Good afternoon. My name is Mr. Tuță, director at investor relations. Thank you for your interest for this presentation of the interim financial statements for quarter one 2026 unaudited. I want to extend the welcome of Mr. Sterian and Mrs. Ghidiu. The presentation will follow the past trend. Mr. Marius Lupean will make the presentation, and will be followed by your questions at the end of the session. I give the floor to Mr. Lupean. Good afternoon. We will present the financial results for quarter one 2026. I'd like to start with recent information regarding the improvement of Transgaz rating, which improved with a notch due to the results of Transgaz and the estimates for next year. We will start with a short presentation of the financial statement at the end of March 2026. The results are better compared to the budget. For quarter one 2026, the profit increased by 25%. Compared to the achieved 2026, this indicator decreased, the profit decreased by 21%. The factors who influenced the new are presented in this slide. The net result decreased. The operating revenue also decreased compared to last year, which were mainly determined by booked capacity revenue. Booked capacity is higher in quarter one compared to last year, with a positive influence of RON 31 million. In quarter one 2026, 25 shorter term products, which determined a higher revenue. The booked capacity was lower last year compared to this year. Regarding capacity overrun revenue, they are higher by RON 6 million. Commodity revenue are higher by RON 5,000. Gas transmitted is higher compared to the preceding period of time. Commodity tariff is lower compared to last year, with a negative influence of RON 6.9 million. Other operating revenue are higher by RON 7.7 million compared to last year. Regarding the balancing revenue, this decreased based on the trading price lower, and a lower quantity by 128,000 MWh. The balancing and construction activity, any profit recording included from balancing is redistributed. If I have a loss from balancing, it is recovered from the neutrality. Financial revenue decreased based on the update of the regulated asset base with the inflation approved by ANRE, or establishing the rate of return compared to last year, where we update. The costs increased by 6% compared to 31st March last year. This increase is mainly determined by depreciation rate, and the commissioning of major investment project. EBITDA will also increase. Insurers of financing source for the achievement of the projects of Transgaz. Technological consumption decreased. Quantity of natural gas is lower, with a positive influence of RON 15 million. The royalty expense decreased by RON 20 million. The finance expense increased compared to last year, based on the decreasing of the capitalized interest expense, which are updated during the achievement of the investment. All these factors generated a decrease of the profit compared to last year. Compared with the budget, the profit was exceeded by 25%. The subsidiaries in the Republic of Moldova recorded a good result, better than last year. On the interim financial statement, consolidated one, the result was decreased by 25% compared to the same period of last year. The quantity of natural gas just transmitted is higher. The share of technological consumption, 0.7%. This is what I wanted to present. Our presentation contains information about the investment projects our company is executing and completed ones. I'd like to go to the questions and answers session. Hello. Good afternoon. Thank you for your presentation. I have several questions. I would like to structure them. I would like to start by the revenue side. It would be useful if we could understand what happened with the capacity booking part, the decrease. We did not anticipate a decrease of this component because if the regulated revenue and the transmitted volumes increase, we will not have a negative impact. Could you please explain in detail what happens in this phenomenon? Is it specific to the quarter one of this year, or could we see the same evolution for decrease in the next semesters or trimester? Last year, monthly products were booked, and we also offer yearly, monthly, daily, and within-day product. Last year, the product structure reserve, the share of the monthly products was higher than the one in the current year. The capacity booking increased compared to the previous year. Compared to the previous period, the regulated revenue also increased compared to the previous period. If more expensive products were booked, then the revenue was higher. It is a punctual aspect. Capacity booking should lead to an increase in revenues from transmission. The same, we do not estimate for this to take place in the following months. We do not expect, because during winter, the booking level is higher. We do not expect in the following quarters, we see the same trend. Such a difference could not be longer valid. In quarter two and three, could we see a tariff which is increasing or higher than the previous year? What should we analyze? We are talking about an average tariff. This decrease by RON 21 is an average tariff. Average means that the MWh booked is added to the long-term products booked for a certain month. The value of the revenue depends on the capacity booked. I said that for us who we do not have visibility on this structure, what should we look at the comparison year-on-year or in quarter two? What should I analyze in quarter two 2025? I should look at what happened in Q1 2026? Where can we see more stability or a clear evolution in a direction or another? In the evolution in winter months are more at peaks. During the summer months, it should be more stable. The revenue recorded during a year is more relevant than the one recorded in a quarter. As compared to the previous period, maybe you could see some differences, taking into account that in the previous year, we had some overruns of the transmission revenues. The best expression is in the budget. You can analyze the figures in our budget, which was approved. This would be the best expression to say so of this. There, we took into consideration the contracts that are ongoing and the capacity booking for a quarter or for a month, but we cannot see 100% that additional bookings will no longer appear. I noticed that there was a comment regarding that the tariff was under the budgeted level. If we look at the budgeted values, do you expect to recover this decrease in tariff will be singular, isolated, to say so? This analysis, factor analysis on the tariff, the average does not represent the best expression. The important data are the macro data. The bookings increased, therefore, the revenue increased. Of course, we have to take into account the differences in the auction premia and the revenues achieved in the previous periods, which also influence this. The budgeted revenue should be achieved. I try to separate in the budget. Could you tell us in the budget, what is the value included for auction premia and for overruns? There is no significant value for this. Around RON 10 million, RON 20 million, RON 25 million or so. Basically, this is your current estimation because there's a high discrepancy compared to 2025. Capacity auctions will take place in the first Monday of July, I think on the 6th of July, then we will have clarity on the auction premia. To be able to understand better, on the 6th of July, the auction premia are the ones that we will see in the following year. Yes. Starting from the 1st of October. Could you tell us now, just to have a picture on it, how should they be until September? I can tell you about the quarter and the month for which it is auctioned, because quarterly products are auctioned. Annual products are auctioned during the period. The auctions will take place after that, the monthly auction that is for the current gas year. Annually are only for the annual products. That's right. I would like to go to pass-through costs because they were, I saw 0.2 in the first quarter. I remember then in our previous meeting, we talked about higher level. Is there a singular situation or could we watch pass-through costs for the following years at this degree of 0.2? I will not take into account the minimum pass-through cost. I would take into account the average value in the past two years. We did not budget the minimum pass-through cost in the budget. There are some errors. There are some metering errors. There are several elements that influence the technological consumption or the value of the technological consumption, and I think it would be reasonable to look at a more average value, maybe higher. We should not take into account that it could go to zero. 0.2 is considered to be a minimum, to say so. Yes, I would like to say that it could be considered as a minimum. Yes, it is an achieved value. The average at the European level is 0.4, 0.5. We are happy that we achieved 0.2 because it is reduced, and we hope to maintain it at the same level. It is not an element 100% certain or that could be controlled by us. ANRE, in their estimates for this regulatory period, what pass-through costs take into account? In the regulation, ANRE recognizes the achieved consumption. If it recognizes 0.4 or 0.35, but if we achieve 0.2, they will recognize 0.2 for basically two years of delay. It is the achieved consumption is recognized. The company makes every effort to achieve a higher level. In the first quarter, did you have a procurement component at the regulated price? No, we have no such component. No, I think we had not. Maybe in the first months, but I'm not sure. Subsequently, they will no longer appear. Yes, you are correct. We do not fall into that category anymore. You mentioned capitalized interest that decreased in first quarter. I noticed that the budget indicates a financial result of 130-something RON. Could you tell us if they include the decrease of the capitalized interest? In the budget or? Yes, in the budget. The capitalized interest are estimated in the budget, which are not recognized. This capitalized interest, higher in 2025, I think was connected to Podișor. Yes. For the rest of the year, do you expect to capitalize a higher interest or the level in the first quarter? I do not know exactly the figure. We do not expect it to be higher in the following quarters. I understand. Basically, it will remain in a significant decrease as compared to 2025. Would you tell us how much you capitalized in 2025, because I do not have such figures available. I'm so sorry. I do not have it with me at the moment, but you can ask for them and we'll make sure you receive it. Regarding the activity in Moldova, I did not see the operational profit. How much was received in the first quarter, could you please tell us? Just one moment. Let's see the consolidated and the separate. It's equivalent to RON 70 million. In Moldova, if I remember correctly, the operating profit in 2025 was over the regulated level. We expected to see a correction for Moldova as well. The correction is made per year. Starting from the 1st of October 2026, I do not expect any corrections. As I said in our previous meetings, from 2017 and 2023, until it was not the operator of the system in the Republic of Moldova, Transgaz had a RAB, and they had to recover the current and the future periods. I do not expect any delta in the future. That means could you please inform us on an estimate for 2026, where do you see the contribution of Moldova? At what level? If I remember, it was RON 100 million. Oh, yes, you're correct. We'll start from there. One more question regarding the personnel expenses. If I remember correctly, the collective labor agreement expires this year. Yes, according to the law, it can be extended. Do you expect to be any impact on the personnel salary expenses? No, because as you know, there are limitations in establishing the budget for the personnel expenses, according to the law. The maximum that can be granted is approved based on the memorandum. We do not see any impact. One last question, although I said the previous one was the last. Is there a possibility to reconciliate the volumes that Transgaz trades on the website? On the side of the end consumers, it is very difficult to reconcile because there they are the final clients who are connected, and it is very difficult for me to know per volumes from the data published on the site, which are the achieved volumes. Could you please help us in this respect? The volume is 15% of the regulated revenue, and the capacities are published on our website. You can see the exact figures related to the capacity booked. The volume is a component, but it does not represent a major evaluation. Okay. Thank you very much. You're welcome. Mrs. Laura Simion, please. Can you hear us? Good afternoon. I will give the floor to Mrs. Laura. I would like to ask some questions as the follow-up to the discussion right now regarding technological consumption and the price in quarter one. I noticed that the price in January was below the market average. In February and March, you had a price aligned with the market. I wanted to ask, why is that, and if we should expect to a price aligned with the market the future? As far as I know, you used to have a long-term contract with Romgaz. The price was regulated until the end of March. It was regulated, but not for the entire quantity necessary for the technological consumption. This is why, in the first month, the share was higher, and in the following month, was regulated. We bought technological consumption. We also have technological consumption gas stored. This is why we don't have to conclude a gas procurement contract for a longer period of time. We should use from our stock gas When you bought before, you bought at regulated price? Yes, we bought them at regulated price, we consumed part of them. We also had gas procured legacy contracts and not consumed. We also have natural gas for balancing obligations, which was diminished, and that gas was moved from balancing to technological consumption. Regarding the budgeted value for the technological consumption, this was approximately RON 100 million higher than last year. You had RON 25 million for technological consumption in quarter one. Do you maintain the budget estimation, or maybe we are going to see a lower estimation? You have to have an estimation in the budget. Which is not the most optimistic one. We went to a level which is closer to 0.4%, probably the price was as it is in the market. The basis of the estimation was a calculation for the price we have for the stock at the relevant moment. For the revenue, I calculated from the budget the accumulated corrections around RON 113 annually. Can you confirm this figure? Yes. Regarding the budget, last year when you made the budget, you also have data for 2026, 2027. For this year, you consider a volume of 240 TWh consumption. This volume is only 170 TWh. Can you explain where is this change coming from? I refer to the figure for last year, for the budget of last year, when you made forecast for this year. For transmission for 2026, as you know, last year, we estimated that Black Sea gas will start from 2027. I have recently heard that 2027. When you make the budget, you are based on the best information at that time. We speak about a budget for 2027 made in 2026. About information available at that moment. If we come closer to a period of time, estimates change. Regarding consumption for 2027, I can see a difference of 100 TW compared to 2026. How much is from Black Sea gas and how much from other sources, and what are those sources? The quantities for Black Sea gas are communicated by Romgaz. In 2027, Mintia Power Plant will be commissioned. Mintia will be commissioned in 2027. We have a larger quantity in 2027 and a smaller quantity in 2026. Regarding methodology. It was changed with the inflation according to the value estimated by ANRE. Has ANRE estimated this for the entire regulatory period, or when you establish the regulated revenue, you estimate for the next gas year? The answer is for the entire period. The adjustment to the real inflation rate, when is it performed? It is not performed anymore. Probably this year, we will have an inflation above three. We speak about the RAB updating. The other cost elements are updated with the real inflation rate. Rate of return is applied, and this 3.1 to the RAB. Regarding the investment projects, you have a very long list, which are most of them non-FID. What are the chances that we see an important project receives a FID this year? You can see there the major investment projects. We also have smaller projects regarding value, which are implemented. I refer to the major ones. What should happen to progress on the FID process? You have in the presentation the projects which are ongoing, and we can see them. The first one is the extension of the compressor stations. The estimated completion date is 2027. You mentioned here non-FID. Recaș-Horia is. Many projects are in the auction phase. You can see on Transgaz's website the projects until 2034. This for 2034 is approved in August by ANRE. You will have the updated version of the plan. The best information available today is in this presentation, regarding the implementation phase. You will take the final decision after the auction and accepting an offer. No. Final Investment Decision is taken before auctioning. This one with the extension is in the auctioning phase in the Ten-Year Network Development Plan. The information available on Transgaz's website. In August, the Ten-Year Network Development Plan will be approved. You will find the values and the updated phases of the project. This is a process. ANRE approves it only in August. Until then, you have the last one, the latest one approved by ANRE. This is Irina Railean. I think you can hear me. Thank you for your presentation and for taking the questions. I would like to ask what will happen starting with 1st of October next year, if you have the data for the regulated revenue for next year, what are your expectations? How would the corrected regulated revenue progress you expect ANRE to approve? I'd like to ask questions about tariff evolution, considering the fact that next year will comprise Mintia and Black Sea. What volumes do you estimate to see next year? Can we expect decreasing of tariff due to higher quantities? How should we interpret the impact of the commissioning of the Black Sea project and the Mintia project on the regulated revenue side and on the tariff side? Information will become public tomorrow when ANRE will publish the tariffs for 2026, 2027. The committee has already approved the tariffs, and the publication will be tomorrow. The substantiation of the revenue will also be available, I suppose. Those will be published by us as soon as possible. Not tomorrow, but as soon as possible. Regulated revenue will increase, and tariffs will decrease. The fact that tariffs will be lower is a good thing for everyone, but it will not affect the profitability of Transgaz. Probably, or Mintia, as far as I know, the commissioning of the power plant will have to be during this summer, and the Neptun comes next year. Could we see, due to the decreasing of the tariffs starting from 1st of October, could we see a weaker quarter four? An unequal share for the next year c apacity booking was already made, starting even before the fourth quarter. Gas can be transmitted depending on how much the supplier has, but the capacity is like a subscription. Including for the parties which are interested in the Black Sea gas. For everyone which is interested. Everyone who can use and have transmitted gas must book capacity. They have to nominate gas for transmission. For entry into the national transmission system, we speak to the producer. Can we see, for entry, your capacity bookings from Neptun Deep? Yes. We have the result of the open season published for capacity entry. Thank you for this. I also wanted to ask you something else regarding the revenue corrections, but I withdraw my question because tomorrow the regulated revenue will be published, and we will see more details. Regarding for Moldova, gas year is the same as the gas year in Romania, October, September. Gas year is the same at the European level. Moldova aligned with this provision. I understand. This is all I wanted to ask. Thank you. There's a question in the question and answer side from Mr. Cristian Petre related to the profit in the Republic of Moldova. It seems way above the regulated one. What is the delay in the adjustment of the revenue in the Republic of Moldova? What are your expectation in the Republic of Moldova for the profitability? On profitability, sorry. As you said, we do not expect adjustments of the achieved revenue in Moldova because there were years from 2017, 2023, when the operator, Vestmoldtransgaz, had a regulated revenue but did not achieve it. The adjustment of the achieved revenue is made one year after the other. It is not the case at the moment because the loss has to be recovered, not achieved revenue. Please, if there are any other questions. Mrs. Laura Simion, you have your hand raised. Would you like to add something more? Mrs. Irina Railean as well. No, just one comment related to Moldova. There are some amounts from the past that are netted, and it is not necessary at the moment to adjust them. Are those amounts consistent amounts until then, for how long or how much time is it required to see the difference? Do you have an outstanding balance? Is it available so that we can net in the future quarters? Yes, we have the data, but the idea is that this delta in the Republic of Moldova was higher in the previous years, and it was almost netted, the unachieved value. Starting from next year, there will no longer be an outstanding balance. We'll interpret basically from zero. Thank you. Mrs. Laura Simion, would you like to add something more, or you still have your hand raised if you'd like to add something? No, that's not the case. If there are any other questions, please feel free to ask. If not, we would like to thank you for being present here today. We are looking forward to seeing you at the presentation of the six months' time result. If there are any other question, please write. Thank you for your time. Have a nice afternoon. Goodbye