Q2 2026 Societatea Nationala de Gaze Naturale Romgaz SA Earnings Call

August 14, 2026

Speaker #2: Good afternoon, ladies and gentlemen, and welcome to our conference call to discuss the results recorded by ROMGAZ Group in the first half of 2026.

[Company Representative] (Romgaz): Good afternoon, ladies and gentlemen, and welcome to our conference call for discussing the results recorded by Romgaz Group in H1 2026. After introducing the speakers, Mr. Răzvan Popescu, Chief Executive Officer, will make an opening speech. Thereafter, the Q&A session will take place. Please be advised that this conference is being recorded for internal purposes. On behalf of the company, the following speakers attend this conference: Mr. Răzvan Popescu, Chief Executive Officer, Mr. Aristotel Jude, Deputy Chief Executive Officer, Ms. Gabriela Trânbițaș, Chief Financial Officer, Mr. Radu Moldovan, Energy Trading Director, Mr. Ion Foidaș, Production Department Director, and our investor relations department. Now, I would like to give the floor over to Mr. Răzvan Popescu, who will open the conference call with an opening speech.

Speaker #2: After introducing the speakers, Mr. Răzvan Popescu, Chief Executive Officer, will make an opening speech. Thereafter, the Q&A session will take place. Please be advised that this conference is being recorded for internal purposes.

Speaker #2: On behalf of the company, the following speakers attend this conference: Mr. Răzvan Popescu, Chief Executive Officer; Mr. Aristotel Jude, Deputy Chief Executive Officer; Ms. Gabriela Trâmbițaj, Chief Financial Officer; Mr. Radu Moldovan, Energy Trading Director; Mr. Ion Foitaș, Production Department Director; and our Investor Relations department.

[Company Representative] (Romgaz): On behalf of the company, the following speakers attend this conference: Mr. Răzvan Popescu, Chief Executive Officer, Mr. Aristotel Jude, Deputy Chief Executive Officer, Ms. Gabriela Trânbițaș, Chief Financial Officer, Mr. Radu Moldovan, Energy Trading Director, Mr. Ion Foidaș, Production Department Director, and our investor relations department. Now, I would like to give the floor over to Mr. Răzvan Popescu, who will open the conference call with an opening speech.

Speaker #2: Now, I would like to give the floor to Mr. Răzvan Popescu, who will open the conference call with an opening speech.

Speaker #3: Good afternoon, ladies and gentlemen. Thank you for joining our conference call to discuss the results recorded by the ROMGAZ Group in the first half of this year.

Răzvan Popescu: Good afternoon, ladies and gentlemen. Thank you for joining our conference call to discuss the results recorded by the Romgaz Group in H1 of this year. Today, we release the Board of Directors report, which comprises a detailed presentation of our economic performance and the consolidated interim financial statements. Also, an overall presentation of the group is available on our website in the investor section. I will start by highlighting some of the aspects of the gas market environment in H1 2026 compared to the same period of the previous year. We estimate that natural gas consumption in Romania increased by around 3% to 60 tera, while imported volume declined by 14%, reaching a 22% weight in the total gas consumption.

Speaker #3: Today, we release the Board of Directors' report, which comprises a detailed presentation of our economic performance and the consolidated interim financial statements. Also, an overall presentation of the Group is available on our website in the investor section.

Speaker #3: I will start by highlighting some aspects of the gas market environment in the first half of 2026, compared to the same period of the previous year.

Răzvan Popescu: I will start by highlighting some of the aspects of the gas market environment in H1 2026 compared to the same period of the previous year. We estimate that natural gas consumption in Romania increased by around 3% to 60 tera, while imported volume declined by 14%, reaching a 22% weight in the total gas consumption.

Speaker #3: We estimate that natural gas consumption in Romania increased by around 3%, to 60 TWh, while imported volume declined by 14%, reaching a 22% weight in the total gas consumption.

Speaker #3: The European natural gas market remained challenging and highly volatile during the first half of 2026, with prices above the levels recorded in the similar period of last year.

Răzvan Popescu: The European natural gas market remained challenging and highly volatile during H1 2026, with prices above the levels recorded in the similar period of last year. Market dynamics continued to be shaped by geopolitical uncertainties, lower storage levels, and Europe's increasing exposure to global energy markets, while security of supply remained a key priority across the region. On the Romanian Commodities Exchange, the trading liquidity remained weak due to the requirement for gas producers to sell part of their production at a regulated price. Regarding the gas sector legislation in Romania, Romgaz activities continued to be influenced mainly by the ordinances issued to regulate the gas prices. The main legal provisions applicable to gas provisions include regulated gas selling price of RON 110 megawatt hour, applicable starting 1 April 2026, and up until 31 March 2027.

Speaker #3: Market dynamics continue to be shaped by geopolitical uncertainties, lower storage levels, and Europe's increasing exposure to global LNG markets, while security of supply remains a key priority across the region.

Speaker #3: On the Romania Commodities Exchange, the trading liquidity remained weak due to the requirement for gas producers to sell part of their production at a regulated price.

Răzvan Popescu: On the Romanian Commodities Exchange, the trading liquidity remained weak due to the requirement for gas producers to sell part of their production at a regulated price. Regarding the gas sector legislation in Romania, Romgaz activities continued to be influenced mainly by the ordinances issued to regulate the gas prices. The main legal provisions applicable to gas provisions include regulated gas selling price of RON 110 megawatt hour, applicable starting 1 April 2026, and up until 31 March 2027.

Speaker #3: Regarding the gas sector legislation in Romania, ROMGAZ activities continue to be influenced mainly by ordinances issued to regulate gas prices. The main legal provisions applicable to gas producers include a regulated gas selling price of 110 RON per megawatt-hour, applicable starting 1 April 2026 and up until 31 March 2027.

Speaker #3: For the gas sold to household consumers and their suppliers, and to heat producers for the production of thermal energy for households, the previous regulated prices were higher at 120 RON per megawatt-hour and were applied to a slightly wider category of consumers.

Răzvan Popescu: For the gas sold to household consumer and their suppliers, and to heat producers for the production of thermal energy for households. The previous regulated price was higher at RON 120 per megawatt hour and was applied to a slightly wider category of consumers. For the gas sold at regulated prices, payment of the windfall profit tax is exempt, and gas revenues are computed based on these regulated prices instead of the set reference prices. Regarding the operational and financial performance recorded by the group in H1 2026, we can highlight some of the following important results. We recorded a natural gas production of 2.4 BCM, which exceeded by 22 million or almost 1% the level budgeted for the first six months.

Speaker #3: For the gas sold at regulated prices, payment of the windfall profit tax is exempt, and gas royalties are computed based on these regulated prices instead of the tax reference prices.

Speaker #3: Regarding the operational and financial performance recorded by the group in the first half of 2026, we can highlight some of the following important results: We recorded a natural gas production of 2.4 BCM, which exceeded by 22 million, or almost 1%, the level budgeted for the first six months.

Speaker #3: In Q2 alone, natural gas production was 1.17 BCM, and we succeeded in narrowing the production decline to 2.8% year-over-year, closer to our strategic annual goal of 2.5%.

Răzvan Popescu: In Q2 alone, the natural gas production was 1.17 BCM, and we succeeded to narrow the production decline to 2.8% year over year, closer to our strategic annual goal of 2.5%, and an improvement compared to the decline recorded in the first quarter. The six-month output results were achieved through steady efforts aiming to consolidate the potential of our onshore production, which include intervention and recompletion operation, which allowed us to resume production at 89 inactive wells that improved production by over 62 million cubic meters. Successful exploration activity and completion of investment to expand the production infrastructure. This resulted in two new production wells, which increased output by 11.6 million in H1 2026. The continuous rehabilitation projects of the main mature gas fields and the optimization of gas field exploitation.

Speaker #3: And an improvement compared to the decline recorded in the first quarter. The six-month output results were achieved through steady efforts aimed at consolidating the potential of our onshore production, which included intervention and recompletion operations. These allowed us to resume production at 89 inactive wells, improving production by over 62 million cubic meters. Additionally, successful exploration activity and completion of investments to expand the production infrastructure contributed to our results.

Speaker #3: This resulted in two new production wells, which increased output by 11.6 million in the first half of 2026; and, of course, the continuous rehabilitation project of the main mature gas fields, and the optimization of gas field exploitation.

Speaker #3: Regarding investment in our production facilities, we can point out that we performed reactivation and capital repairs for 104 wells, and finalized two surface facilities, while 27 others are in different preparation stages.

Răzvan Popescu: Regarding investment in our production facilities, we can point out that we performed reactivation and capitalizable repairs for 104 wells and finalized two surface facilities, while 27 others are in different preparation stages. We can also highlight that all these measures led to a 10% increase in our condensate production to the level of above 27,000 tons in H1 2026, mostly due to higher production levels in our Caragele commercial field. Regarding Caragele Deep, works are progressing with 76 Rosetti wells now in production. Three other wells are already in production from the previous years. 54 Damianca well, which has been successfully tested, waiting for tie-in, and 56 Damianca well, which is actually in drilling as we speak. Also, we have six other wells in different stages of drilling preparations.

Speaker #3: We can also highlight that all these measures led to a 10% increase in our condensate production, reaching a level above 27,000 tons in the first half of 2026, mostly due to higher production levels in our Caragiole commercial field.

Speaker #3: Regarding Caragiole Deep, works are progressing, with 7,600 wells now in production. Three other wells are already in production from previous years. Fifty-four Damianca wells, which have been successfully tested, are waiting for timing, and 56 Damianca wells are currently being drilled as we speak. Also, we have six other wells in different stages of drilling preparations.

Speaker #3: We can also add that our gas production was expectedly impacted by major overhauls in a number of wells, by the natural decline, as well as by power outages in the first quarter of the year, higher network pressure, and by water influx in some of our Caragiole Deep wells.

Răzvan Popescu: We also can add that our gas production was expectedly impacted by major overhauls in a number of wells and by the natural decline, as well by power outages in the first quarter of the year and higher network pressure and by water influx in some of our Caragele Deep wells. We continue to hold a significant position on the domestic gas market in the first six months. Romgaz was the leading gas supplier with a 43% market share in total gas delivery, according to our estimates. Regarding gas consumption covered only from domestically produced gas, we have a 55% market share, according to our internal assessment. We recorded total revenues of gas sold of RON 3.34 billion, lowered by 10% year over year as a result of declining production and volumes extracted and sold from storages, but also a regulated lower price.

Speaker #3: We continue to hold a significant position in the domestic gas market in the first six months. ROMGAZ was the leading gas supplier, with a 43% market share in total gas delivery, according to our estimates.

Speaker #3: Regarding gas consumption covered only from domestically produced gas, we have a 55% market share according to our internal assessment. We recorded total revenues from gas sold of RON 3.34 billion, lower by 10% year-over-year as a result of declining production and volumes extracted and sold from storages, but also a regulated lower price.

Speaker #3: Revenues from storage services were higher by 3% year-on-year, at 284 million RON, with withdrawal-related revenues up by 30%, and capacity reservation having a 54% weight.

Răzvan Popescu: Revenues from storage services were higher by 3% year on year at 284 million RON, with withdrawal-related revenues up by 30% and capacity reservation having a 54% weight. As of 30 June 2026, 86% of the operational capacity of our gas underground storages was already booked. Revenues from electricity added 149 million RON, adjusted by 16% year on year due to an almost half production of the old power plant to 182 gigs. Overall, Romgaz Group reported total revenues of 3.88 billion RON, adjusted by 9% compared to 4.25 billion RON in the previous year, based on the lower contribution of our gas segment. Regarding expenses, we recorded windfall profit tax of 486 million RON and royalties of 284 million RON, representing a total expense of 771 million, only up 0.4% compared to the previous year.

Speaker #3: As of 30 June 2026, 86% of the operational capacity of our gas underground storages was already booked. Revenues from electricity added 149 million RON, adjusted by 16% year-on-year due to an almost half production of the old power plant, to 182 GWh.

Speaker #3: Overall, ROMGAZ Group reported total revenues of RON 3.88 billion, down 9% compared to RON 4.25 billion in the previous year, based on the lower contribution of our gas segment.

Speaker #3: Regarding expenses, we recorded windfall profit tax of 486 million RON and royalties of 284 million RON, representing a total expense of 770 million RON, only up 0.4% compared to the previous year.

Speaker #3: Bottom line, we succeeded in achieving a net profit of 1.74 billion RON, higher by 3.4% compared to the 1.68 billion RON recorded in the same period of last year.

Răzvan Popescu: Bottom line, we succeeded to achieve a net profit of 1.74 billion RON, higher than 3.4% compared to 1.60 billion recorded in the same period of last year. We also recorded substantial profitability rates in the first six months, an EBITDA margin at above 53%, EBIT rate of over 46%, and a net profit rate at above 44%. in Q2 alone, we recorded a net profit of 763 million RON, elevated by 4.7% compared to last year and the highest net profit rate ever recorded in Q2 of the company. On the CapEx side, H1 2026, the Romgaz Group invested a total consolidated amount of over 2.55 billion RON. Of this amount, 2.02 billion represented the investment in Romgaz Black Sea Limited, and the 429 million, the investment that were made by Romgaz alone. 99 million was the CapEx for the Depogaz subsidiary.

Speaker #3: We also recorded substantial profitability rates in the first six months, with an EBITDA margin above 53%, an EBIT rate over 46%, and a net profit rate above 44%.

Speaker #3: In the second quarter alone, we recorded a net profit of RON 763 million, up by 4.7% compared to last year, and the highest net profit rate ever recorded in the second quarter of the company.

Speaker #3: On the CAPEX side, in the first half of 2026, the ROMGAZ Group invested a total consolidated amount of over 2.55 billion RON. Of this amount, 2.02 billion RON represented the investment in ROMGAZ Black Sea Limited, and 429 million RON were investments made by ROMGAZ alone.

Speaker #3: Ninety-nine million was the capex for the depot gas subsidiary. Regarding our strategic project, Neptune Deep, the progress made this year is in line with the budget and with the execution calendar.

Răzvan Popescu: Regarding our strategic project, Neptun Deep, the progress made this year is in line with the budget and with the execution calendar. The Transocean drilling rig is currently drilling and completing well operations. Six wells have already been completed out of a total 10 development wells across the project. Installation of the Neptun Alpha offshore production platform was achieved in July, representing a major milestone of the project of an unprecedented magnitude for Romania and the EU. The 160-kilometer offshore main natural gas pipeline has been installed. This will transport natural gas from the Neptun Deep Alpha platform to the shore at Tuzla, where the natural gas will be metered and delivered into the national grid. Also, preparatory drilling works have been performed in H1 for the Anaconda-1 exploration well, with drilling scheduled after the Neptun Deep block drilling is completed.

Speaker #3: The Transocean various drilling rig is currently drilling and completing well operations. Six wells have already been completed out of a total of 10 development wells across the project.

Speaker #3: Installation of the Neptune Alpha offshore production platform was achieved in July, representing a major milestone for the project and an unprecedented achievement for Romania and the EU.

Speaker #3: The 160-kilometer offshore main gas pipeline has been installed. This will transport natural gas from the Neptune Deep Alpha platform to the shore at Tuzla, where the gas will be metered and delivered into the national grid.

Speaker #3: Also, preparatory drilling works have been performed in H1 for the Anaconda One exploration well, with drilling scheduled after the Neptune Deep block drilling is completed.

Speaker #3: We aim to explore this new prospect in the Neptune Deep block. As a result of this significant development, ROMGAZ and OMV Petrom are on track to safely deliver the first gas from Neptune Deep in 2027, and the project does remain within our €4 billion guidance for the total investment.

Răzvan Popescu: We aim to explore this new prospect in the Neptun Deep block. As a result of these significant developments, Romgaz and OMV Petrom are on track to safely deliver the first natural gas from Neptun Deep in 2027, and the project does remain within our €4 billion guidance for the total investment. Another strategic objective is the CCGT Power Plant in Iernut. The project has now entered an advanced implementation stage that comprises the execution of already awarded contracts and the procurement procedures for the remaining activities. The multidisciplinary team dedicated to the project is operating at full capacity, simultaneously managing design, procurement, negotiation, contracting, execution, and monitoring activities. A memorandum has been approved by the Romanian government in May, aiming to facilitate the procurement process. It enabled the initiation and acceleration of award procedures, reduced decision-making times, and facilitated the fast mobilization of all entities.

Speaker #3: Another strategic objective is the CCGT power plant in Yerevan. The project has now entered an advanced implementation stage that comprises the execution of already awarded contracts and the procurement procedures for the remaining activities.

Speaker #3: The multidisciplinary team dedicated to the project is operating at full capacity, simultaneously managing design, procurement, negotiation, contracting, execution, and monitoring activities. A memorandum has been approved by the Romanian government in May, aiming to facilitate the procurement process.

Speaker #3: It enabled the initiation and acceleration of award procedures, reduced decision-making times, and facilitated the fast mobilization of all entities. As a result, significant progress has been made in the procurement procedures, with the required steps being initiated and advancing at an accelerated pace.

Răzvan Popescu: As a result, significant progress has been made in the procurement procedures, with the required steps being initiated and advancing at an accelerated pace. We already concluded contracts with companies deemed critical for the completion of the project, including the supplier of the gas and steam turbines, heat recovery boilers, and similar equipment. GE, with the project integrator, Empresarios Agrupados Internacional, and the supplier of the technical equipment, Halmar Power. The full resumption of on-site activities is also influenced by the status of disputes involving Duro Felguera, both in relationship with Romgaz, but mainly with the subcontractors that previously carried out works on the project. We adopted the necessary measures to limit the impact and allow works to continue. Provided that ongoing activities proceed according to the agreed schedule and no unfavorable circumstances arise independent of Romgaz, we anticipate that the completion deadline stipulated in the financing contract can be met.

Speaker #3: We have already concluded contracts with companies deemed critical for the completion of the project, including the suppliers of the gas and steam turbines, heat recovery boilers, and similar equipment.

Speaker #3: With the project integrated, Empresario Agropados International and the supplier of the technical equipment, Hamba Power. The full resumption of on-site activities is also influenced by the status of disputes involving Duro Felguera, both in relationship with ROMGAZ, but mainly with the subcontractors that previously carried out works on the project.

Speaker #3: We adopted the necessary measures to limit the impact and allow works to continue. Provided that ongoing activities proceed according to the grid schedule and no unfavorable circumstances arise, independent of ROMGAZ, we anticipate that the completion deadline stipulated in the financing contract can be met.

Speaker #3: Regarding our investment plans, we remind that on the 6th of July, ROMGAZ shareholders approved the transfer of business agreement between ROMGAZ as buyer and Romulex as seller.

Răzvan Popescu: Regarding our investment plans, we remind that on 6 July, Romgaz shareholders approved the transfer of business agreement between Romgaz as the buyer and Azomureș as the seller. For Romgaz, the agreement scope is to improve the gas value chain, provide new value-added products, and also assure a partial natural hedge against gas price volatility. At the end of the presentation, I would also like to mention the dividend that Romgaz distributed this year. We remind that on 29 April, the shareholders of Romgaz decided upon total gross dividends of RON 606 million, which resulted into a total payout ratio of 90% for the last year and will allow Romgaz to partially finance its significant investment plans. With this, I would like to close our presentation and thank you for your attention.

Speaker #3: For ROMGAZ, the agreement’s scope is to improve the gas value chain, provide new value-added products, and also ensure a partial natural hedge against gas price volatility.

Speaker #3: At the end of the presentation, I would also like to mention the dividend that ROMGAZ distributed this year. We remind you that on the 29th of April, the shareholders of ROMGAZ decided upon total gross dividends of 606 million RON, which resulted in a total payout ratio of 19% for last year and will allow ROMGAZ to partially finance its significant investment plans.

Speaker #3: With this, I would like to close our presentation and thank you for your attention.

Speaker #1: Ladies and gentlemen, the line is now open to take questions. I would like to remind you that you have two options to address your question.

[Company Representative] (Romgaz): Ladies and gentlemen, the line is now open to take the questions. I would like to remind you that you have two options to address your question, either to raise your hand and turn on your microphone or write a question. Ioana Andrei, you may now address your question.

Speaker #1: Either raise your hand and turn on your microphone, or write a question.

Speaker #2: Do I have anything left? Ladies and gentlemen, thank you.

Speaker #1: Mr. Ion Andrei, you may now address your question.

Speaker #3: Hello, good afternoon. Thank you for the presentation and for the results. First, could you please confirm the capped price gas volumes of around 7.9 terawatt-hours in the second quarter, and if you could provide the expectations for the third quarter and the fourth quarter?

Ioana Andrei: Hello. Good afternoon. Thank you for the presentation, and for the results. First, could you please confirm the capped price gas volumes of around 7.9 terabytes in Q2? If you could provide the expectations for Q3 and Q4? This would be my first question. Second, if you could please share with us if you still expect for 2026, a gas production of around 4.8 BCM? This would imply, in the H2 of the year, a decline of around 3%. Is this the correct profile for the second part of the year? Should we see production stabilizing around to 2026, also in 2027, before Neptun Deep starts contributing? My last question is regarding the Iernut Power Plant. In the presentation, it appears that it has been shut down till August.

[Analyst 1]: Hello. Good afternoon. Thank you for the presentation, and for the results. First, could you please confirm the capped price gas volumes of around 7.9 terabytes in Q2? If you could provide the expectations for Q3 and Q4? This would be my first question. Second, if you could please share with us if you still expect for 2026, a gas production of around 4.8 BCM? This would imply, in the H2 of the year, a decline of around 3%. Is this the correct profile for the second part of the year? Should we see production stabilizing around to 2026, also in 2027, before Neptun Deep starts contributing? My last question is regarding the Iernut Power Plant. In the presentation, it appears that it has been shut down till August.

Speaker #3: This would be my first question. Second, if you could please share with us if you still expect, for 2026, the gas production to be around 4.8 bcm? This would imply, in the second half of the year, a decline of around 3%.

Speaker #3: Is this the correct profile for the second part of the year? And should we see production stabilizing around 2026, also in 2027, before Neptune Deep starts contributing?

Speaker #3: And my last question is regarding the Yerevan power plant. In the presentation, it appears that it has been shut down until August. Has the electricity production now resumed, and is the plant fully operational?

Ioana Andrei: Has the electricity production now resumed and the plant is fully operational? Regarding the new power plant, we are already in Q3, and we are moving really close to year-end. Is commercial operation in H1 2027 a realistic target? Should we expect a meaningful contribution from the new plant in 2027 or maybe later from 2028? That is all. Thank you.

[Analyst 1]: Has the electricity production now resumed and the plant is fully operational? Regarding the new power plant, we are already in Q3, and we are moving really close to year-end. Is commercial operation in H1 2027 a realistic target? Should we expect a meaningful contribution from the new plant in 2027 or maybe later from 2028? That is all. Thank you.

Speaker #3: And regarding the new power plant, we are already in the third quarter, and we are moving really close to year-end. Is commercial operation in the first half of 2027 a realistic target?

Speaker #3: Or should we expect a meaningful contribution from the new plant in 2027, or maybe later, from 2028? That's all. Thank you.

Speaker #4: Thank you for the questions. Regarding the quantities that were sold in the second quarter of '26, on the ordinance, we sold 7.84 TWh in the third quarter.

Răzvan Popescu: Thank you for the questions. Regarding the quantities that were sold in Q2 2026, on the ordinance, we sold 7.84 tera. In Q3, we are estimating somewhere above 7.5 tera. For Q4, we estimate that quantity to rise at over 9.9 tera. This is for the natural gas at regulated prices.

Speaker #4: We are estimating somewhere above 7.5 tera. For the fourth quarter, we estimate that quantity to rise to over 9.9 terawatts. This is for the gas at regulated prices.

Speaker #3: Okay. Thank you.

Ioana Andrei: Okay. Thank you.

[Analyst 1]: Okay. Thank you.

Speaker #4: Regarding the decline, for the entire year '26, we estimate that the decline versus '25 will be below 3%. So, we are trying to catch up a bit in the second and third quarters of this year.

Răzvan Popescu: Regarding the decline, for the entire year 2026, we estimate that the decline versus 2025 will be below 3%. We are trying to catch up a bit in Q2 and Q3 of this year and continuing from then, the target is under 2.5% decline. Probably, yes, the production will stabilize, but again, this depends on a number of factors. Regarding the Iernut Power Plant, we are now producing with one group from the old power plant. It is working at full capacity and will work at full capacity throughout August, the month of August. It has also worked at full capacity through parts of July. We do not expect the old power plant to stop this summer. Probably we will have a maintenance period for it somewhere in mid-September.

Speaker #4: And continuing from then, the target is under a 2.5% decline. So, probably yes, the production will stabilize, but again, this depends on a number of factors.

Speaker #4: Regarding the Yerevan power plant, we are now producing with one group from the old power plant, which is working at full capacity and will continue to work at full capacity throughout August, the month of August.

Speaker #4: It has also operated at full capacity through parts of July. So, we do not expect the old power plant to stop this summer. It will probably have a maintenance period somewhere in mid-September.

Speaker #4: Regarding the new Yerevan power plant, we are moving as fast as we can, given the fact that it's also August. A lot of companies that we are working with have not mobilized yet, but starting on the 1st of September, we should see a meaningful advance in works at the power plant.

Răzvan Popescu: Regarding the new Iernut Power Plant, we are moving as fast as we can, given the fact that it is also August. A lot of companies that we are working with haven't mobilized yet. But starting on 1 September, we should see a meaningful advance in works in the power plant. The fact that we had this memorandum, this memorandum was very helpful in respect to the procurement process. We managed to reduce the procurement time significantly. At this point in time, we view the synchronization with the grid to happen this year and for the power plant to inject the first megawatts. Regarding commercial operations, we will have an update in Q3 of this year.

Speaker #4: The fact that we had this memorandum was very helpful in respect to the procurement process. And we managed to reduce the procurement time significantly.

Speaker #4: At this point in time, we expect the synchronization with the grid to happen this year, and for the power plant to inject the first megawatts.

Speaker #4: Regarding commercial operations, we will have an update in the third quarter of this year.

Speaker #3: Okay. Thank you very much.

Ioana Andrei: Okay. Thank you very much.

[Analyst 1]: Okay. Thank you very much.

Speaker #4: You're welcome.

Răzvan Popescu: You are welcome.

Speaker #1: We received three written questions from Mr. Vladimir David. Hello, Romgaz team. Three questions, please. The first one: Can you please tell us what percent of gas sales was done at regulated prices in Q2?

[Company Representative] (Romgaz): We received three written questions from Mr. Vladimir David. Hello, Romgaz team. Three questions, please. One, the first one, can you please tell us what percent of gas sales was done at regulated prices in Q2, and in the future, include that number in your presentation. The second question, can you please also include the forecast percent of gas to be sold at regulated prices. These two questions already received an answer from Mr. Popescu previously. The third question, do you foresee any delays for Neptun from what is happening in the Black Sea?

Speaker #1: And in the future, include that number in your presentation. And the second question: can you please also include the forecast percentage of gas to be sold at regulated prices?

Speaker #1: These two questions have already been answered by Mr. Popescu previously. As for the third question: do you foresee any delays for Neptune due to what is happening in the Black Sea?

Răzvan Popescu: For the entire H1 of 2026, for the first semester, the entire price at regulated prices, gas sold, was 73%, and for Q2 alone, it was almost 67%. We will not include in the presentation the forecasted amount. We do not foresee any delays for the Neptun with what is happening in the Black Sea. The Romanian institutions are taking every precautionary measure and Romgaz with OMV Petrom and the subcontractors are taking all necessary measures in order to mitigate what is happening in the Black Sea.

Speaker #4: For the entire semester of 2026, for the first semester, the entire price at regulated prices, gas sold was 73%. And for the Q2 alone, it was almost 67%.

Speaker #4: No, we will not include in the presentation the forecasted amounts. And we do not foresee any delays for the Neptune with what is happening in the Black Sea.

Speaker #4: The Romanian institutions are taking every precautionary measure, and Romgaz with OMV Petrom and the subcontractors are taking all necessary measures in order to mitigate what is happening in the Black Sea.

Speaker #1: Another written question from Mr. Liviu Popescu: Hello. What clients do you have for the gas in Neptune Deep? How many contracts have you signed?

[Company Representative] (Romgaz): Another written question from Mr. Vigu Popescu. Hello. What plans do you have for the gas in Neptun Deep? How many contracts did you sign? The second one, what is the status regarding the gas supply for population?

Speaker #1: And the second one: What is the status regarding gas sales and gas supply for the population?

Speaker #4: We haven't signed any contracts regarding the gas in Neptune Deep for now. And when that happens, it will be in a transparent manner, respecting the offshore legislation.

Răzvan Popescu: We haven't signed any contracts regarding the gas in Neptun Deep for now, and when that will happen, it will be in a transparent manner, respecting the Offshore Law. For the gas supply to the population, we expect the first offers from Romgaz to be made in December, with deliveries starting from 1 April 2027.

Speaker #4: For the gas supply to the population, we expect the first offers from Romgaz to be made in December, with deliveries starting from April 1, 2027.

Speaker #1: We received a further written question from Mr. Adrian Adam Milevic. Sorry. What was the reason for the decline in average gas selling price in Q2 versus Q1, despite an increase in the market gas price?

[Company Representative] (Romgaz): We received a further written question from Mr. Adam Milewski. What was the reason for decline in average gas selling price in Q2 versus Q1, despite increase in market gas price?

Speaker #4: The first reason is the fact that the regulated price declined from 120 RON to 110 RON per megawatt-hour. And as a gas company, we sold some of the gas both on the stock market and through some bilateral contracts that were concluded at the beginning of the year for Q2 as well.

Răzvan Popescu: The first reason is the fact that the regulated price declined from 120 RON to 110 RON megawatt hour. As a gas company, we sold some of the gas both on the stock market and had some bilateral contracts that were concluded by the beginning of the year for Q2 as well. Given the fact that we had a decline in production in Q2, we didn't have available quantities to sell on the BRM market. As a strategy, all the quantities that we have available, we injected them into deposits in order to have them for the cold period.

Speaker #4: And given the fact that we had a decline in production in Q2, we didn't have available quantities to sell on the BRM market. As a strategy, all the quantities that we had available, we injected into deposits in order to have them for the cold period.

[Company Representative] (Romgaz): Another written question from Ioana Andrei. What was the RON 51 million deferred tax income recognized in Q2, mainly a catch-up, or should we expect to have the deferred tax income in the H2?

Speaker #1: Another written question from Ioana Andrei: Was the RON 51 million deferred tax income recognized in Q2 mainly a catch-up, or should we expect further deferred tax income in the second half?

Speaker #5: The deferred income tax recognized in Q2 was generated by the fiscal loss recorded by Romgaz’s Black Sea, which was generated mainly by the increase in foreign exchange rate.

Gabriela Trânbițaș: The deferred income tax recognized in Q2 was generated by the fiscal loss recorded by Romgaz Lexi, which was generated mainly by the increase in foreign exchange rate. Currently, the exchange rates appear to be quite stable, so we don't expect a significant impact on the results of Q3.

Speaker #5: Currently, the exchange rate appears to be quite stable, so we don't expect significant impact on the results of Q3.

Speaker #1: We have a raised hand from Mr. Oleg Galbour. Please turn on your microphone and address your question.

[Company Representative] (Romgaz): We have a raised hand by Mr. Oleg Galbur. Please turn on your microphone and address the question.

Oleg Galbur: Yes. Good afternoon. I hope you can hear me well. I have several questions. First of all, two specific ones. Could you explain what is the nature of almost RON 128 million reported under the net impairment gains on trade receivables in the upstream segment in Q2? Secondly, on the income tax in Q2, it went down to just 4%. Maybe you can explain as well what is the reason behind this drop. Lastly, on Azomureș, if you could provide an update on the asset takeover process following the shareholders' approval from July. Basically, starting when should we see these costs related to the employees of Azomureș to be booked and reported, or covered, better said, by Romgaz? Also, if you could provide an estimation, when do you expect to actually start operational activities at Azomureș under Romgaz umbrella?

[Analyst 2]: Yes. Good afternoon. I hope you can hear me well. I have several questions. First of all, two specific ones. Could you explain what is the nature of almost RON 128 million reported under the net impairment gains on trade receivables in the upstream segment in Q2? Secondly, on the income tax in Q2, it went down to just 4%. Maybe you can explain as well what is the reason behind this drop. Lastly, on Azomureș, if you could provide an update on the asset takeover process following the shareholders' approval from July. Basically, starting when should we see these costs related to the employees of Azomureș to be booked and reported, or covered, better said, by Romgaz? Also, if you could provide an estimation, when do you expect to actually start operational activities at Azomureș under Romgaz umbrella? Lastly, could you also disclose what was the realized gas price in Q2 alone and remind us what was it in Q1 of this year? Thank you.

Speaker #6: Hi. Yes, good afternoon. I hope you can hear me well. I have several questions—first of all, two specific ones. Could you explain what is the nature of almost 120 million RON reported under the net impairment gains on trade receivables in the upstream segment in the second quarter?

Speaker #6: And secondly, on the income tax in the second quarter, it went down to just 4%. Maybe you can explain as well what the reason is behind this drop.

Speaker #6: And lastly, on Azo Mureș, if you could provide an update on the asset takeover process following the shareholder's approval from July. So basically, starting when should we see this cost-related to the employees of Azo Mureș to be booked on to be booked and reported by or covered, better say, by Ronga's?

Speaker #6: And also, if you could provide an estimation of when you expect to actually start operational activities at Azomureș under Romgaz's umbrella? And lastly, could you also disclose what was the realized gas price in the second quarter alone?

Oleg Galbur: Lastly, could you also disclose what was the realized gas price in Q2 alone and remind us what was it in Q1 of this year? Thank you.

Speaker #6: And remind us, what was it in the first quarter of this year? Thank you.

Gabriela Trânbițaș: Impairment gains. If you recall, last year, in December, we reported an impairment on receivables from the Ministry of Energy related to the capped prices related to sales to household consumers. According to legislation issued in 2022 and then updated, we continue the-

Speaker #1: Impairment gains.

Speaker #5: If you recall, last year in December, we reported an impairment on receivables from the Ministry of Energy, related to the cap prices for sales to household consumers.

Speaker #5: According to legislation issued in 2022 and then updated or continued over.

Oleg Galbur: Excuse me. There is a background noise, and it is very hard to listen to what you are saying. Thank you.

[Analyst 2]: Excuse me. There is a background noise, and it is very hard to listen to what you are saying. Thank you.

Speaker #6: Excuse me. Excuse me. There is background noise, and it's very hard to listen to what you're saying. Thank you.

Speaker #5: Sure, let me start over. In Q4 of last year, we recorded an impairment for receivables from the Ministry of Energy. In 2022, an ordinance was released which stated that we should sell gas to household consumers at a regulated price.

Gabriela Trânbițaș: Sure. Let me start over. In Q4 of last year, we recorded an impairment for receivables from the Ministry of Energy. In 2022, an ordinance was released which said that we should sell natural gas to household consumers at a regulated price. Whatever difference between this price and the price we had contracts already signed would be recovered from the Romanian state. In 2025, we decided to record an impairment as three years had already gone by and we didn't receive anything from the Romanian state. However, in this June, we received a significant amount of the outstanding receivable, so we released that impairment.

Speaker #5: And whatever difference between this price and the price we had contracted already signed would be recovered from the Romanian state. In 2025, we decided to record an impairment, as three years had already gone by and we didn't receive anything from the Romanian state.

Speaker #5: However, in June, we received a significant amount of the outstanding receivable, so we released that impairment. Regarding the income tax, this release of impairment generated a non-taxable income, which reduced the income tax, and we also recorded a deferred income tax related to the fiscal loss in Romgaz Black Sea.

Oleg Galbur: Okay, thank you.

[Analyst 2]: Okay, thank you.

Gabriela Trânbițaș: Regarding the income tax, this release of impairment generated a non-taxable income, which reduced the income tax. Also we recorded a deferred income tax related to the fiscal loss in Romgaz Lexi.

Speaker #6: Okay.

Oleg Galbur: Okay.

[Analyst 2]: Okay.

Speaker #5: Regarding Azo Mureș, we are currently waiting for clearances from the competition council and from the foreign investment commission. If these clearances are issued this month, the closing of the transaction will occur in September.

Gabriela Trânbițaș: Regarding Azomureș, we are currently waiting for clearance from the Competition Council and from the Commission for the Examination of Foreign Direct Investments. If these clearances will be issued this month, closing of the transaction will occur in September. That's when we should have the first cost related to this land.

Speaker #5: So, that's when we should have the first cost related to the plant.

Speaker #6: And what cost level are we talking about, please? What is the cost level you are expecting to incur?

Oleg Galbur: What cost level are we talking about, please?

[Analyst 2]: What cost level are we talking about, please?

Gabriela Trânbițaș: Sorry?

Oleg Galbur: What is the cost level you are expecting to incur?

[Analyst 2]: What is the cost level you are expecting to incur?

Speaker #5: Yeah. We are.

Gabriela Trânbițaș: Yeah, we are

Oleg Galbur: On a quarterly basis or linear?

[Analyst 2]: On a quarterly basis or linear?

Speaker #6: On a quarterly basis, or are there any other things?

Gabriela Trânbițaș: We cannot give this information now. What I can say is that we are working on a revised budget and you will have this information when we will come out with this revised budget.

Speaker #5: We cannot give this information now. What I can say is that we are working on a revised budget, and you will have this information.

Speaker #5: We will, when we come up with this revised budget.

Speaker #6: Okay, thank you. And on the realized prices, if you can say a word?

Oleg Galbur: Okay. Thank you. And on the realized prices, if you can say a word.

[Analyst 2]: Okay. Thank you. And on the realized prices, if you can say a word.

Răzvan Popescu: The realized natural gas prices for Q2, and this includes the natural gas sold at regulated prices, it is around 124 RON. And for Q1, and that includes the natural gas at regulated prices at 120, was somewhere over 130 RON per megawatt.

Speaker #4: So the realized gas prices for the second quarter – and this includes the gas sold at regulated prices – is around 124 RON. For the first quarter, and that includes the gas at regulated prices at 120, it was somewhere over 130 RON per megawatt.

Speaker #6: Okay. So let's say the weighted average realized price in the second quarter was lower than in the first quarter, despite the upward price movement, right?

Oleg Galbur: Okay. So let us say the weighted average realized price in Q2 was lower than Q1.

[Analyst 2]: Okay. So let us say the weighted average realized price in Q2 was lower than Q1.

Răzvan Popescu: Yes

Oleg Galbur: despite the up price movement, right?

[Analyst 2]: despite the up price movement, right?

Speaker #4: Correct.

Răzvan Popescu: Correct. Which was impacted mainly by the reduction of 10 RON in the regulated gas price.

Speaker #6: And this was.

Speaker #4: This was impacted mainly by the reduction of 10 RON in the regulated gas price.

Speaker #6: Okay. And not by these bilateral agreements that you have signed for the delivery during the year.

Oleg Galbur: Okay. Not by these bilateral agreements that you have signed for the delivery during the year?

[Analyst 2]: Okay. Not by these bilateral agreements that you have signed for the delivery during the year?

Speaker #4: Yes, some of them were impacted by those as well, because most of the contracts were concluded at the beginning of the year, before the Iran war started and before the European gas market increased significantly.

Răzvan Popescu: Yes. Some of them were impacted by those as well, because most of the contracts were concluded in the beginning of the year, before the Iran war had started and before the European gas market went completely higher.

Speaker #6: And would you expect—please, sorry, this is a follow-up. Would you expect these contracts to further negatively impact your realized prices during the year?

Oleg Galbur: Would you expect, please. Sorry, it is a follow-up. Would you expect these contracts to further impact negatively your realized prices during the year?

[Analyst 2]: Would you expect, please. Sorry, it is a follow-up. Would you expect these contracts to further impact negatively your realized prices during the year?

Răzvan Popescu: They are long-term contracts on yearly basis. That will probably have an impact on the gas price for the remaining part of the year. For the entire year, we expect a slightly higher price than the one that we had for Q2.

Speaker #4: They are long-term contracts on a yearly basis that will probably have an impact on the gas price for the remaining part of the year.

Speaker #4: For the entire year, we expect a slightly higher price than the one that we had for Q2.

Speaker #6: Understood. Thank you very much. That's very helpful.

Oleg Galbur: Understood. Thank you very much. That is very helpful.

[Analyst 2]: Understood. Thank you very much. That is very helpful.

[Company Representative] (Romgaz): We received another written question from Vivian. Could you please let us know if there is any update in CapEx guidance for this year or next year? Does it change due to Azomureș now?

Speaker #1: We received another recent question from Vivian: Could you please let us know if there are any updates in CAPEX guidance for this year or next year?

Speaker #1: Does it change due to Azo Mureș now?

Răzvan Popescu: As Gabi has said, we are redoing Romgaz budget, and you will have all these numbers the moment that we will publish the updated budget that will encompass the Azomureș takeover.

Speaker #4: As Gaby has said, we are redoing Ronga's budget, and you'll have all these numbers the moment that we publish the updated budget, which will encompass the Azo Mureș take-home.

Speaker #1: With that, down to another written question from Mr. Adam Milevic: Should we expect higher dividend payouts next year, given the decrease in Neptune Deep CAPEX?

[Company Representative] (Romgaz): We get down to another written question from Mr. Adam Milewski. Should we expect higher dividend payout next year given decrease in Neptun Deep CapEx?

Speaker #4: This is something that the shareholders in Ronga's shareholders will approve on after we will do the revised budget, after Neptune Deep will be put into production then we'll have more visibility regarding the dividend.

Răzvan Popescu: This is something that the Romgaz shareholders will approve on after we will do the revised budget, after Neptun Deep will be put into production. Then we will have more visibility regarding the dividend. It is too early to discuss the dividend for next year.

Speaker #4: It's too early to discuss the dividend for next year.

Speaker #1: Another written question from Mr. Vladimir David: Hello. For the bilateral gas sales agreement, can you please share the volumes and prices on a quarterly basis in Q3 and Q4?

[Company Representative] (Romgaz): Another written question from Mr. Vladimir David. Hello, for the bilateral gas sales agreement, can you please share the volumes and prices on quarterly basis in Q3 and Q4? The answer is provided by Mr. Radu Moldovan. The figures would be, for Q3, 7.56 terawatt, and for Q4, 9.97 terawatt. For the moment, we do not have the quantities for Q3 and Q4. Another written question from Mr. Cristian Petre. Hi, can you repeat the realized prices for Q1 and Q2, including the regulated prices? Sorry, I missed the answer.

Speaker #1: So the answer is provided by Mr. Radu Moldovan. The figures would be for Q3, 7.56 terawatt-hours, and for Q4, 9.97 terawatt-hours. For the moment, we do not have the quantities for Q3 and Q4.

Speaker #1: Another written question from Mr. Cristian Petre: Hi, can you repeat the realized prices for Q1 and Q2, including the regulated prices? Sorry, I missed the answer.

Răzvan Popescu: 124 for Q2 and 132.7 for Q1.

Speaker #4: 124 for Q2, and 132.7 for Q1.

Speaker #1: Mr. Oleg Galbor, you may now address your question.

[Company Representative] (Romgaz): Mr. Oleg Galbur, you may now address your question.

Speaker #6: Thank you. I have a follow-up on an earlier question, but I missed the answer. I just want to make sure that I don't use the wrong information.

Oleg Galbur: Thank you. I have a follow-up on an earlier question, but I missed the answer and just want to make sure that I don't use the wrong information. There was a question about when do you expect to start production at Neptun and to deliver the first natural gas to the market. Could you please repeat the answer? Thank you.

[Analyst 2]: Thank you. I have a follow-up on an earlier question, but I missed the answer and just want to make sure that I don't use the wrong information. There was a question about when do you expect to start production at Neptun and to deliver the first natural gas to the market. Could you please repeat the answer? Thank you.

Speaker #6: There was a question about when do you expect to start production at Neptune, to deliver the first gas to the market. Could you please repeat your answer?

Speaker #6: Thank you.

Speaker #4: 2027. When we have a different date as the project progresses, we will inform the investors and the market. For now, 2027 is the date that we have.

Răzvan Popescu: 2027. When we'll have a different date as the project progress, we'll inform the investors and the market. For now, 2027 is the date that we have.

Speaker #1: Okay. One second.

Speaker #6: Okay. Thank you.

Oleg Galbur: Okay. Thank you.

[Analyst 2]: Okay. Thank you.

Speaker #1: We received another written question from Mr. Ciprian. Hello. In which period of the year are the majority of the annual contracts concluded or negotiated?

[Company Representative] (Romgaz): We received another written question from Mr. Cristian Petre. Hello, in which period of the year are the majority of the annual contracts concluded or negotiated?

Speaker #4: Usually, that used to happen before the winter period on the annual basis. So into the summer, but because of the distortion from the government ordinances and the fact that in the coming in the year starting from 2022, Ronga's was under the auspices of the gas pricing ordinances and more than three-quarters of the production was allocated on the ordinances this dates were let's say a bit changed.

Răzvan Popescu: Usually, that used to happen before the winter period on the annual basis, so into the summer. But because of the distortion from the government orders, the fact that in the year starting from 2022, Romgaz was under the auspices of the gas pricing ordinances, and more than three-quarters of the production was allocated on the ordinances. These dates were, let's say, a bit changed, and some of the contracts were concluded both in the summer and both in the winter. It wasn't an exact timing for the contracts, but usually after the ordinance was given, all the quantities that Romgaz had available for the coming year and up to 31 March 2027 were allocated on this ordinance.

Speaker #4: And some of the contracts were concluded both in the summer and in the winter. So, it wasn't exact timing for the contracts. But usually, after the ordinance was given, all the quantities that Romgaz had available for the coming year and up to the 31st of March 2027 were allocated according to this ordinance.

Speaker #1: Mr. Milevic wrote another written question: Do you expect any Neptune Deep CAPEX next year?

[Company Representative] (Romgaz): Mr. Minevic wrote another written question. Do you expect any Neptun Deep CapEx next year?

Speaker #4: Yes, we expect Neptune Deep CAPEX for next year as well, and it will be shown in the revised budget.

Răzvan Popescu: Yes, we expect Neptun Deep CapEx for next year as well, and it will be shown in the revised budget.

Speaker #1: Another written question from Mr. Cristian Petre: You mentioned 9.9 terawatt-hours for Q4 regulated price. Can this quantity change? What would be the factors to increase or to decrease it?

[Company Representative] (Romgaz): Another written question from Mr. Cristian Petre. You mentioned 9.9 terawatts for Q4 regulated price. Can this quantity change? What would be the factors to increase or to decrease this?

Speaker #4: No. This quantity should be set. It's set under contracts, and it shouldn't change—only if some of the suppliers may not want to receive the gas in that order and would ask for movement.

Răzvan Popescu: No, this quantity should be set. It is set under contracts and it shouldn't change. Only if some of the suppliers may not want to receive the gas in that quarter and would ask for movement. But basically, this is the quantity that we will have in Q4 2026 under the ordinance. Given the fact that it is also a winter quarter, we do not expect it to change.

Speaker #4: But basically, this is the quantity that we will have in Q4 2026 under the ordinance, given the fact that it's also a winter quarter.

Speaker #4: We do not expect it to change.

Speaker #1: The next written question is from Lidia: How much have you already spent on Neptune Deep in CAPEX, and how much remains now?

[Company Representative] (Romgaz): The next received written question from Lucia. How much have you already spent for Neptun Deep in CapEx and how much is remaining now?

Speaker #2: So far, we have spent around 7.5 billion lei. We expect another 2.5 billion lei to be spent by the end of the project.

Gabriela Trânbițaș: So far, we have spent around RON 7.5 billion. We expect another RON 2.5 billion to be spent until the end of the project.

Speaker #1: If there are any other questions, please feel free to ask or write them down. Another written question from Mr. Liviu Popescu: Is anything changing in Iernu's strategy now that Prime Minister Bolojan has said he discussed this with you?

[Company Representative] (Romgaz): If there are any other questions, please feel free to ask or write them down. Another written question from Mr. Liviu Popescu. Is anything changing in Iernut strategy now that Prime Minister Ilie has said he discussed this with you? Are you setting new priorities or allocating new investment?

Speaker #1: Are you setting new priorities or allocating new investments?

Răzvan Popescu: The strategy is to be able to synchronize the power plant as soon as possible, to have it in commercial operations as soon as possible, and use it to balance the grid as it was intended to do, and make it a recouped project after all the problems that we've encountered with the EPC company.

Speaker #4: The strategy is to be able to synchronize the power plant as soon as possible, to have it in commercial operations as soon as possible.

Speaker #4: And use it to balance the grid, as it was intended to do, and make it a recouped project after all the problems that we've encountered with the EPC company.

Speaker #1: The next written question is from Mr. Cristian Petre. Can you talk about demand for Neptune Gas? How would you sell the excess?

[Company Representative] (Romgaz): The next written question from Mr. Cristian Petre. Can you talk about demand for Neptun Deep gas? How would you sell the excess?

Speaker #4: There is demand for Neptune gas, and the excess gas that we will have from Neptune Deep will be sold according to Romgaz's commercial policy and according to the offshore legislation.

Răzvan Popescu: There is demand for Neptun gas, and the excess of gas that we will have from Neptun Deep will be sold according to the Romgaz commercial policy and according to the offer registration. It will be done in a transparent manner.

Speaker #4: And it will be done in a transparent manner.

[Company Representative] (Romgaz): If there are any other questions, we have some other minutes to discuss them. If there are no further questions, we will conclude this conference call. Thank you for your questions. If you need further information, please contact our investor relations team. The conference is now concluded. On behalf of Romgaz, thank you for attending today's conference call.

Speaker #1: If there are any other questions, we have some more minutes to discuss them. Are there no further questions? We will conclude this conference call.

Speaker #1: Thank you for your questions. If you need further information, please contact our Investor Relations team. The conference is now concluded. On behalf of Romgaz's team, thank you for attending today's conference call.

Speaker #4: Mulțumesc tuturor. E frumoasă.

Speaker #3: This webinar is no longer being recorded.

Operator: This webinar is no longer being recorded. Thanks for using Webex. Visit our website at www.webex.com.

Speaker #2: La revedere.

Speaker #4: Care e pe an? Să vedem cât e pe an.

Browse all earnings call transcripts

Q2 2026 Societatea Nationala de Gaze Naturale Romgaz SA Earnings Call

Request TrialDemo

Romgaz

Earnings