SNTGN Transgaz SA reported a 51% year-over-year decline in individual net profit to 234.2 million lei for the first half of 2026, while consolidated net profit fell 59% to 303.7 million lei. The Romanian gas transmission operator attributed the drop to a 13% surge in operating costs and a 42% rise in depreciation expenses, which increased by 102.7 million lei. Revenue from construction activity declined by 346.8 million lei, and capacity booking revenue fell by 91.2 million lei, offsetting a 73.7 million lei increase in balancing activity revenue.
Turnover decreased 10% to 1.42 billion lei, though regulated revenue approved by Romania's energy regulator ANRE rose 40% to 2.6 billion lei for the 2026–2027 gas year. Total gas circulated increased 9% to 84.5 million MWh, with direct consumer transmission up 16% to 40.9 million MWh. The company operates 14,366 km of pipelines, the fourth-largest system in the EU by length.
Debt levels rose 2% to 7.0 billion lei, lifting the gearing ratio to 79.06% from 64.54%. Transgaz secured 400 million euros in new financing, including a 300 million euro loan from Banca Transilvania and a 100 million euro syndicated facility. The company's market capitalization reached 17.9 billion lei (3.4 billion euros) by June 30, up 177% from a year earlier.
The state holds a 58.51% stake in Transgaz, with natural persons accounting for 33.38% and legal entities 8.11%. Shares fell 4.25% to 92.3 lei immediately after the results presentation, extending a decline to 90.9 lei, though the stock remains about 5.7% below pre-earnings levels near its 52-week high of 102 lei.
