Good afternoon. My name is Mr.

Tutza, Director at Investor Relations. Thank you for your interest for this presentation of the interim financial statements for quarter one 2026 unaudited.

I want to extend the welcome of Mr. Sterian and Mrs.

Ghidiu. The presentation will follow the past trend.

Mr. Marius Lupean will make the presentation and will be followed by your questions at the end of the session.

I give the floor to Mr. Lupean.

Good afternoon. We will present the financial results for quarter one 2026.

I'd like to start with a recent information regarding the improvement of Transgaz rating, which improved with a notch due to the results of Transgaz and the estimates for next year. We will start with a short presentation of the financial statements.

At the end of March 2026, the results are better compared to the budget. For quarter one 2026, the profit increased by 25%.

Compared to the achieved 2026, this indicator decreased. The profit decreased by 21%.

The factors who influenced the new one presented in this slide: the net result decreased, the operating revenue also decreased compared to last year, which were mainly determined by capacity— booked capacity revenue. Booked capacity is higher in quarter one compared to last year, with a positive influence of 31 million lei.

In quarter one 2026, 95 short-term products, which determined a higher revenue. The booked capacity was lower last year compared to this year.

Regarding capacity overrun revenue, they are higher by 6 million lei. Commodity revenue are higher by 5,000 lei.

Gas transmitted is higher compared to the preceding period of time. Commodity tariff is lower compared to last year, with a negative influence of 6.9 million lei.

Other operating revenue are higher by 7.7 million lei compared to last year. Regarding the balancing revenue, this decreased based on the trading price lower and a lower quantity by 128,000 MW.

The balancing and construction activity, any profit recording recorded from balancing is redistributed. If I have a loss from balancing, it is recovered from the neutrality.

Financial revenue decreased based on the updating of the regulated asset base with inflation by ANRE for establishing the rate of return compared to last year, where update... The costs increased by 6% compared to 31 March, 31st March last year.

This increase is mainly determined by the depreciation rate and the commissioning of major investment project. EBITDA will also increase.

Ensures of financing source for the achievement of the projects of Transgaz. Technological consumption decreased.

Quantity of natural gas lower, with a positive influence of 15 million lei. The royalty expense decreased by 20 million lei.

The finance expense increased compared to last year, based on the decreasing of the capitalized interest expense, which were updated during the achievement of the investment. All these factors generated a decreasing of the profit compared to last year, but compared to the budget, the profit was exceeded by 25%.

Also, the subsidiaries in the Republic of Moldova recorded good result, better than last year. Also, on the interim financial statement consolidated, the result was decreased by 25% compared to the same period of last year.

The quantity of natural gas transmitted is higher. A share of technological consumption 0.7%.

This is what I wanted to present. Our presentation also contains information about the investment projects our company is executing and completed ones.

I'd like to go to the questions and answers session.

Hello. Good afternoon and thank you for your presentation.

I have several questions and I would like to structure them. I would like to start by the revenue side.

It would be useful if we could understand what happened with the capacity booking part. The decrease...

We did not anticipate a decrease of this component because if the regulated revenue and the transmitted volumes increase, we will not have a negative impact. Could you please explain in detail what happens in this phenomenon?

Is it specific to the quarter one of this year, or could we see the same evolution for decrease in the next semesters or trimesters?

Last year, monthly products were booked, and we also offer yearly, monthly, daily, and within-day products. Last year, the product structure reserved, the share of the monthly products was higher than the one in the current year.

The capacity booking increased compared to the previous year, compared to the previous period. The regulated revenue also increased compared to the previous period, but if more expensive products were booked, then the revenue was higher.

It is a punctual aspect. Capacity booking should lead to an increase in revenues from transmission.

The same... We do not estimate for this to take place in the following months.

We do not expect because during winter, the booking level is higher. We do not expect then in the following quarters we see the same trend.

Such a difference could not be longer valid. In quarter two and three, could we see a tariff which is increasing or more higher than the previous year?

What should we analyze?

We are talking about an average tariff. This decrease by 21 lei is an average tariff.

Average means that the megawatt-hour booked is added to the long-term products booked for a certain month. The value of the revenue depends on the capacity booked.

As they are... Yes,

I said that for us, who we do not have visibility on this structure, what should we look at? At a comparison year-on-year, or in quarter two?

What should I analyze in quarter two 2025, or I should look at what happened in Q1 2026? Where can we see more stability or a clearer evolution in a direction or another?

The evolution in winter months are more at peaks. During the summer months, it should be more stable.

The revenue recorded during a year is more relevant than the one recorded in a quarter. As compared to the previous period, maybe you could see some differences, taking into account that in the previous year, we had some overruns of the transmission revenues.

The best expression is in the budget. You can analyze the figures in our budget, which was approved.

This would be the best expression, to say so, of this. There, we took into consideration the contracts that are ongoing, and the capacity booking for a quarter or for a month.

We cannot see 100% that additional bookings will no longer appear.

I noticed that there was a comment regarding that the tariff was under the budgeted level. If we look at the budgeted values, do you expect to recover this decrease in tariff?

Will be singular, isolated, to say so.

This analysis, factor analysis on the tariff, the average does not represent the best expression. The important data are the macro data.

The bookings increased, therefore the revenue increased. Of course, we have to take into account the differences in the auction premia and the revenues achieved in the previous periods, which also influence this.

The budgeted revenue should be achieved. I try to separate in the budget.

Could you tell us in the budget what is the value included for auction premia and for overruns? There is no significant value for this.

Around 10, 20, 25 million. Basically, this is your current estimation, because there's a high discrepancy compared to 2025.

Capacity auctions will take place in the first Monday of July, I think on the 6th of July, and then we will have clarity on the auction premia. To be able to understand better, on the 6th of July, the auction premia are the ones that we will see in the following year, gas year?

Yes,

starting from the 1st of October. Could you tell us now, just to have a picture on it, how should they be until September?

I would—

I can tell you about the quarter and the month for which it is auctioned, because quarterly products are auctioned, annual products are auctioned during the period. The auctions will take place after that, the monthly auction that is, for the current gas year.

Annually are only for the annual products,

that's right. I would like to go to pass-through costs because they were I saw 0.2 in the first quarter.

I remember then in our previous meeting we talked about a higher level. Is there a singular situation or could we watch pass-through costs for the following years at this degree of 0.2?

I will not take into account the minimum pass-through cost. I would take into account the average value in the past two years.

We did not budget the minimum pass-through costs in the budget. There are some errors.

There are some metering errors. There are several elements that influence the technological consumption or the value of the technological consumption, and I think it would be reasonable to look at a more average value, maybe higher.

We should not take into account that it could go to zero.

0.2 is considered to be a minimum, to say so?

Yes, I would like to say that it could be considered as a minimum. Yes, it is an achieved value.

The average at European level is 0.4, 0.5. We are happy that we achieved 0.2 because it is reduced, and we hope to maintain it at the same level.

It is not an element 100% certain or that could be controlled by us.

ANRE in their estimates for this regulatory period, what pass-through costs take into account?

In the regulation, ANRE recognizes the achieved consumption. If it recognizes 0.4 or 0.35, but if we achieve 0.2, they will recognize 0.2 for basically two years of delay.

It is the achieved consumption is recognized. The company makes every effort to achieve a higher level.

In the first quarter, did you have a procurement component at regulated price?

No, we have no such component. It was in the...

No, I think we had not. Maybe in the first months, but I'm not sure, but subsequently they will no longer appear.

Yes, you are correct. We do not fall into that category anymore.

You mentioned capitalized interest that decreased in the first quarter. I noticed that the budget indicates a financial result of 130-something lei.

Could you tell us if they include the decrease of the capitalized interest

in the budget, or?

Yes, in the budget.

The capitalized interest are estimated in the budget, which are not recognized. This capitalized interest higher in 2025 I think was connected to Tuzla-Podișor?

Yes.

For the rest of the year, do you expect to capitalize higher interest or the level in the first quarter?

I do not know exactly the figure. We do not expect it to be higher in the following quarters.

I understand. Basically, it would remain in a significant decrease as compared to 2025.

Could you tell us how much you capitalized in 2025, because I do not have such figures available? No,

I'm so sorry. I do not have it with me at the moment, but you can ask for them and we'll make sure you receive it.

Regarding the activity in Moldova, I did not see the operational profit. How much was achieved in the first quarter?

Could you please tell us? Yes,

just one moment. Let's see the consolidated and the separate.

It's equivalent to 70 million lei. In Moldova, if I remember correctly, the operating profit in 2025 was over the regulated level.

We expected to see a correction for Moldova as well. The correction is made per year, starting from the 1st of October 2026.

I do not expect any corrections. As I said in our previous meetings, from 2017 and 2023 until it was not the operator of the system in the Republic of Moldova, Vestmoldtransgaz had a RAB and they had to recover the current and the future periods.

I do not expect any delta in the future.

That means, could you please inform us on an estimate for 2026? Where do you see the contribution of Moldova, at what level?

If I remember, it was 100 million.

Oh, yes. You're correct.

We'll start from there. One more question regarding the personnel expenses.

If I remember correctly, this year the collective labor agreement expires this year?

Yes, but according to the law, it can be extended.

Do you expect to be any impact on the salary personnel salary expenses?

No, because as there are limitations in establishing the budget for the personnel expenses according to the law. The maximum that can be granted is approved based on a memorandum.

We do not see any impact.

One last question, although I said the previous one was the last. Is there a possibility to reconcile the volumes that Transgaz trades on the website on the side of the end consumers?

It is very difficult to reconcile because there they are the final clients who are connected, and it is very difficult for me to know per volumes from the data published on the site which are the achieved volumes. Could you please help us in this respect?

The volume is 15% of the regulated revenue, and the capacities are published on our website. You can see the exact figures related to the capacity booked.

The value the volume is a component, but it does not represent a major evaluation.

Okay. Thank you very much.

Welcome.

Mrs. Laura Simion, please?

Can you hear us? Good afternoon.

I will give the floor to Mrs. Laura.

I'd like to ask some questions as a follow-up to the discussion right now regarding technological consumption and the price in quarter one. I noticed that the price in January was below the market average, but in February and March you had a price aligned with the market.

I wanted to ask why is that, and if we should expect to a price aligned with the market for the future? As far as I know, you used to have a contract, a long-term contract with Romgaz.

The price was regulated until the end of March that

it was regulated, but not for the entire quantity necessary for the technological consumption. This is why in the first month the share was higher, and in the following month was regulated.

We bought technological consumption. We also have technological consumption gas stored.

This is why we don't have to conclude a gas procurement contract for a longer period of time. We shall use from our stock gas.

When you bought before, you bought at regulated price?

Yes, we bought them at regulated price, and we consumed a part of them. We also had gas procured for the legacy contracts and not consumed.

We also have natural gas for balancing obligations, which was diminished, and that gas was moved from balancing to technological consumption.

Regarding the budgeted value for the technological consumption, this was approximately 100 million higher than last year. You had 25 million for technological consumption in quarter one.

Do you maintain the budget estimation or maybe we are going to see a lower estimation?

You have to have an estimation in the budget which is not the most optimistic one. We went to a level which is closer to 0.4%, but probably the price was as it is in the market.

The basis of the estimation was calculation for the price we have for the stock at the relevant moment.

For the revenue, I calculated from the budget cumulative corrections around 113 annually. Can you confirm this figure?

Yes. Also

regarding the budget, last year when you made the budget, you also have data for 2026, 2027. For this year, you consider a volume of 240 TWh as consumption.

This volume is only 170 TWh. Can you explain what is this change coming from?

I refer to the figure for last year or the budget of last year when you made forecasts for this year for transmission for 2026. As last year we estimated that Black Sea gas will start from 2027.

I have recently heard that 2027. When you make the budget, you are based on the best information at that time.

We speak about a budget for 2027 made in 2026. About information available at that moment.

If we come closer to a period of time, estimates change. Regarding consumption for 2027, I see a difference of 100 TWh compared to 2026.

How much is from Black Sea gas and how much from other sources, and what are those sources?

The quantities for Black Sea gas are communicated by Romgaz. In 2027, Mintia power plant will be commissioned.

Mintia will be commissioned in 2027. We'll have a larger quantity in 2027 and a smaller quantity in 2026.

Regarding methodology, it was changed with inflation according to the value estimated by ANRE.

Has ANRE estimated this for the entire regulatory period, or when you establish the regulated revenue you estimate for the next gas year?

The answer is for the entire period. The adjustment to the real inflation rate, when is it performed?

It is not performed anymore? Probably this year we will have an inflation above 3%, we speak about the RAB updating.

The other cost elements are updated with the real inflation rate. Rate of return is applied, and this 3.1% to the RAB.

Regarding the investment projects, you have a very long list, which are most of them non-FID. What are the chances that we see an important project receives a FID this year?

You can see there the major investment projects, but we also have smaller projects regarding value which are implemented. I refer to the major ones.

What should happen to progress on the FID process?

You have in the presentation the projects which are ongoing, and we can see them. The first one is the extension of the compressor stations.

The estimated completion date is 2027. Yes, but

you mentioned here non-FID.

Yes, Rarău, Horia is. Many projects are in the auction phase.

You can see on Transgaz website the projects until 20... This for 2034 is approved in August by ANRE, and you will have the updated version of the plan.

The best information available today is in this presentation and regarding the implementation phase.

You will take the final decision after the auction and accepting an offer?

No, final investment decision is taken before auctioning, but this one with the extension is in the auctioning phase. In the 10-year network development plan, the information available on Transgaz website is...

In August, the 10-year network development plan will be approved, and you will find the values and the updated phases of the projects. This is a process, and ANRE approves it only in August.

Until then, you have the last one, the latest one approved by ANRE.

Mrs. Irina Răilean?

I think you can hear me. Thank you for your presentation and taking the questions.

I'd like to ask what will happen starting with 1st of October next year, and if you have the data for the regulated revenue for next year, and what are your expectations? How would the regulated corrected regulated revenue progress you expect ANRE to approve?

I'd like to ask questions about tariff evolution, considering the fact that next year will comprise Mintia and Black Sea. What volumes do you estimate to see next year, and can we expect decreasing of the tariff due to higher quantities?

How should we interpret the impact of the commissioning of the Black Sea project and Mintia project on the regulated revenue side and on the tariff side?

Information will become public tomorrow when ANRE will publish the tariffs for 2026-2027. The committee has already approved the tariffs, and the publication will be tomorrow.

The substantiation of the revenue will also be available, I suppose. Those will be published by us as soon as possible, not tomorrow, but as soon as possible.

Regulated revenue will increase, and tariffs will decrease. The fact that tariffs will be lower is a good thing for everyone, but it will not affect the profitability of Transgaz.

Probably for Mintia, as far as I know, the commissioning of the power plant will have to be during this summer, and Neptune comes next year.

Could we see, due to the decreasing of the tariff starting for from 1st of October, could we see a weaker fourth quarter, quarter four?

An unequal share for the next year. Capacity booking was already made, starting even before the fourth quarter.

Gas can be transmitted depending on how much the supplier has, but capacity is a subscription. Including for the parties which are interested in the Black Sea gas?

For everyone which is interested. Everyone who can use and have transmitted gas must book capacity.

They have to nominate gas for transmission. For entry into the national transmission system, we speak to the producer.

Can we see for entry booked capacity bookings from Neptun Deep?

Yes. We have the result of the open season published for capacity entry.

Thank you for this. I also wanted to ask you something else regarding the revenue corrections, but I withdraw my question because tomorrow the regulated revenue will be published and we will see more details.

Regarding Moldova, gas year is the same as the gas year in Romania, October-September? The gas year is the same at the European level, and Moldova aligned with this provision.

I understand. This is all I wanted to ask.

Thank you.

There's a question in the question and answer side from Mr. Cristian Petre related to the profit in the Republic of Moldova.

It seems way above the regulated one. What is the delay in the adjustment of the revenue in the Republic of Moldova, and what are your expectation in the Republic of Moldova for the profitability— on profitability?

As you said, we do not expect adjustments of the achieved revenue in Moldova, because there were years from 2017 to 2023 when the operator, Vestmoldtransgaz, had a regulated revenue, but did not achieve it. The adjustment of the revenue, achieved revenue, is made one year after the other.

It is not the case at the moment, because the loss has to be recovered, not achieved revenue. Please, if there are any other questions.

Mrs. Laura Simion, you have your hand raised.

Would you like to add something more? Mrs.

Irina Răilean as well?

No, just one comment related to Moldova. There are some amounts from the past that are netted, and it is not necessary at the moment to adjust them.

Are those amounts consistent amounts until then? For how longer, or how much time is it required to see the difference?

Do you have an outstanding balance? Is it available so that we can net in the future quarters?

Yes, we have the data. The idea is that this delta in the Republic of Moldova was higher in the previous years, and it was almost netted, the unachieved value.

Starting from next year, there will no longer be an outstanding balance. We'll interpret basically from zero.

Thank you. Mrs.

Laura Simion, would you like to add something more, or you still have your hand raised, if you'd like to add something?

No, that's not the case.

If there are any other questions, please feel free to ask. If not, we would like to thank you for being present here today.

We are looking forward to seeing you at the presentation of the six months' time result. If there are any other question, please write.

Thank you for your time. Have a nice afternoon.

Goodbye.