Societatea Energetica Electrica (EL) investor relations material

Executive summary

• Net profit reached a record RON 1,218.9 million in 2025, up nearly 160% year-over-year, with operating revenues surpassing RON 12 billion, driven by higher tariffs, increased volumes, and market liberalization.

• Major investments exceeded RON 878 million, focusing on network modernization, renewable integration, and commissioning of new photovoltaic parks, supported by a €500 million green bond issuance.

• Liquidity and debt profiles improved, with cash and cash equivalents at RON 2,033 million and a €3.1 billion credit facility secured for refinancing and investments.

• Strategic partnerships were established with Romgaz and LIBERTY for joint renewable and storage projects, and a memorandum for 400 MW and 500 MW green projects.

• Share price reached a record RON 34, reflecting strong market confidence and an upgraded Fitch rating outlook to 'BBB-' Stable.

Financial highlights

• Consolidated revenues rose to RON 12,165.3 million in 2025, with EBITDA increasing to RON 2,383.3 million (margin 21.8%), and net profit at RON 1,218.9 million.

• Operating profit increased 109% to RON 1,782.5 million, and EPS rose to RON 3.59 from RON 1.38.

• Net debt decreased to RON 3,835 million, and group liquidity at year-end was RON 2,033 million.

• Dividend proposal of RON 0.2945/share for 2025, with a plan to gradually return to a more normal dividend policy.

• CAPEX for 2025 totaled RON 1,580.9 million, with further increases planned for 2026.

Outlook and guidance

• Continued focus on infrastructure investments, renewable energy development, and storage integration, targeting 1,000 MW production and 900 MWh storage by 2030.

• Conservative budgeting for 2026 due to market volatility and geopolitical risks, with a prudent approach to negative scenarios.

• Expectation of stable business performance in 2026, with no significant negative impact anticipated.

• Plans to issue at least one bond in 2026, potentially up to EUR 1 billion, to support expansion.

• Aims to increase electricity supply market share to 18–20% by 2030.