The return on Hidroelectrica shares—listed on the Bucharest Stock Exchange (BVB) under the ticker symbol H2O—has reached 141% three years after listing, driven by record investments, according to a company press release sent to AGERPRES on Monday.

'Three years after listing on the Bucharest Stock Exchange (BVB)—following the largest public offering in Europe and the third-largest globally that year—Hidroelectrica has achieved an impressive post-listing performance of 111.5% (reaching a recent all-time high). This represents the strongest performance among energy companies during their first three years post-listing, achieved alongside the distribution of attractive dividends totaling 30.3 lei per share—equivalent to an additional 29.2% return, bringing the aggregate return to approximately 141%—and supported by investments that are steadily rising to record levels in 2025, with further record investments scheduled for 2026,' the statement notes.

According to the cited source, the listing on July 12, 2023, played a decisive role in the development of Romania's capital market and in boosting the BVB's visibility among major international institutional investors. Thus, even though 2025 was the most challenging hydrological year in three decades, the company maintained its operational and commercial balance through prudent portfolio management and effective adaptation to market conditions, thereby confirming the resilience of its business model.

H2O shares have shown remarkable performance since their stock market debut, reaching an all-time high of 220 lei on July 3, 2026, according to the cited document.

At the same time, Hidroelectrica has become one of the main drivers of liquidity on the BVB, and the company's market capitalization doubled during the period under review, rising from RON 46.7 billion at the time of listing to RON 98.9 billion in early July 2026.

'The third anniversary of Hidroelectrica's listing is a moment for reflection, but above all, a commitment to the future. The performance achieved during this period confirms the robustness of our business model and the company's ability to create value in a constantly changing environment. We will continue to invest heavily in infrastructure modernization, the development of new generation capacities, and technologies that support energy system flexibility, while maintaining the high standards of governance and transparency that investors expect from Hidroelectrica,' stated Dan Iulius Plaveti, CEO of Hidroelectrica, in the press release.

At the same time, the number of Hidroelectrica shareholders has reached approximately 57,000—a 39% increase since the listing—while the company has simultaneously strengthened its corporate governance standards and its dialogue with the capital market, fostering transparent and predictable communication and adhering to best practices in investor relations.

'Three years ago, Hidroelectrica's listing on the Bucharest Stock Exchange opened a new chapter for the company. It was a landmark project for the Romanian capital market and a moment I had the privilege of experiencing firsthand, as Chief Executive Officer, alongside an extraordinary team. Today, I believe the true significance of that moment lies not merely in the size of the offering or the stock market performance over the past three years. It is evident in what we have achieved since the listing: maintaining investor confidence through results, transparency, and decisions focused on the company's growth—even during a period marked by unprecedented challenges for the energy sector. (...) It gave us access to a mature capital market, yet it also compelled us to approach every investment with even greater responsibility. Every project we launch must address a genuine need: modernizing infrastructure, increasing the energy system's flexibility, and preparing Hidroelectrica for the decades ahead,' stated Bogdan Badea, Hidroelectrica's Investment Director and former CEO.

From a strategic perspective, Hidroelectrica has continued to strengthen its position through investments and projects with long-term impact. In this regard, the acquisition of UCM Resita represented a significant step toward developing internal capabilities in maintenance and technological innovation, thereby contributing to the Group's increased operational efficiency.

The value of investments increased from 206 million lei in 2023 and 591 million lei in 2024 to 781 million lei in 2025. 'The funds were directed towards the modernization and technological upgrading of existing assets, the continuation of hydropower projects, the development of storage capacities, the digitalization of operational processes, and preparations for new investments in renewable energy and flexibility solutions,' the company notes.

For 2026, Hidroelectrica has allocated an investment budget of 1.4 billion lei, 82% higher than the level of investments made in the previous year.

'This year's investment budget of 1.4 billion lei reflects this direction. Beyond the figures, it represents construction sites, teams, new technologies, and projects that will shape how Romania produces and manages energy in the future. Three years after our listing, I believe the most significant asset we have gained is credibility. And credibility is not built in a single day, however important that day might be; it is earned day by day—through consistency, well-executed investments, and the ability to turn plans into results. I hope that Hidroelectrica will continue along this same path: one of transparent decision-making, honesty with investors, and the consolidation and growth of the business,' Badea noted.

Hidroelectrica is majority-owned by the Romanian state through the Ministry of Energy (80.05% of shares), as well as by individuals (3.71%) and legal entities (16.23%). AGERPRES (RO - writing by: Daniel Badea; EN - writing by: Catalin Cristian Trandafir)