Q1 2026 Societatea Nationala Nuclearelectrica SA Earnings Call Transcript
Key Points
- Net profit increased by 72.8% compared to the same period last year, reaching RON887 million.
- Electricity sales contributed significantly to revenue growth, with a 13.4% increase in average selling prices.
- The elimination of the windfall tax resulted in a RON341 million positive impact on financial results.
- The company reported a 34% increase in cash and bank deposits, enhancing liquidity.
- Progress on strategic projects, such as the refurbishment of Unit 1 and the SMR project, continues as planned.
- Higher income tax expenses were incurred due to increased profits.
- Operating expenses increased by 3%, primarily due to a regulatory decision to raise the waste disposal tax.
- There was an increase in depreciation and amortization expenses due to asset revaluation.
- Current liabilities rose by 20%, influenced by increased income tax and trade payables.
- An unplanned stoppage at Unit 2 is expected to impact future results, though the extent is yet to be determined.
(audio in progress) during the presentation or afterwards. Thank you. Daniel, please.
Hello, everybody. So we are going through unaudited individual and consolidated financial statements for the three-month period ended March 31, 2026, and we will move to the three months 2026 financial results highlights. The net profit equals RON887 million 72.8% higher than the same period of last year 2025 and with 5.9% or RON49 million better than the budget -- the first quarter in the budget of 2026. The increases mainly came from sales of electricity, RON137 million based on the higher average selling prices with 13.4% and for a slightly lower quantity of with 3.3%. We have also higher financial result 27% as a result of the increase in the interest income and the positive impact from the currency exchange rate.
Windfall and windfall tax, as you know, the windfall tax was at June 30 last year. So we have zero expense on that in 2026, but we did have RON341 million in the first quarter of
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