S.N. Nuclearelectrica (SNN) Q2 2026 earnings summary

Executive summary

• Net profit for the first half of 2026 reached RON 1,183.97 million, up 36.6% year-over-year, driven by higher electricity prices and the discontinuation of the Energy Transition Fund contribution.

• Operating income increased by 2.0% year-over-year, despite an 11.7% decrease in electricity production due to planned and unplanned outages.

• Major investment projects advanced, including the refurbishment of Cernavoda NPP Unit 1, progress on Units 3 and 4, and the tritium removal facility.

• The company maintained strong liquidity and low indebtedness, with significant cash reserves and ongoing capital investments.

Financial highlights

• Individual net profit: RON 1,183.97 million (+36.6% YoY); consolidated net profit: RON 1,079.63 million (+30.6% YoY).

• EBITDA increased by 33.7% to RON 1,563.67 million; EBIT up 40.2% to RON 1,143.27 million.

• Operating expenses (excluding depreciation and CFTE) rose by 15.3% due to higher electricity purchase costs and maintenance.

• Total assets grew by 6.9% to RON 19.66 billion; equity stable at RON 16.0 billion.

• Current liquidity ratio: 2.41 (individual), 1.91 (consolidated); indebtedness ratio: 2.62% (individual), 5.30% (consolidated).

Outlook and guidance

• Investment program for 2026 increased to RON 3,469.93 million, focusing on strategic projects and plant upgrades.

• The company is preparing for the planned refurbishment shutdown of Cernavoda NPP Unit 1 in 2027 and expects continued progress on major capital projects.

• Ongoing monitoring of Danube water levels due to drought, with mitigation measures in place to ensure operational continuity.