Societatea Energetica Electrica (EL) Q3 2025 earnings summary

Executive summary

• Achieved net profit of RON 839.8 million and EBITDA exceeding RON 1.7 billion for the first nine months of 2025, reflecting strong operational and financial discipline.

• Maintained leading positions in electricity distribution and supply, serving over 4 million users and holding a 14.82% market share.

• Advanced green growth strategy with 307.5 MW of renewable production, new PV and wind parks operational, and 169.5 MWh of storage in pipeline.

• Completed acquisition of Crucea Power Park SRL, expanding renewable energy capacity.

• Supply segment returned to stability and contributed significantly to results after market liberalization and end of support scheme.

Financial highlights

• Consolidated revenues reached RON 9,817 million (+7% vs. 9M 2024), with net profit up RON 537 million year-over-year to RON 839.8 million.

• EBITDA for nine months 2025 reached RON 1,732 million, matching or exceeding full-year 2023 levels.

• Net result margin improved to 10.9% (9M 2025), up from 4.7% in 9M 2024.

• Net debt decreased to RON 4,255 million, with group liquidity at RON 2,541 million as of 30 September 2025.

• Cash and cash equivalents at period end were RON 1,673 million, up from RON 454 million at year-end 2024.

Outlook and guidance

• Positive outlook for 2025, with commitment to exceed investment and financial targets, focusing on sustainable growth, digitalization, and grid modernization.

• CAPEX guidance for distribution: at least EUR 150 million per year through 2027, with potential to reach EUR 200 million annually.

• Generation CAPEX expected at EUR 350 million by 2027; renewables target of 1 GW and battery storage of 1 GWh by 2030, totaling EUR 1 billion investment.

• Plans for up to EUR 1 billion in acquisitions and expansion in Romania and EU markets (2025-2027).

• Expect to collect over RON 1 billion in receivables in 2025 and another RON 1 billion in 2026.