Hello, everyone. Can you hear me? Hello, can you hear me?
Yeah, sure.
Thank you. Just before we proceed, I would like to let you know that this conference call is going to be recorded, with the objective of allowing all of analysts and investors to access it on our website. If you bear with me for one second, I will start recording. Thank you very much for joining us, and the reason for our teleconference today is, of course, the audited individual and consolidated financial statements for 2025. We are going to deliver the presentation, and then we are going to go straight ahead to your questions. Before proceeding, I would like to let you know that CFO Mr. Daniel Adam is on delegation with what may be a weaker connection to the internet. Nonetheless, he is in the call.
However, the presentation is going to be delivered by my colleague, Roxanna from the Financial Reporting and Budget Department. Roxanna, please. Thank you.
Hello, everyone. Thank you, Valentina. Indeed, we will go through the audited financial results, individual and consolidated, and I will start with the financial results highlights. For 2025, we have a net profit of RON 2.4 billion, which is higher with 40% than 2024. I would like to emphasize the fact that compared to the financial statements presented preliminarily to you, this net profit is higher with a little bit. The main difference between these final financial statements and the preliminary financial statements is due to the revaluation report, around RON 133 million above the assets.
In terms of the net profit also, I would like to emphasize the fact that we are above the revised budget for 2025 with RON 372 million. This net profit and this result comes from mainly due to an increase in the EBITDA of 30%. This year we have RON 3 billion compared to the previous year, RON 2.4 billion. We also have a little increase in depreciation and amortization, which is due to investments put into service during the period. We also have a performance in the financial result, an increase of almost 44%. We gained some financial income from the interest rates on the market.
We have a slight negative impact from the windfall tax due to the higher prices in the period, so in 2025, the base for the taxation was higher than 2024, so the windfall tax was higher and that's a negative impact in the profit. The most important and positive increase in the result is due to the sales of electricity, which impacted with RON 956 million, the difference between the results in the period. In terms of financial highlights, individual versus consolidated, I would like to emphasize the fact that the net profit is lower with RON 56 million. This is mainly due to the interest revenues and foreign exchange revenues and expenses from one of our subsidiaries.
I want to remind you that we do full consolidation for the subsidiaries of the company, which is FPCU Feldioara, Nuclearelectrica Serv, and EnergoNuclear. The equity method for the company RoPower Nuclear, which is a joint control company that we have 50% participation in. In terms of the financial position, Nuclearelectrica has total assets of RON 18.4 billion compared to RON 14 billion previous year. The main variation comes from increase in net value of tangible assets due to revaluation reserve.
We have some increase in financial assets measured at amortized costs, mainly due to loans granted to our associate entity, RoPower, and to our subsidiary, EnergoNuclear, for the projects that we are developing. Also, the current assets of the company decreased a little bit with RON 982 million. The decrease comes mainly from cash and cash equivalents, including deposits, due to, of course, the cash that we put in our investments, but also to the dividends that we pay to our shareholders. I would like to emphasize here that we have an audit report positively modified this year. Namely, we have no qualification on the closing balance for the cost allocation of Units 3 and 4.
The opinion, the audit opinion will be cleared in full starting with the next audit report because the closing balance will be the opening balance, so no qualification in the audit report from now on. In terms of non-current liabilities, we have an increase. We start to see some debt in our financial position because we have loan disbursement. For the period, we have EUR 80 million from EIB. We also have a decrease in current liabilities, which is a reduction in trade payables actually in the final balance, in the closing balance, but compensated a little bit by other elements allocated as current liabilities.
In terms of consolidated financial position, we see that our total equity and liability, and of course, our total assets, increased a little bit by RON 252 million. This is mainly due to the subsidiaries that we fully consolidate, so we have here their assets and also their liabilities in the closing balance. Of course, we eliminated the intragroup transactions, so everything that you see here is at group level. In terms of sales of electricity, I remind you that in 2025 there is no centralized mechanism for acquisition of electricity, so no MACEE involved. Our mix of sales was different. So we have an impact in terms of sales of electricity and positive impact from eliminating MACEE.
That quantity was sold and, actually, moved on the forward market. We see here a positive impact from the competitive market, quantity and price. We obtained in 2025 an average selling price of 532.33 RON per megawatt, compared with RON 451.42 per MWh in 2024. These prices does not contain the transport tariff. Higher price, weighted average price, and also, we turned back to our strategy, sales strategy, selling on competitive market. Most of our electricity for 2025 is 87.3%, and on the spot market, 12.7%.
In terms of operating expenses, we have for 2025, RON 3.3 billion, compared to 2024, RON 3.07 billion. An increase of RON 279 million in our total operating expenses. We can see that the main increase is due to the windfall tax, which brought us an increase of RON 250 million. Nevertheless, we are below our budget with RON 272 million. The operating expenses, except the windfall tax, increased only by 2.3%. In terms of CapEx or our capital expenditure, we have RON 3.5 billion during 2025, compared to RON 1.3 billion in 2024. That's a significant increase in absolute value.
Nevertheless, we have degree of completion of 102.6%, slightly higher than the one from 2024, of 98.7%. In terms of Unit 1 refurbishment, I can tell you that the news are that on October 8th, 2025, Cernavodă announced the signing of a strategic agreement with EDF, which is a French group, as we know, for the Unit 1 refurbishment. For Units 3 and 4, the project continues, and we are in line with our budget and with our schedule. In terms of small modular reactors, on February 12, 2026, the shareholder approved the financial investment decision for this SMR project at Doicești, which is a major milestone. That, of course, positions Romania among the European leaders in SMR deployment.
In terms of tritium removal facility project, the budget was a little bit lagged in 2025 due to engineering delays, but in the last quarter we corrected. We proposed some measure from corrections and, of course, we expect improvements in the results for the next year. We also have the medical isotope project, lutetium-177. The project is currently in the conceptual design stage, as we know, but we have established stages for 2027 and 2028. Because the technical performance is equally important as the financial performance of the company, I will present you briefly the performance. We have radioactive emissions accumulated for Units 1 and 2 below the annual limit.
We have 8.7, and the annual limit is 9.5. In terms of the burnup factor, we have cumulated burnup factor for 2035 of 172 MWh/kg uranium, with above the minimum of 156 MWh/kg. Capacity factor for the two units in 2025 is 89.34%, a high capacity factor for nuclear field. I would like to emphasize the fact that the next meeting and results will be published on May 22, 2026, which will represent the report for first quarter of 2026. Thank you.
If you have any questions, please feel free. Hi, Valentina. Thank you so much for the presentation. It was a great result, and I actually enjoyed the presentation very much. This is Kaius. Thank you.
Thank you, Kai.
My question was, actually, dealing with something that is on everybody's lips these days, and it's a quite difficult question. What is the impact, you think, on Nuclearelectrica, of the changes in energy markets brought by the conflict in the Gulf, and how do you guys see it?
I would imagine that you have most of your energy already contracted for 2026, 2027, so probably you're not gonna be able to participate in a price rally unless for the share that is on the day-ahead market. How do you guys see that, this question? The second would be regarding a bit more detail on your investment projects, the small modular reactors and Units 3 and 4, if you can give us more nuance outside of what is on the presentation? Thank you.
I will take on the questions. Hi, this is Daniel Adam. Thank you, Roxanna, for the presentation. On the sell side of the first question, regarding the Middle East conflict, what we are seeing in the market is an increase in prices, mainly due to the fact that gas, besides oil, is affected by the conflict there. We were able to capture some of these new prices, because we are not 100% sold for this year. We already, in the last weeks, closed contracts based on this new, higher price, which came on the heels of this conflict.
I want to make also a statement regarding the expenses or supply side. We don't see any major impact. As you know, we have ample reserves of uranium, and most of our fuel bundle value chain is how to say, localized in Romania. So, the impact on cost will be fairly limited to maybe shipping costs for spare parts and so on. But in general, we are having some benefits due to the price rally that you are mentioning about. Regarding the Units 3 and 4, as you know, we are still in this LNTP phase, and will be for most of the year. There, we don't foresee any negative developments in that project.
The consortium is delivering the LNTP deliverables that they need to do. So far that project is on track based on the calendar that we have assumed once we entered in this LNTP phase.
Thank you so much, Daniel. Just to be a little bit more precise, these contracts that you're signing, if you can disclose of course, are for 2026 or 2027?
They are also for 2026 and also 2027.
Okay. We assume.
We are never 100% fully sold. This fills in throughout the year. Once we are closing the year, we are getting closer and closer to 100%. Mind you, not even in December we are at first of December, we are not fully 100% because there are some variances due to the refueling of the station and so on. We always have also, even in December, we have a part like we had last year.
Right.
We have a part which stays on the spot market. We are still signing forward.
Right.
Forward contract for this year and the next.
Excellent. Thank you so much. We should assume that, well, anyway, towards the end of the year you'll have the same, more or less split in about 10%, 12%, 16%, spot market and the rest on, forwards.
Yes. This is in general how we are doing. Again, there are some variances in the operation of the plant due to the refueling cycles and so on. We wouldn't want actually to have like 100% sold out.
Of course.
...Capacity.
Sure.
Because then, that will get you into the balancing market. If you have a small decrease in output and, depending on the state of the balancing market, the fees there can be very steep, as you know.
Yeah. Understood. Thank you so much. This is of course if the regulator is not gonna come with another matching mechanism, if the prices go higher.
We hope not, considering all the decisions that there were also from the Supreme Court and the EU and so on. We deem it unlikely. On this we need to wait and see. We don't see it at this moment.
Thank you so much for the answers.
You're welcome.
Any other questions, please? Okay. If not, thank you very much. As usual, we are going to publish on our website investor relations page the presentation, the audio file, and as well the transcript in a couple of hours. Thank you all for joining us. Other than that, you can ask us any questions you want, anytime you want. Thank you.
Thank you.