Three years after its landmark listing on the Bucharest Stock Exchange (BVB), following the largest initial public offering in Europe and the third largest globally in 2023, Hidroelectrica has delivered an outstanding post-listing performance. The company’s share price reached a historical high, generating a 111.5% capital gain, while cumulative dividends of RON 30.3 per share provided an additional 29.2% return, bringing the total shareholder return to approximately 141%. This performance has been supported by continuously increasing investments, which reached record levels in 2025, with another record investment programme planned for 2026.
Three years after its shares began trading on the Bucharest Stock Exchange, Hidroelectrica celebrates one of the most significant milestones in its history and an important benchmark for Romania’s capital market. During this period, the company has strengthened its position as Romania’s leading renewable electricity producer, delivered solid financial performance, accelerated investments, and reinforced investor confidence through the strong performance of its H2O shares.
The company’s listing on 12 July 2023 was the largest IPO in Europe and the third largest worldwide that year, significantly contributing to the development of Romania’s capital market and increasing the international visibility of the Bucharest Stock Exchange among major institutional investors. The successful offering also demonstrated the confidence placed in the company by tens of thousands of Romanian and international investors.
Over the past three years, Hidroelectrica has consistently demonstrated its ability to generate value despite rapidly changing market and hydrological conditions. Although 2025 was the most challenging hydrological year of the past three decades, prudent portfolio management and effective adaptation to market conditions enabled the company to maintain operational and commercial stability, confirming the resilience of its business model.
The H2O share has recorded an exceptional performance since its market debut. On 3 July 2026, the share price reached an all-time high of RON 220 per share, delivering an aggregate total shareholder return of 141%, including dividends distributed between 2023 and 2025.
Hidroelectrica has also become one of the Bucharest Stock Exchange’s main liquidity drivers. The company’s market capitalization more than doubled during the period, increasing from RON 46.7 billion at the time of listing to RON 98.9 billion in early July 2026.
Investor interest has continued to grow, with the number of shareholders reaching approximately 57,000, up 39% compared to the time of the IPO. This reflects the company’s strong appeal among both institutional and retail investors in Romania and internationally.
At the same time, Hidroelectrica has further strengthened its corporate governance framework and investor relations practices by maintaining transparent, consistent, and predictable communication while adhering to the highest standards of market governance.
Strategically, the company has continued to reinforce its long-term growth platform through major investments and development projects. The acquisition of UCM Reșița represented an important step toward strengthening in-house maintenance capabilities and technological innovation, contributing to greater operational efficiency across the Group.
Investment activity has accelerated significantly in recent years. Capital expenditure increased from RON 206 million in 2023 to RON 591 million in 2024, while 2025 marked the highest annual investment level in the company’s recent history, reaching RON 781 million. These investments supported the modernization and refurbishment of existing hydropower assets, the continuation of hydroelectric projects, the development of energy storage capabilities, the digitalization of operational processes, and the preparation of new renewable energy and flexibility projects.
For 2026, Hidroelectrica has allocated a record RON 1.4 billion investment budget, representing an 82% increase compared to investments made in 2025. This reflects the company’s long-term commitment to growth and its strategic role in Romania’s energy transition.
“The third anniversary of Hidroelectrica’s listing is not only an opportunity to reflect on what we have achieved, but also to reaffirm our commitment to the future. Our performance over the past three years confirms the strength of our business model and our ability to create value in a constantly evolving environment. We will continue to accelerate investments in infrastructure modernization, new generation capacities, and technologies that enhance the flexibility of the energy system, while maintaining the high standards of corporate governance and transparency that investors expect from Hidroelectrica.”- Dan Iulius Plaveti, Chief Executive Officer of Hidroelectrica
Looking ahead, Hidroelectrica remains committed to maintaining its position as Romania’s leading producer of renewable electricity and one of the country’s most important listed companies. The company will continue investing in infrastructure, new generation capacity, and innovative technologies that contribute to energy security and support the transition to a sustainable economy.