Premier Energy PLC (BVB:PE) reported a 51% year-on-year increase in reported IFRS revenue to EUR 1.23 billion for the first nine months of 2025. The group’s net profit reached EUR 96.0 million, a significant rise from EUR 26.5 million in the prior year period, driven by the scaling of renewable energy production and supply activities across Romania and Moldova. Normalized EBITDA, which accounts for tariff deviations in regulated segments, grew 36% to EUR 94.1 million.
The Bucharest-listed energy group saw adjusted EBITDA more than triple following the expansion of its renewable production segment and supply volumes. Strategic acquisitions in Hungary and new storage projects in Romania underpin the group’s regional growth trajectory.
Key Development
The primary driver of the group’s operational expansion was a 173% increase in owned renewable and flexible energy output, which reached 367 GWh. This growth was supported by the full-year contribution of wind assets acquired in 2024 and the ramp-up of a 19.9 MW cogeneration balancing plant. During the period, the group also reached an agreement to acquire a 158 MW operating wind portfolio in Hungary and secured a 200 MW / 400 MWh ready-to-build battery energy storage system (BESS) project near Iasi, marking a significant expansion into energy storage and regional markets.
Financial Performance
For the nine-month period ending September 30, 2025, normalized revenue rose 40% to EUR 1.17 billion. Adjusted EBITDA more than tripled to EUR 153.5 million, reflecting a 242% increase over the same period in 2024. The group maintained a strong liquidity position, reporting a working capital adjusted net cash surplus of EUR 63.5 million, despite a total net debt of EUR 194.8 million. The supply segment remained the largest revenue contributor, recording normalized revenues of EUR 1.037 billion, while the electricity production segment saw its revenues increase by 137% to EUR 49.9 million.
Business Outlook & Strategy
Management’s strategy focuses on the commissioning of solar and storage projects currently under construction, which are expected to begin generating revenue in early 2026. The group invested EUR 36 million in renewable developments during the period, including 141 MW DC of solar plants with 47 MWh of co-located battery storage nearing completion. Future growth is expected to be driven by a continued M&A pipeline and the finalization of ready-to-build wind and solar projects to further diversify the generation base.
Sector and Macro Context
Operating as the fourth-largest electricity supplier in Romania and the leader in Moldova, Premier Energy is positioning itself to mitigate market volatility through a vertically integrated model. The company benefited from lower day-ahead market and balancing costs during the period, alongside contract repricing across its renewable portfolio. The focus on balancing plants and BESS projects reflects a broader sector trend toward managing the intermittency of renewable energy sources.
Investor Considerations
While the group demonstrates robust growth, investors should note that several major capital projects will only impact the income statement starting in 2026. Performance in Moldova remains subject to regulatory tariff deviations, which currently necessitate the use of normalized metrics to provide a clear view of underlying profitability. The company’s ability to maintain a net cash surplus after working capital adjustments provides a buffer for further shareholder value-enhancing acquisitions.
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Illustrative Stock Performance (Last 6 Months)
Note: This is a generated illustrative representation of the PE (Bucharest Stock Exchange) price trend based on the reporting period.
| Month | May | Jun | Jul | Aug | Sep | Oct |
| Price Trend | ↗ | → | ↗ | ↘ | ↗ | ↗ |
(The chart above provides a conceptual view of market sentiment leading up to the 9M 2025 results; for live data, please consult the Bucharest Stock Exchange.)