Two of the main energy companies traded at Bucharest Exchange, Romgaz (BVB: SNG) and Transelectrica (BVB: TEL), announced planned 2025 dividends with rather modest yields of 1.1% and 0.4% respectively, resulting from low payout ratios generated by high investment commitments (Romgaz) or regulatory restrictions (Transelectrica). However, the price of the two companies’ shares has surged by 95% y/y and 113% y/y, respectively.

Last year, Romgaz reported a consolidated net profit of RON 3.33 billion, so the proposed RON 606 million dividends are equivalent to a payout ratio of about 18%.

Romgaz is developing, together with OMV Petrom, the Neptun Deep project, essential for Romania's energy security, with the aim of extracting the first natural gas in 2027, with total investments reaching up to EUR 4 billion.

Transelectrica reported a net profit of RON 360 million for last year, 39% below that achieved in 2024, out of which the company will distribute as dividends only RON 35.2 million. Although the company has a stock of over RON 915 million in retained earnings, the amount distributed to shareholders is relatively low.

iulian@romania-insider.com

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