S.N. Nuclearelectrica (SNN) Q3 2025 earnings summary

Executive summary

• Net profit for the first 9 months of 2025 reached RON 1,626.96 million, up 26.6% year-over-year and 38.8% above budget, driven by higher electricity sales and improved financial results.

• Total revenues and operating income increased significantly year-over-year, with electricity sales up 23.9% due to higher prices and volumes.

• Major investments advanced in Unit 1 refurbishment, Units 3 & 4, Small Modular Reactors, Tritium Removal Facility, and medical isotope production.

• Financial statements are unaudited and reflect the company's performance and position as of Q3 2025.

Financial highlights

• EBITDA rose 19.9% year-over-year to RON 2,171.28 million; EBIT up 24.5% to RON 1,636.93 million.

• Individual operating income for the 9 months was RON 4,172.4 million, up from RON 3,394.8 million year-over-year.

• Net profit margin and EBITDA margin improved, with net margin at 39% and EBITDA margin at 52%.

• Operating expenses increased mainly due to windfall tax and higher uranium fuel costs.

• Basic earnings per share increased to RON 5.39 (individual) and RON 5.23 (consolidated).

Outlook and guidance

• Liberalized electricity market from July 2025 is expected to support continued focus on forward sales and reduced spot market exposure.

• Ongoing strategic projects and investments are expected to support long-term growth, with continued focus on nuclear capacity expansion and new technology adoption.

• Medical isotopes project (IRIS) is advancing, with commercial operations targeted for 2028.