Q2/23 operating results were stronger than expected

Romgaz reported net income for Q2/23 of RON 716mn and EBITDA of RON
1.28bn compared to RON 746mn and RON 956mn YoY, respectively.
Revenue dropped to RON 1.99bn from RON 3.57bn YoY mainly as a result
of significantly lower gas prices and the fact that Romgaz had to sell a
higher part of its gas and electricity production at regulated prices than in
the same period a year earlier.
 EBITDA margin came in at 64% vs. 27% YoY based on the positive impact of
lower taxes (royalty and windfall tax) as a consequence of lower gas prices.
 In the first six months, EBITDA came in at RON 3.16bn (+45% YoY), while
net income was RON 1.69bn, down by 2% YoY. EPS was RON 4.4, also
down by 2% YoY.
 During the first six months of 2023, Romgaz invested RON 341mn,
representing approx. 63% of the scheduled investments, less Neptun Deep
project. For 2023, Romgaz planned investments of RON 1.97bn out of
which RON 937mn were allocated for Neptun Deep project.
 The new audit concluded on 3 August, 2022 shows Romgaz’s total gas
reserves of 65.9 bcm (proved, probable, possible) and total gas resources of
55.9 bcm (1C, 2C, 3C).