Hidroelectrica (BVB: H2O) recorded in the first six months of 2026 operational and financial results significantly above the results recorded in the same period of 2025, against the backdrop of a normalized hydrological regime, as well as the reconfiguration of the revenue structure as a result of the increased contribution of the supply segment, the company announced on the evening of August 11 in a note to investors.

Net electricity production was 7,070 GWh, up 17% compared to H1 2025. This increase was mainly due to the hydrological conditions in the first quarter of 2026. Net profit surged by 62% y/y to RON 2.57 billion (EUR 490 million). The company's capitalisation is RON 81 bn (EUR 15.5 billion), following a 46% y/y rise in its share price. 

Key results from the first semester of 2026 compared to the first semester of 2025:

Operating profit increased by 65%, up to 2,893 million RON

Net electricity production increased by 17%, to 7,070 GWh

Revenues increased by 40%, up to RON 6.05 billion

Operating margin of 48%, up 18%

Net margin of 43%, up 16%

Net profit rose by 62%, to RON 2.57 billion

Adjusted EBITDA, up 51%, to RON 3.32 billion

Earnings per share, 62% higher, at 5.72 RON/share, from 3.53 RON/share

Share price up 46% y/y to RON 180

According to the company's information, Hidroelectrica applied a prudent commercial policy, actively managed price and volume risks, and dynamically calibrated the production-purchase mix, maintaining a solid financial position and results in line with the evolution of energy markets.

"The supply portfolio continued to grow, confirming the repositioning towards a hybrid model, with stronger commercial anchoring and an expanded customer base. Market purchases increased, with market risk being managed through phased contracting and commercial discipline. Operational efficiency, optimising the production-purchase mix, developing RES and storage projects, to reduce structural exposure to hydrological variability and strengthen long-term resilience remain priorities for the group in the coming period," the report reads.

Hidroelectrica is the largest renewable energy producer in Romania, managing a portfolio of 188 hydroelectric power plants with a total capacity of 6.4 GW, as well as the Crucea wind farm, with 108 MW installed.

(Photo: Octav Ganea/ Inquam Photos)

iulian@romania-insider.com