S.N. Nuclearelectrica (SNN) Q2 2025 earnings summary

Executive summary

• Net profit for the first half of 2025 reached RON 866.7 million, up 2.8% year-over-year and over 46% above budget, driven by higher electricity sales and improved financial results.

• Total revenues increased by 29.7% to RON 2.74 billion, with electricity sales up 30.5% due to higher average selling prices and a 6.2% increase in quantity sold.

• EBITDA was RON 1,169.1 million, nearly flat year-over-year, as higher revenues were offset by increased Energy Transition Fund contributions.

• Operating expenses rose 14–14.5% year-over-year, mainly due to a RON 500 million+ windfall tax and higher uranium and traded electricity costs.

• The company achieved 146.5% of its budgeted net profit for the period.

Financial highlights

• Net profit margin remained robust, with gross profit up 3% to RON 1.04 billion.

• Cash and cash equivalents declined 24.1% from year-end 2024, mainly due to investments and loans to subsidiaries.

• CAPEX reached RON 1.39 billion, a 297% increase over 6M 2024, representing 40–40.5% of the annual investment program.

• Contribution to the Energy Transition Fund surged to RON 504.9 million, up from RON 6.5 million year-over-year.

• Financial income increased by 33.2% (individual) and 19% (consolidated) year-over-year.

Outlook and guidance

• Management expects to achieve at least the budgeted profit for 2025, with no new risks identified beyond those related to core business.

• Major projects advancing include Unit 1 refurbishment, expansion of spent fuel storage, Units 3 and 4 development, SMR, Tritium Removal Facility, and Medical Isotopes.

• Lutetium-177 irradiation project targets installation in 2027 and commercial launch in 2028.

• Regulatory changes extended the windfall tax calculation period and adjusted the cap value, impacting future profitability.