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CNTEE Transelectrica (TEL) investor relations material
CNTEE Transelectrica Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Nov, 2025
Executive summary
Revenue for the first nine months of 2025 fell 33% year-over-year to RON 4,150 million, mainly due to a sharp drop in balancing market activity and cyclical revenues.
Net profit declined 56% year-over-year to RON 183 million, reflecting lower operating income and higher system service expenses.
Core EBITDA slightly improved year-over-year, excluding one-off income from 2024 related to a court recovery against tax authorities.
3Q was heavily impacted by a temporary loss in pass-through operations, with 4Q expected to stabilize but not offset the 3Q loss.
The company advanced major infrastructure projects, including new 400 kV lines and substations, and completed the merger of two subsidiaries to enhance operational efficiency.
Financial highlights
Total operational revenues for 9M 2025 were 4,150 mil Lei, down 32.7% year-over-year.
EBITDA from profit-allowed operations was 621 mil Lei, down 9.6% year-over-year.
EBITDA dropped 33% year-over-year to RON 465 million; EBIT fell 59% to RON 175 million.
Net income for 9M 2025 was 183 mil Lei, a 55.5% decrease compared to 410 mil Lei in 9M 2024.
Dividend of RON 3.81/share from 2024 profit approved, with payment starting July 31, 2025.
Outlook and guidance
4Q is expected to be stable due to tariff increases and market price normalization, but no material recovery of 1Q-3Q losses is anticipated.
Full-year pass-through loss is expected to be recovered over the next 1-2 years via increased tariff rates.
Ongoing focus on grid modernization, renewable integration, and interconnection projects, with a 10-year investment plan of RON 9.49 billion.
Regulatory changes and tariff adjustments are expected to impact revenues and costs in the coming quarters.
What drives zero-profit EBIT decline?
How to address EU fund access delays?
What is ETG's renewable integration capacity?
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Next CNTEE Transelectrica earnings date
Q4 202526 Feb, 2026
Next CNTEE Transelectrica earnings date
Q4 202526 Feb, 2026
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