Transelectrica SA

Transmission and System Operator

of the Romanian Electrical Power System

We lead the power

Financial results

9M 2022

(01.01.2022 - 30.09.2022)

unconsolidated accounts

Results 9M2022

Purpose, disclaimer and other cautionary statements

DOCUMENT PURPOSE:

This presentation has been prepared with the sole intention to facilitate the understanding of Transelectrica's operational and financial results by the general investing public (shareholders. creditors. analysts. financial media). Therefore it is of a purely informative nature. This presentation is not an offer. invitation or a recommendation to trade in securities issued by the Company. The detailed financial statements and the full reports prepared in accordance with capital market regulations are available online at www.transelectrica.ro.

FINANCIAL NUMBERS:

reporting period:

1st January 2022 - 30th September 2022

reporting standard:

International Financial Reporting Standards (IFRS)

basis/scope:

standalone (unconsolidated)

external audit:

unaudited

rounded numbers:

for ease of reading, certain figures used in this presentation (tables and charts) are displayed in millions and rounded to such

unit or to one or two decimals. In some cases this leads to minor differences between totals and the sum of the individual elements

(rounding errors)

LANGUAGE DISCLAIMER:

This document represents the English-language version of the original Romanian-language document. The English version has been created for English readers' convenience. Reasonable efforts have been made to provide an accurate translation. however. discrepancies may occur. The Romanian version of this document is the original official document. If any questions arise related to the accuracy of the information contained in the English version. please refer to the Romanian version of the document.

2

Results 9M2022

Agenda

Agenda:

9M2022 results

  • Key numbers
  • Operational results
  • Financial results
  • Investment

Q&A

3

Results 9M2022

Highlights

Financials

9M y/y

3Q y/y

2Q y/y

1Q y/y

•

Revenues [mil lei]

4,884▲114%

2,280▲ 165%

1,374 ▲ 98%

1,231

▲ 69%

• EBITDA [mil lei]

690▲133%

526▲1135%

89

▼ 5%

75

▼ 53%

•

Net income [mil lei]

418▲417%

390 n/m

20

▼ 11%

8

▼ 90%

Higher revenues

(profit-allowed +83%, pass-through +136%)

Higher EBITDA

(profit-allowed +149%, pass-through-4%)

Higher after-tax profit (x 5)

Operational

9M y/y

3Q y/y

2Q y/y

1Q y/y

•

Consumption* [TWh]

40.75 ▼ 6.2%

13.00 ▼ 8.2%

12.97

▼6.1%

14.78

▼4.4%

• Production* [TWh]

39.44 ▼ 7.1%

12.88 ▼ 4.8%

12.90

▼9.4%

14.13

▼6.9%

•

Imp(+)/Exp(-) net [TWh]

+1.30 ▲36.3%

+0.59 ▼47.7%

+0.07

n/m%

+0.65 ▲140%

Shrinking demand for electricity

Lower electricity production

Higher imports

*consumption/generation numbers do not include power plants' own electricity consumption. Consumption includes (i) consumption for hydro pumped storage. and (ii) energy losses in transmission and distribution networks. Cross-border net flow is calculated based on physical flows (export-import) aggregated across borders

Regulatory framework

  • Profit-allowedsegment:

Starting 1-Jan-2021 the two regulated tariffs i.e. transmission tariff and dispatching tariff merged into a single tariff i.e. transmission tariff

Grid losses costs (2022) - Anticipatory tariff income (non-cash) accounting for future tariff increases over the next 5 years to compensate for the lagging cost recovery process (significant temporary under-recovery due to the gap between the regulatory price assumption embedded in the 2022 tariff and the real substantially higher 2022 market price). Anticipatory tariff income schedule (2022): cumulated 1-3Q at 30-Sep, 4Q at 31-Dec

4

Results 9M2022

Highlights | operational trends

Domestic demand -6.2% y.o.y.

Domestic production -7.1% y.o.y.

CONSUMPTION

2021

2022

9M-6.2%

1Q -4.4% 2Q -6.1% 3Q -8.2%

TWh

6,0

5,5

5,0

4,5

4,0

0,0

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2022/2021 -1,4%-6,3%-5,6%-9,1%-3,6%-5,2%-7,7%-6,9%-10,2%

PRODUCTION

2021

2022

9M

-7.1%

TWh

1Q -6.9% 2Q -9.4% 3Q -4.8%

6,0

5,0

0,0

Jan Feb Mar Apr May Jun

Jul

Aug Sep

Oct

Nov Dec

2022/2021 -0,2%

-9,0%-11,9%

-5,3%

-7,6%

-15,2%

-8,4%-5,0%

-0,5%

NET IMPORT

2021

2022

TWh

9M

+36%

IMPORT

1,0

0,5

(+)

(−) |

0,0

-0,5

EXPORT

Jan

Feb Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov Dec

2022/2021

-80%

+166% +276%

n/a

-79%

n/a

+7%

-23%

-114%

Consumption and generation numbers do not include power plants' own electricity consumption. Consumption includes (i) energy losses in transmission and distribution networks. and (ii) consumption for hydro pumped storage. Cross-border net flow is calculated based on physical flows (import-export).

5

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Disclaimer

TRANSELECTRICA - Compania Nationala de Transport al Energiei Electrice SA published this content on 14 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 November 2022 10:51:01 UTC.