Earnings call transcript: Romgaz Q3 2026 profit falls as Neptun Deep advances

Romgaz, Romania's largest gas supplier, reported a 9% drop in first-nine-month profit to RON 2.22 billion on RON 5.7 billion revenue for Q3 2026. Despite a 2.1% decline in gas output compared to a year earlier, the company maintained strong margins and moved its flagship Black Sea project Neptun Deep closer to first output, with first gas expected in the first half of 2027.

The company's regulatory pricing, windfall taxes, and higher gas and storage royalties weighed on results, with profit dropping 36% in Q3 to RON 482 million. Romgaz remains a dominant player in Romania's gas market, supplying over 70% of domestic gas consumption. The company's total capital spending for the period was RON 4.02 billion.