Societatea Energetica Electrica (EL) Q2 2026 earnings summary

Executive summary

• H1 2026 results validate strategic choices, with revenues rising 23.7% to RON 6,036.4 mn and net profit up 8.6% to RON 457.5 mn, reflecting operational stability and transformation across the value chain.

• EBITDA increased 7.7% to RON 1,079.6 mn, driven by efficiency, capital allocation, and supply segment performance.

• The group maintained strong liquidity (RON 2,813 mn) and reduced net debt, while executing significant investments in distribution, supply, and renewable energy projects.

• Transformation into an integrated energy platform is underway, spanning distribution, supply, generation, storage, and digital services.

• Strategic focus remains on grid modernization, renewable energy expansion, and digitalization, with a 2030 target of 1,000 MW production and 900 MWh storage.

Financial highlights

• Revenue reached RON 6,036.4 mn (+23.7% YoY); net profit at RON 457.5 mn (+8.6% YoY); EBITDA at RON 1,079.6 mn (+7.7% YoY); EBIT at RON 773.1 mn (+9.4% YoY).

• EBITDA margin improved to 20.6% from 17.9% in H1 2025; net result margin at 10.7%.

• Consolidated revenues exceeded RON 6 billion, up 24% compared to H1 2025.

• Group liquidity as of June 30, 2026, was RON 2,813 million; cash and cash equivalents at RON 1,786 mn.

• Net debt decreased to RON 3,497 mn from RON 3,976 mn at YE 2025.

Outlook and guidance

• Confident and positive outlook for the remainder of 2026, with expectations to exceed budget and continued focus on infrastructure upgrades, smart grid investments, and renewable energy projects.

• 2026 CAPEX plan approved at RON 1,914.2 mn, with major allocations to distribution and renewable energy; CapEx expected to meet or exceed plan, with over EUR 150 million per year and European funding.

• Network losses expected around 9% for the year.

• Market share in electricity supply targeted to grow to 18-20% by 2030.

• No material impact expected from the Cernavodă nuclear outage unless prolonged.