CNTEE Transelectrica (TEL) Q3 2026 earnings summary

Executive summary

• 9M 2026 revenue rose 16% YoY to RON 4,816m; EBITDA increased 108% to RON 960m and net profit rose 235% to RON 611m.

• Charged energy volume fell 2.65% YoY to 37.48 TWh, while OTC grid losses reached 2.34%, up 0.28 percentage points YoY.

Financial highlights

• Operating revenue was RON 4,816m, up 16% YoY; operating expenses including depreciation rose 4% to RON 4,154m.

• EBIT increased to RON 662m from RON 172m; EBT reached RON 691m versus RON 204m, and net profit was RON 611m versus RON 183m.

• Net cash from operating activities was RON 1,643m, up 91% YoY; cash and cash equivalents ended the period at RON 1,718m.

• Total assets were RON 13,756m, up 29% from year-end 2025; shareholders’ equity increased 10% to RON 6,579m.

Outlook and guidance

• For the remainder of 2026, balancing-market costs remain sensitive to ANRE rules, regional markets, weather, renewable output, consumption and market-participant behavior.

• System-service reserve volumes will be adjusted to operating needs; prices for downward mRRF reserves were expected to trend higher amid national and regional market conditions.

• By year-end 2026, an estimated ~1,000 MW of new solar and wind capacity and ~1,000 MW of storage capacity were expected to connect, in addition to gas capacity at Mintia and Iernut.

• The system-service procurement tariff fell 13.47% to RON 12.72/MWh from October 1, 2026.