Simtel, an engineering and technology group listed on the Main Market of the Bucharest Stock Exchange and one of the national leaders in the field of renewable energy, reports, at a consolidated level, operating revenues of 79.9 million lei in the first quarter of 2025, up 71% compared to the same period last year, and a net profit of 5.4 million lei, up 14% compared to Q1 2024, according to a press release.
“The first three months of the year confirmed that our approach to building a balanced business model, in which the activity of electricity supply is combined with the development of our own projects, is starting to show its results. In Q1 2025, GES Furnizare made a substantial contribution to the group’s performance, generating very good revenues and demonstrating that through careful planning of energy purchases and rigorous cost management we can ensure financial stability even in a volatile market context. At the same time, we have made important progress in developing our own production capacities, which will support the group’s energy independence in the long term and strengthen our position in the field of renewable energy. We are also satisfied with the pace at which the works are progressing on the Giurgiu photovoltaic park, a strategic project that will allow the delivery of a quantity of electricity of over 700 GWh to GES customers over the next ten years, based on the PPA contract signed in April of this year,” says Mihai Tudor, CEO and executive member of the Board of Directors of Simtel Team.
In the first three months of 2025, in terms of operating income recorded by the entities within the group, Simtel Team S.A. generated 34.6 million lei, GES Furnizare (GES) – 42.6 million lei, and ANT Energy – 1.7 million lei. At the level of the other entities, which largely represent the photovoltaic parks under development, as well as the entities Simtel Moldova, Agora Robotics and Custom Software Solutions (CSS), no significant income was recorded.
GES, a company in which Simtel Team holds a 62% stake, recorded a remarkable evolution in Q1 2025, and for the first semester it estimates a volume of electricity deliveries equivalent to over 70% of the total delivered during the entire year 2024. Also, at the beginning of March of this year, the GES subsidiary opened in the Republic of Moldova obtained the license to supply energy in this country from the National Agency for Energy Regulation (ANRE), an important step that allows the company to conclude direct contracts with the final beneficiaries. In parallel, the GES management is considering expanding the international network by opening a new subsidiary outside Romania, through which it aims to consolidate its presence on the European market and offer high-quality energy solutions to customers from various regions.
In terms of the Engineering, Procurement and Construction (IAC/EPC) solution provision activity in the first quarter of 2025, the company continued to implement large-scale photovoltaic park projects for customers. In parallel, it also advanced the development of its own photovoltaic park division, estimating that by the end of the year it will have an installed capacity of 78.4 MWp out of a total of 83.4 MWp related to the eight parks it owns.
In parallel with the development of its own photovoltaic parks, in Q1 2025, Simtel also continued work on energy storage parks, essential in the transition to a sustainable and efficient energy system, through which it aims to consolidate its position in the field of renewable energy. Currently, the five energy storage parks, with a total capacity of 260 MWh once completed, are in various stages of development, from preparing technical documentation and obtaining the necessary permits, to preliminary construction stages. The company estimates that most of the projects will be completed in the second half of 2026 or the first half of 2027.