Hidroelectrica (BVB: H2O), the largest state-owned company in Romania with a market capitalisation of RON 80 billion (EUR 15.4 billion), announced its net profit surged by 2.2 times y/y to RON 1.31 billion (EUR 250 million) in the first three months of the year (Q1) after its revenues increased by 67%, to RON 3.13 billion. The main drivers behind the robust growth were better hydraulicity and the expansion of direct sales.

EBITDA margin reached 55%, compared to 46% in Q1 2025, and net margin reached 42%, compared to 32%, Ziarul Financiar reported. Operating profit was RON 1.480 billion, almost double the RON 643 million the company had recorded in the first three months of last year.

The increase in production came mainly from favourable hydrological conditions. The Danube flow rate reached approximately 6,900 cubic meters per second in the first months of the year, above the 2025 level, which led to net electricity production of 3,608 GWh - 36% more than in the same period of the previous year. The company capitalised on the production surplus mainly on the wholesale market, where volumes sold increased by 51%, and revenues from this segment rose by 85%, to 1.106 billion lei.

The second growth driver was the supply segment. As of March 31, 2026, Hidroelectrica had 1.312 million consumption points in its portfolio - 108% more than in March 2025, when the number was 630,927. The growth came from both the household segment, where consumption points doubled, and the non-household segment, where the advance was 120%. Revenues from supply increased by 72%, to RON 1.127 billion.

iulian@romania-insider.com

(Photo source: Facebook/Hidroelectrica)