Operating margins and net margins decreased by 12 and 11 percentage points respectively compared to 2024, primarily due to a reduction in electricity sales. Despite this, revenues rose by 5%, while capital expenditure grew by 32% to RON 781 million (€157.14 million) in 2025.
Electricity production fell 14% below 2024 levels, with gross production reaching 12,215 GWh. Net profit stood at RON 3.3 billion (€664.58 million), 20% lower than the previous year but 10% above the revised budget. Earnings per share were RON 7.34 (€1.47), down from RON 9.19 (€1.84) in 2024.
The 2025 results were heavily impacted by declines in the first nine months. Severe hydrological conditions limited production capacity to the extent that 2025 saw the lowest hydro energy production in the country's history. While selling prices increased across wholesale and supply segments, they failed to offset the effects of the prolonged drought. The company increased external electricity acquisitions by 175% to 2,209 GWh to compensate for the shortfall.
