CNTEE Transelectrica (TEL) Q4 2025 earnings summary

Executive summary

• Core EBITDA improved year-over-year, excluding a one-off court recovery in 2024, but overall EBITDA decreased by 24% to RON 707 million.

• Net income for 2025 was 360 mil Lei, down 38.6% compared to 2024, while another report notes a 44% drop to RON 328 million, reflecting lower operating profit and the absence of one-off gains.

• Revenue for 2025 was RON 5,576 million, down 29% year-over-year, mainly due to lower balancing market activity and reduced conjunctural revenues.

• Pass-through operations incurred significant losses due to surging balancing capacity prices in Q3, with partial stabilization in Q4.

• Investments in tangible and intangible assets reached RON 590 million, a 13% decrease from 2024, but major grid projects advanced.

Financial highlights

• Total operational revenues decreased 29.3% year-over-year to 5,573 mil Lei, mainly due to a 46% drop in balancing market revenues.

• EBITDA from all operations was 710 mil Lei, down 24.1% year-over-year.

• EBIT from all operations dropped 44.5% to 321 mil Lei.

• Net finance result improved to RON 32 million, mainly from higher dividends and interest income.

• Shareholders’ equity increased 2% to RON 5,906 million, with a final share price of RON 75.00, up 98.9% year-to-date.

Outlook and guidance

• Pass-through losses from 2025 (net of ~50 mil Lei backlog from 2024) are expected to be recovered over the next 1-2 years via increased tariff rates.

• The company plans to continue its investment program, focusing on grid modernization, renewable integration, and interconnection projects.

• Regulatory changes and market volatility are expected to impact system service costs and tariffs in 2026.

• Ongoing cooperation with European partners and new funding opportunities are being pursued for strategic projects.