2025 Preliminary Results

Summary of the IFRS-EU Preliminary Consolidated Results for 2025 - 26 February 2026

The Group recorded record net profit and EBITDA in 2025:

· The preliminary consolidated net profit was RON 1,218.9 mn. in 2025, 159.2% above the restated profit of RON 470.2 mn. recorded in 2024 (an increase of RON 748.6 mn.)

· EBITDA was RON 2,383.3 mn. in 2025, 64,5% more than the restated EBITDA in 2024 (an increase of RON 934.4 mn.)

The preliminary individual net profit in 2025 was RON 91.8 mn., 32.53% above the profit recorded in 2024 of RON 69.3 mn..

The evolution of other indicators for 2025:

§ Operating revenue - RON 12,165.3 mn., an increase of 12.9% compared to RON 10,772.8 mn. in 2024;

§ CAPEX PIF (commissioned investments) - 110%, respectively RON 878.4 mn realized, compared to the 797,8 total planned value without additional works works, an increase of 8.4% or RON 68,2 mn. compared to the RON 810.2 mn. investments realized in 2024.

Statement from Alexandru-Aurelian Chirita, CEO of Electrica S.A.:

"The preliminary results for 2025 indicate a structural shift in the performance of the Electrica Group. We recorded a net profit of RON 1.22 billion and an EBITDA of RON 2.38 billion, the strongest results in the company's recent history, supported by operational efficiency and rigorous capital management.

We strengthened the supply segment in a competitive market environment, capitalized on market adjustments following the removal of the price cap scheme, and maintained our investment pace above the planned level. Exceeding the commissioning program and increasing the Regulated Asset Base to RON 8.6 billion reinforce our financial profile and the predictability of future cash flows.

Improved operational performance, the expansion of renewable generation capacities, and the advancement of storage projects position us for a new stage of development. Electrica Group is entering a new cycle of sustainable growth, built on efficiency, stability, and investments that support Romania's energy security."

Restatement of the 2024 and 2023 financial statements

The consolidated financial statements for the years 2024 and 2023 were restated in 2025 to reflect the reassessment of trade receivables and subsidies, as a result of the retroactive regulation, through OUG 32/2024, of the compensation and capping scheme for electricity and natural gas prices. Consequently, the figures for 2024 and 2023 presented in the preliminary consolidated financial statements and in this summary are the restated ones. Further details will be presented in the notes to the audited annual financial statements.

Analysis of the consolidated financial indicators

The main results presented below are extracted from the consolidated preliminary unaudited financial statements as at and for year ended 31 December 2025, prepared in accordance with IFRS-EU:

*Amounts are rounded to the nearest whole value

*\* The values presented for the year 2024 are restated

Source: Electrica

In 2025, at the Electrica Group level, EBITDA recorded an increase of 64.5%, respectively by RON 934.4 mn., reaching a value of RON 2,383.3 mn., compared to the value of RON 1,449.0 mn. achieved in 2024. The EBITDA growth comes mainly from the variation of the supply and distribution segments, both experiencing an upward trend in 2025 compared to 2024.

Of the two segments, the variation of the supply segment had the largest weight, recording an EBITDA improvement of +RON 650.5 mn., reaching the value of RON 572.4 mn. from -RON 78.1 mn. (negative) in the previous period. The increase is due to the improvement of the segment's operational performance, having a revenue growth of RON 2,125.8 mn., an increase diminished by the variation of other revenues by RON 1,031.4 mn. (decrease), mainly from subsidies.

The operating profit for 2025 recorded an increase of RON 929.8 mn. up to the value of RON 1,782.5 mn., compared to the value of RON 852.7 mn. achieved in 2024. The net profit for 2025 recorded an increase of RON 748.6 mn., reaching the value of RON 1,218.9 mn., from a profit of RON 470.2 mn. in the previous year.

Segment analysis

In the supply segment, revenues recorded a significant increase in 2025 by approximately RON 2,125.8 mn., or 36.5%, compared to the previous year, reaching the value of RON 7,944.6 mn.. The increase in revenues from the supply of electricity and natural gas was mainly determined by the lifting of the capping for electricity starting 1 July 2025, and partially by the entry into force of GEO no. 6/2025 (which allowed the recognition in the acquisition cost of a percentage of up to 10% of the imbalances' value for the April-June 2025 period).

The termination of the capping scheme allowed the supply subsidiary to build its pricing strategy based on competitive market criteria and profitability, adapting it according to customer categories. The supply segment's contribution to the Group's consolidated revenues is 72.2%, while its contribution to the Group's EBITDA is 24.0%.

Subsidy revenues for 2025 (6 months of capping in force) amounted to RON 1,081.8 mn. compared to RON 2,127.6 mn. recorded in 2024 (12 months of the capping scheme in force). As of 31 December 2025, the estimated subsidies to be received from the authorities total RON 2,518.3 mn. (Ministry of Energy/ANPIS: RON 2,495.7 mn.; AJPIS: RON 22.5 mn.). Out of the receivable subsidies (Ministry of Energy/ANPIS), the amount of RON 2,442.8 mn. represents claims already submitted and uncollected, while RON 53.0 mn. were claims not yet registered.

In the distribution segment, revenues increased by approximately RON 500.1 mn., or 10.6%, to RON 5,209.7 mn. (of which RON 2,948.2 mn. represent revenues from external customers), compared to 2024. This was driven by both the 12.5% increase in the distribution tariff according to ANRE Order no. 97/2024, and the 1.5% increase in the volume of distributed electricity compared to 2024. The contribution of the electricity distribution segment to the Group's consolidated revenues is 27.0%, while its contribution to the Group's EBITDA is 78.8%.

Analysis of the separate financial indicators

The main results presented below are extracted from the separate preliminary financial statements as of and for the period ended 31 December 2025 prepared in accordance with OMFP 2844/2016 for the approval of accounting regulations compliant with IFRS-EU.

*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 2025, operating result is a loss of RON 96.8 mn. (2024: RON 56.6 mn. loss), mainly from the increase in other operating expenses, provisions, costs of purchasing electricity, depreciation and salary benefits.

Net finance income - In 2025, the net financial result increased by RON 64.4 mn up to RON 192.2 mn RON, due to the increase in financial income, composed of interests income and income from dividends received from the distribution subsidiary (2024: 127.8 mn. RON).

Net profit for the year - As a result of the above factors, the net profit realized in 2025 is RON 91.8 mn. RON, increasing by RON 22.5 mn. RON compared to 2024 (69.3 mn. RON).

OTHER IMPORTANT OPERATIONAL INFORMATION

§ Distributed electricity volumes - 18.03 TWh, up by 1.5% compared to 2024. Distributie Energie Electrica Romania (DEER) serves approximately 4.011 million users, covering an area of approximately 40.8% of Romania's surface area.

§ The Regulated Asset Base (RAB), in nominal terms, for the year 2025 is estimated at the end of 2025 at RON 8.6 bn.

§ In 2025, DEER carried out and commissioned investments amounting to RON 878.4 mn., out of which: RON 884 mn. represent works from the 2025 investment plan (including additional works), respectively a degreed of realization of 115% of the value of the planned commissioning program, and RON 34.4 mn. Represent investment works carried forward from 2024.

§ Volumes of electricity supplied to retail market - 7.3 TWh, decreasing by 5% compared to 2024; Electrica Furnizare supplies electricity to approx. 3.3 mn. consumption places overall (the most among the suppliers in Romania), out of which 1.7 mn. consumption places on the competitive market, and 1.53 mn. under universal service and as supplier of last resort.

§ Supply market share - Electrica Furnizare is the second largest electricity supplier in Romania (based on volumes supplied), with a total market share of 14.73% in 2025, and 10.78% on the competitive market, according to the latest available ANRE reports (November 2025). On the competitive market, it ranks third among suppliers;

§ Produced Electricity Volume - 16.69 GWh, up by 65.86% compared to the previous year, reflecting the beginning of operations of Vulturu and Satu Mare 2 photovoltaic parks, since July 2025, respectively October 2025.

§ In the production segment, the Group's total aggregated capacity, whether operational or in various stages of development, is 307.5 MW in renewable energy production projects, of which 46.5 MWh are currently operational. Additionally, Electrica has plans for approximately 1169.5 MWh in 19 energy storage projects.

***

The results presented in this announcement are based on the consolidated preliminary financial statements as at and for the financial year ended 31 December 2025, prepared in accordance with IFRS-EU.

The documents related to the 2025 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-2025/.

Contact Details: Electrica Investor Relations - [email protected] ; +40731796111

CEO CFO

Alexandru-Aurelian Chirita Stefan Alexandru Frangulea