total assets 14,328 16,466 19,915 21,454 Shareholders‘ Equity Share capital 385 385 3,854 3,854 Reserves 3,579 4,971 3,967 6,492 Retained earnings 6,112 6,205 6,365 4,914 Total Shareholders‘ Equity 10,077 11,561 14,186 15,261 Non-current liabilities, thereof 1,743 1,753 3,915 3,818 Borrowings 1,126 808 485 330 Bonds 2,476 2,529 Provisions 211 374 352 356 Deferred revenue 230 371 387 387 Retirement benefit obligation 169 189 205 204 Current liabilities, thereof 2,508 3,152 1,813 2,374 Trade payables and other liabilities 110 272 457 540 Contract liabilities 263 154 291 126 Current tax liabilities 1,177 1,767 4 126 Provisions 321 122 163 114 Borrowings 322 323 323 330 Bonds 25 85 Other liabilities 312 512 546 1,048 Total liabilities 4,251 4,904 5,729 6,193 Total equity and liabilities 14,328 16,466 19,915 21,454
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28 05 ESG MINDSET TO ENHANCE EFFICIENCY
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29 ROMGAZ strategy 2021-2030 Create long-term relationships with equal profitability for both the market and social environment Net zero CO2 emissions by 2050 ! Annual natural gas output decline below 2.5% EBITDA margin 25-40% ROACE ≥ 12% Minimum 10% reduction of carbon, methane and other gas emissions by 2030 Create long-term relationships with equal profitability for both the market and social environment Develop the portfolio of resources focused on mitigating climate change effects Electricity and energy with low CO2 emissions with large scale use of renewable energy sources, seeking opportunities on the hydrogen market Digital transformation of the company and supporting innovations to increase efficiency and to support new development directions Source: ROMGAZ Strategy 2021 - 2030
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30 ROMGAZ strategy 2021-2030 Continue to develop the gas resources portfolio → Focused on mitigating climate changes effects, resilient hydrocarbons, operational safety and reliability Maximize the recovery factor of hydrocarbon reserves Currently: Targets: ►Extend production period for mature gas fields; ►Reduce emissions & increase production efficiency • implement a NOx emissions management system • rehabilitation projects in mature fields • 10% reduction of technological gas consumptions Increase the on- and off-shore hydrocarbon resources & reserves portfolio Exploration-development-production activities in gas fields under concession OFFSHORE gas exploitation in the Black Sea: • Neptun Deep Project • Trident Project 16 Reservoirs cover 62.9% of total production 28 new exploration wells annual production decline2.5% Source: ROMGAZ Strategy 2021 – 2030
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31 Sustainable Energy / Commercial Portfolio and Business Diversification Business Diversification ➢ Green/brown field projects in the distribution sector ➢ Methanol and olef production units, potentially in partnerships (with opportunity / feasibility studies) ➢ Gas to Power projects to exploit marginal/isolated natural gas reservoirs ➢ Hydrogen production for the use of final customers (assessment and feasibility studies), potentially in partnerships ROMGAZ Strategy 2021-2030 Electricity and Energy with Low CO2 Emissions ➢ Production of photovoltaic energy – Implementation of renewable energy production projects with a total capacity of 180 MW by 2030; One solar park project under final analysis (feasibility study completed) with a capacity of over 40 MW; Solutions to purchase ready-to-build projects are under analysis. ➢ Assess the feasibility to construct new gas-fired power plants - including use of green energy and hydrogen - subject to secure financing / access grants; Assessment of feasibility and implementation of power plants projects (greenfield or brownfield) - by ROMGAZ or in partnership(s). ➢ Assessing the feasibility to book capacity in gas-fired power plants, with ROMGAZ keeping the title on natural gas and on resulting electricity Commercial Portfolio Diversification and Market Share Increase Increase domestic market share by min 3% by 2025 (vs 2021) to maximize the added value ▪ Attract large end-customers in the wholesale market; ▪ Access retail clients in the supply market; ▪ Develop the trading activity. Regional sale of products: Development of trading activity at regional level.
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32 Decarbonization Policy / Digital Transformation / Social Responsibility Decarbonization Policy Min 10% reduction of carbon, methane & other gas emissions by 2030 (10-10-10, vs 2020) ➢ Implement a Nox emissions management system ➢ Electrically-driven drilling rigs, use of flow-back closed systems at technological well groups ➢ Reduce flare gas through methane capture systems and methane added value solutions ➢ 10% reduction of technological gas consumptions ➢ Modernize equipment and facilities, sustainable gas production ➢ Energy with low CO2 emissions, seek opportunities on the hydrogen market ➢ Assess the feasibility to inject CO2 in depleted gas reservoirs to secure future carbon storage NetZeRomGAZ in our business – to reach net zero CO2 emissions by 2050 Digital transformation Management, control and automation of production infrastructure - to optimize equipment operation under safe and reliable conditions, with low environment impact ➢ SCADA - the project will implement a centralized system - real time monitoring, control and reporting ➢ Extended data network capacity and diversified electronic services Social Responsibility Engagement ➢ Win-Win relationships with the market and social environment ROMGAZ Strategy 2021-2030
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33 06 EXPERIENCED MANAGEMENT
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34 Management team • The General Meeting of Shareholders is ROMGAZ’s management body, deciding operational and economic policies; • The Board of Directors presently includes: 5 members (4 non-executive) appointed for a 4-year term (starting with March 16, 2023), and 1 interim member (non-executive) appointed on April 14, 2025 for 5 months (*); • The BoD includes 3 independent members (*); • Started procedures to select 2 members of the Board of Directors. ROMGAZ is led by an experienced team of professionals. The Group employs over 5,900 people. ROMGAZ Group has developed extensive expertise in conventional natural gas production in Romania which is reflected in ROMGAZ’s proven track record. Name BoD role Status Professional background Dumitru Chisăliță Chairman Non-executive, Non-independent, Interim member PhD Engineer Aristotel Marius Jude Member Executive, Non-independent MBA / Lawyer Marius-Gabriel Nuț Member Non-executive, Independent MBA / Economist Răzvan Brasla Member Non-executive, Independent Economist Botond Balazs Member Non-executive, Non-independent Lawyer Elena-Lorena Stoian Member Non-executive, Independent Lawyer ►Board of Directors (7-member body) • The Board of Directors has delegated the management of ROMGAZ to 3 officers, appointed for a 4-year mandate, starting with May 16, 2023: − the Chief Executive Officer (“CEO”), Răzvan Popescu − the Deputy Chief Executive Officer (“Deputy CEO”), Aristotel Marius Jude − the Chief Financial Officer (“CFO”), Gabriela Trânbițaș. (*) as at mid-August 2025. ►Management
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35 07 BLUE CHIP ON THE BVB
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36 • The 3rd largest domestic stock traded on the BVB*) – mkt cap of EUR 6.3 bn; • The 5th most traded stock on the BVB **); • Included in BVB’s main indices (weighing 19% in energy and utilities BET-NG index, and between 11-13% in BET , BET-XT , BET-TR, ROTX); • GDRs delisting from the LSE – effective delisting and cancellation of trading occurred on December 31, 2024. Total no of shares: 3,854.22 million RON *) BVB Monthly Reports **) Based on BVB’s latest trading statistics Other shareholders 30% Romanian State 70% 12-Month: Share Price Performance on the BVB Period Min (RON) Max (RON) Q3/24 5.36 5.97 Q4/24 5.00 5.60 Q1/25 5.19 6.04 Q2/25 5.67 7.01 12M Total Traded Value (Q3 2024 – Q2 2025): 689 million RON or 0.6 million EUR/day Shareholding Structure and Stock Performance 3.5 4.5 5.5 6.5 7.5 8.5 J-23 F-23 M-23 A-23 M-23 J-23 J-23 A-23 S-23 O-23 N-23 D-23 J-24 F-24 M-24 A-24 M-24 J-24 J-24 A-24 S-24 O-24 N-24 D-24 J-25 F-25 M-25 A-25 M-25 J-25 J-25 A-25 SNG: Share price on the BVB (RON) BET NG rebasedRON
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37 E-mail: investor.relations@romgaz.ro Investor Relations Department: Manuela Ogrinja, CFA Alexandra Posea Mihnea Dinescu Capital Market Department: Adina Ștefănescu, MBA Simona Banea Cristina Hulpuș Anca Deac Financial Calendar 2025 Aug 14: Release of H1/Q2 2025 Financial Results Aug 14: Conference call with financial analysts and investors Nov 14: Release of 9M/Q3 2025 Financial Results Nov 14: Conference call with financial analysts and investors Thank you for your attention!