S.N. Nuclearelectrica (SNN) Q4 2024 earnings summary

Executive summary

• Net profit for 2024 was RON 1.7 billion, down 31.9% year-over-year, mainly due to a 37% lower average electricity price and increased costs, but exceeded the revised budget by RON 400 million or 30.5%.

• Sales of electricity fell 36.9% compared to 2023, driven by a 36.1% drop in average selling price and a 2.4% decrease in quantity sold.

• OPEX (excluding windfall tax) increased 14.4% year-over-year, mainly due to inflation and higher costs for traded electricity and fuel.

• Significant reduction in windfall tax by RON 2.3 billion (down 89%) due to lower electricity prices and regulatory cap changes, offsetting some negative impacts.

• Capital expenditure reached RON 1.3 billion, with a 98.7% completion rate for investment programs.

Financial highlights

• Net profit: RON 1.7 billion (down 31.9% vs. 2023), but 30.5% above revised budget.

• Sales of electricity: RON 4.63 billion (down 37.6% vs. 2023); total revenues: RON 4.67 billion (down 37.4%).

• EBITDA: RON 2.39 billion (down 23.4% vs. 2023); EBIT: RON 1.71 billion (down 31.0%).

• OPEX (excluding windfall tax): RON 2.12 billion (up 14.4% vs. 2023); windfall tax: RON 289 million (down 89%).

• Depreciation and amortization: RON 672 million (up 6.5% vs. 2023).

Outlook and guidance

• Q1 2025 report will be published on May 22, 2025, due to new regulations on consolidated financial statements.

• Emergency Ordinance No. 6/2025 extends the Energy Transition Fund contribution period and modifies the calculation methodology, impacting future OPEX.

• Ongoing strategic projects and investments in refurbishment, new units, and SMRs are expected to drive long-term growth.