Premier Energy Group, one of the leading vertically integrated utilities and energy infrastructure companies in Southeastern Europe and a company listed on the Bucharest Stock Exchange, reports a solid operational and financial performance for the first half of 2026. Normalized revenues increased by 10% year-on-year to EUR 877 million, while normalized EBITDA reached EUR 79 million, up 27% compared to H1 2025. On a reported basis, according to IFRS, revenues amounted to EUR 871 million, a 4% increase year-on-year, while adjusted EBITDA reached EUR 73 million, and net profit amounted to EUR 22 million, both reflecting the reversal of the tariff deviations from the previous year in the Republic of Moldova.

The performance was supported by a 46% increase in own renewable electricity generation, following the acquisition of the 158 MW wind portfolio in Hungary and the commissioning of new plants, improved profitability in the supply segment and continued investments in renewable energy generation, battery storage and regulated energy infrastructure in Romania and the Republic of Moldova.

“The first half of 2026 confirms the strategic direction that Premier Energy has followed in recent years, namely building a vertically integrated energy platform, capable of creating value along the entire chain, from production to distribution and supply. During this period, our production footprint has expanded significantly, with our own renewable energy production increasing by 46% year-on-year and installed capacity reaching 370 MW, while the first of our co-located solar projects with battery storage were connected to the grid in June. Equally important from a strategic perspective, the transaction regarding Distribuție Energie Oltenia, which is to be completed, has received shareholder approval and committed financing and will bring us closer to a model that combines the production, distribution and supply of electricity, alongside the distribution and supply of natural gas. With the completion of the transaction, Premier Energy will consolidate its position as a leading vertically integrated energy infrastructure platform in the region,” says José Garza, CEO of Premier Energy Group.

Electricity generation continued to expand significantly, with own renewable electricity generation increasing by 46% year-on-year to 334 GWh in H1 2026, mainly supported by the 158 MW operational wind portfolio in Hungary, acquired in January 2026, along with newly commissioned generation assets in Romania and the Republic of Moldova. On a like-for-like basis, renewable energy generation was broadly stable, down 1% year-on-year, due to less favorable weather conditions.

Own renewable energy capacity reached 370 MW at the end of June 2026, 85% more than a year ago, while the balancing cogeneration plant produced 45 GWh during the period, up 5% year-on-year. The power generation segment recorded normalized revenues of EUR 53 million in H1 2026, up 39% year-on-year, while normalized EBITDA increased 72% year-on-year to EUR 33 million, reflecting the contribution of newly acquired and developed assets.

The electricity and natural gas distribution activities remained a stable component of the Group’s integrated operations. The segment generated normalized revenues of EUR 73 million in H1 2026, up 15% year-on-year, while normalized EBITDA amounted to EUR 28 million, down 4% year-on-year, mainly reflecting the implementation of a lower regulated WACC in the Republic of Moldova, which decreased to 9.7% from 11.8% with the new regulatory period introduced in June 2025.

Electricity distribution continued to benefit from a growing regulated asset base, serving 967 thousand customers, up 1% year-on-year, with management estimating electricity distribution RAB at approximately USD 216 million for 2026.

The natural gas distribution business continued to expand its network in Romania, increasing its customer base by 4%, excluding the impact of reallocated last resort concessions at the end of 2025, with an estimated RAB value of approximately 93 million euros and a regulated rate of return of 6.94% plus inflation. The total regulated asset base of the electricity and gas distribution businesses reached approximately EUR 280 million.

The electricity and gas supply operations continued to perform strongly in H1 2026, despite an increasingly competitive market environment.

Electricity volumes supplied decreased by 15% year-on-year to 3.2 TWh, mainly due to the sale of the Alive Capital business; on a comparable basis, excluding this transaction, volumes decreased by 8%, reflecting the aggressive pricing policies of certain competitors to attract customers.

The Group maintained its position as one of the largest electricity suppliers in Romania and the leading supplier in the Republic of Moldova, where volumes supplied increased by 3% year-on-year. Natural gas volumes supplied increased by 3% year-on-year to 4.3 TWh, while the natural gas customer base increased by 1% to approximately 152 thousand customers. The supply segment recorded normalized revenues of EUR 751 million, up by 8% year-on-year, and normalized EBITDA of EUR 23 million, up by 28% compared to H1 2025, supported by a lower-than-expected impact of intraday electricity price volatility and a continued focus on cost control and efficiency. The development segment continued to advance the Group’s portfolio of renewable energy and storage projects in Romania and the Republic of Moldova. During the first half of 2026, the Group invested EUR 20 million in renewable energy developments, with project debt reaching EUR 23 million.

The Group has completed construction and testing works for 137 MW DC of solar power plants with 46 MWh of battery storage capacity located at the same location, all of which received power-up notifications in June 2026 and are currently in the final testing phase with Transelectrica. In parallel, the company has started construction works for its 200 MW / 400 MWh battery energy storage system project near Iași, Romania, with a total estimated development and construction cost of approximately EUR 75 million, which is expected to become one of the largest battery storage facilities in eastern Romania.

The Group has also secured green financing of up to EUR 100 million from ČSOB, intended to support battery storage developments and other renewable energy projects. Other renewable energy projects with a capacity of 179 MW, mostly wind, are in the ready-to-build development stage.

“Our first half results continue to demonstrate the growing quality of Premier Energy’s profitability, with normalised EBITDA up 27% year-on-year to €79 million, supported by newly acquired and developed production assets and improved supply profitability. In parallel, we maintained a high level of investment across the business, allocating capital to renewable energy and storage developments, our electricity distribution network in the Republic of Moldova and the expansion of the natural gas network in Romania, while ensuring dedicated long-term financing for these projects. Reported profitability remains impacted by the temporary tariff deviation mechanisms in the Republic of Moldova, which partially offset the prior year position during the first half. Given that we have a working capital-adjusted net debt of €58 million and the collection of government support scheme recoveries continues to progress, we maintain a solid liquidity position and balance sheet strength. necessary for the Evryo transaction,” says Peter Stohr, CFO of Premier Energy Group.

The Group ended the first half of 2026 with a net debt position of EUR 231 million and a net debt position adjusted for working capital of EUR 58 million, equivalent to 1.4x and 0.4x respectively pro forma EBITDA for the last 12 months. As of June 30, 2026, the Group’s total assets amounted to EUR 1,185 million, 4% more than a year ago, with tangible assets increasing by 24% to EUR 676 million and equity reaching EUR 572 million. The balance sheet reflects ongoing investments in renewable energy generation developments, battery storage systems and regulated distribution infrastructure, alongside the acquisition of the Hungarian wind farm completed in January 2026, and includes over EUR 100 million invested in assets that did not generate revenue or profit in H1 2026.

The working capital position remains high, mainly due to the EUR 97 million to be recovered from government support schemes for electricity and the EUR 34 million representing natural gas in storage. For the full year 2026, management estimates normalized revenues of approximately EUR 1.5 billion and a normalized EBITDA of between EUR 150 and 160 million. These targets include the impact of the sale of the Group’s stake in Alive Capital and exclude any contribution from the announced acquisition of the electricity distribution network of the Evryo Group, owner of Distribuție Energie Oltenia S.A., which remains subject to customary regulatory approvals, with completion expected in the second half of 2026.

Autor: Bogdan Tudorache

Active in the economic and business press for the past 26 years, Bogdan graduated Law and then attended intensive courses in Economics and Business English. He went up to the position of editor-in-chief since 2006 and has provided management and editorial policy for numerous economic publications dedicated especially to the community of foreign investors in Romania. From 2003 to 2013 he was active mainly in the financial-banking sector. He started freelancing for Energynomics in 2013, notable for his advanced knowledge of markets, business communities and a mature editorial style, both in Romanian and English.