FEDA Group Posts €25.4M Profit in 2025, Nearly Matching Record Year

Forces Elèctriques d’Andorra (FEDA) and its subsidiaries posted a combined €25.4 million profit for 2025, a figure close to the €28 million record from 2024 and among the company's best historical results.

All group entities recorded positive outcomes. The parent company drove the performance, while FEDA Ecoterm earned €802,375—a slight rise from the previous year—after €7.39 million in investments that approached budgeted levels. These covered the integration of heating networks in Andorra la Vella and Escaldes-Engordany, plus work on the Soldeu network and Valira d’Orient water intake, backed by a capital increase. FEDA Solucions achieved €158,533, supporting sustainable mobility through the Mou-te app, Mou-te amb l’Elèctric initiative, and electric vehicle charging infrastructure; its debt ratio fell from 11.23% in 2024 to 4.38%. CTRASA posted its first profit since joining the group, at €220,820, reversing €500,000 losses from 2024, and cut its debt ratio by seven points to 4.33%.

The results came amid stable electricity import prices—below the 2022-2023 crisis peaks linked to the Ukraine war—but with high hourly fluctuations requiring vigilant management. Equity rose 7.4% from 2024 reserves and current earnings, cash flow increased, and group debt stayed under sector averages. All accounts underwent regulatory audits and will be published on FEDA’s website and transparency portal.

FEDA views the figures as solid proof of recovery from the energy crisis and Covid-19, freeing up funds for energy transition projects such as a fourth turbine at the Ospitalet hydroelectric plant and the Pic del Maià wind farm.