S.N. Nuclearelectrica (SNN) Q4 2025 earnings summary

Executive summary

• Net profit for 2025 reached RON 2.4 billion, up 40.4% year-over-year, driven by higher electricity sales, improved financial results, and a rise in average selling price.

• EBITDA increased to RON 3.1 billion, while EBIT grew to RON 2.38 billion, reflecting strong operational performance.

• Major projects advanced, including Unit 1 refurbishment (agreement with EDF), progress on Units 3 and 4, and a final investment decision for the SMR project in Doicești.

• All electricity sales in 2025 were on the competitive market, with no sales via MACEE, and average sale price increased to RON 531.09/MWh.

Financial highlights

• Total revenues reached RON 5.63 billion, up 20.7% year-over-year, with electricity sales revenue at RON 5.59 billion.

• Net profit exceeded the revised 2025 budget by RON 372 million, and consolidated net profit was RON 2.34 billion.

• Operating expenses increased to RON 3.3 billion, mainly from a RON 250 million rise in windfall tax, but remained below budget.

• Windfall tax rose 74.7% to RON 504.5 million, reflecting higher selling prices.

• Total assets grew to RON 18.4 billion, up from RON 14 billion, mainly from tangible asset revaluation.

Outlook and guidance

• Ongoing investments in Unit 1 refurbishment, Units 3 and 4, and SMR are on schedule and within budget, with the final investment decision for SMR approved in February 2026.

• Removal of the MACEE mechanism and full migration to the free market expected to optimize future pricing.

• Expectation of improved results for the tritium removal facility project after corrective measures.

• Next financial results to be published May 22, 2026.