Equity Brief · Utilities2026-09-01
H2O.RO·Utilities

S.P.E.E.H. Hidroelectrica SA

I · AI Analysis

The brief

Hidroelectrica generates and supplies electricity from hydroelectric and wind sources across Romania, operating nearly 200 power plants. The company also provides maintenance, repair, and technical consultancy services for energy infrastructure. It serves wholesale electricity traders, electricity suppliers, and both business and household consumers throughout Romania.

S.P.E.E.H. Hidroelectrica is Romania's state-owned hydroelectric utility, operating 188 hydropower plants and 36 wind turbines with 6.3 GW of renewable capacity. The company is currently embroiled in a governance dispute as the Ministry of Energy seeks to remove the head of its supervisory board and recover approximately 160,000 lei in compensation [investenergy.ro]. Despite the leadership controversy, Hidroelectrica is paying a special dividend of 1 billion lei [financialintelligence.ro].

Exceptionally strong financial position with robust margins and negative net debt.

The brief AI analysisConfidence 6/10

Sentinellis health

Financially healthy

10.0/10

7.5+ strong · 4.5–7.5 moderate · under 4.5 weak

Profitability

21% of score10.0/10
Net margin+38.3%Gross margin+69.1%

Returns on capital

7% of score10.0/10
ROIC· no dataReturn on equity+21.3%

Growth & momentum

14% of score10.0/10
Revenue growth+19.5%Operating margin trend· no data

Balance sheet

36% of score10.0/10
Current ratio2.1xNet debt / EBITDA-0.7xInterest coverage· no dataDebt / equity0.01

Cash generation

21% of score10.0/10
Free cash flowRON 4.3BCash vs reported profitRON 5.0B vs RON 4.4B

Value creation

no data
ROIC vs cost of capital· no data

Sentinellis calculation from the published statements — not a score reported by any data source. Each category is scored on the checks that had data; missing inputs are excluded rather than counted as failures.

Market capitalisation

RON 82.3B

Revenue (TTM)

RON 11.4B

II · Recent news

What moved

5 stories · ranked by relevance

  • company2026-08-28

    Silviu Răzvan Avram, în fața unei noi decizii AGA la Hidroelectrica: Ministerul Energiei cere recuperarea indemnizațiilor și încetarea mandatului de președinte CS. Prejudiciu estimat la circa 160.000 de lei - investenergy.ro

    investenergy.ro

  • company2026-08-28

    Hidroelectrica plătește dividendele speciale de 1 miliard de lei - financialintelligence.ro

    financialintelligence.ro

  • company2026-08-31

    Statul cere încetarea mandatului și recuperarea a 160.000 de lei de la Silviu Răzvan Avram, fostul șef al Consiliului de Supraveghere Hidroelectrica - Resita.ro – –

    Resita.ro – –

  • company2026-08-29

    Ministerul Energiei cere încetarea mandatului unui membru din conducerea Hidroelectrica - Ziarul Bursa

    Ziarul Bursa

  • sector2026-09-01

    ANALIZĂ | Cele mai profitabile companii din sectorul energiei electrice din România - Economedia

    Economedia

Premium · Free with any account

State ownership concentration at 80.1% means government policy shifts or political pressure can override commercial decisions, as evidenced by the current Ministry of Energy intervention in board composition [Yahoo Finance]

1 of 4 risks in this report

Risks

4

Opportunities

4

Red flags

2

Leadership

5

9 more findings in the full report — free with any account.

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Produced 01 Sept 2026, 08:53 UTC

Figures come from company filings and market data. The Sentinellis health score and the wording attached to it are our interpretation of those figures, not numbers the company reported.

Not investment advice and not a recommendation to buy or sell. Sentinellis holds no positions in the companies it covers, takes no payment from issuers, and has no broker referral arrangements.

How every figure and score is calculated