CNTEE Transelectrica (TEL) Q4 2025 earnings summary

Executive summary

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

• Net profit dropped 44% to RON 328 million, reflecting lower operating profit and the absence of one-off gains from 2024.

• EBITDA decreased by 24% to RON 707 million, with EBIT down 45% to RON 319 million year-over-year.

• Investments in tangible and intangible assets reached RON 590 million, a 13% decrease from 2024.

• The company maintained a strong liquidity position, with cash and cash equivalents up 9% to RON 734 million.

Financial highlights

• Operating revenues fell 29% year-over-year, mainly due to a 46% drop in balancing market revenues.

• Allowed profit activities saw a 0.5% decrease in revenues, but a 9% increase in regulated tariff revenues.

• Operating expenses decreased by 28%, driven by lower balancing market costs, but system services expenses rose 35%.

• 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

• 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.