The last trading session of 2025 confirmed the trend of an outstanding year: the Bucharest Stock Exchange indices ended higher, cementing the position of the local market among the top performing stock markets in Europe and even in the world, at a time of reevaluation of Romania’s risk and of adjustment to inflation. BET rose by 0.7% in the last day, BET-TR – the index including dividends, by 0.7%, as well, and looking at the entire year, the difference between the two indicates the central role of dividends in the investors’ yield.
Few would have bet such an ending early in the year. On May 15, 2025, BET was approximately 3% below the level at the beginning of the year due to political turmoil, high budget deficit, still high interests and fears about sustainability of public finances. The second part of the year came with a change in sentiment, though: after some of the political uncertainty dissipated, capital gradually returned to shares and the summer and fall turned the cautiousness in the spring into a steady rally.
The performance of the indices reflects this change. BET-BK, the reference index for investment funds, ended the year 53.9% higher, BET-NG, the index of energy and utility companies, 49% higher, while BET-FI, the index of financial investment companies, 46% higher. BET-TR rose 55%, confirming the total yield of the Romanian stock market was significantly fueled by dividends.
As for BET companies, 2025 was a year of abrupt growth, especially in the energy and utilities sector. Transgaz (TGN.RO) was the top performing share in the index, gaining 180% since the beginning of the year to RON65.9 per share. Transelectrica (TEL.RO) rose almost 97% to RON75, while Electrica (EL.RO) about 98% to RON26.3. Romgaz (SNG.RO) gained 93% to RON9.99, confirming investor appetite for companies with steady cash flows. Other shares turned out a solid performance, as well. Digi Communications (DIGI.RO) rose almost 80% to RON110, MedLife (M.RO), 73% to RON10.3, Fondul Proprietatea (FP.RO) 70% to RON0.536, and Premier Energy (PE.RO) 49% to RON29.15. OMV Petrom (SNP.RO), the largest listed company, ended the year at RON0.995/share, 40.5% higher, after having overshot the RON60 billion capitalization mark. BRD rose 40% to RON26.9, while Banca Transilvania (TLV.RO) 33% to RON30.2.
Not all shares kept up with the overall rally. Hidroelectrica (H2O.RO), listed in 2023, only gained 2.2% to RON124.4, while Antibiotice Iasi (ATB.RO) fell 3.7% to RON2.45 and Sphera Franchise Group (SFG.RO) by almost 6% to RON37.75.
Beyond stock quotes, 2025 was also a landmark year because of the size of the market. The Bucharest Stock Exchange overshot the RON500 billion capitalization mark, a sign of market maturity and return of confidence. The number of investors continued to grow, driven by both the interest in shares and the popularity of government paper, which served as a gateway for many retail investors. The capitalization stood at RON538 billion on December 30.
The outstanding yield of the Romanian stock market was not coincidental. It came from a number of factors: lower political uncertainty, the need for protection against inflation, attractiveness of dividends in a complicated macroeconomic environment and a reassessment of the risk of Romania by investors. It remains to be seen whether this pace can continue over the coming years, but 2025 remains a milestone: the year when the Bucharest Stock Exchange closed at all-time highs and earned a prominent place on the map of European stock market performance.
(English version by Loredana Fratila-Cristescu)