Societatea Energetica Electrica (EL) Q1 2026 earnings summary

Executive summary

• Net profit rose 58.2% year-over-year to RON 309.6 mn in Q1 2026, with EBITDA up 25.7% to RON 577.5 mn, reflecting strong operational and financial performance across supply and distribution segments.

• Revenues increased 22.8% year-over-year to RON 3,094.1 mn, driven by higher supply segment revenues and lower energy acquisition costs.

• The group maintained market leadership in supply, ranking second in supplied volumes and first in total users, while serving over four million users in distribution.

• Major investments continued in renewables and storage, targeting 1,000 MW production and 900 MWh storage by 2030, with 307.5 MW in development and 46.5 MW operational.

• Regional expansion included Moldova, new board appointments, and successful green bond issuances to support growth.

Financial highlights

• Q1 2026 revenues reached RON 10,910 mn, up from RON 8,979 mn in Q1 2025; EBITDA rose to RON 578 mn (margin 18.2%), and net profit improved to RON 310 mn.

• Operating profit increased 36.3% year-over-year to RON 427.1 mn, with a 4.5% reduction in operating expenses.

• Net debt at Q1 2026 was RON 3,582 mn, down from RON 3,976 mn at year-end 2025; group liquidity at RON 3,015 mn.

• Distribution segment EBITDA increased by RON 38 mn, supply segment EBITDA by RON 76 mn year-over-year.

• Current liquidity ratio at 1.69; capital gearing ratio at 79.0%.

Outlook and guidance

• The group targets 1,000 MW renewable production and 900 MWh storage by 2030, with a focus on grid modernization, digitalization, and customer-centric services.

• 2026 CAPEX plan approved at RON 1,914.2 mn, with major investments in distribution, renewables, and smart grid solutions.

• Conservative budgeting for 2026, with actual Q1 profit already exceeding full-year budget; revised estimates may be provided at half-year.