Thank you, Arugam. Dear ladies and gentlemen, thank you for joining us again. We're happy to tell you about the results of the first semester in 2025. I believe we managed to confirm our group's solid growth trajectory. The consolidated net profit is four times higher than the one last year, over RON 420 million, and EBITDA exceeded for the first time ever the threshold of RON 1 billion. This performance shows the efficiency of our strategic decisions towards an integrated business model. Our distribution continued to be the pillar of stability for the whole group, and the investments in the grid accelerated according to plan. Our supply recovered in this second quarter, but let me remind you that the rise at the end of this first semester started the fuller liberalization of the market.
We are committed to overcoming the challenges ahead and intend to take advantage of the opportunity. The liberalization and the Romanian energy transition ahead, vigilance and continuous adaptation. The real test will be to show that we can maintain this level of performance in the group's operations in an increasingly competitive and dynamic energy market. I remind you that our sustained efforts to strengthen the financial position of the group were appreciated by Fitch Ratings, who at the end of March this year improved the outlook of our BBB- rating from negative to stable, one notch above the sovereign ratings. We managed in the recent past to consolidate our debt structure. We gathered RON 3.1 billion syndicated loans in April this year.
In July 2025, we launched an inaugural green bond issuance, which closed successfully, and the bonds were admitted to trading on the Luxembourg Stock Exchange and then on the Bucharest Stock Exchange. Fitch Ratings has assigned the EUR 500 million at 4.375% senior and secure green notes due July 14, 2030 at a BB- rating. We had an oversubscription of over 11.5 times, and it is the biggest corporate green bonds non-financial issuance in Romania. The listing of this record green bond issuance is a milestone in Electrica's strategy, aimed to support the energy transition and to strengthen our position in the Romanian energy market. The strong interest from international investors confirms their trust in our vision and in the company's ability to implement ambitious projects that accelerate the development of renewable energy and contribute significantly to the future of the green economy.
This issuance enables us to finance strategic investments in sustainable energy infrastructure and to achieve our long-term sustainable growth objectives. The funds raised through Electrica's first bond issuance will be used to finance and/or refinance eligible green projects, which involve projects related to renewable electricity in accordance with the provisions of Electrica's green financing framework and the prospectus approved by CSFS. Electrica continues to prioritize investments in renewable energy projects, having a pipeline of approximately 307 MW of green production capacity and approximately 170 MWh storage-based capacity in various stages of development. We also remain actively involved in securing non-reversible funds to support our strategic objectives and enhance the sustainability of our growth. As to the renewable products, Bolchero PV Park has been fully operational since the beginning of July 2025. Therefore, at this time, we have approximately 20 MW peak installed capacity for operational.
For the two photovoltaic parks, Satu Mare 3 and Bihor 1, with a total capacity of 140 MW, we are in the process of selecting necessary suppliers and contractors. The investment value approved by the EGMS for the two projects is around €87.5 million. In February this year, our shareholders approved an investment of up to €253 million for Crucea Est Wind Park of 121 MW capacity, and we are working on the suppliers and contractors as well. We'd like to remind you that this project has been designated among the winners of the first round of the auction for the state-aid scheme in the form of contracts for this difference. Satu Mare 2 photovoltaic park of 27 MW is close to entering the testing phase, and the EPC tender for our storage project in Fântânele is underway.
Looking ahead, we hold a positive outlook for 2025, and we are committed to exceeding expectations with regards to our results and investment objectives. Investment in network infrastructure, digitalization, renewables production, and improvement of our internal processes remain our highest priorities. We firmly believe our strategy, our operational discipline, our long-term vision, and most importantly, the professionalism of my colleagues in the whole group will enable us to deliver sustainable value to all stakeholders and contribute to building a secure and green energy future for Romania. I will now pass the presentation to our CFO, Stefan-Alexandru Frangulea, who will provide detailed insights into our financial performance. At the end of our presentation, we invite you to actively participate and address any questions you might have. Your insights and perspectives are highly valued. Stefan, please, can you take over?
Yes, thank you, Alexandru. Good afternoon also from my side to all the investors present and connected at the occasion of our teleconference for the quarter two results of 2025. For the benefit of time, I invite you to go directly to the section regarding the financial results, to slide 13. In slide 13, I will comment a little bit about the main key metrics, financial key metrics that we are following and we are presenting here. Quarter two, first half 2025 results in terms of revenues showed an increase compared with the first half of 2021, which was contributed in similar proportions by the distribution and the supply business, roughly RON 300 million each.
On the distribution, we had the impact which was generated by the increase with 12.5% of the distribution tariffs, but also an increase of approximately 3% from the distributed energy evolution, the growth of distributed energy. On the supply, we had also an increase in revenues, which was mainly related to three contributions. One was the slight increase of the volumes delivered on the retail market. The second was related to the fact that the acquisition price of the energy has increased compared with the first half of 2024. Remember that in the first half of 2024, we had still much in place. This impacted also the revenues because, as you know, under the support scheme, which for energy ended on 30 June 2025, we had this mechanism of recognition at cost plus. It was cost plus the contribution, the supply margin, which was recognized.
Basically, increased prices of acquisition of energy resulted in increased revenues as well. We benefited in 2025 by the fact that the support scheme was amended in order to accept recognition of the balancing market costs up to 10% of the value of the energy acquisition cost. Compared with previous times, this percentage was changed from 5% to 10%, and this generated some RON 20 million additional revenues. If you look at the EBITDA margin and the value, we should mention that we are quite proud of this result of RON 1 billion in EBITDA. It's a first to have in six months to reach this level of EBITDA, which sometimes in the past, it was reached in a near-time performance.
We are quite pleased about the fact that this is not only resulting from the strong and sustained performance of our distribution subsidiary, which was also constant in the past, but also by the improvement of the evolution in the supply subsidiary, which is the third quarter with positive EBITDA, which is a good signal from our point of view. We have accessed the syndicated facility in July 2025, and this will improve further the result in terms of financial costs with a potential effect on the net profit. We had a contribution of EBITDA from both main lines of activity, and this will be detailed in the following elements of the slides. The net result, as mentioned also by Alexandru Chirita, is four times more than the first half of 2021.
As a result of these consequences, basically, as you will see, we improved on the energy margin in both business lines, and we were able to cost control to make a situation in which the growth of the expenses was less than the one of the revenues. In terms of net debt, as you see, compared with the situation at the end of 2024, there is a slight increase, which is in line with the forecast that we have and with the plans about centralizing the debt in the depth on a longer tenor, longer maturity, and centralizing the debt through the syndicated facility, which was, again, it's not reflected here, but it will be shown at quarter three. Going to the next slide, consolidated EBITDA and net result evolution, slide 14.
I will go into more deep analysis of the EBITDA, and I would say that the EBITDA of RON 1 billion in 2025, so roughly RON 400 million more than in the first half of 2024, is a result of the following. First of all, RON 380 million positive variation of the energy margin, which is, I believe, a very important signal. This was with positive effect both in the supply segment and in the distribution segment. Both had impacts, positive impacts in an energy margin, which is quite important, especially for the supply business where we're looking at this upper P&L regarding the energy margin we buy and then we sell to our customers. We will detail this in the slides related to each of the business lines.
Also, we had some other revenues impact, which is mainly related from an amount of RON 12 million from headquarter due to a resolution of fiscal litigation. In the variation of OpEx, we have a variation of OpEx, which is mainly due to a negative impact of increasing expenses with salary, mostly related to the distribution subsidiary, but also to the other business segments. However, if you compare this impact in the total cost with the personnel of our group, this amount is not material, and it's also related to negotiation and renting some closing benefits to the employees in accordance with the collective labor agreement and in the context of the requirements related to inflation and so on. We had also a negative impact from operation maintenance of RON 9 million, but this is recognized under the regulated asset base, and again, it's not material in the total cost.
There was a positive impact of RON 32 million from the change in provisions in both business lines, the supply and distribution. In terms of net result, the variation six months 2025 versus six months 2024 is RON 319 million. Compared with the growth in EBITDA, we are affected mostly by the financial result, which is over RON 26 million. This financial result, I should make two comments about it. First of all, as I mentioned, in July, we drew the syndication, which will show into decreased financing costs for both business lines, for all business lines, in fact. The second is that a part of this financial result is also related to the differences of FX exchange rates. Since we have these debts which are in euro, these are creating an impact when they are evaluated at the date of the financial situations.
Of course, there is also the good part that it has specifically very good interest rates, much lower interest rates, especially the facilities which are from the IFIs. We are contemplating here the solutions to maybe hedge this risk, with some rolling forward FX rate to make this more leveled, more predictable. Going then to the distribution segment, slide number 15. I would mention also something on the key figures operationalized, that we are steady by steady growing towards the 4 million level of users. We are now at 3.995 million. This is steadily increasing. Network is developing. Cities are developing. New homes, new factories are developed in the area of distribution. We are connecting them into the network. Gradually, this is increasing in terms of number of users.
Looking at the numbers, I would mention that the EBITDA, which increased by RON 123 million compared with six months last year, is mainly due to this increase in energy margin by RON 171 million. This was affected by the negative impact in the employee benefiting expenses of around RON 40 million that we mentioned. There is a further impact from other OpEx by around RON 41 million, which is mostly from tax expenses with special constructions. Tax of a constructive special, RON 15 million. We are following the discussions whether this will be discontinued from next year. If you look at the energy margin, to have a comment on that, there is a RON 325 million increase in revenues, which, as I mentioned, is coming from the tariffs increase with 12.5% by the honorary order 27 per 2024 compared with the tariffs in the last year.
There is also an increase of the volumes of energy distributed by 3%. In terms of net losses and technological consumption, we have a minus RON 154 million generated by the increase of the electricity price compared with the six months of 2024, mostly related to the fact that the prices in the energy markets have increased. In 2024, we still had much chase mechanism in place. Despite the fact that we had a 6% decrease in the volumes of electricity needed to cover net losses with an increase of the energy distributed, there was this impact mostly coming from price in the energy. Still, even like that, the energy margin was having a positive contribution of RON 325 million. We had the net losses cost RON 154 million. This results in a net result as an energy margin of RON 171 million.
We have also the graph which is showing the other elements related to the employee benefits and then to the OpEx, which includes a big part of the special construction tax. Going to the next slide, you have the details about the distributed energy margin and the other elements. An important mention to be done is that in terms of regulated result that you'll see in the next slides, you will see that this does not include the effect of the capitalization or negative deviation of the cost of net losses. I will explain also later on. These results are the results under FRSU where we are not showing the capitalization of net losses. We are not showing the amortization for the net losses capitalized from the past and for the current year. We are not constituting new amortization. We are not capitalizing them.
It's the difference between the two sets, 244 per 2014 and the IFRS. Then we have the usual analysis of the one which is on the regulated basis, coming from regulated result asset base to net results under the statutory, which is the one agreed with the NRA, which is giving a safe value for the full year. You have the analysis of this regulated net result going through OMSFP and then to IFRS. It's not in the same category as the one put before because this is for half a year and we are not the amounts which are agreed with NRA in the previous slide. They are not split on quarters. We cannot, we need to make an assumption which will not be so objective. In terms of details about that, you have the slides following, slides 19, slide 20.
It's important to mention that we are, in terms of commissioning for the investments, as Alexandru Chirita was also mentioning, we are focusing high on the investments, both in distribution, but also for developing the business line related to energy generation. Compared to the values approved with NRA, we have 109% of the six months planned value achieved. In terms of budgeted figures, which is the second column, it should be mentioned that this budgeted figure is higher. We always budget for higher than what we approve as regular CapEx because we include a buffer to cover for the requests, unforeseen requests that we receive of access to the network from our users, from our customers. In the supply segment, going to the slides 21, we have also the explanation of improvement of EBITDA. Here you see EBITDA improved by RON 267 million compared with the first half of 2024.
We have a RON 189 million contribution from the supply segment resulting from the following. First of all, RON 365 million variation in revenues related to the supply segment related to the increase of quantity of energy supplied in the retail market, but also the impact of the recognition of costs of balancing market costs up to 10% instead of 5% from acquisition costs of energy. We had a RON 616 million increase of income, other operating income related to the higher subsidies revenues. We have a RON 767 million increase in the cost of energy purchased. If you combine this, 365 plus 616 minus 767, you see quite significant RON 214 million positive net energy margin in the supply distance.
This is something that we would like to stress, and it's a result of a combined element related to both the fact that we were allowed to recognize more of the balancing market cost. The market, the balancing market, as you will see later on in a graph of price evolution, was not showing those unbalances that were shown in the past. It was also, of course, the RFR in terms of keeping the costs in control and also focused on selling, increasing the quantity of energy sold in the market and being very focused in optimizing the results also at the level of the supply subsidiary. The net result has an improvement of €231 million, mainly for the positive evolution of EBITDA, but also the other elements which are contributing, which are related to the financial result with a negative impact of €9 million.
Amortization expenses of €1 million, but also positive impact of income tax expenses of €26 million. Net debt decreased by €38 million compared with the year end 2024, mainly as the result of decrease of also overdraft city lines, cash equivalents, and a slight increase in the bank borrowings. Basically, it's a part of the fact that we got amounts paid from the subsidies from the state, some €430 million this year, around this year. We also focused on optimizing our internal lines and our financing structures in respect of this. Going to slide 2022, we are ranking second in terms of supplier in five months 2025 in terms of total market share. In the competitive market, market share ranking us third. As a number of consumption places, we are ranking first.
We consider that we are very stable on the number of customers as you will see later on in our presentation. I think from our point of view, the focus will not be necessarily to be number one, but to be one of the top suppliers always and to be as profitable as possible. As you see here in terms of key aspects of the supply, you can see that there are not significant drops of numbers in the number of consumption places or volumes. We have the slides related to supply perspective of the impact on the electricity market. You have here the details about regulation, but I would pick on slides 25 and point out the graphs related to the evolution of the electricity weighted average price and on the head market and on the balancing market 2025 compared with previous years.
You can see in terms of balancing market on the right that we didn't have these periods with negative average prices, which of course were the ones which were impacting us in last year when we had to unload energy balancing market and negative prices, sometimes energy that we're just purchasing from the consumers in summer days. On the left, you have the evolution of the electricity weighted average price on the head market, which you see even if the prices are higher than last year. After, let's say, a smallish peak in February, it calmed down after that, and its level is pretty much similar with the ones in last year. Slide 26 in terms of receivables analysis. What I would like to mention is that the amount of outstanding receivables at half one 2025 is in terms of adjusting it in terms of comparable turnover.
It's slightly increasing with some RON 100 million, but measures are taken and efforts are done in order to increase the invoicing and the collection rate on these receivables. Under IFRS 9, the comment would be that basically the bad allowances are mostly related to debts which are older than four or five years, insolvency, litigation, bank exit procedures, and this is likely related to some RON 200 million, which are provisioned for. It's not an issue in any case about collection from the customers. In terms of Electrica asset, on slide 27, we do have a result which is not a favorable one. We are having plans put in place for having this unwinded reversed by the end of the year.
The point is that there is quite a competition in this market of installing tunnels and working for these new projects of energy, and we are still optimizing and focusing on getting. I think we lost Stefan there.
Yes, ladies and gentlemen, please hold. We will resume the conference shortly. Thank you.
We can take questions. It was only the production side. We can answer questions.
Okay, we will begin now with the question and answer session. Thank you. Ladies and gentlemen, please note that for those participating via the webcast, kindly follow the instructions indicated and either type your question via the box or dial into the audio conference. At this time, we will begin the audio and the question and answer session. Anyone who wishes to ask a question may press star followed by one on their telephone. If you wish to remove yourself from the question queue, please press star and two. For those participating in the question and answer session, please use your handset when asking your question for better quality. Anyone who has a question may press star and one at this time. One moment for the first question, please. The first question comes from the line of Ioana Andrei with UniCredit. Please go ahead. Ms.
Ioana Andrei, can you hear us?
Hi, good afternoon, and thank you for taking my questions. Can you hear me now?
Yes, we can hear you clearly. Please go ahead.
Great. I will start with my first question, and it's regarding the subsidy receivables from the state and the cash collection. If you could please give us a guidance on what to expect by the end of the year, considering the increase in subsidies this quarter. My second question is regarding the evolution of the distribution segment in the second quarter. If you could please share the average price for network losses during the second quarter and what expenses increased in order to get the bottom line close to the previous year. For 2026, could you please share with us what corrections should we expect for the regulated revenue for the distribution side? That's also my side. Thank you.
I think that for the last question, I'll ask my colleagues from the regulation to intervene. For the other two, in terms of acquisition costs, I would say that roughly, I cannot give you an average for the second quarter, but roughly for the first half of the year, it reaches approximately 600 RON per megawatt. In terms of expenses, the question was what expenses have increased in the distribution in order to get to the profit, basically eating from the EBITDA margin to the profit. It's mainly related to the financial expenses, which are affected also by this fixed rate difference. It's also the part related to the personnel that I mentioned, the 40 million there, which is aligned with the industry, and it's a part related to our collective work agreements.
For the corrections that we could expect, I would ask my colleagues from distribution or from regulatory to help.
Hello. Only the volumes of distributed energy for the total of 2025 will exceed the volume approved by ANRE ex ante. Only then will be negative correction in the revenue for 2027. Otherwise, we will not have a correction. For now, we cannot appreciate if we will have correction for 2027. For the 2026? For 2026, we already estimate a report of administrators, the value of correction of around RON 340 million in 2026 due to the correction for 2024. Okay, thank you.
Ladies and gentlemen, there are no further audio questions at this time. I will now pass the floor to Electrica management.
I'll ask Raluca Kasap to read the question, and then we will give the answer.
Okay, we have a question about if Electrica activity is cyclical during the year.
Now, this might be about two things. One, the activity of the distribution is annual. So from this perspective, yes. If the question was relating actually to the fact that we can repeat the success story of the first semester, we are reserved on how the market is going right now. We are pushing for greater results. At this point, we're just getting out of the subsidy scheme. We'll see how it goes until the end of the year. Mainly, we should be stable. Let's not forget that we have a targeted budget. Our main goal is to overcome that. We'll see in the next quarter how things went.
In addition to what Alexandru mentioned, of course, there is a cyclicity in the consumption of energy of our customers, which is reflected also in the quantity of energy distributed by our distribution subsidiary and also by the quantity of energy which is supplied by our company. People are using more electricity in the summer because it's hot and they're using the air conditioning. Also, in the winter, we see some increase of the consumption of energy, which is related to the fact that a lot of people are starting to get heated by electricity, for example. There is also this cyclicity. There is also a cyclicity in the distribution segment.
Is the treasury of Electrica Group robust enough to allow contracting new loans in the future without having difficulties in the future?
The simple answer is yes. We overcome the most difficult part of the energy transition from our perspective. We already proved through the syndication, through the green bonds, and ongoing partnerships with banks, with investors, that we can take up the amounts of money necessary in order to keep the company steady and predictable.
What synergies will you have when you put into function the 300 MW of renewable energy for the entire group?
Okay, so our main idea for expanding to the production side is that Electrica is a one-of-a-kind company which already has supply distribution. It has services. Now, we wanted to have production inside the group, so it's its own ecosystem. For the destination for this production, there are two possibilities. One is to keep the production a standalone operation, or we can integrate it depending on market demand with our supply business. The synergy is perfect at this point to have it inside the group.
Can you use the money from the green bond loan to acquire another power company from Romania?
The objective of the green loan is to help with the energy transition. Their proceeds will go strictly to building photovoltaic or wind parks or batteries.
Your photovoltaic power plants are built by Electrica Serve, or do you use another EPC company?
Up to this moment, I'll pass over to Andrei.
Hello. We are selecting EPC partners through open tenders where Electrica Serv and other specialized companies can compete. The winning offer is always the one that guarantees the best value and long-term performance of the project.
Next one. Can you comment on the distribution results? Are there any excess profits you realized in H1 that you have to return in the coming future?
I think that relates to a question related to the possible corrections, which was covered by Janina earlier. Basically, whether the H2 will not be that profitable because of some cyclicity and some possibility and some evolution, including related to the market of energy for net losses, we are very confident in a strong result of the distribution subsidiary. It will not be like to double, yeah, but related to what we have done until now, we are not looking at corrections. Also, in relation to the question, sorry, I had some technical difficulties in relation to the question related to whether the treasury of the group is strong enough to be able to contract loans in case of necessities and so on.
I think we have proved this in the last three years, you know, after starting with that of 2021 and the beginning of 2022 with the support scheme and with all the efforts done for that. Basically, we took some €600 million in RON equivalent to pre-finance the support scheme and the difference of prices for net losses. We communicated with the markets. We communicated with the banks. We are in the situation in which, compared with our other peer groups, which could take loans from other companies, in our case, Electrica is the mother company. We are the main company and the champion here of Romania. We have proved going through all these stages. Now we have also been able to convince the markets about our plans for future with these bond issuances, which is ensuring for us the liquidity for the generation part.
Generation part will build up into new revenue streams for the group. If you could look at the slide for the cash position, you could see that this is how this has evolved, you know, after the beginning of the scheme and going until now. It's the most favorable position now. The answer is that we do have the capacity. We have the connection with the bank. We have some buffer lines under syndication existing there. We think we proved our resilience and we continue to focus on that. We have the two lines for cash pooling, which are helping us to optimize the liquidity in the group.
We have a question from Christian Petre, who has the same question for supply. If there are any other excess profits realized in H1 that you have to return in the coming future, but there's no such thing in the supply. Christian, if you can rewrite the question or whatever, maybe it was a different one and we didn't catch it. Another question was some details on the renewables progress and outlook also from Christian.
I will also repeat the answer for the subsidies. Up to this moment, a reimbursement request has been submitted for the billing period to date, and the subsidies collected are in line with the legally permitted events for those reimbursements. The collection of the subsidies in the future will also depend on the approval of the reimbursement request by NRA, which is still at the 2024 stage, as well as the amount that will be available from the state budget. We cannot say what will happen for sure in the future. Until now, we submitted requests for everything that we build and we also received the advance. Christian, renewable, we are preparing with Semedoy for the period test. With Semedoy and B4, we are in a tender process for acquiring EPC contractors.
Okay. Can you share the individual results for H1 2025?
Now, for Electrica's headquarters, the result is RON 124 million. Keep in mind that we pushed some of the expenses to the second semester as we were really focusing on the green bonds and on the syndication. We're on schedule and we expect a very good result.
Just to add to that, in note five from the consolidated financial statements, you have the split of the result on the five segments: supply, distribution, headquarter, energy services, and energy production. The five segments include this, what Alexandru was mentioning. Also, next month, as usual, we will publish the individuals of Electrica standalone.
We had another question related to that. Is Electrica's financial situation robust enough to consider a more generous dividend distribution compared to the last three dry years in this regard?
Now, we have to keep in mind that the decision at Electrica to give less dividends was strictly related to operational difficulties, especially on a cash flow level. The dividend policy will follow on our operational dependency on recovering the subsidies from the state. We are still to recover roughly €450 million. If we get this money and we get more clearance on financials on the debt, of course, we will reconsider the dividend policy. As soon as possible, I am sure that we will get back to the previous normal of being a dividend yield company and now also a growth stock company.
There was another question about the use of proceeds on the Electrica green bond in July.
There were no use of proceeds in July for the green bond.
The green bonds proceedings will be used only for building the green energy production, so PV parks, batteries, and wind.
We have a series of questions. Again, what is the reason for changes in net working capital to be much more negative than last quarter, which also caused the FCF to be lower, free cash flow to be lower than last quarter?
I'll take that. Basically, I don't know. Maybe we can take also separately. As you know, we can always also have separate discussions in detail with the investors and analysts. The networking capital is higher. It is almost double. Free cash flow is RON 1 billion at the 30th of June 2025 compared to RON 475 million at the end of March 2025. I don't know. Maybe we are looking at different numbers. Let's take it separately. Second, subsidies booked in first half 2025, it's around RON 1 billion. As you know, this energy scheme ended at 30 June 2025 for electricity. It continued until the beginning of next year for gas, but gas is marginal for our business. From our point of view, mostly the supply scheme is ended.
In terms of evolution about these amounts, as we previously also mentioned, we are at some RON 2.6 billion altogether, RON 2.6 billion subsidies to be received. We have received RON 430 million this year. We hope to get up to RON 1 billion this year and the rest in the remaining year. We are in continuous discussion with authorities about that. We have also alternative measures if this is further delayed. In terms of what caused the trade payable to be much lower than previous quarter, it's okay. Let me check on that. Fourth, for debit agreements for 2025 and for January 2026, we should consider roughly a level of up to, if you can help from the, I cannot open the file. If you can help with the colleagues there in the room for a forecast of EBITDA, roughly ballpark figure this year and next year.
For an estimation of EBITDA for 2025, you can include the actual EBITDA for the distribution from six months, the actual, which is around, just a second, which is around 1 billion RON. You can add the budgeted six months, July to December. We have the entire budget of the distribution segment published on the Electrica site for 12 months. From those, you can take the rolling amounts for the budget for July to December. Include on the actual ones, and you can have an estimation of EBITDA.
Let's give a ballpark figure because I think this is the expectation, a number. Until we calculate this, let's have also the feedback on the VAT payable, not the VAT payable, the payable. Why are the payables lower? In the meantime, I'm getting back also to the JP Morgan question until we are preparing this answer.
Let Raluca Kasap ask the question.
There is one more question. What is the progress in having a common dividend policy for subsidiaries in order to have a more predictable payout at the level of the group?
Okay, regarding the dividend policy at the level of the group, it's the same situation. For this moment, we have to set our priorities regarding the cash flow. The level of debt is really high. Of course, when this will lower, we can have this discussion and see exactly what can be made so it's more predictable. At this point, we still need to settle the level of debt of the group. Yes, we're working on it. Yes, it's one of our objectives. We can't really say right now how fast because it's not depending on us. It's depending on the situation of the net debt. If we get the payout on the subsidies, this will change and accelerate things. As long as those subsidies are in place, it will be harder.
Keep in mind, one of the points of the production in developing this is that we can secure a stream of revenue at the level of the holding so we can ensure a reasonable and good dividend payout to the shareholders.
Please hold on. If there are any other questions, please let us know, and we will get back to you with the last two answers. Thank you. There are no more audio questions.
I expect in terms of the payables, the payables, the level is lower because, in fact, the level of VAT payables is lower, and this is impacting the total. We are having the group VAT at the level of the company, and we are compensating with the companies which are having to pay to the state or to recuperate from the state. We can also discuss this more separately in more detail. For the EBITDA forecast, Alina, please open the forecast that we have and give the number from there.
The forecast for the state today is approximately RON 1.7 billion.
Right.
It remains to be seen depending on what's happening in the next semester.
For the future, as an idea, we can count on this, and we are planning to put, you know, starting 2037, another supplementary EBITDA, maybe some €50 million from the generation, and hopefully up to €30 to €50 million from value-added services in the supply in order to benefit and take advantage of the customer base and to sell value-added services to them.
Okay, let's have another minute. Maybe we have any more questions. We can also do it online. If not, please remember, you can send us an email. You can call us anytime. Contact Raluca at Investor Relations. If you want a meeting, again, we are available. We'll schedule something so we can meet and discuss more. We're always available and transparent on our activity. We'll wait another minute. If not, we'll close the presentation. Thank you.