NAP output rose while profit and cash flow fell

More output, thinner profitability

According to the half-year report published by the Budapest Stock Exchange, NAP Nyrt. generated 51.2 GWh of electricity in the first half of 2026, up from 47.4 GWh a year earlier, an increase of 8.0 percent. Revenue rose 7.2 percent to HUF 2.258 billion from HUF 2.106 billion. Total operating income nevertheless declined because the one-off insurance income booked in 2025 did not recur.

EBITDA fell 13.8 percent to HUF 1.684 billion from HUF 1.953 billion. Operating profit decreased 29.2 percent to HUF 1,035 million from HUF 1.461 billion. Net profit was HUF 1.024 billion, down 14.1 percent from HUF 1.192 billion. Operating cash flow dropped 69.4 percent to HUF 606.876 million from HUF 1.981353 billion, while investment cash outflow was HUF 1.335 billion.

Storage investment absorbs cash

The portfolio remained unchanged at 57.6 MW and 70.1 MWp. The company moved its battery-storage projects into implementation, backed by an EUR 11 million investment loan signed in 2025. Cash declined to HUF 1,007 million from the year-end level of HUF 2.370 billion.

For Hungarian investors, the central questions are when the storage projects begin generating revenue and how operating cash flow develops. Related coverage is available on NAP’s earlier capital decision and our comparison of recent Hungarian half-year reports. This is factual reporting, not personalised investment advice.