Bucharest, February 25, 2025
Simtel (BVB: SMTL), an engineering and technology group listed on the Main Market of the Bucharest Stock Exchange and one of Romania’s leading players in the renewable energy sector, posts preliminary consolidated operational revenues of 360.2 million lei in 2024, marking a 20% increase compared to 2023, and a net profit of 36.7 million lei, up 35% year-over-year and approximately 1.7 million lei above the 2024 budgeted level.
“2024 was a year marked by challenges and also, by adaptation and consolidation. It was a year during which we demonstrated our resilience and ability to take efficient strategic decisions. One of the key factors we managed was the continuous decline in photovoltaic equipment prices, a phenomenon whose full impact was not fully anticipated when finalizing the 2024 budget. Panel prices dropped by up to 50%, while inverter prices for field projects decreased by more than 35%, putting significant pressure on the budget, especially in terms of the projected revenues. Considering the international context and overlapping external crises, which created volatility in supply chains and energy markets, our 2024 results reflect solid performance, with a strong focus on operational efficiency. We achieved excellent results, with both EBITDA and net profit exceeding budgeted levels, confirming our ability to adapt and the effectiveness of the decisions made throughout the year ,” stated Mihai Tudor, CEO and Executive Board Member of Simtel Team.
At the group level, Simtel Team S.A. recorded a turnover of 273.9 million lei, GES Furnizare (GES) – 64.7 million lei, Simtel Moldova – 8.2 million lei, and ANT Energy – 9.1 million lei. Other group entities, mainly representing photovoltaic parks under development, as well as Agora Robotics and Custom Software Solutions (CSS), did not record significant revenues.
GES, in which Simtel Team holds a 62% stake, secured contracts for both energy procurement and supply in 2024, concluding the year with significant revenue, a notable achievement in its first year of operation. In 2025, GES aims to double the volume of energy supplied compared to 2024.
ANT Energy, in which Simtel holds a 51% stake, provided maintenance, forecasting, and trading services for energy production to its clients. In 2024, the company facilitated market access and forecasting solutions for renewable energy producers with a combined capacity of over 500 MW.
Agora Robotics, a startup in which Simtel holds 51%, launched its first commercially available industrial autonomous robot, Sweep, in 2024. Designed for hard floor cleaning in warehouses, factories, hotels, commercial spaces, train stations, airports, and hospitals, Sweep marked an important milestone for the company. By the end of 2024, Agora Robotics signed its first commercial contract for the local market, and the management team aims to expand Sweep’s sales internationally starting this year.
At the operational level, one of Simtel Group’s greatest achievements in 2024 was the transition towards large-scale projects, with the company possessing the necessary expertise and structure to design and build projects regardless of their capacity and complexity. This expertise enables Simtel to expand further in Romania and accelerate its presence in other European markets.
In 2024, Simtel continued to expand its portfolio of own photovoltaic parks, acquiring two projects in the ready-to-build stage—Salonta and Iacobeni—both of which were completed by the end of the year. The company now owns eight photovoltaic park projects, which, once completed, will have a total installed capacity exceeding 83 MWp and an estimated annual production of over 111 GWh.
Alongside its photovoltaic parks, Simtel also began developing an energy storage portfolio, crucial for the transition towards a sustainable and efficient energy system. By the end of 2024, Simtel owned five energy storage parks with a total storage capacity of approximately 200 MWh. The company estimates that some of these parks will be implemented in the second half of 2025, while the rest will be completed throughout 2026.
Regarding international expansion, Simtel opened a new subsidiary in Essen, Germany, at the beginning of this year. This marks a strategic step into one of Europe’s most advanced and competitive renewable energy markets. The first project in this expansion phase is a collaboration with McLaren, known for its automobiles as well as its innovations in photovoltaic inverter technology, with a manufacturing facility in Italy. Together, Simtel and McLaren will be able to offer more efficient and faster support to their customers in Germany.
In 2025, Simtel aims to continue diversifying its products and services portfolio by expanding large-scale projects and implementing increasingly complex energy storage solutions, ensuring grid stability and addressing growing sustainability demands.
“We are currently finalizing the 2025 Revenue and Expense Budget, which we plan to publish by the end of March. The process is more complex than in previous years due to multiple variables that need to be considered. Market liberalization remains a crucial yet unpredictable topic, influenced by both economic and geopolitical developments. In Romania, the challenges related to price volatility and regulatory changes can impact both end consumers and investments in new energy projects. In this context, we are focused on maintaining a high degree of flexibility and adaptability in executing our projects. The energy transition is inevitable and will continue, at a pace shaped by economic and political developments. While regulatory and financial market uncertainties may delay some investment decisions, we are seeing growing demand for integrated energy efficiency, storage, and grid digitalization solutions, which create new development opportunities for Simtel,” added Mihai Tudor.
Simtel Team is listed on the Main Market of the Bucharest Stock Exchange as of August 12, 2024, and is traded under the SMTL symbol.
About Simtel
Simtel is a technology, engineering, and innovation group with Romanian roots, international presence, and a global vision. The group provides companies and organizations with comprehensive solutions and integrated ecosystems, covering the entire process from consultancy, authorization, design, engineering, and construction to maintenance, operation, measurement, control, and energy supply. Simtel’s 360° expertise spans photovoltaic power plants, telecommunications, energy storage systems, as well as software platform development and robotic process automation, aiming to optimize resources and enhance efficiency. Simtel Team is listed on the Main Market of the Bucharest Stock Exchange under the ticker symbol SMTL.
