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1 1 Results 1H 2025 Transelectrica SA Transmission and System Operator of the Romanian Electrical Power System We lead the power Financial results 1H 2025 (01.01.2025 – 30.06.2025) unconsolidated accounts
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2 2 Results 1H 2025 Purpose, disclaimer and other cautionary statements DOCUMENT PURPOSE: This presentation has been prepared with the sole intention to facilitate the understanding of Transelectrica’s operational and financial results by the general investing public (shareholders. creditors. analysts. financial media). Therefore it is of a purely informative nature. This presentation is not an offer. invitation or a recommendation to trade in securities issued by the Company. The detailed financial statements and the full reports prepared in accordance with capital market regulations are available online at www.transelectrica.ro. FINANCIAL NUMBERS: reporting period: 1st January 2025 – 30th June 2025 reporting standard: International Financial Reporting Standards (IFRS) basis/scope: standalone (unconsolidated) external audit: unaudited rounded numbers: for ease of reading, certain figures used in this presentation (tables and charts) are displayed in millions and rounded to such unit or to one or two decimals. In some cases this leads to minor differences between totals and the sum of the individual elements (rounding errors) LANGUAGE DISCLAIMER: This document represents the English-language version of the original Romanian-language document. The English version has been created for English readers’ convenience. Reasonable efforts have been made to provide an accurate translation. However, discrepancies may occur. The Romanian version of this document is the original official document. If any questions arise related to the accuracy of the information contained in the English version, please refer to the Romanian version of the document.
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3 3 Results 1H 2025 ALL OPERATIONS PROFIT-ALLOWED OPERATIONS Operational revenues PROFIT-ALLOWED OPERATIONS: BREAKDOWN Operational revenues Operations | Revenues Financial results DRIVERS BEHIND THE DECREASE IN REVENUES ▲ Higher tariff revenue. Larger volumes (+1.8%) and higher tariff (+13.4%) ▲ Higher cross-border congestion income ▼ Lower other income: • base effect of a sizeable one-off income in 1H2024 (recovery of a sizeable amount as a result of a lawsuit won in court against the tax authorities for a case back in 2017) • lower income from emergency energy assistance provided to neighboring TSOs • lower income from the sale of excess energy (purchased to offset grid losses) in the spot and balancing energy markets Chart unit: mil Lei 1,151 2,922 281 1,491 Profit- allowed operations Balancing services (Capacity) Balancing services (Energy) Total 1,205 4,685 251 3,229 Profit- allowed operations Balancing services (Capacity) Balancing services (Energy) Total 801 1,205 102 24 278 Transmission tariff Cross- border rents Grid losses anticipatory tariff income Other income Total 1,205 1,151 Revenues 1H 2024 +124 Transmission fee +49 Cross- border rents -23 Grid losses anticipatory tariff income -205 Other Revenues 1H 2025 -54 2024 2025 2025 2024 925 1,151 151 73 Transmission tariff Cross- border rents 1 Grid losses anticipatory tariff income Other income Total
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4 4 Results 1H 2025 DRIVERS BEHIND THE EVOLUTION OF COSTS ▼Grid losses* ▲Higher personnel expenses ▲Higher depreciation costs *The chart only shows the cost associated with energy purchases. Excess purchases are traded (sold) back into the market generating revenue that reduces cost on a net basis. On a net basis i.e. purchase cost minus sales income, 1H 2025 net cost is ca. 36 mil Lei higher y/y (sales income generated in 1H 2025 from trading excess energy back into the market is ca. 44 mil Lei lower y/y). 2017 Financial results Operational expenses ALL OPERATIONS PROFIT-ALLOWED OPERATIONS PROFIT-ALLOWED OPERATIONS: BREAKDOWN Operational expenses Operations | Costs Chart unit: mil Lei 933 2,658 235 1,491 Profit- allowed operations Balancing services (Capacity) Balancing services (Energy) Total 888 4,418 301 3,229 Profit- allowed operations Balancing services (Capacity) Balancing services (Energy) Total 296 888 52 187 172 181 Grid losses Maintenance Personnel Depreciation Other costs Total 288 933 60 202 192 191 Grid losses Maintenance Personnel Depreciation Other costs Total 888 933 +8 +14 +20 +10 Costs 1H 2024 Grid losses Maintenance Personnel Depreciation Other costs Costs 1H 2025 -8 +45 2025 2024 2024 2025
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5 5 Results 1H 2025 20.73 TWh GRID IN-TAKE VOLUME IN 1H 2025 20.29 TWh GRID OFF-TAKE VOLUME IN 1H 2025 2.14% (0.44TWh) GRID LOSSES 1H 2024 478 Lei/MWh (▲ 7%) FORWARD MARKET (FM) 642 Lei/MWh (▲ 42%) DAY-AHEAD MARKET (DAM) 1,172 Lei/MWh (▲ 35%) BALANCING MARKET (BM) (Net, BRP fee included) 590 Lei/MWh (▲ 23%) CROSS-MARKET AVERAGE PRICE PAID 62%FM / 30%SPOT / 8%BM (1H 2025) PURCHASE MIX (VOLUMES) 75%FM / 18%SPOT / 7%BM (1H 2024) PURCHASE MIX (VOLUMES) Financial results Operational costs | grid losses GRID LOSSES PRICES PAID PER MARKET AVERAGE PRICE / PURCHASE MIX Balancing Market (net) BM Forward Market FM Spot Market (net) Day-ahead + Intra-day 2025 2024 2025 / 2024 -0.13PP 2.14% 2.27% 2025 / 2024 +7% FM 445 Lei 478 Lei 2025 / 2024 +42% DAM 451 Lei 642 Lei 0.0 0.5 1.0 1.5 2.0 2.5 3.0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2,62 2,42 2,57 2,63 2,29 2,69 1,91 2,15 2,31 2,03 2,50 2,32 2.09 1.95 2.31 2.37 2.27 1.88 2025 2024 100 200 300 400 500 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2024 2025 Lei / MWh 0 200 400 600 800 1.000 Ian Feb Mar Apr Mai Iun Iul Aug Sep Oct Noi Dec Lei / MWh 62% 30% 8% 75% 18% 7% Regulatory cap 2025: 2.29% (annual average) 1Q 2.11% 1Q 715 2Q 2.18% 2Q 545
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6 6 Results 1H 2025 -79 1,205 1,151 124 49 Revenues 1H 2024 Transmission fee Cross- border rents -23 Grid losses anticipatory tariff income -205 Other Revenues 1H 2025 -54 EBITDA 2025 EBITDA 2024 2025 2024 489 410 1,205 489 439 Revenues -716 Costs EBITDA -50 Pass- through EBITDA reported 1,151 410 456 Revenues -741 Costs EBITDA +46 Pass- through EBITDA reported 2024 2025 716 741 8 14 10 Operating costs 1H 2024 -8 Grid losses Maintenance Personnel Other Operating costs 1H 2025 +24 2025 2024 FROM REVENUES TO EBITDA EBITDA BREAKDOWN (PROFIT-ALLOWED) Operational profit | EBITDA Profit-allowed Profit-allowed REVENUES EXPENSES before depreciation Chart unit: mil Lei Financial results
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7 7 Results 1H 2025 Financial results FROM EBITDA TO NET INCOME NET INCOME BREAKDOWN Chart unit: mil Lei From EBITDA to Net income MAIN DRIVERS BEHIND THE DECREASE IN NET INCOME ▼ EBITDA from profit-allowed operations primarily driven by the base effect of sizeable one-off income in 1H2024 (recovery of a sizeable amount of 95 mil Lei as a result of a lawsuit won in court against the tax authorities for a case back in 2017 and 60 mil Lei income from the sale of emergency energy to neighboring countries) ▲ EBITDA from pass-through operations. The revenue vs. costs mismatch in 1H 2025 and the 2024 backlog are temporary gains that will be cleared by the end of the year. 2025 2024 410 218 264 290 256 EBITDA Profit- allowed operations -192 Depreciation EBIT Profit- allowed operations +46 Profit from Pass- through operations EBIT reported +25 Financial result EBT -33 Income tax Net Income 489 317 267 283 264 +16 EBITDA Profit- allowed operations -172 Depreciation EBIT Profit- allowed operations -50 Profit from Pass- through operations EBIT reported Financial result EBT -20 Income tax Net Income 264 256 Net Income 1H 2024 -79 EBITDA Profit- allowed operations -20 Depreciation +96 EBIT Pass- through operations +9 Financial result -13 Income tax Net Income 1H 2025 -7
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8 8 Results 1H 2025 New contracts Total aggregate amount for contracts signed in 1H 2025 Capital expenditure Amounts added to construction-work-in-progress in 1H 2025 Assets commissioned Amounts transferred from construction-work-in- progress to fixed assets in 1H 2025 745 Lei m 207 Lei m 333 Lei m Delivered in 1H 2025 Selected items: 43 Lei m – Modernizastion of 400/220/110 kV substation Bucuresti Sud 26 Lei m – New reactive power regulation units in substations Sibiu Sud and Bradu 26 Lei m – Modernizastion of 400/110 kV substation Pelicanu Selected items: 177 Lei m – New 400kV line Portile de Fier - Resita 83 Lei m – New 400 kV substation Arefu 31 Lei m – New 400 kV line Gutinas - Smardan Selected items: 185 Lei m – New 400 kV line Timisoara – Arad 162 Lei m – Upgrade to 400 kV and refurbishment of 110 KV in substation Teleajen 133 Lei m – New cross-border line 400 kV Suceava (RO) – Bălți (MD) (RO side) of which RAB: 125 Lei m Investments Note: Assets amounting to a total of ca. 208 Lei m (consisting of a new 400kV line Portile de Fier – Resita and terminal equipment in substations within a wider network expansion project of building a new line 400 kV Gutinas – Smardan) do not add to the RAB as they are financed with a mix of EU grants and cross-border interconnection revenues (congestion rents).
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11 11 Results 1H 2025 Annex Separate income statement [Lei m] 1H 2025 1H 2024 2Q 2025 2Q 2024 1Q 2025 1Q 2024 IFRS IFRS IFRS IFRS IFRS IFRS unaudited unaudited unaudited unaudited unaudited unaudited Billed volume [TWh] 25.87 25.40 ▲ 1.8% 12.30 12.18 ▲ 1.0% 13.57 13.23 ▲ 2.6% Profit-allowed operations Operational revenues 1,151 1,205 ▼ 4.5% 564 673 ▼ 16.2% 587 532 ▲ 10.3% Operational revenues | Transmission 1,119 985 ▲ 13.5% 543 483 ▲ 12.4% 576 503 ▲ 14.6% Operational revenues | Transmission | Regulated fee 925 801 ▲ 15.5% 439 376 ▲ 16.5% 487 424 ▲ 14.7% Operational revenues | Transmission | Cross-border rents 151 102 ▲ 48.5% 82 57 ▲ 44.6% 69 45 ▲ 53.4% Operational revenues | Transmission | Other 42 82 ▼ 49.1% 22 49 ▼ 56.2% 20 33 ▼ 38.6% Operational revenues | Dispatching 0 60 ▼ 99.6% 0 57 ▼ - 0 3 ▼ 91.1% Operational revenues | Dispatching | Regulated fee 0 0 - - 0 0 - - 0 0 - - Operational revenues | Dispatching | Unplanned cross-border flows 0 0 - - 0 0 - - 0 0 - - Operational revenues | Dispatching | Emergency energy assistance to neighboring countries0 60 ▼ 99.6% 0 57 ▼ - 0 3 ▼ 91.1% Operational revenues | Other income 32 159 ▼ 80.0% 21 133 ▼ 84.1% 11 26 ▼ 59.6% Operational revenues | Other income | Grid losses anticipatory tariff income 1 24 ▼ 96.1% 0 16 ▼ - 1 7 ▼ 87.5% Operational revenues | Other income | Other income 31 135 ▼ 77.2% 21 116 ▼ 81.9% 10 19 ▼ 48.8% Operational costs 741 716 ▲ 3.4% 377 378 ▼ 0.2% 364 338 ▲ 7.5% Operational costs | System operation 358 355 ▲ 0.8% 169 186 ▼ 9.4% 189 169 ▲ 12.1% Operational costs | System operation | Grid losses 288 296 ▼ 2.7% 130 153 ▼ 15.3% 158 143 ▲ 10.8% Operational costs | System operation | Congestion relief 0 0 ▼ - 0 0 ▼ - 0 0 - - Operational costs | System operation | Power consumption in grid substations 21 26 ▼ 19.3% 8 11 ▼ 29.2% 13 14 ▼ 11.4% Operational costs | System operation | Inter-TSO-Compensation 32 21 ▲ 55.1% 14 9 ▲ 53.4% 18 12 ▲ 56.4% Operational costs | System operation | Other 17 13 ▲ 35.8% 17 13 ▲ 35.8% 0 0 - - Operational costs | Maintenance 60 52 ▲ 15.7% 34 28 ▲ 21.0% 26 24 ▲ 9.3% Operational costs | Personell 202 187 ▲ 7.6% 105 100 ▲ 5.2% 96 87 ▲ 10.3% Operational costs | Other 121 122 ▼ 0.6% 69 63 ▲ 8.8% 52 58 ▼ 10.7% EBITDA 410 489 ▼ 16.1% 187 295 ▼ 36.7% 223 194 ▲ 15.3% Operational costs | Depreciation and amortization 192 172 ▲ 11.9% 98 87 ▲ 13.0% 94 85 ▲ 10.8% EBIT 218 317 ▼ 31.2% 89 208 ▼ 57.4% 129 109 ▲ 18.8% Pass-through operations Operational revenues 1,772 3,480 ▼ 49.1% 948 2,024 ▼ 53.2% 824 1,456 ▼ 43.4% Operational revenues | System service 281 251 ▲ 11.9% 124 128 ▼ 3.1% 158 124 ▲ 27.4% Operational revenues | Balancing service 1,491 3,229 ▼ 53.8% 824 1,897 ▼ 56.6% 667 1,332 ▼ 50.0% Operational costs 1,726 3,530 ▼ 51.1% 959 2,093 ▼ 54.2% 767 1,438 ▼ 46.7% Operational costs | System service 235 301 ▼ 22.1% 134 196 ▼ 31.3% 100 105 ▼ 4.8% Operational costs | Balancing service 1,491 3,229 ▼ 53.8% 824 1,897 ▼ 56.6% 667 1,332 ▼ 50.0% EBIT 46 -50 ▲ - -11 -68 ▲ 84.0% 57 18 ▲ 211.0% All operations (profit-allowed and pass-through) Operational revenues 2,922 4,685 ▼ 37.6% 1,511 2,697 ▼ 44.0% 1,411 1,988 ▼ 29.0% Operational costs 2,466 4,246 ▼ 41.9% 1,336 2,470 ▼ 45.9% 1,131 1,776 ▼ 36.3% EBITDA 456 439 ▲ 4.0% 176 227 ▼ 22.5% 281 212 ▲ 32.2% Operational costs | Depreciation and amortization 192 172 ▲ 11.9% 98 87 ▲ 13.0% 94 85 ▲ 10.8% EBIT 264 267 ▼ 1.1% 78 140 ▼ 44.4% 187 127 ▲ 46.6% Financial result 25 16 ▲ 56.1% 24 16 ▲ 49.0% 1 0 ▲ - EBT 290 283 ▲ 2.2% 102 156 ▼ 34.7% 188 127 ▲ 47.5% Income tax -33 -20 ▼ 68.0% -3 4 ▼ - -30 -24 ▼ 26.1% Net Income 256 264 ▼ 2.7% 99 160 ▼ 38.3% 158 103 ▲ 52.4%
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12 12 Results 1H 2025 TRANSELECTRICA S.A. Web: www.transelectrica.ro Stock: ISIN ROTSELACNOR9. Bloomberg TEL RO. Reuters ROTEL.BX Post: Olteni 2-4. Bucharest 3. Romania E-mail: relatii.investitori@transelectrica.ro Tel: +40 213035611 Fax: +40 213035610 Executive Board Stefanita Munteanu Chair (CEO) Vasile-Cosmin Nicula Member (CFO) Victor Moraru Member Catalin Constantin Nadolu Member Florin Cristian Tataru Member CONTACT Annex
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