CNTEE Transelectrica (TEL) investor relations material

Executive summary

• Revenue for H1 2025 was RON 2,922 million, down 38% year-over-year, mainly due to lower balancing market activity and reduced emergency aid revenues.

• Net profit reached RON 256 million, a 3% decrease compared to H1 2024, despite higher regulated tariff and interconnection revenues.

• EBITDA increased by 4% to RON 456 million, supported by cost control and improved system services margins.

• Investments in tangible and intangible assets totaled RON 197 million, down 23% year-over-year.

• Share price rose 51% in H1 2025, outperforming major indices and reaching a market cap of RON 4,178 million.

Financial highlights

• Operating revenues fell 38% year-over-year, mainly due to a 54% drop in balancing market revenues.

• EBITDA for all activities was RON 456 million, up 4% year-over-year; EBIT was RON 264 million, nearly flat.

• Net profit was RON 256 million, down 3% from H1 2024, with higher income tax offsetting improved financial results.

• Cash and cash equivalents increased 84% to RON 971 million at period end.

• Investments in fixed assets recorded in accounts were RON 319 million, down 11% year-over-year.

Outlook and guidance

• The company plans to continue its 2024-2033 grid development plan, with investments exceeding RON 9.4 billion.

• Focus remains on integrating renewables, increasing interconnection capacity, and digitalization.

• Ongoing monitoring of regulatory, market, and macroeconomic risks, with proactive risk management strategies.