ENERGO - PRO reported revenue growth for the first half of 2025
ENERGO - PRO a.s., an international energy group focused on renewable electricity generation, distribution, and supply, has reported a 16% year-on-year increase in consolidated revenue to EUR 780.3 million for the first half of 2025. The company's EBITDA reached EUR 196.2 million, which represents a 5% decrease compared to the previous year.
“We achieved strong revenue growth in the first half of the year, mainly thanks to higher electricity prices and good results in Bulgaria. On the other hand, weaker hydrology in Georgia and Türkiye had an impact on our results. On a positive note, these impacts were offset by better results in Spain and the contribution of new acquisitions in Brazil and Türkiye. The completion of the significant acquisition of the Baixo Iguaçu hydropower plant in Brazil will further strengthen the stability of our earnings and cash flow. The successful issue of our first green Eurobond provides us with a stable basis for financing future growth," said Jakub Fajfr, CEO of ENERGO - PRO.
Key indicators for the first half of 2025:
- Consolidated revenue: EUR 780.3 million (+16% year-on-year)
- EBITDA: EUR 196.2 million (-5% year-on-year)
- Electricity generation: 2,430 GWh (unchanged year-on-year), of which 380 GWh from new acquisitions in Brazil and Türkiye
- Electricity distribution: 3,008 GWh in Bulgaria (+7%), 2,604 GWh in Georgia (+2%)
- Electricity supply: 3,858 GWh in Bulgaria (+11%), 2,039 GWh in Georgia (+5%)
- Investments (Capex): EUR 80.6 million, of which 68% in distribution networks (mainly Georgia)
- Liquidity: EUR 399.4 million in cash + EUR 205.9 million in undrawn credit lines
EBITDA: under pressure from weaker hydrology, contribution from acquisitions
Total EBITDA reached EUR 196.2 million, representing a decline of 5%. Newly incorporated assets in Brazil and Türkiye contributed EUR 16.4 million.
- Electricity distribution and supply: EBITDA for the segment fell by 14% to EUR 70.6 million. Lower distribution tariffs and higher costs to cover network losses had a negative impact in Bulgaria, while regulatory margin settings and the weakening of the GEL against the euro had a negative impact in Georgia.
- Electricity generation: EBITDA rose to EUR 136.7 million (+4%). However, excluding new acquisitions, it would have fallen by EUR 10.9 million. Türkiye (EUR -17.5 million) and Georgia (EUR -5.1 million) recorded declines due to poorer hydrology, while Spain (EUR +8.3 million) and Bulgaria (EUR +3.4 million) benefited from higher electricity prices.
Strategic investments and expansion
- The integration of new assets in Brazil (EP Brasil Holding) and Türkiye (Bilsev Enerji) continues.
- In March 2025, the company announced the purchase of a 100% stake in the Baixo Iguaçu hydropower plant (350 MW) in Brazil from Copel for approximately BRL 1.6 billion. The acquisition is expected to be completed in October 2025.
- Investments in the first half of the year reached EUR 80.6 million, of which EUR 41.4 million was spent in Georgia on network modernization and connecting new customers.
Financing
In the first half of the year, ENERGO - PRO successfully issued green Eurobonds worth EUR 750 million, maturing in 2030 with an 8% coupon. Demand exceeded supply by more than 2.5 times. The proceeds from the issue will be used to finance the acquisition of Baixo Iguaçu and optimize the capital structure.
Note to editors:
ENERGO - PRO a.s. is a Czech energy company wholly owned by Jaromír Tesař. Since 1994, it has specialized in building, operating, and modernizing hydropower plants. ENERGO - PRO is the largest investor in hydropower in Central Europe. The company manages assets with a total value of over €2.5 billion, and it owns and operates 53 hydropower plants in Bulgaria, Brazil, Georgia, Türkiye, and Spain. In Colombia, ENERGO - PRO is now building and developing projects of new hydropower plants. It The company also operates distribution networks in Bulgaria and Georgia. In total, it employs nearly 10,000 people.
