ENERGO - PRO a.s., an international energy group focused on electricity generation from renewable sources, as well as electricity distribution and supply, reported consolidated revenue of EUR 1,491 million in 2025, representing a year-over-year increase of 4%. EBITDA amounted to EUR 348 million, down 2% year-on-year, primarily due to less favorable hydrological conditions.
“The year 2025 was a landmark year for ENERGO - PRO. We completed the largest expansion of our portfolio to date, which included new acquisitions of hydropower plants in Türkiye and Brazil. The Baixo Iguaçu power plant is now our largest generating asset and also represents the largest Czech investment in South America. These steps have strengthened the diversification of our revenues and our stability for the future. Despite less favorable hydrological conditions, we achieved very solid results," Jakub Fajfr, CEO of ENERGO - PRO, said.
Electricity generation from hydropower reached 4,363 GWh, representing a year-over-year increase of 12%. This growth was driven primarily by new acquisitions in Brazil and Türkiye. Excluding these acquisitions, electricity generation would have declined year-over-year due to weaker hydrological conditions, particularly in Türkiye, Georgia and Spain. These negative impacts were partially offset by higher realized electricity prices, particularly in Bulgaria and Spain.
In the distribution segment, the Group increased volumes of electricity distributed in Bulgaria by 3% and in Georgia by 1%, while continuing to reduce grid losses.
Key indicators for 2025:
· Revenue: EUR 1,491 million (+4% year-on-year)
· EBITDA: EUR 348 million (-2% year-on-year)
· Electricity generation: 4,363 GWh (+12%), with a significant portion coming from new acquisitions in Brazil and Türkiye
· Electricity distribution: 5,834 GWh in Bulgaria (+3%), 5,581 GWh in Georgia (+1%)
· Electricity sales: 7,300 GWh in Bulgaria (–1%), 4,292 GWh in Georgia (+4%)
· Investments (Capex): EUR 193 million (+4%), of which 64% in the distribution segment
· Total debt: EUR 1,687 million
· Liquidity: EUR 133 million in cash + approximately EUR 149 million in available credit lines
Strategic investments and financing:
· In January 2025, the acquisition of the Karakurt hydropower plant (97 MW) in Türkiye was completed.
· In October 2025, the acquisition of a 100% stake in the Baixo Iguaçu hydropower plant (350 MW) in Brazil was completed.
· The Group issued green Eurobonds due in 2030 and Eurobonds due in 2031 with a total volume of EUR 1.05 billion, the proceeds of which were used to refinance existing debt and finance acquisitions.
· These steps led to an extension of the debt maturity, a reduction in refinancing risk and a strengthening of the Group’s financial flexibility.
Outlook for 2026
The company expects hydrological conditions to improve, particularly in the countries around the Black Sea, and anticipates receiving the full benefits of its recent acquisitions. The priority will be integrating the Brazilian assets and completing key projects. These include the completion of a hydropower plant in Colombia, a solar power plant in Türkiye and the Group’s first battery storage facility in Bulgaria. The Group expects 2026 to bring record EBITDA levels.
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 EUR 2.5 billion, and it owns and operates 54 hydropower plants in Bulgaria, Brazil, Georgia, Türkiye and Spain. In Colombia, ENERGO - PRO is now developing new hydropower plants. The company also operates distribution networks in Bulgaria and Georgia. In total, it employs nearly 10,000 people.
