Summary of 2024 Consolidated Results (acc. IFRS-EU and OMFP 2844/2016) - 27 March 2025
Consolidated net profit (OMFP 2844/2016) for 2024 of RON 376.5 mn, is 42.1% above the budget
The evolution of the main indicators OMFP 2844/2016 for 2024
Compared to the approved budget for 2024
§ EBITDA - RON 1,550.3 mn., an increase of 2.8% or RON 42.4 mn.;
§ Operating income - RON 10,874.2 mn., an increase of 1.5%;
§ Net profit -RON 376.5 mn., an increase of 42.1% or RON 111.5 mn.;
§ CAPEX PIF (commissioned) - RON 808.0 mn., increase of 12.5%, or RON 89.6 mn. compared to planned value (ANRE plan).
Compared to 2023
§ EBITDA - RON 1,550.3 mn., a decrease of 10.5% or RON 182.4 mn.;
§ Operating income - RON 10,874.2 mn., a decrease of 18.4%;
§ Net result -RON 376.5 mn., a decrease of 39.3% or RON 243.9 mn.;
§ CAPEX PIF (commissioned) - RON 808.0 mn., increase of 4% compared to RON 777.1 mn..
The evolution of the main indicators IFRS-EU for 2024
Compared to the adjusted budget* for 2024
§ EBITDA - RON 1,360.2 mn., an increase of 3.5% or RON 46.2 mn.;
§ Operating income - RON 10,684.1 mn., an increase of 1.5%;
§ Net profit -RON 389.5 mn., an increase of 34.6% or RON 100.1 mn..
*The information regarding the 2024 budget according to IFRS-EU presented is calculated for internal purposes and has not been officially published in accordance with the company's procedures. It is provided for informational purposes only to allow comparison of data.
Compared to 2023
§ EBITDA - RON 1,360.2 mn., a decrease of 20.6% or RON 353.9 mn.;
§ Operating income - RON 10,684.1 mn., a decrease of 19.8%;
§ Net result -RON 389.5 mn., a decrease of 49.5% or RON 382.6 mn..
Starting with 31 December 2022, according to the Order of the Ministry of Public Finance (OMFP) no. 3900/2022, a new clause was provided regarding the regulatory accounts to cover additional expenses with the purchase of electricity to cover the own technological consumption of the distribution network compared to the costs included in the distribution tariffs, by quarterly establishing intangible assets for these additional expenses, while, in the set of consolidated financial statements according to IFRS-EU, these expenses have a different applicable financial treatment.
Statement from Alexandru-Aurelian Chirita, CEO of Electrica S.A.:
"The financial results for 2024 confirm Electrica Group's capacity to deliver performance beyond the set objectives, despite a challenging market context. Significantly exceeding the consolidated net according to the budget profit by 42.1%, along with surpassing our investment targets, reflects the effectiveness of our strategy and our team's determination to strengthen the company's position in the energy sector."
Analysis of the consolidated financial indicators acc. OMFP 2844/2016
The main results presented below are extracted from the Consolidated Financial Statements as of and for the period ended 31 December 2024 prepared in accordance with Order of Ministry of Public Finance 2844/2016:
| Financial Results | 2024 | Budget 2024 | Δ 2024 vs. Budget 2024 | Δ% 2024 vs. Budget 2024 | 2023 | Δ 2024 vs. 2023 | Δ% 2024 vs. 2023 |
| Operating income, out of which | 10,874.2 | 10,716.2 | 157.9 | 1.5% | 13,333.8 | (2,459.6) | -18.4% |
| Income from subsidies | 1,532.2 | 1,053.4 | 478.8 | 45.5% | 3,306.8 | (1,774.6) | -53.7% |
| Capitalized costs of intangible non-current assets | 190.1 | 193.9 | (3.8) | -2.0% | 18.6 | 171.5 | 921,0% |
| Operating expense | (10,125.8) | (10,050.5) | (75.2) | 0.7% | (12,322.6) | 2,196.9 | -17.8% |
| Operating profit | 748.4 | 665.7 | 82.7 | 12.4% | 1,011.1 | (262.7) | -26.0% |
| EBITDA | 1,550.3 | 1,507.9 | 42.4 | 2.8% | 1,732.7 | (182.4) | -10.5% |
| Financial result | (277.2) | (342.3) | 65.1 | -19.0% | (293.8) | 16.6 | -5.6% |
| Net profit | 376.5 | 265.0 | 111.5 | 42.1% | 620.4 | (243.9) | -39.3% |
*Amounts are rounded to the nearest whole value
Source: Electrica
Compared to the approved budget for 2024 (OMFP 2844/2016)
In a market context characterized by volatility and uncertainty, the Electrica Group managed to exceed the objectives set within the approved budget, for all key indicators.
Although the 2024 budget estimated a 13.0% decrease in EBITDA at Electrica Group level, it recorded a lower decrease of 10.5%, to a value of RON 1,550.3 mn., exceeding the budget by 2.8%.
Additionally, the 2024 budget projected a 34.2% decrease in operating profit, but it recorded a smaller decline of 26.0%, reaching a value of RON 748.4 mn., exceeding the budget by 12.4%. This was due to a negative impact of RON 2,459,6 mn., caused by a decrease in operating revenues, partially offset by lower operational expenses by RON 2,196.9 mn..
At the same time, although the budget was built on a projected net decline of 57.3%, Electrica managed to achieve a consolidated net profit of RON 376.5 mn, with a smaller decrease of 39.3%, exceeding the budget by 42.1%. The 2024 result was mainly driven by the supply segment, due to the reduction in revenue from price caps, as a result of the recent amendments to OUG 27/2022, as well as a 2.6% decrease in the volume of electricity supplied on the retail market. This negative impact was offset by the favorable performance reported by the distribution segment.
Analysis of the consolidated financial indicators acc. IFRS-EU
The main results presented below are extracted from the Consolidated Financial Statements as of and for the period ended 31 December 2024 prepared in accordance with IFRS-EU:
| Financial Results | 2024 | Budget 2024** | Δ 2024 vs. Budget 2024 | Δ% 2024 vs. Budget 2024 | 2023 | Δ 2024 vs. 2023 | Δ% 2024 vs. 2023 |
| Operating income, out of which | 10,684.1 | 10,522.3 | 161.8 | 1.5% | 13,315.1 | (2,631.1) | -19.8% |
| Income from subsidies | 1,532.2 | 1,053.4 | 478.8 | 45.5% | 3,306.8 | (1,774.6) | -53.7% |
| Capitalized costs of intangible non-current assets | - | - | - | - | - | - | - |
| Operating expense | (9,920.1) | (9,832.2) | -87.9 | 0.9% | (12,123.4) | 2,203.3 | -18.2% |
| Operating profit | 764.0 | 690.1 | 73.9 | 10.7% | 1,191.8 | (427.8) | -35.9% |
| EBITDA | 1,360.2 | 1,314.0 | 46.2 | 3.5% | 1,714.1 | (353,9) | -20.6% |
| Financial result | (277.2) | (342.3) | 65.1 | -19.0% | (293.8) | 16.6 | -5.6% |
| Net profit | 389.5 | 289.4 | 100.1 | 34.6% | 772.1 | (382.6) | -49.5% |
*Amounts are rounded to the nearest whole value
Source: Electrica
**The information regarding the 2024 budget according to IFRS-EU presented is calculated for internal purposes and has not been officially published in accordance with the company's procedures. It is provided for informational purposes only to allow for comparison of data
Source: Electrica
Compared to the adjusted budget (IFRS-EU) for 2024
Although the 2024 budget estimated a 23.3% decrease in EBITDA at Electrica Group level, it recorded a lower decrease of 20.6%, respectively RON 353.9 mn., to a value of RON 1,360.2 mn., exceeding the budget by 3.5%.
Additionally, the 2024 budget projected a 42.1% decrease in operating profit, but it recorded a smaller decline of 35.9%, reaching a value of RON 764.0 mn., exceeding the budget by 10.7%. This was due to a negative impact of RON 2,631.1 mn., caused by a decrease in operating revenues, partially offset by lower operational expenses by RON 2,203.3 mn..
At the same time, although the budget was built on a projected net decline of 62.5%, Electrica managed to achieve a consolidated net profit of RON 389.5 mn, with a smaller decrease of 49.5%, exceeding the budget by 34.6%. The result of 2024 was mainly driven by the supply segment, due to the reduction in revenue from price caps, as a result of the recent amendments to OUG 27/2022, as well as a 2.6% decrease in the volume of electricity supplied on the retail market. This negative impact was offset by the favorable performance reported by the distribution segment.
Compared to 2023
In the electricity distribution segment, revenues increased by approximately RON 298.2 mn., or 6.8%, reaching RON 4,709.6 mn., compared to RON 4,411.5 mn. in 2023. This growth was primarily driven by a 6.8% increase in distribution tariffs compared to the last adjusted tariffs from April 2023, as well as a 4.2% increase in the volume of distributed electricity.
In the supply segment, the revenues decreased by approximately RON 954.7 mn., or 13.1%, reaching RON 6,325.6 mn. compared to RON 7,280.3 mn. in 2023. This variation was mainly determined by the decrease in the quantity of electricity supplied on the retail market by approximately 2.6%, as well as by the reduction in the acquisition cost (by 36% for electricity), which implicitly impacts sales revenue and the decrease in revenue from price caps, as a result of the recent amendments to OUG 27/2022. According to the regulation, the final price charged to customers is the minimum value between the capped price, the contract price, and the final price calculated using the "cost-plus" method, i.e., the recognized acquisition cost + supply component (on July 29, 2024, the updated guide regarding the new calculation of amounts to be recovered from the capping/subsidies was published on the ANRE website).
As of 31 December 2024, the estimated amount for subsidies was RON 1,976.7 mn. (31 December 2023: RON 2,614.5 mn.). Of the receivable subsidies, the amount of RON 1,304.9 mn. represents uncollected claims submitted to state authorities, while the amount of RON 652.0 mn. represents claims that have not yet been submitted to state authorities as of 31 December 2024.
Analysis of the separate financial indicators acc. OMFP 2844/2016
The main results presented below are extracted from the separate financial statements as of and for the period ended 31 December 2024 prepared in accordance with Order of Ministry of Public Finance 2844/2016:
| Financial Results (RON mn.*) | 2024 | 2023 | Δ 2024 vs 2023 | Δ% 2024 vs 2023 |
| Total operating income | 13.6 | 1.4 | 12.2 | 871.4% |
| Operating expense | (70.3) | (51.2) | (19.1) | 37.3% |
| Operating profit/(loss) | (56.7) | (49.8) | (6.9) | 13.9% |
| EBITDA | (54.1) | (49.2) | (4.9) | 10% |
| Financial result | 127.9 | 67.9 | 60.0 | 88.4% |
| Net profit | 69.3 | 23.9 | 45.4 | 190% |
| Earnings per share | 0.20 | 0.07 | 0.13 | 185.7% |
*Amounts are rounded to the nearest whole value
Source: Electrica
Starting with 2024, ELSA's individual results also include costs related to the power generation parks merged on 31 December 2023.
Operating loss - In 2024, operating result is a loss of RON 56.7 mn. (2023: RON 49.8 mn loss), mainly from the increase in other operating expenses, costs of purchasing electricity, depreciation and salary benefits.
Net finance income - In 2024, the net financial result increased by RON 60 mn up to RON 127.9 mn, due to the increase in financial income, almost exclusively due to income from dividends received from the distribution subsidiary (RON 60 million in 2024 vs. RON 0 in 2023).
Financial income in 2024 amounts to RON 171,2 mn. (2023: RON 97,6 mn.) and represents income from interest received on loans granted to subsidiaries, as well as income from dividends collected from the distribution subsidiary in the amount of RON 60 million (2023: RON 0).
Net profit for the year - As a result of the above factors, the net profit realized in 2024 is RON 69.3 mn., increasing by RON 45.4 mn compared to 2023 (RON 23.9 mn.).
The distributable net profit for dividends is in the amount of RON 65,760,450, out of which the amount of RON 59,999,016 is proposed to be distributed as dividends, representing a payout ratio of 91%.
The gross dividend per share proposed for the year 2024 is RON 0.1767, up by 50% compared to the previous year (2023: RON 0.1178).
OTHER IMPORTANT OPERATIONAL INFORMATION
§ Distributed electricity volumes - 17.77 TWh, increase by 4.2% compared to 2023. DEER serves approx. 3.98 mn. users, over an area covering about 40.8% of Romania;
§ Volumes of electricity supplied to final customers - 7.6 TWh, down by 2.6% compared to 2023, amid the general downward trend of electricity consumption; Electrica Furnizare supplies electricity to approx. 3.5 mn. consumption places on the competitive market, as well as in universal service and last resort);
§ Supply market share - Electrica Furnizare is one of the largest suppliers (ranked first in the first half of the year and second starting from July 2024), with a total market share of 15.48% and a 10.36% competitive market share, according to the latest available ANRE report (December 2024);
§ Electrica Group continues to pursue the expansion of its portfolio in the field of electricity production, especially from renewable sources, currently having projects in different phases of execution with a capacity of approx. 300 MW;
§ The estimated Regulated Assets Base (RAB), in nominal terms, is estimated at RON 8.2 bn at the end of 2024.
§ At the end of 2024, the operator Distributie Energie Electrica Romania (DEER) realized and commissioned investments worth RON 808,0 mn, representing 112.5% of the annual value of the commissioning program planned for 2024 (i.e. RON 718.4 mn., of which RON 674.6 mn. is the plan related to 2024 and RON 43.8 mn. is carried over values related to 2023);
The relevant documents related to full year 2024 results are available on Electrica's website at the following link: https://www.electrica.ro/en/investors/results-and-reports/financial-results/financial-statements-for-2024/.
Contact Details:
Electrica, Investor Relations - ir@electrica.ro; +40 731 796 111
CEO CFO
Alexandru-Aurelian Chirita Stefan Alexandru Frangulea
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