Three years after listing on the BSE, following the largest public offering in Europe and the third-largest worldwide that year, Hidroelectrica marks an impressive post-listing performance of 111.5% at its recent all-time high - the strongest among energy companies in their first three years of listing - amid attractive cumulative dividends of RON 30.3 per share, equivalent to an additional yield of 29.2%, bringing the aggregate return to around 141%, driven also by continuously rising investments reaching record levels in 2025 and further record investments planned for 2026.
Hidroelectrica marks three years since the listing of its shares on the Bucharest Stock Exchange (BSE), one of the most significant milestones in the company's history and a benchmark for Romania's capital market. Over this period, Hidroelectrica has consolidated its position as the leading producer of renewable energy, delivered solid financial performance, accelerated its investments, and confirmed investor confidence through a remarkable performance of the H2O share.
The listing on 12 July 2023 represented the largest initial public offering in Europe and the third-largest worldwide that year, decisively contributing to the development of Romania's capital market and raising the profile of the Bucharest Stock Exchange among major international institutional investors. At the same time, the success of the offering demonstrated the confidence placed in the company by tens of thousands of Romanian and foreign investors.
Over the three years since listing, Hidroelectrica has demonstrated its ability to deliver performance in a continually changing market and hydrological context. Even though 2025 was the most difficult hydrological year in the past three decades, prudent portfolio management and effective adaptation to market conditions allowed the company to maintain operational and commercial balance, confirming the resilience of its business model.
The H2O share has performed remarkably since its stock market debut. On 3 July 2026, it reached an all-time high of RON 220 per share, generating a total aggregate return of 141% for the price adjusted for dividends distributed during 2023-2025.
Hidroelectrica has also become one of the main sources of liquidity on the Bucharest Stock Exchange, with its market capitalisation doubling over the period, from RON 46.7 billion at the time of listing to RON 98.9 billion at the start of July 2026. Investor interest has continued to grow, with the number of shareholders reaching approximately 57,000, up 39% compared to the listing date, confirming the company's appeal to both institutional and individual investors in Romania and abroad.
The company has also strengthened its corporate governance standards and dialogue with the capital market, promoting transparent and predictable communication and adhering to best practices in investor relations. Strategically, Hidroelectrica has continued to reinforce its position through investments and projects with long-term impact, including the acquisition of UCM Reșița, an important step in building internal maintenance and technological innovation capabilities that boosted the Group's operational efficiency.
The pace of investment has accelerated significantly in recent years, rising from RON 206 million in 2023 and RON 591 million in 2024 to RON 781 million in 2025 - the highest investment figure in the company's recent history. These funds were directed towards modernising and upgrading existing assets, continuing hydropower projects, developing storage capacity, digitalising operational processes, and preparing new investments in renewable energy and flexibility solutions.
For 2026, Hidroelectrica has allocated an investment budget of RON 1.4 billion, 82% above the level of investments made the previous year, reflecting the company's commitment to long-term development and its role in the energy transition.
"The third anniversary of Hidroelectrica's listing is a moment for reflection, but above all a commitment to the future. The performance achieved over this period confirms the strength of our business model and the company's ability to create value in a constantly changing environment. We will continue to invest at an accelerated pace in modernising infrastructure, developing new production capacity and technologies that support the flexibility of the energy system, while upholding the high standards of governance and transparency that investors expect from Hidroelectrica," said Dan Iulius Plaveti, CEO of Hidroelectrica.
Looking ahead, Hidroelectrica reaffirms its commitment to remaining Romania's leading green energy producer and one of the capital market's most important issuers, continuing to invest in infrastructure, new production capacity and innovative solutions that contribute to energy security and the transition to a sustainable economy.
Three years after listing, Hidroelectrica demonstrates that financial performance, consistent investment, corporate governance and accountability to shareholders form the foundations of sustainable growth and a long-term relationship of trust with the capital market.