On the other hand, the company’s revenue grew by 7% to €519 million, reports profit.ro.
The most significant expenses related to the purchase of energy and gas, including their transportation, decreased from 469 million euros to 447 million euros. Services and materials expenses showed the biggest increase, from €16 million to €27 million. Interest expenses also increased, from €4 million to €5 million.
Electricity production increased
The Power Generation segment, which includes all of the group’s power generation assets and a small renewable energy business in the Republic of Moldova, recorded revenues of €28 million in the first quarter of 2026, up 58% compared to the first quarter of 2025.
The revenue growth was mainly driven by the acquisition of a wind farm in Hungary at the end of January 2026, as well as the start of additional operation of balancing cogeneration plants in Romania and solar power plants in the Republic of Moldova. EBITDA of the Power Generation segment also showed strong growth in the first quarter of 2026, increasing by 76% year-on-year.
Distribution revenues decreased
The Electricity and Natural Gas Distribution segment, which includes electricity distribution in the Republic of Moldova and natural gas distribution in Romania, reported normalized revenues of €45 million in the first quarter of 2026.
The division’s EBITDA was €21 million, down 19% year-on-year, with no significant impact from normalization. Although RAB (weighted average rate of return) values increased slightly to around €300 million, the Republic of Moldova also introduced a lower regulated rate of return (WACC) in the new regulatory period starting in June 2025.
Supply remained stable
The electricity and natural gas supply segment, comprising electricity and natural gas supply in both Romania and the Republic of Moldova, including renewable energy supply and management activities carried out through Alive Capital, which is in the process of being sold, continues to show stable results following the liberalization of the electricity market.
The segment’s performance is affected by tariff changes in the Republic of Moldova.
In the first quarter of 2026, the segment’s normalized revenues amounted to EUR 464 million and normalized EBITDA amounted to EUR 17 million.
The improvement in EBITDA was mainly due to the lower than expected impact of intraday price volatility caused by volatile sources in the first quarter of 2026.
Investments in development
In the first quarter of 2026, the development segment made capital investments totaling €5 million, accompanied by related bank debt of €24 million. A significant portion of these investments, mainly related to solar development, including the deployment of battery-based energy storage systems nearby, is expected to start generating revenue in the third quarter of 2026.
