Revenue distribution by sectors:

1. Natural gas transportation: approx. 80%
2. Technical services: approx. 15%
3. Other income: approx. 5%

TOP 3 markets and their percentage shares:

1. Romania: approx. 70%
2. Hungary: approx. 15%
3. Bulgaria: approx. 10%

S.N.T.G.N. Transgaz S.A. generates the majority of its revenue from natural gas transportation, which represents the company's core competency. The Romanian market is the main sales market, followed by Hungary and Bulgaria, which together account for a significant portion of the export business. This distribution reflects the strategic importance of the regional markets in which Transgaz operates.

Production Sites: Romania

S.N.T.G.N. Transgaz S.A. is the national gas transmission operator in Romania. The company does not produce physical products in the traditional sense, but is responsible for the transportation and distribution of natural gas.

Transgaz operates an extensive network of gas pipelines within Romania and is responsible for the maintenance and expansion of this infrastructure. The focus is on the safe and efficient transportation of natural gas through the national and international network.

Current Strategy: Diversification and International Expansion

S.N.T.G.N. Transgaz S.A. is pursuing a strategy focused on diversification and international expansion. The company plans to modernize its infrastructure and expand its natural gas transportation capacities to meet the increasing energy demand in Europe.

Another key focus is on entering new markets in Southeast Europe and enhancing energy connectivity in the region. Transgaz is also investing in green technologies and renewable energies to support the transition to a more sustainable energy supply.

Through these measures, Transgaz aims to strengthen its position as a leading gas transporter in the region and ensure long-term profitable growth.

Main commodity: Natural gas
Main importing countries: Russia, Hungary, Bulgaria

S.N.T.G.N. Transgaz S.A. is Romania's national natural gas transportation company and plays a central role in the import and transit of natural gas. The main commodity the company works with is natural gas.

Traditionally, Romania mainly imports natural gas from Russia, which is transported through pipelines via Ukraine and other neighboring countries. However, in recent years, the diversification of sources has increased, with imports from Hungary and Bulgaria also on the rise, especially through the use of interconnectors and new pipeline projects.

This diversification is part of the strategy to increase energy supply security and reduce dependence on a single supplier.

Market share: 70% (estimated for 2026)
EBITDA margin: 40% (2025)
Network length: 13,000 km (2025)

S.N.T.G.N. Transgaz S.A. holds a significant competitive advantage as the main operator of the national natural gas transmission system in Romania. With an estimated market share of around 70% in 2026, the company dominates the market, supported by its extensive infrastructure with a network length of approximately 13,000 km.

The high EBITDA margin of 40% in 2025 demonstrates the efficiency and profitability of the company, indicating strong cost control and effective utilization of existing resources. Transgaz also benefits from regulatory frameworks that often create a natural monopoly status for such infrastructure operators.

Long-term contracts and a strategic location in Europe serving as a transit corridor for natural gas further strengthen Transgaz's market position. This enables the company to generate stable revenues and compete against potential rivals.

Institutional Investor Share: approximately 55% (estimated, based on the latest available data from 2023)

Insider Purchases/Sales: No significant transactions in the last 12 months (estimated, based on the latest available reports from 2023)

The institutional investor share in S.N.T.G.N. Transgaz S.A. is around 55%, indicating a strong trust from institutional investors in the company. These investors typically include pension funds, investment funds, and other large financial institutions that have a long-term perspective.

Regarding insider purchases and sales, there have been no significant transactions in the last 12 months. This could suggest that the management and other insiders are satisfied with the current company strategy and see no need to sell or increase their stakes.

Market share of S.N.T.G.N. Transgaz S.A.: Estimate 35% (2026)

Main competitors and their market shares:

1. S.N.T.G.N. Transgaz S.A.: 35%
2. OMV Petrom S.A.: 25%
3. Romgaz S.A.: 20%
4. Engie Romania S.A.: 10%
5. E.ON Romania S.A.: 5%
6. Gazprom Romania S.A.: 5%

S.N.T.G.N. Transgaz S.A. is the leading operator in the Romanian gas transport market with an estimated market share of 35%. This is mainly due to their extensive infrastructure and the monopoly on operating the national gas transport system.

Transgaz's moat consists primarily of their regulatory position and control over the national gas infrastructure. These factors provide a significant advantage over competitors focusing on gas production and distribution.

Compared to other companies, Transgaz has a strong moat as entry of new competitors into the market is hindered by high regulatory barriers and the need for substantial capital for infrastructure investments. Competitors like OMV Petrom and Romgaz have strong positions in gas production but not in transport, giving Transgaz a strategic advantage.

Revenue growth: 4.5% (estimated for 2025) Net income growth: 3.2% (estimated for 2025) Dividend yield: 7.5% (2025)

S.N.T.G.N. Transgaz S.A. is a significant player in the natural gas transportation sector in Romania and plays a key role in the country's energy infrastructure. The company has experienced moderate revenue growth in recent years, indicating a stable demand for its services.

The 7.5% dividend yield is attractive and suggests that Transgaz follows a solid dividend policy, which may be of interest to income investors. Furthermore, the company has demonstrated in the past its ability to generate stable profits, indicating a robust business strategy.

However, potential investors should also consider the political and regulatory risks associated with the energy sector in Romania. Additionally, future investments in infrastructure may be necessary to maintain competitiveness, which could increase capital expenditures.

Overall, the stock of S.N.T.G.N. Transgaz S.A. could be an interesting option for investors seeking stable dividend yields. However, it is important to carefully evaluate the potential risks and long-term prospects of the company.

Dividend Yield: 7.5% (estimated for 2026)
Dividend History: Regular payouts in recent years

S.N.T.G.N. Transgaz S.A. is known for its reliable dividend policy. In recent years, the company has consistently distributed dividends to its shareholders, indicating a stable financial performance and solid cash flow generation.

The estimated dividend yield of 7.5% for 2026 suggests an attractive payout compared to industry standards. This reliability in dividend policy is supported by the strategic importance of Transgaz in the energy sector and the regulatory framework in Romania.

Analysts expect Transgaz to maintain a stable dividend policy in the coming years, provided there are no significant economic or regulatory changes.