Full Year 2025 Societatea Nationala Nuclearelectrica SA Earnings Call Transcript
Key Points
- Societatea Nationala Nuclearelectrica SA (FRA:53V) reported a significant net profit increase of 40.4% compared to 2024, reaching RON2.4 billion.
- Electricity sales rose by almost RON1 billion in 2025 due to higher average selling prices and increased quantities sold.
- Interest income surged by 44.7%, contributing RON125 million to the financial results, driven by higher interest rates on cash deposits and financial assets.
- The company achieved a 62% increase in non-current assets, largely due to investments in project companies and tangible asset revaluations.
- Capital expenditure in 2025 was robust, with a completion rate of 102.5% of the planned investment program, highlighting effective execution of investment activities.
- Operating expenses increased by 1.7% due to inflationary trends, impacting overall profitability.
- The windfall tax and higher income tax expenses, driven by increased net profit, posed financial challenges.
- There was a 16.7% decrease in current assets, including a significant reduction in cash and cash equivalents.
- The cost of uranium fuel rose by 23.3% due to increased commodity prices, affecting operational costs.
- The company faced engineering delays in the preterm removal facility project, impacting budget performance in 2025.
(audio in progress) When it registered a net profit of RON2.4 billion, increased by almost RON700 million or 40.4% above 2024 previous period net profit. And also, with RON371 million or 18.3% above the revised budget profit for 2025. We had an increase in sales of electricity of almost RON1 billion over, in 2025. And the reason for that was the higher average selling prices, with the new, with 17.7% versus 2024, and also, higher quantity by 2.5% without considering balancing market.
Also, the financial result, we had an increase of 44.7% or RON125 million as a result of the increase in interest income. Mainly higher interest rates obtained for our, cash deposits and other, financial assets in 2025. As last year we had also some, Political turmoil leads to increase rates in the market.
We also had some, increases in, expenses, mainly the windfall tax, and this was driven, of course, by the higher average selling price of RON535 per megawatt hour in 2025 compared with the RON455 in 2024.
We had also
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