S.N. Nuclearelectrica (SNN) investor relations material

Executive summary

• Net profit for the first half of 2025 reached RON 866.7 million, up 2.8% year-over-year and 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 windfall tax, higher uranium fuel, and depreciation.

• Windfall tax/ETF contribution surged to RON 504.9 million, reflecting higher selling prices and regulatory changes.

Financial highlights

• Individual operating income: RON 2,744.3 million (+29.7% year-over-year); consolidated: RON 2,780.3 million (+30.4%).

• Net profit: RON 866.7 million (individual), RON 826.9 million (consolidated).

• EBITDA: RON 1,169.1 million (individual), RON 1,178.6 million (consolidated).

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

• CAPEX reached RON 1.39 billion, a 297% increase over 6M 2024, with a 40.5% completion rate of the annual investment program.

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, Units 3 and 4 development, SMR, Tritium Removal Facility, and Medical Isotopes.

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

• Environmental and regulatory approvals secured for Unit 1 refurbishment and storage expansion.

• CapEx completion rate improved to 40.5% from 26% in the prior year, with major projects advancing.