I'm going to start the recording. While I do that, I would like to introduce myself. My name is Valentina Dinu. I do investor relations for Nuclearelectrica, and the reason for the conference call today is the financial.
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With me here today is the CFO of Nuclearelectrica, Daniel Adam. I'm going to give the floor to Daniel for the presentation, and then you can ask whatever you consider necessary. Daniel, please. Thank you.
Hello, everybody. We'll go through the audited individual and consolidated financial statements for 9 months, September 2025. We'll move now to the 9-month financial results highlights. As you can see, we have a very robust result, plus RON 342 million versus last year, 9 months. With the net profit, we are at RON 1.6 billion, and this is also with RON 455 million, or almost 39% above the budget for the year. The reason for this better result is the sales of electricity, where we had an increase of almost 24% versus last year, and also with 4% versus the budget. We also have a positive or a better result in financial result, plus RON 90 million over last year as a result of the increased interest income and the positive impact from currency exchange rates. We have also a corresponding increase in windfall tax on the expenses.
This is coming from the higher average selling price of RON 523 on average, higher than the 9 months in 2024, which was RON 438 per MW. We have also some smaller increases in OpEx and an increase in depreciation and amortization cost coming from planned outage and slow rise as the equipment are getting older. We are moving now to the waterfall. We have an increase from RON 1.28 billion in 2024 to RON 1.6 billion in 2025. As you can see, the main drivers for these increases are the sales and the financial result. On the expense part, we have an increase on windfall tax and income tax due to the better results and higher turnover. It is also noted here we have an increase in cost of uranium fuel. This is coming also from the 2024 acquisitions of uranium stocks.
In the detailed individual income statements, we can see the positive deviations in terms of total revenues also versus last period and the budget. As you can see on the expenses side versus the budget, besides the windfall tax, we have, in general, a better performance than budgeted. This is bringing us to the net profit being better than the budget with 38% and with 26.6% versus last year. In terms of individual versus consolidated financial performance, I will not stay too much on this topic. This you have detailed on the intercompany eliminations coming from our transactions with the subsidiaries like EnergoNuclear, Nuclearelectrica Serv, and Feldioara, and RoPower. They are fairly small adjustments for consolidation purposes. In terms of financial position on individual level, we have an increase of non-current assets with 20.7% or almost RON 1.7 billion.
The main or half, actually, half of the amount is coming from the increase in net book value of intangible assets from the record for the investment projects and a higher net between the additions and disposals in the periods. Also netted with RON 506 million, the depreciation recorded in the 9-month period. We have also an increase of RON 806 million in net financial assets valued at amortized cost. These are mainly coming from the increase in the loan granted to RoPower, our affiliate, coming approximately RON 400 million, and also an increase in the loan granted to EnergoNuclear, subsidiary, of RON 422 million, including interest. On the current assets, we have a decrease of RON 890 million in bank deposits, cash, and cash equivalents, and a small decrease in credit receivables and other financial assets.
We have an increase of RON 212 million coming in principle from first withdrawal from our EIB loan for our CTRF projects. Of course, due to our increase in profits, we have also an increase in our equity position. Again, on individual versus consolidated financial position, we are seeing here the eliminations. These are coming mainly from EnergoNuclear cash and on equity from retained earnings from the subsidiary financial results and on non-current assets from the cancellation of the intergroup transaction loans and shares. We are moving now with some details on our main business sales of electricity. The electricity sales increased from 2024 to 2025 9 months, mainly by increasing weighted average selling price with a transport of 19.4%. For LST, sold higher by 4%. As we saw also in other reporting periods, there were no sales on March in 2025 versus 2024.
We have a big increase, 445% increase in quantity sold on the competitive markets, and also a 10.8% increase on the average price for that market. On spot markets, we have a decrease in quantity of 53.2%, and a 31.2% increase in average price. This is a testament of our selling strategy to sell mainly on forwards and to be less exposed to the spot markets. Now, since the regulations have been lifted, we'll go mainly on this strategy. We have also, on the balancing market, decreasing quantity and decreasing price. On the next slide, we can see the movement of price from 2024 to 2025. As you can see, of course, much we didn't sell, but on all the other markets, spot and competitive markets, we can see an increase of about 20% on both.
On spots, from 390 to 512, and on competitive, from 419 to 523, I think. As you all know, from 30th of June, that was the last day that windfall tax applied. Now, from 1st of July, actually, we are in liberalized markets again. A couple of words about OpEx, we have a general increase in OpEx of RON 456 million in 2025 versus last year, but with RON 281 million below budget. Versus last year, the main increase was due to the windfall tax, like RON 394 million out of the total, and some smaller increases in depreciation and amortization. Personnel expenses were roughly 5% from partial adjustment of wages with the inflation rate and some other small operating expenses. As I mentioned prior, the cost of uranium fuel of 26.6% increase. This is a traded commodity, and it had a sharp increase in 2024.
Beginning 2025, we are seeing now a reduction in those spot prices coming down from $90 per pound towards $80 per pound on the spot market. On CapEx, the capital expenditure in the first 9 months of 2025 was RON 2.2 billion versus RON 0.5 billion in 2024. This is out of the total investment program for the year of RON 3.4 billion. We have an increased degree of completion compared with last year, around 65% versus last year, where we were at almost 42%. This is also a testament of better investment management, but also an increased maturity of our projects that are moved into a construction phase. Things are flowing more, how to say, natural now. On CapEx, we will also discuss five of our main projects. Of course, the most important one is Unit 1 refurbishment.
I will only comment on what happened from our last call. In September 2025, it was approved by [SNNs] Borrower, a financing of EUR 540 million from a banking syndicate led by JP Morgan and comprised of all major banks in Romania as well. Also in September 2025, pursuing some, we obtained also the construction authorization from CNCAN, the nuclear regulatory Romania. In September, we were able to start the civil construction works with the consortium for the refurbishment projects. In October 2025, we signed a strategic agreement with EDF, with the French group. Actually, they are Arabel Solutions subsidiary for the refurbishment of the turbo generator for Unit 1. This marks the, how to say, we signed all the major contracts that are forming the refurbishment contracting. Basically, now the project is in full implementation phase.
On Units 3 and 4, this project is handled by our subsidiary, EnergoNuclear, together with the syndicated loan for SNN that I spoke earlier of EUR 540 million. The same syndicate, or the members of the same syndicate, also granted a loan of EUR 80 million for EnergoNuclear as borrower, where SNN is warrantor to advance the works during the LNTP phase and to be able to finish this phase towards the end of next year, where we have a decision gate for the SNTP phase. In terms of SMR, during the summer of 2025, RoPower Nuclear had the approval and bought the Doicești site for the nuclear project. I do not remember if we specified that already. In June 2025, NuScale Power obtained the approval from USNRC, the N uclear Regulator United States , for the 77 MW module, the one that we are also using for our SMR Doicești project.
Going now to the CTRF, the Tritium Removal Facility project. In the first 9 months of 2025, the progress on the project comprised from the contracting procedures for the long-cycle equipment, the installation works of the waterproofing membrane, and in May 2025, CNCAN approval was obtained to begin the execution works for the foundation. In June 2025, the pouring of the first concrete happened in the presence of the Ambassador of Republic of Korea and other guests. In September 2025, works began pouring for the elevation 91 m. Our medical project, let's call it, the Medical Isotope Project. The project is still in the conceptual design stage. This will be followed by detailed design, component procurement, and installation and commissioning of the irradiation system, which is estimated for 2027.
Subsequently to that, in 2028, we aim to start the large scale commercial irradiation service together with our partners from Framatome for the Lutetium 177. As we mentioned in prior meetings, this is especially effective in cancer treatment. We hope that through this partnership, also this isotope to be made available to Romanian patients. We have this in written with our partners. Now we move to the technical performance. In terms of radioactive emissions, at 9 months, we are at 6.5 millisievert versus an annual limit of 9.5, so well within the permitted ranges. The nuclear fuel burn-up factor in megawatts per kilogram of uranium, we are at 172 MWs versus a project estimate of minimum 156. All green here as well. In terms of capacity factor, we are 94.42% in September and accumulated capacity factor of 87.26%. These numbers are for both reactors.
Of course, they are accounting also for the accumulated ones, are accounting also for the plant outage in May, June of this year, Unit 2. I think that's all. We are standing by for any questions that you may have.
Hello, Enroy from Vetta Capital. I was wondering if I understand correctly, you're planning to bring in an equity investor for the SMR project. Will this also be the case for Reactors 3 and 4?
As you may see, there is a GMS convened for this topic. Yes, this is our intention. Regarding 3 and 4, in the support law that was passed in 2023, there is a mention about other investors, but also in that law, there is specified that the government needs to advance and approve a method of selection for such investor regarding 3 and 4 project.
This selection method was not yet, how to say, issued by the Minister of Energy. We think next year it will happen. Then based on that procedure of selection, we can know and discuss more.
Okay. As a short follow-up question, why are you not stopping dividend payments if you do need the cash for the investment projects?
So far, versus, how to say, normal 90% dividend payment that is required from the state-owned companies, also based on the same law passed through in 2023, we are benefiting from a reduction from 90%- 50% exactly for allowing the own funds build-up to sustain these projects. We are benefiting from a respite.
Okay. I understand. Thank you.
You're welcome.
Any other questions, sir? Okay. No, thank you very much for joining us.
In about 30 minutes to an hour, we're going to publish both the audio file and the presentation and the transcript by the end of this day. Thank you very much. Have a good day. Goodbye.
Thank you. Bye-bye.