Hidroelectrica posted its operational and financial results for the first six months of 2025. Net profit decreased by 41 percent, from RON 2,690 million to RON 1,587 million.

The challenging operating environment, marked by unfavourable hydrological conditions, led to a 27 percent decrease in net electricity production compared to the same period of the previous year. The recovery in Q2 2025 was driven mainly by electricity purchases from the market.

These two major trends – the reduction of own production due to severe drought and the increase in electricity purchases from the market – define the underlying context for a strategic shift: from a model built almost exclusively on its own hydropower generation, the company is evolving towards the profile of an integrated producer and supplier, combining internal generation with growing volumes purchased from the market to sustain delivery performance and maintain its competitive position as a supplier.

In the first half of 2025, net electricity production reached 6,068 GWh, decreasing by 27 percent compared to H1 2024. After a start of the year marked by a sharp drop in output due to unfavourable hydrological conditions – namely a period of severe hydrological drought, with the Danube’s average flow in Q1 2025 at only 4,257 m³/s, about 40 percent lower than in the same period of 2024 – the company achieved a significant recovery in Q2, driven mainly by electricity purchases and a partial rebound in production.

Revenues totalled RON 4,315 million, 16 percent below the level recorded in the same period last year, with an operating margin of 41 percent and a net margin of 37 percent, reflecting a decline in the company’s traditional competitive edge from low-cost hydropower generation. The increased reliance on the wholesale electricity market and the reshaping of the revenue structure, with a growing share of the supply segment, weighed on margins.