In Q1 2026, at the Electrica Group level, EBITDA recorded an increase of 25.7%, respectively 118.3 million RON, reaching a value of 577.5 million RON, compared to the value of 459.3 million RON achieved in the first quarter of 2025. The increase in EBITDA comes mainly from the variation of the supply and distribution segments, both having a positive evolution in the first three months of 2026 compared to the similar period in 2025.

Of the two, the variation of the supply segment had the largest share, recording an improvement in EBITDA of +76.0 million RON, up to the value of 113.1 million RON from 37.1 million RON in the previous period. The increase is due to the improvement in the segment’s operational performance, with an increase in revenues of 557.6 million RON and a decrease in operating expenses of 117.1 million RON.

“The first quarter of 2026 marked a fundamental transition in the energy market. The return to competitive mechanisms, after a prolonged period of volatility and intervention, redefined the conditions in which all actors in the sector operate. In such a context, competitive advantage is built on operational discipline and the ability to correctly allocate capital. Electrica Group’s results this quarter confirm the solidity of the main business lines”, says Alexandru Chiriță, CEO of Electrica.

“The supply segment has gone through one of the most demanding periods in recent years. The transition to a competitive framework has structurally changed the market dynamics, and this quarter’s performance shows that we have managed the transition in a balanced and controlled manner. In distribution, the investment program and cost control are progressively reflected in the operational indicators. The commissioning of the Vulturu and Satu Mare 2 photovoltaic projects consolidates the production segment and expands the Group’s renewable energy portfolio.

“Looking ahead, Electrica’s trajectory will be increasingly defined by the scale of the projects under development. Networks, production and storage capacities represent the strategic directions on which the Group bases its position in a sector undergoing accelerated transformation.”

The operating profit for Q1 2026 recorded an increase of RON 113.7 million to 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, a positive impact diminished by the decrease in operating income by RON 16.1 million (impact generated by the end of the support scheme on the supply segment diminished by the increase in income from current activity).

The net profit in Q1 2026 recorded an increase of 58.2% or RON 114.0 million, to RON 309.6 million. This result is generated mainly as a result of the increase in operating profit to which is added the positive impact generated by the improvement of the financial result in the first quarter of 2026. This evolution of the financial result was supported by the returns obtained from the placement of surplus liquidity.

In the supply segment, revenues recorded a significant increase in Q1 2026 by approximately 557.6 million RON, or 30.7%, compared to Q1 2025, reaching the value of 2,375.7 million RON. The increase in revenues from the supply of electricity and natural gas was mainly determined by the establishment of the selling price of electricity through competitive mechanisms, adapted to the company’s strategy. This positive effect was partially diminished by the 6.9% decrease in the quantity of energy supplied on the retail market.

The elimination of the capping scheme allowed the supply subsidiary to build its pricing strategy on competitive market criteria and profitability, adjusted according to customer categories. The contribution of the supply segment to the Group’s consolidated revenues is 76.2%, and the contribution to the Group’s EBITDA is 19.6%.

Subsidy revenues related to Q1 2026 were in the amount of RON 13.9 million compared to RON 622.7 million recorded in Q1 2025. As of March 31, 2026, the estimated subsidies to be collected from the authorities total 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 3.9 million RON, or 0.3%, to 1,302.1 million RON (of which 718.8 million RON revenue with customers external to the Group), compared to Q1 2025, as a result of the increase in the volume of distributed energy by 1.5% compared to Q1 2025. EBITDA in the distribution segment had a positive evolution of 38.4 million RON, mainly from the optimization of operating expenses. The contribution of the electricity distribution segment to the Group’s consolidated revenues is 23.2%, and the contribution to the Group’s EBITDA is 82.0%.

In the production segment, revenues increased by approximately RON 1.6 million, or 65.8% to RON 4.0 million compared to the first quarter of 2025, as a result of the operationalization of the Vulturu and Satu Mare 2 photovoltaic parks.