The revenue and expenditure budget approved by shareholders at the April 27 general meeting envisaged a consolidated net profit of RON33 million (EUR6 million). The report submitted to the Bucharest Stock Exchange on Friday evening (November 13), after market close, shows that Simtel now expects a weaker result, even though revenues will remain in line with or exceed the budgeted level.
According to the new estimates, consolidated revenues will range between RON911 million (EUR170 million) and RON1,048 million (EUR196 million), compared to RON911 million in the budget. This would translate into a 51%–73% increase compared to 2025, when the group recorded revenues of RON605 million (EUR113 million). EBITDA is expected to come in at RON39–53 million (EUR7–10 million), 25–45% below the budgeted level of RON71 million (EUR13 million), yet still above the RON26 million (EUR5 million) achieved the previous year.
The estimated net profit includes a non-recurring gain of RON11 million (EUR2 million), recorded in the first half of 2026 after Simtel lost control of ANT Power Energy. Excluding this gain, net profit from ongoing operations would stand at RON2–9 million (EUR0.4–2 million), according to ZF calculations. In 2025, net profit stood at RON10 million (EUR2 million).
The company says the main reason is the delayed signing of new EPC contracts compared to the budget schedule. Contracts expected in the second quarter of 2026 were signed or are set to be signed only toward the end of the third quarter and in the fourth quarter of 2026. These include deals with OMV Petrom, Vienna Energy Forța Naturală, and Reden Santino. Since the projects are in their early stages, they will make an impact mainly in the final quarter of 2026 and in 2027. The EPC contracts signed in recent months have a combined value of approximately EUR41 million, excluding VAT.
Energy supply, through GES Furnizare (G-Energy Solutions), also contributed to the revision, even though the revenues recorded by this segment exceeded the budget due to higher volumes of electricity and natural gas sold. Competition in the electricity market forced the company to buy and sell energy at lower margins than the levels budgeted. In addition, some of the maturing contracts were renegotiated and extended at lower margins.
The financial result was primarily affected by net foreign exchange losses, as exchange rate movements diverged from budget projections.
Upon releasing its half-year report, the company’s management kept its full-year targets intact, attributing the deviations in the first half of 2026 to projects and contracts being pushed into the second half of 2026. Simtel now says that performance in Q3 and the opening weeks of Q4 has not been enough to make up for those delays. The company further adds that achieving the newly set ranges relies heavily on the fourth quarter, particularly on the progress of EPC works, energy market pricing and margins, and currency fluctuations. According to management, the revision stems from schedule shifts and this year’s market environment, and does not affect the group’s strategic priorities.
Simtel will release its results for the first nine months of 2026 on November 18, and the investor conference call will take place on November 19. The company is in a closed trading period for persons discharging managerial responsibilities between October 19 and November 18. On November 9, Simtel announced the signing of an EPC contract in Italy.
Simtel is scheduled to publish its nine-month results on November 18, followed by an investor conference call on November 19. The company is under a closed trading period for executives between October 19 and November 18. Separately, on November 9, Simtel announced the signing of an EPC contract in Italy.
On Friday (November 13), prior to the release of the report, SMTL shares rose by 2.4% to RON38.7, taking the company’s market capitalization to RON308 million (EUR58 million). The stock price sits 37% below its 52-week high of RON61.4 and close to its low of RON35.2.
Founders Iulian Nedea, Sergiu-Eugen Bazarciuc, and Radu-Laurențiu Vilău each hold approximately 20% of the shares, according to the shareholding structure as of June 30, 2026. Individual investors hold 26.8%, while legal entities hold 13.5%.