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TGN RO: 2026 budget points to sharp earnings decline on cost pressure; overly cautious in our view | SLIGHTLY NEGATIVE

by Stoian Cosmin 04/29/2026

* TGN RO: Transgaz published its 2026 budget. The company estimates, on a standalone basis, a 52% Y/Y decline in net profit to RON 379m (vs RON 788m in 2025), mainly as a result of a 25.5% increase in operating …

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04/29/2026

EAI RO: Strong FY 2025 beat, 2026 Budget tempered by consolidation timing | NEUTRAL

by Stoian Cosmin 04/29/2026

EAI RO: * FY 2025 Results. Electro-Alfa International reported a strong FY 2025 performance, with net profit rising 73.7% Y/Y to RON 99.8m, 21.2% above our RON 82.3m estimate, supported by stronger-than-modelled sales and a better EBITDA margin. **Sales advanced 28.3% …

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04/29/2026

Romania – Structural adjustment kept debt below 60% of GDP | POSITIVE

by Stoian Cosmin 04/29/2026

• Romania – Structural adjustment kept debt below 60% of GDP | POSITIVE • According to the figures recently released by Eurostat, the budget deficit/GDP ratio adjusted from 9.3% in 2024 to 7.9% in 2025, the lowest level since 2023. However, …

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04/29/2026

SNG RO: Weak volume outlook drives 2026 budgeted profit drop; budget more cautious than expected | NEGATIVE

by Stoian Cosmin 04/28/2026

SNG RO: Romgaz published the 2026 budget. The company expects the standalone net profit to decline by 40% to RON 1.88b from RON 3.14b, mainly due to a 9.2% decrease in gas revenues to RON 5.96b. The lower gas sales …

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04/28/2026

ATB RO: 2026–2028 budget implies modest recovery, not a Strategy 2030 run-rate | NEUTRAL

by Stoian Cosmin 04/28/2026

ATB RO: Antibiotice published its 2026–2028 budget. For FY 2026, management sees net turnover rising 3.4% Y/Y to RON 692.2m, EBIT increasing 8.9% Y/Y to RON 77.4m, EBITDA advancing 8.4% Y/Y to RON 134.4m and net profit growing 18.4% Y/Y …

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04/28/2026
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