I would like to deliver the message of Mr. Ion Sterian, Transgaz Director General.

Ladies and dear ladies, we are celebrating Mother's Day on this occasion. I would like to wish you all a nice spring with health and joy, but as well to the men's side of each one of you's family.

Today for the presentation of the preliminary financial statements for the year 2025, unaudited, as they were published, the team that is present today on behalf of Transgaz: Mr. Marius Lupean, Chief Financial Officer; the Mrs.

Elena Sasu, Budget and Finance; Mr. Cătălin Duță, Director of Sustainability; Laura Neacșu, Head of the Department of the Investors Relations; and Mrs.

Ghidiu, the Director of Strategy and Corporate Management Division. As usual, Mr.

Ion Sterian would like to thank you for your contribution in terms of the analysis reports for Transgaz. If sometimes maybe we didn't manage to timely answer your replies and we answered by email, maybe there were delays, but we try to correct them because we are busy and we cannot promptly reply as wished.

As usual, the presentation was published on the website, and I would like to ask the Chief Financial Officer to deliver the information. We are open to your questions.

Thank you very much. Mr.

Lupean.

Thank you. Good afternoon.

We are glad to have you today for the presentation of the preliminary financial statements for the year 2025, all the more as the results are very good, we say. We take pleasure in discussing them.

I will start by the presentation of the results and the factors that determined the results, and in the second half of the meeting in the question and answer session we will be glad to answer your questions. We'll pass on to the presentation of the financial statements.

We will start by the individual preliminary statement of the comprehensive income for the individual and consolidated results. They are both very good.

The consolidated statements are even more better than the separate ones. We will start by the separate statements and we will continue with the consolidated statements.

As you noticed in the presentation published by Transgaz on the website, the result from operation increased by 200%, it's doubled as compared to the same period of the previous year. This result is determined by the increase in the operation revenue by 124% and the increase in operating expenses by 109%.

The gross result, as I said, is 200% more. If you are talking about the balancing and construction activity, they are neutral for Transgaz's activity, the balancing activity.

Every revenue or loss recorded during a month, it is distributed to the market by the neutrality revenue, which means that the result is net. I would kindly ask everyone to mute your microphones.

The turnover increased by 128% as compared to the same period in the previous year. If we detailed the operating revenue, the revenue from the transmission increased by 1 126% and other revenues an increase of 4%.

The revenues from international transmission are zero because we do not perform such activity. In terms of expenses, the main expenses categories increased.

They are determined by the increase of revenue from transmission. We recorded a decrease in technological consumption, the percentage being 0.26% of circulated gas.

The main factors that influenced the evolution of revenue can be found at the following slide. Operating revenue increased by 24% compared to last year.

Was mainly determined by revenue from capacity booking higher compared to last year. This revenue increase from capacity booking was determined by capacity booking tariff with a positive influence of 334 million lei, and a higher capacity booked as compared to last year with a positive influence of 107 million lei, the level of capacity booking being higher by 7% compared to last year.

Regarding capacity overruns, these are higher. Another component which determined the increase are the revenue from the commodity component, which increased by 55.8 million lei based on the higher quantities transmitted compared to last year.

Regarding revenue from the construction activity, these are neutral, as I mentioned before. They do not influence the operating revenue of Transgaz.

Regarding the expenses, we have here explanations of the factors which determined the evolution of the revenue. Regarding expenses, they also increased by 1%, or by 9% compared to last year.

We made savings mainly regarding the technological consumption, as I mentioned, which is 0.26% from the circulated quantity, which is the best level of technological consumption obtained by Transgaz. The quantity of natural gas for technological consumption was lower, with a positive influence of 40 million lei.

Other operating expense also decreased by 53 million lei. We had overruns compared to last year at maintenance and transport expense, benefits for employees, royalty expense.

Since revenue is higher, also royalty is higher. We also had provision expense higher by 51 million lei.

The net between expenses and revenue from provision was higher. Finance expense increased by 90 million from currency differences.

As you can see here, the main indicators: EBITDA margin 42%, and so on. The consolidated financial statements, here I would like to say that Transgaz is a group.

Transgaz is a parent company. We also hold Eurotransgas SRL, Vestmoldtransgaz SRL, which are two companies in the Republic of Moldova.

Eurotransgas being a vehicle which holds the transmission operator in the Republic of Moldova. Vestmoldtransgaz operates the entire transmission system in the Republic of Moldova.

This year, or in 2025, we took over the majority share in Petrostar, which is a company with a very good reputation, who designed the entire oil and gas system in Romania, and has the necessary experience to help Transgaz develop its projects. The preliminary consolidated results are even better compared to the individual ones.

The increase of profit compared to last year of the gross profit being of 240%, and the net profit increased by 290%. Compared to the budget of Transgaz, revenue and expense doubled compared to the budgeted one of 900 million lei compared to the budgeted.

The main factors determined this evolution was obtaining of additional revenue from the transmission system and the expense savings Transgaz managed to record in this period of time. This was the main information I wanted to communicate and to share with you.

I propose to go to the questions and answers session.

Mrs. Ioana Andrei would like to ask a question, please.

Good afternoon. Thank you very much for the presentation.

Can you hear me?

Yes, yes, we can hear you.

I would like to kindly ask you to clarify some aspects related to the activity in the fourth quarter. Can you explain to us was it possible to reduce the technological consumption to 0.26%?

It is a record level. I would like to know if it is a determining factor this year or if it is considered to be sustainable in the future as well.

As you have noticed, the technological consumption decreased year by year based on the measures applied in order to monitor and intervene in the maintenance operation performed in the transmission system. Metering systems were changed.

There was an action plan that was very well substantiated and implemented. The gas quantities transported, we are expecting them to increase in the future due to the production in the Black Sea and the commissioning of the cogeneration units which will consume natural gas.

My question was can we see in the future a consumption near 0.2, 0.3%, and you can tell us about the tendency, or if in theory the sustainable development which was 0.5%, which one of these levels is to be considered in the future?

Our specialists say that a level below 0.5%, 0.4% is reasonable. We cannot reach zero no matter how many measures we take.

A level below 0.5%, let's say 0.4%, is a fair estimate.

Perfect, thank you. Related to revenues, if you can explain later what happened in the fourth quarter.

We saw a decrease in the auction premia and the revenues from capacity overruns. What happened in this quarter?

Auction premia are certainly obtained only for the auctions performed in the interconnection points. The auctions in the interconnection points are performed according to the calendar established by EU regulations.

They are products. Capacity is limited in the points.

If there is a higher interest, the capacity is auctioned and the auction premia is as an ascending clock, the price is higher. The premium you are talking about are also regulated revenues.

The auctioning of the monthly capacity which remained for the third quarter, if it was allocated with a lower step, then the premia in that point is reduced, is lower. On the other hand, this capacity overruns we are presenting as capacity overruns means that if a network user has a transmission contract concluded with us but uses more than as contracted, a contract for that day is concluded, as if a contract is concluded each day for a daily product.

Yes, but we saw in the recent period an increase in this revenues from capacity overruns and the auction premia, and now, surprisingly, at the level of quarter four we saw a decrease.

Quarter four is a new gas year. Starting with 1st of October is a new gas year.

When capacity is auctioned in July, the annual capacity is auctioned for the 1st of October-30th of September.

Yes, I agree, but my comparison was compared to quarter four of 2024. It was also the start of a gas year.

No, I'm saying another thing. The capacity was auctioned, the capacity was booked for 2025-2026, it was sold as an auction premium lower than the one for 2024-2025.

Is there a reason for this evolution? I'm asking because I thought that as the Neptun Deep approaches and higher gas volumes, the premia might increase.

No, capacity is auctioned according to the auction calendar. The annual capacity is auctioned first.

It is auctioned at the step of the price. It starts by the booking price regulated by ANRE for that year, and if interest is higher than the capacity, then another steps are performed, and the steps is in fact the premia.

There are so many steps until the auction is successful. It was sold, to draw up a simple conclusion, it was sold for a lower step than the one sold for 2024-2025.

Some auction premia are revenues, regulated revenues, which will be in the correction of the regulated revenue for the following year. Yes, they are part of the regulated revenue.

They added to the achieved revenue and approved revenue, and are part of the adjustments.

Maybe you can help us understand because they somehow are very difficult to be estimated.

Yes, for us is difficult as well to estimate that because we enter an auction where it is sold at the step when the demand meets the offer. It is very difficult to estimate if the auction is successful at a certain price.

The revenues ensure sources for financing. In the context where higher volumes are expected in the future, how do you see them?

Increasing as compared to the current level or a capping of them or a decrease?

Already the capacity was booked for Csanádpalota interconnection points for the following year. The capacity which is not sold is auctioned as well.

First it is the annual capacity, then the quarterly capacity that remains, and so on and so forth.

Now they are auctioned already. Yes.

The capacity is as auctioned for several years. It means that in the following auctions, the remaining capacity will be auctioned.

Even if the step is higher, it is for a reduced capacity.

Thank you very much. I have some more questions.

Regarding to the export capacity, can you tell us the status of the Tuzla-Podișor connection and on the Trans-Balkan corridor, on the Giurgiu-Ruse pipeline?

Please be more specific. What do you refer to?

Tuzla-Podișor, Trans-Balkan...

Tuzla-Podișor towards Bulgaria. Which is the current status of this project?

The project is completed, implemented, and operational. This project ensures capacity for entry from the Black Sea.

The export capacity to Bulgaria?

No, it is the capacity of the pipeline, T1, T2, and T3. This is the available capacity in this towards Bulgaria and towards Ukraine.

From Bulgaria we have two points: Negru Vodă and Giurgiu-Ruse. Lately the flows have changed, gas flow from Bulgaria towards Romania and not the other way around.

Yes, there are available capacities. Regarding Neptun Deep and the project, basically Tuzla-Podișor has the ability to take over the expected volumes, but in terms of export, the capacities...

They are the capacities of the interconnection points. This is the capacity, the import-export capacity.

It is the capacity of the interconnection point. All the transmission system in Romania is a virtual trading point.

In Romania, gas entry from production or storage, or from interconnection points, and exits to the distribution, storage, or interconnection points. Exports are performed through the interconnection points.

Csanádpalota, which is bidirectional, you can also import and export. In Csanádpalota we have 1.75 billion cubic meters?

No, it increases to 2.6 billion cubic meters.

Towards Moldova, do we still have 1.5?

No, it's 2.2 towards Moldova, it increased.

Towards Bulgaria, please?

Towards Bulgaria we have 1.5 at Giurgiu-Ruse. They offer less, below 1 billion.

I understand. I would like to come back to my question.

The Tuzla-Podișor pipeline is connected to the system so as to ensure the export on this point, Giurgiu-Ruse, from 1.5...

I would like to repeat the explanation. Tuzla-Podișor takes over gas in the transmission system.

From thereon, it can be transported in any point depending on the contracts concluded and depending on the contracts of the one who owns the gas and has to conclude contract in order to be able to transport the gas in that interconnection point.

Thank you very much. Tuzla-Podișor, the pipeline, the depreciation starts when?

Gas will start to flow as of January 2026.

Thank you very much. You're welcome.

Mrs. Irina Răilean would like to ask some questions.

Please.

Congratulations on your presentation. Regarding the auction premia, I understand that you had a lower interest at the last auction?

No, I didn't say that. I said that the auction in the previous year...

[unclear] When capacity, annual capacity, is auctioned, it is auctioned for several years: for the first, second, third gas year, or 10 years. The higher interest is for the capacity of the following year.

We also had interest for the capacity of other years, but with a lower premia in 2024. Later, when a new capacity auction comes, there is a new award, and the sold capacity is awarded with a certain premia.

The effect comes from the past in the fourth quarter. The auction premia is also regulated revenue.

I only try to understand why it was lower compared to each quarter, and I wanted to make sure that I understand the reason. It means that it is going to be the same for the next quarters?

Yes, it's possible, but it depends on the products which remained in the relevant quarter.

Can you tell us how much of the capacity is booked at Csanádpalota?

I can tell you that this year it is almost 100%, but I cannot tell anything about next year.

Thank you very much. Regarding revenue in quarter four, can you tell us about the impact on Route 1?

The impact was approximately 7 million lei.

Generally, in the Ukraine direction, what can you tell you about the interest for this product, and if this going to be also valid for other quarters different from the winter quarters?

We had capacity booking for March. For January and February we had no bookings.

The capacity booked in March is used.

Do you have a degree of capacity use just to have an idea?

Degree of use, well, capacity was offered in Negru Vodă. The capacity remaining after the annual, quarterly, and monthly capacity was offered.

How about for Isaccea?

Isaccea has a much higher capacity, and is used at the same level as it is used at Negru Vodă? We have 25 million kilowatt-hour per day bookings on the route.

About April?

It's very difficult for me to answer to your questions. We will see.

About the investments, what do you plan to commission this year? Podișor-Vibești, the expansion at Podișor-Vibești?

Good afternoon. Related to investments,

the investments which are in the 10-year network and modernization plan, developments which are regarding the development of the transmission system: the gas transmission pipeline for supplying gas to Mintia. We had partial acceptances on the sections of this pipeline.

The total assessment reaches a total of 740 million lei for the works to be commissioned. We have also Ghercești-Jitaru pipeline and also Cotmeana-Corbu pipeline which has a value of 35 million lei, and for Jitaru, 15 million lei.

It is an estimate of 740 million lei. We also have works in execution, but not for this year.

You asked only about this year.

I also want to ask if they are financed from own funds.

The financing source is 35% own sources. You will have the best estimate in May when the transmission tariff for next year is approved.

You will have clarifications on the RAB and every information you need. At the substantiation of the tariffs, you will include this 740 million?

Yes, the substantiation of revenue includes estimations of commissionings until 2026, 30th of September. We have worked according to the schedule and executed in as estimated.

So 35, 40% own funds without European grants.

Do you have a split here to...

Yes, we also have from the Modernization Fund grants. The grants we still have to receive is 400 million lei for the entire projects under implementation.

The RAB calculation will be done for these projects.

We will have data in June when the tariffs will be published, and then we will see the RAB and the investments. I noticed that you have several investments for 2027.

Many of them appear as new or less advanced, non-FEED. The deadline is 2027.

I wanted to ask about their evolution, and if you have any updates here.

These are major development projects. From project 7.1, is in progress, is a project of national importance.

At this moment, we have compressor units contracts signed. For the other projects, from 7.2, we are here in the FEED preparation, and it was also declared a project of national importance, which is very important because it allows us to ensure works according to the contract and schedules.

Tuzla-Podișor is a completed project. 7.4 project is part of the Vertical Corridor and it is in the pre-feasibility phase.

Romania-Serbia Interconnector was also declared project of national importance in 2024 and is in phase of updating FEED. At project 7.6, we have two phases up to 2029.

Also, the pre-feasibility study was completed. At project 7.7, the pre-feasibility study is completed.

At Eastring, also the feasibility study is completed. At 7.9, the feasibility study is reviewed.

7.10, it's in the FEED decision because Stage 2 and 3 are in progress. For 7.11 and 7.12, these projects were declared project of national importance in this month of February this year.

We have here two projects and the pre-feasibility studies are completed. The last two projects, 7.13, 7.14, they are in an initial stage.

They are included in the development plan. The new edition of the 10-year network development plan is underway and we will include these projects in the new version.

Thank you very much for this update. The last question related to the financial revenues which were lower in this fourth quarter, and I wanted to ask you, maybe you can confirm if it's due to the inflation that was linear?

We have seen that you changed the structure, the reporting structure related to the financial results, and I wanted to understand if this is the reason for the difference.

The difference is starting with the gas year 2025-2026, the methodology, the tariff methodology approved by Order 7 of ANRE, says that the inflation of the regulated asset base is by the inflation used in the determination of the RoR. Such inflation used is 3.1%.

It is not updated as before? No, it is not updated.

Not with the achieved one, but with the one used for the substantiation of the RoR, 3.1%. This will be from now on until the regulation changes?

Yes, that's right.

Thank you very much for your answer.

You're welcome. We have some questions in chat.

I will read them in the order they arrived. The first question from Mr.

Dănuț Morar: "Why do you use in the presentation the variation of the revenue and expenses as 109% when it is 9% in fact?"

We can present it. It is semantics basically.

It increases by 9% or by 109% is the same result. From

Mrs. Daniela Popov: "Good afternoon.

Which is the value of the additional revenues recorded in quarter four and for the entire year 2025?"

The entire year 2025 is less relevant. It's more relevant for the gas year 2024-2025.

As I said in the previous meeting in the results for quarter three, it is a delta of 300 million lei for the gas year 2024-2025. The delta which in quarter four also recorded additional revenues as compared to the regulated revenue, but is less relevant because this calculation makes sense only when the gas year ends.

Even if we achieved in quarter four compared to what we have substantiated in the tariff in the following quarters may be regulated. It's more important to keep in mind that for the gas year 2025-2026 is 300 million.

The question related to investments was already answered.

I will pass to the question of Mr. Cristian Petre: "Hello.

Like to congratulate you on the results. Can you comment how is compared to the regulated revenues, and which correction should be expect in the following period?"

The final correction, to say so, will be available when the regulated revenue is published in the end of May, June. Maybe then you will know exactly how the results will be, or which is the regulated revenue approved for the gas year 2026-2027.

As I said, 300 million is a delta for the regulatory year 24-25, and there is also the increase of 60 million lei per year. These are mainly they.

Final results and concrete results you will see when the regulated revenue is published for the following gas year.

The next question regarding the inflation of 3.1%: "This adjustment will be applied for the entire gas year?"

Yes, the adjustment is related to a year gas, a gas year.

Mrs. Ioana Andrei wanted to ask some questions.

Wanted to ask a question regarding the correction: 300 million is what is left from the year 24-25 beyond what was included in the current regulated revenue? Do you maintain the estimation that it is possible to be divided for two years or...

Yes. For two years or maybe several years, yes, basically yes.

It will be a proposal, and the National Regulatory Authority will decide. The results will be published.

Could you help us on the other hand of the operational profit achieved by Moldova for the activity in Moldova for '25 more precisely in quarter four?

Yes, in 2025, '25 in '25 is approximately 100 million lei, Romanian lei, not Moldovan. Okay.

One last question, please, regarding the capping scheme of the gas published today. Do you take advantage from the price cap for gas?

No. For the operator Transgaz, as of 1st of April, it is a free price.

Yes, I've read the latest version and we were not included in that.

Thank you very much.

I can tell you that we have gas stocks for technological consumption and we will not have to buy them in the short period. Perfect.

One last question, please, regarding Moldova. Initially, we were talking about a lease contract for five years.

How shall we look at that? Because part of the time has passed.

Will you keep Moldova? Will it be part of your activity on the long run or only for a determined period of time?

I can tell you that the transmission in the Republic of Moldova and any country in Europe can be performed only by an operator certified as a transmission system operator. In Moldova, only Vestmoldtransgaz is certified as a transmission system operator.

Thank you very much.

You're welcome.

We have another question in chat: "How much is the last RAB published?"

This is 8.16 billion lei. We publish it at the same time with the publication of all information regarding regulated revenue applicable for the gas year.

This means somewhere in June for the following year, and which will be applicable for the gas year 2026.

Please feel free to ask any questions. Irina Răileanu.

Since we have a lot of time until May regarding the deductions for the commissioning from what you obtain as funds, to say European grants... Non-reimbursable.

Can you provide us with some information? Because the amount is very large and there can be impacts on the RAB if many funds are obtained.

The best estimation is to consider 50% from the amount as a RAB addition.

Thank you very much.

I think we have two more questions. Mr.

Cristian Petre: "Please make some comments about Moldova. 100 is a normal profit.

How is regulation in Moldova?"

The regulation in Moldova is the same as in Romania, and the profit is the regulated asset base similar to the Romanian one.

If there are no other questions from part of you, once again I'd like to thank you very much for participating in this meeting and wish you a beautiful spring for yourself and your loved ones. We are waiting for your participation in the next meeting and also to receive your questions by email.

Mr. Ion Sterian, the Director General, thanks you very much.

Goodbye.