In Q1 2026, at the Electrica Group level, EBITDA recorded an increase of 25.7 percent, respectively by RON 118.3 million, reaching a value of RON 577.5 million., compared to the value of RON 459.3 million. achieved in the first quarter of 2025. The EBITDA growth is generated mainly by the variation of the supply and distribution segments, both experiencing an upward trend in the first three months of 2026 compared to the same period in 2025.
Of the two, the variation of the supply segment had the largest weight, recording an EBITDA improvement of +RON 76.0 million., reaching the value of RON 113.1 million. from RON 37.1 million. in the previous period. The increase is due to the improvement of the segment’s operational performance, having a revenue growth of RON 557.6 million., and a decrease in operating expenses of RON 117.1 million.
The operating profit for Q1 2026 recorded an increase of RON 113.7 million. up to the value of RON 427.1 million., compared to the value of RON 313.4 million. achieved in Q1 2025. This increase is mainly due to the decrease in operating costs by RON 129.8 million., positive impact offset by the decrease in operating income by RON 16.1 million. (impact generated by the termination of the support scheme in the supply segment, diminished by the increase in revenues from current activity).
Net profit for Q1 2026 recorded an increase of 58.2 percent or RON 114.0 million., reaching the value of RON 309.6 million. This result is mainly driven by the increase in operating profit, supplemented by the positive impact from the improvement of the financial result in the first quarter of 2026, supported by yields obtained from placing excess liquidity.
Alexandru-Aurelian Chirita, CEO of Electrica S.A.: “The first quarter of 2026 marked a fundamental shift in the energy market. The return to competitive market mechanisms, following a prolonged period of volatility and intervention, redefined the conditions under which all players in the sector operate. In such an environment, competitive advantage is built on operational discipline and the ability to allocate capital efficiently. Electrica Group’s results for this quarter confirm the strength of its core business lines. The supply segment went through one of the most challenging periods in recent years. The transition to a competitive framework structurally changed market dynamics, while this quarter’s performance shows that we managed the transition in a balanced and controlled manner. In distribution, the investment programme and cost control measures are progressively reflected in operational indicators. The commissioning of the Vulturu and Satu Mare 2 photovoltaic projects strengthens the generation segment and expands the Group’s renewable energy portfolio. Looking ahead, Electrica’s trajectory will increasingly be shaped by the scale of the projects currently under development. Grids, generation and storage capacities represent the strategic directions on which the Group is building its position in a sector undergoing accelerated transformation.”
In the supply segment, revenues recorded a significant increase in Q1 2026 by approximately RON 557.6 million., or 30.7 percent, compared to Q1 2025, reaching the value of RON 2,375.7 million. The increase in revenues from the supply of electricity and natural gas was mainly determined by setting the electricity sales price through competitive mechanisms, adapted to the company’s strategy. This positive effect was partially offset by a 6.9 percent decrease in the quantity of energy supplied on the retail market.
The termination of the capping scheme allowed the supply subsidiary to build its pricing strategy based on competitive market criteria and profitability, adapting it according to customer categories. The supply segment’s contribution to the Group’s consolidated revenues is 76.2 percent, while its contribution to the Group’s EBITDA is 19.6 percent.
Subsidy revenues for Q1 2026 amounted to RON 13.9 million. compared to RON 622.7 million. recorded in Q1 2025. As of 31 March 2026, the estimated subsidies to be received from the authorities are in amount of RON 2,532.1 million. (Ministry of Energy/ANPIS: RON 2,495.9 million.; AJPIS: RON 36.2 million.).
In the distribution segment, revenues increased by approximately RON 3.9 million., or 0.3 percent, to RON 1,302.1 million. (of which RON 718.8 million. represent revenues from external customers), compared to Q1 2025, as a result of the 1.5 percent increase in the volume of distributed electricity compared to Q1 2025. EBITDA in the distribution segment had a positive evolution of RON 38.4 million., mainly from the optimization of operating expenses.
The contribution of the electricity distribution segment to the Group’s consolidated revenues is 23.2 percent, while its contribution to the Group’s EBITDA is 82.0 percent.
In the production segment, revenues increased by approximately RON 1.6 million., or 65.8 percent, to RON 4.0 million. compared to the first quarter of 2025, following the operationalization of the Vulturu and Satu Mare 2 photovoltaic parks.