Romania’s natural gas transmission system operator Transgaz posted a significant improvement in its financial results for the first nine months of 2025, with consolidated net profit rising to €136.4 million—almost five times higher than during the same period in 2024. The surge in profitability was driven by strong revenue growth combined with only moderate increases in operating costs.
Operating income, excluding balancing and construction-related activities, reached €420 million, marking an increase of roughly 40% year-on-year. Operating expenses, by contrast, rose by just 9% to €300 million. The consolidated results also include the performance of Vestmoldtransgaz in Moldova, in which Transgaz indirectly holds a 75% stake, as well as Petrostar, a company in which Transgaz recently acquired a 51% share.
The strong financial results were well received by investors. Following the release of the report, Transgaz’s share price on the Bucharest Stock Exchange climbed by around 4%.
A major contributor to the company’s improved earnings was capacity-reservation revenue, which increased by €92 million. This growth stemmed from several factors: a higher regulated tariff—up by €0.26/MWh—accounting for an estimated €69.5 million in additional revenue; a 14 million MWh increase in reserved capacity, generating another €11 million; and an additional €9.4 million from capacity overruns. Financial revenues also doubled to more than €60 million, supported by the revaluation of regulated assets in line with an 8.45% inflation rate recorded in late September 2025, compared with 3.77% a year earlier.
Between January and September, Transgaz invested €153 million, while newly commissioned assets totalled €24.8 million. The company remains majority state-owned, with the Romanian government holding 58.5% of its shares.
