During 2025, Dalekovod recorded revenue growth of 43% YoY, normalized EBITDA increase of 52%, and a net income of EUR 11.7m, growing by 92% YoY. For a detailed breakdown of the Company’s results, continue reading below.
Starting with the top line, operating revenue increased to EUR 280.2m, up 43% from 2024, driven by increased activity and improved efficiency across the entire Dalekovod Group.
Both main operating segments of the Group, Energy, and Infrastructure, posted significantly higher revenue, of EUR 170m (+57% YoY) and EUR 40m (+48% YoY) respectively. In addition, the ramp-up was visible across the rest of the portfolio: Dalekovod Projekt (design) delivered EUR 10.7m (+59% YoY), while the manufacturing arms Dalekovod OSO and Dalekovod MK recorded EUR 19.4m (+5% YoY) and EUR 11.5m (+12% YoY) respectively.
Dalekovod revenue by segment (FY 2025 vs. FY 2024, EURm)
Source: Dalekovod, InterCapital Research
Energy segment, which is responsible for construction of transmission lines and transformer substations, has 34 active large transmission projects across Europe (18 in Croatia, 5 in Sweden, 4 in Norway, 4 in Germany, and 3 in CEE region), 5 smaller projects in Croatia, and 10 substation projects across the CEE region. This broad geographic footprint continues to strengthen Dalekovod’s positioning in the European grid investment cycle, while also expanding the share of higher-complexity, international projects.
Infrastructure segment is currently engaged in 3 active projects, the most notable being the railway project Dugo Selo – Križevci. During 2025, works on the project were significantly intensified to meet revised deadlines, but due to the increased costs of the project, Dalekovod recorded a potential loss of EUR 3.5m in 2025. Management stated it continues activities aimed at recovering the increased costs in order to mitigate further negative financial effects and potentially offset the recorded loss.
On the manufacturing side, Dalekovod OSO produced 2,122 tons of equipment (+1.2% YoY). While OSO’s EBITDA declined 17% YoY due to a higher share of lower-margin projects, management expects margin improvement as the contracted project structure evolves. In October 2025, Dalekovod completed the sale of its manufacturing subsidiary Dalekovod MK to Končar MK, as part of a broader Končar Group strategic initiative.
Normalized EBITDA of the Group improved from EUR 12.5m, growing by 52% YoY to EUR 19.0m, whereas the normalized EBITDA margin grew from 6.4% by 0.4 p.p. to 6.8%. Net income of the Group increased to EUR 11.7m, up 92% YoY from EUR 6.1m.
Dalekovod key financials* (FY 2025 vs. FY 2024, EURm)
Source: Dalekovod, InterCapital Research
*At the Group level, EBITDA is normalized for the effect of the sale of the company Dalekovod MK.
The improved profitability and the Podravska banka collection (EUR 11.8m from a Supreme Court ruling, not yet recognized as income) together drove a significant strengthening of the balance sheet. The Group ended FY2025 in a net cash position of EUR 10.3m, compared to a near-neutral net debt of EUR 0.5m at the end of 2024, a meaningful shift that underscores the Group’s improving financial flexibility.
Dalekovod’s backlog reached EUR 414m, providing strong revenue visibility for the coming periods, including a large EUR 103m contract for Svenska kraftnät, a Swedish TSO, for building a 36 km 400 kV transmission grid near Stockholm. The significant need for electricity grid expansion, along with broader energy and transport infrastructure development across Europe, continues to support the Group’s growth outlook. Dalekovod is expanding capacity across all segments and expects to remain competitive in its core markets.
Dalekovod backlog (FY 2022 – FY 2025, EURm)
Source: Dalekovod, InterCapital Research