Good afternoon, ladies and gentlemen. Thank you for joining our conference call to discuss the results recorded by Romgaz Group in the first quarter of 2026.

We released today the quarterly report and the financial statements at March 31, 2026, which include the presentation of Romgaz' economic and financial performance. Also, a presentation of Romgaz Group is available on our website in the Investor Relations section.

I would like to emphasize some aspects regarding the gas market environment and also to highlight the group's performance. Let me start with some aspects regarding the gas market context in the first quarter of 2026.

According to our assessment, natural gas consumption in Romania advanced by 5.4% to 44 TWh, mostly based on volume sold from domestic production. Imported gas volumes were mostly flat, maintaining a 20% weight in total consumption, almost the same as last year.

On the Central European Gas Hub, the average reference price declined by 28% year-on-year, according to data provided by the National Authority for Regulation of the Mining and Geological Storage Activities. On the Romanian commodity exchange, the wholesale market recorded a similar trend in Q1 2026 with a still-weak liquidity due to the regulation in force.

Regarding the fiscal environment in 2026, 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 120 lei per MWh applied until March 31st of this year for the gas sold to household consumers, to heat producers for the production of thermal energy for households, and to the transmission system operator and gas distributors for a maximum 75% of their technological consumption; a new regulated price of 110 lei per MWh is applied during April 1st, 2026 and March 31st, 2027 for the first two mentioned categories of clients.

For the gas sold at regulated prices, payment of the windfall profit tax is exempted, and gas royalties are computed based on these regulated prices instead of CEGH reference prices. Regarding the operational and financial performance recorded by Romgaz Group in the first 3 months of 2026, we can point out the following main aspects.

Natural gas production amounted to 1.24 bcm, adjusted by 3.9% compared to Q1 2025, or by 0.3% from the quarterly average reported in 2025. The output level in the first 3 months was the result of a natural decline in our main production fields, while we continued to take specific measures to consolidate our portfolio of onshore resources, which included: interventions and recompletion operations aiming to resume production at some inactive wells, ensuring optimal operation of all compression and dehydration stations, optimized operations for removing water from wells, continuous rehabilitation projects of the main mature gas fields.

Also, we performed workover operations at 53 wells, finalized one surface facility, while other surface facilities are in execution aiming to stream into production a total number of 42 wells. We can also underline that our condensate production increased by 4.3% in Q1 to the level of 12,722 tonnes based on higher production in our Caragele field.

Regarding Caragele commercial field, it stands as the second largest field operated by Romgaz. In Caragele Deep, we have 76 prospective wells successfully tested with gas and waiting for tie-in, 78 prospective wells in production, 54 Damianca well in production test, and 56 Damianca well for which the execution contract was signed and is now preparing for drilling.

Six more wells are in different stages of drilling preparation. The continuous program undertaken to consolidate our portfolio of gas resources in line with the development strategy of Romgaz Group led us to achieve a favorable reserve replacement ratio of 60% in 2025, according to our assessment.

We continue to hold a strong position on the Romanian gas market. Romgaz represents the leading gas supplier with a substantial contribution of 39% in gas consumption covered from domestic production, according to our estimates.

Also, we are strongly positioned in total gas deliveries in Romania, holding a significant share of 31% in Q1, according to our assessment. We reported total revenues from the gas sold from production of 1.83 billion lei, lower by 11.6% compared to 2.07 billion lei in Q1 2025, based also on lower volume extracted and sold from storages.

Revenues from storage services increased by over 15% to 156 million lei compared to 136 million lei in Q1 2025, with withdrawal services higher by 31% and weighing 50% of the total storage revenues. Revenues from electricity were roughly steady year-on-year at 110 million lei, while production of our old power plant was halved year-on-year to 107 GWh in Q1 2026 compared to 200 GWh in Q1 2025.

Overall, Romgaz Group reported total revenues of 2.14 billion lei, adjusted by 10% compared to 2.38 billion lei in the previous year, based on the contribution of the gas sales segment. On the expenses side, the windfall profit tax recorded a decrease of 26% to 237 million lei compared to 321 million lei reported in Q1 last year, due to a higher weight of volumes sold to households.

Gas and UGS royalties declined by 17% to 133 million lei, mostly due to lower gas production and prices. All together, these taxes decreased by 23% with a positive impact on our profitability.

Bottom line, we reported net consolidated profit of 973 million lei, exceeding by 2.3% the ceiling of 951 million lei recorded in Q1 2025. In Q1, all profitability ratios remained at substantial levels: EBITDA margin at 56.7%, EBIT margin at 50.2%, and net profit rate at 45.5%.

On the capex side, Romgaz Group invested a total consolidated amount of almost 1 billion lei in Q1 2026, of which investments of Romgaz Black Sea Limited represented 769 million lei. With regard to our flagship project, Neptun Deep, the progress recorded this year is in line with the budget and with execution calendar.

The Transocean Barents rig located in Pelican field is currently drilling and completing six production wells. Construction of the Pelican Alpha offshore production platform is ongoing.

Construction works on the 160-kilometer offshore pipeline that will transport gas from offshore to shore has kicked off in May, representing an essential milestone in the development of the project. As we already informed the market, in 2026, we will make significant progress in Romania by installing the offshore pipeline, subsea equipment, and the production platform.

Installation works will mobilize a fleet of around 50 vessels. A fifth of them will be involved in the pipeline installation works.

All activities are carried out to the highest safety and quality standards. As a result of these significant developments, Romgaz and Neptun Deep project are on track, expected to deliver the first gas from Neptun Deep in 2027, and the project remains within the up to €4 billion guidance for total investments.

Another strategic objective is the combined-cycle gas turbine power plant in Iernut, standing at a 98% completion rate. Following the termination of the works contract with the former contractor on October 15, 2025, we took over the role of an EPC contractor.

Currently, public procurement procedures are being carried out or are in progress to be initiated to support the completion of the plant. Please note that there are constraints related to the public procurement law, specifically to majority state-owned companies, which influence the steps related to the public acquisition procedure.

With respect to dividend distribution, I would like to mention that on the 29th of April, the shareholders decided upon total gross dividends of 603 million lei, or a gross dividend per share of 0.157 lei. Dividend payout will allow Romgaz to partially finance its ambitious investment and development plans.

In the end of this presentation, I would also mention the release of the consolidated Board of Directors' report for 2025. This includes the consolidated sustainability report for 2025, which was prepared in accordance with the Corporate Sustainability Reporting Directive and represents an important tool for investors in Romgaz shares and bonds.

With this, I would like to conclude our presentation, and thank you for your attention. Now, I will give the floor over to and open the line.

I would like to remind you that you have two options to address questions: either raise the hand and turn on your microphone, or write the question. The line is now open to take the questions.

We will give the floor over to Ioana Andrei.

Hello. Thank you for the presentation.

Can you hear me?

Yes.

Great. First, I have a question regarding the production guidance.

You previously guided around 4.9 bcm for 2026. Q1 was low.

The budget points to a 5% or 7% decline. Can you please provide an updated view on the expected volumes for 2026?

Should I go further with my other questions?

No, let's open this one.

Okay.

For 2026, we estimate that the production will be somewhere around 4.8 billion cubic meters. In 2025, we had a significant production during the first quarter due to some unexpected events.

In Q1, as you remember, due to technical difficulties, some quantities could not be extracted from the gas storages. Due to this situation, in order to meet the demand and our contractual obligations, we had to increase the level of production to the maximum extent possible, of course, without affecting the safety of the equipment and the exploitation.

However, due to this, some maintenance programs or repairs were postponed. These had to be executed during this year, this explains the production which is slightly lower than the 2.5% target that we have in our strategy.

Thank you. Second, can you please share the ANRE volumes for the remaining quarters of 2026 for the volume sold at capped prices and for Q1 '27?

Yes, for the period April 2026 - March 2027, we will sell at regulated prices 35,276 GWh.

35 TWh for

35 TWh, yes.

for the remaining periods starting April to April '27? For the first quarter of 2027, can you give us a hint so we can compute what's going on for 2026?

On the volumes for the full year 2026?

For the first quarter of 2027, it will be around 10 TWh, 10.4.

Thank you. My third question is regarding Iernut power plant.

You actually had just one month from the period of functioning. Can you explain a little bit what happened?

Do you plan to restart the power plant this year? My second question goes to whether you expect commercial operations, when do you expect the commercial operations for the new plant?

Yes, as you pointed out, Iernut only functioned one month this year in January. In February, the plant broke down.

A group remained broken down, and we are working on fixing it. Our estimate is that starting June, it should be back in operation.

As for the new power plant, we are working with the target of completing the plant by 31st December of this year. Of course, this depends on how we will sign the contracts still needed to complete the works.

For the old power plant, in the budget, you had expected an increase of the electricity produced for the year because of the difficult days. Okay.

You are actually working only on half a year for the Iernut power plant. Do you have an estimate for the production?

An updated estimate for the production?

We estimate that around 731,000 MWh will be produced and sold in 2026.

700, is that right?

Yes.

Thank you very much. My last question is regarding Azomures.

It would be very helpful if you could share some details regarding the transaction. Maybe something on the acquisition price, or at least something for Azomures regarding its operational status at 2025, net debt, and EBITDA?

Some capex guidance also would be helpful. This is an important strategic transaction, and investors are quite expecting some details here.

Yes, I understand the interest of investors in this transaction which, as you said, is a very important one for Romgaz. Currently, we are still in negotiations with Azomures, we cannot make available too much information on this transaction.

We expect that in about 2 weeks' time, we will have the authorization of the Board of Directors to go ahead with the transaction, and then we will appoint a shareholders' meeting. In the documents that will be published on our website for that shareholders' meeting that will approve the transaction, we will make available more information on it, including price and conditions.

Regarding net debt of Azomures, I would like to point out that we are not buying the company, we are buying the assets. The net debt that Azomures has will remain their debt.

We will not take over that.

For capex, who's paying the capex? You are, actually, aren't you?

The capex that will be invested after the takeover, yes. We will pay for it.

It will include maintenance and modernization of the current plant. I cannot give a guidance on this at the moment.

Thank you. That's all from my side.

Thank you. We have also some questions from individual participants, which are in chat.

I think we already answered to this question, but anyway I will read them. "Congratulations on the results.

Could you please tell me how the acquisition of Romgaz will be reflected in Romgaz' business, and secondly what is the value of the acquisition?" The acquisition of Azomures will be reported in the standalone financial statements of Romgaz.

We will take over the plant, the equipment. We will take over the inventory they have regarding to the plant, spare parts, raw materials that will still be in stock at the closing date of the transaction.

Depending on the valuation that accounting regulations require for recording such a transaction in the financial statements, the transaction will either generate a goodwill or a bargain purchase, depends on the result of this valuation. On the value of the acquisition, I'm sorry, I cannot give any guidance at the moment.

We are giving the floor over to Laura Simion.

Hello, thank you for the presentation. I have some follow-up questions for the Iernut plant.

You had the volume halved compared to Q1 2025, and if you could detail a bit what is behind the revenue which was nearly flat. Did you have some revenues from balancing market or a significant share of trading?

Also,

where do you register the costs with acquired energy in your P&L?

The revenue from electricity sold in Q1 remained pretty much the same as the one reported in Q1 2025. About half of the electricity that we sold in 2026 in the first quarter was electricity bought from the market.

We bought it, and we sold it. The cost of the electricity is in the cost of goods sold in the P&L.

Thank you. That's all for my side.

Thank you. We have a question from Vladimir Vladis: "Hi, can you please repeat what percentage of your gas sales in Q1 2026 were done at regulated price?"

In the first quarter, we sold 78.78% of our gas at regulated prices. We are giving the floor over to Irina Railean.

Good afternoon, and thank you for taking my questions. A follow-up question on Azomures, if I may.

Just to correctly understand, you will not buy the company, only the assets, right?

That's right, yes.

Because in the public statement you said transfer of going concern, and I was thinking that it is a business takeover.

It is a business takeover, but the assets and the people and, yeah, that's what makes up the business, and not the company.

Okay. Understand.

From your due diligence process, what is the value of assets, equipment, and I think that's what you are actually buying, because you're obviously not buying liabilities or debt. Employees will go as an expense probably.

How is the value of assets and the equipment you are buying compared to their accounting value? Will we see here some, I don't know, impairments or, contrary, we can see some gains here, if you could provide some color from your current assessment?

It's too early to talk about impairments on the plant that we are going to buy. It depends on the valuation that will be performed according to accounting standards.

As for the value of the assets that we are buying, again, I cannot offer any information on the price or any other information that was not yet made public.

Okay. Given the fact that right now Azomures is a loss-making company, how do you see it integrating in Romgaz' business, or how do you plan to make it profitable?

Azomures is loss-making due to the price of the gas. However, if we are going to buy the assets and not another company which will be a subsidiary, it will be a branch of Romgaz, the activity will benefit from the onshore gas that we are going to produce.

In our accounting, because of accounting standards, we cannot recognize internal profits from gas generated within the company. The gas will be that produced by Romgaz and it will be accounted for in the financial statements at cost.

How do you see actually the margin that you will gain there compared to the margin you are actually obtaining on the gas market, if you have any indication here?

It's a fluctuating business. It depends a lot on the market conditions.

As you saw, gas prices and fertilizers prices have increased dramatically with the war in Iran. It's hard to tell.

Okay. Thank you.

One more follow-up question on the production and the deliveries on the gas market. I saw that the actual demand on the market has increased a bit while Romgaz' deliveries have declined.

What actually happened? Because I saw that the decline is both due to gross production and due to volumes from storage.

What actually happened on the storage, if you could detail a bit?

Our storage obligations for last year and this year were pretty low, and as an important share of the gas produced had to go to the regulated segment of the market, we were allocated a smaller capacity for storage. In 2025, we had a storage obligation of 345,000 MWh, and in 2026, only 19,000 MWh.

We don't have available capacity to inject more. The capacity was distributed to other players in the market.

That's why you reduced your own production, just to match with the storage capacity?

That's right.

Okay. Thank you very much for your answers.

Thank you. We have some more minutes.

There is time for another question. I would like to remind you that you have two options to address questions: raise the hand and turn on your microphone, or write the question.

We are giving the floor over to Ioana Andrei.

Hi, I have a follow-up question regarding the electricity production for this year. If I understood correctly, you mentioned that around 700 GWh for this year, right?

That's right, yes.

How is that possible if you're expecting to start operation only in June? You had last year a full year and you barely had 750, if I remember correctly.

Last year was also affected by several breakdowns of the plant. We expect the repairs that we are in the process of making to be sufficient to have the plant running for the rest of the year.

Okay. This is it, around 700 GWh for the full year, right?

Yes.

Thank you very much. That's all.

Thank you. Are there any questions?