We should start the teleconference. My name is Valentina Dinu. I am IRO with Nuclearelectrica. Before starting the teleconference, I would like to ask for your permission to record the teleconference so we can publish it on our website, which I'm about to do right now. Here with me today is CFO of the company, Mr. Daniel Adam. I'm going to kindly ask him to start the presentation. You can feel free to ask any questions during the presentation or afterwards. Thank you. Daniel, please.
Hello, everybody. We are going through to unaudited individual and consolidated financial statements for the three-month period ended 31st of March 2026, and we will move to the three months 2026 financial results highlights. The net profit equals RON 887 million, with 72.8% higher than the same period of last year, 2025, and with 5.9% or RON 49 million better than the first quarter in the budget of 2026. The increases mainly came from sales of electricity, RON 137 million, based on the higher average selling prices with 13.4%, and for a slightly lower quantity with 3.3%. We have also higher financial result with 27% as a result of the increase in the interest income, and the positive impact from the currency exchange rates. Windfall and windfall tax. As you know, the windfall tax was stopped at the 30th of June last year.
We have zero expense on that in 2026. We did have RON 341 million in the first quarter of last year. We have also higher income tax due to the increased profit of this year versus the last. We have also an increase of 3% on OpEx. This comes mainly from the waste disposal tax, which in October last year increased by regulatory decision from EUR 2 to EUR 4 per megawatt, with an impact of RON 25 million. I think we can skip that because we discussed already the main highlights. In terms of the waterfall that you see, it is plainly visible that the main impact for the increased net result is coming, first of all, from the windfall tax, which has the biggest contribution. Let's say the second is the sales of electricity, RON 138 million.
We did have also some negative impacts, the RON 69 million on income tax that we mentioned previously. We do have also an increase in depreciation and amortization. This comes, as you may remember, from the increase in value of the assets due to the revaluation done at the end of last year and the increase in OpEx, the indirect tax and another tax hike started in October last year. On the individual versus consolidated financial performance, this basically comes from the intercompany adjustments. In total, the total effect on profit is RON 36 million, so not really material. I would not bore you with each element. If you have questions, we can address this in the Q&A session at the end. On the financial position, we do have increase of non-current assets, RON 355 million or 2.7% increase. This comes RON 346 from a net increase in tangible assets.
We have RON 546 million, the net impact of the inflows and outflows of tangible assets. This relates to many inflows from the investments with a strong weight towards Unit 1 refurbishment project, which, as you know, is in progress. RON 200 million decrease represents the expense of depreciation and the impairment of fixed assets. On current assets, we do have an increase of 16% or RON 790 million. RON 970 million. It's a 34% increase in cash and bank deposits with a maturity of more than three months.
An increase in cash equivalents as a result of the liquidation of deposit and the collection of treasury certificates maturing in March 2026. The non-current liabilities increased to just RON 7 million, due to liability provision as for the waste storage, WIPP, lower radioactive waste, and nuclear safety salaries risk. On current liabilities, we have an increase of RON 250 million or 20%.
This comes from the increase in income tax due, at the end of quarter one 2026, and an increase of RON 49 million, increase in trade and other payables, mainly influenced by obligations towards suppliers like Amb energy and Ansaldo. Equity. In equity, of course, we are seeing the increase of retained earnings from the prior results allocation. On the individual to consolidated position, of course, the main difference is represented from the cancellation of interco transaction as loans to subsidiaries, and there is nothing special to mention. Let's move to the sales of electricity. The electricity sales evolution from quarter one 2025 to quarter one 2026, is determined mainly by an increase in weighted average selling price with OTG of 13.2%, for, as we mentioned, the slightly lower quantity with 3.3%.
On the competitive market, we have a slight decrease in revenue, related to also an increase in prices, but also a decrease in quantity sold with 13%. On the spot market, we have a 84% decrease in revenue related to decrease in quantity sold, and a slight decrease in price with 1.71%. Also a small decrease in balancing market. The sales mix was different, which determined the increase in the average price without OTG, 13.2%, but also more favorable revenue mix on the spot market. In terms of sales structure analysis on the competitive market for PCCB, the quantity of electricity sold represented 80.6% of the total sales of electricity, compared with 89.9% recorded in first quarter of 2025. The average selling price during the period was RON 582 per megawatt, which is an 14.3% increase versus the same period of 2025, which was RON 509 per megawatt.
On the spot market, the quantities of electricity represented 19% of the total sales. The average price on the spot market was RON 644 per megawatt compared with RON 665 per megawatt in 2025. A slight decrease. In terms of a higher spot market weight in quarter one of this year versus last year, we can adapt that here we are seeing a bit of Iran conflict effect. Basically, some of the customers waited in the end of February and March to see how the market would go. It was kind of a standstill or a waiting period. On OpEx, we have RON 296 million reduction compared to Q1 of 2025 and RON 59 million compared with the budget. With the proposed budget is not yet an approved budget. The increase in costs are coming mainly from depreciation and amortization.
This is mainly determined by the increase in the net book value of these assets revaluated at the end of last year. Of course, updated to actual market prices and ANDR contribution, which increased with RON 25 million due to the increase in tariff per megawatt from 2 to 4. This increase was compensated, as we previously stated, by the elimination of the windfall tax, with a difference from last year of RON 341 million. We had also decreases in operating expenses, mainly due to decrease in legal and consulting services, which were lower with almost 14% versus last year. The cost of traded electricity, we had a decrease of 46% due to the decrease of 18.4% from the balancing market compared with the same period of last year. The CapEx, we have RON 538 million CapEx expenditure from RON 3.4 billion program. This is 15.7% completion.
Versus last year, we do have slightly better completion. Last year was only 14.1%. Of course, out of this CapEx, as you know, the biggest part is the refurbishment of Unit 1, which is in progress. Aspects related to the main investment and long-term strategic progress. Updates on Unit 1 refurbishment. In the first quarter of 2026, the activities under PPC contract, the PMO framework, and the EPC contract continued as scheduled. An important note here, on April 16, the EU Commission opened as a standard procedure, an in-depth state aid investigation into Romanian state support for the refurbishment of Unit 1. This in-depth analysis is very characteristic to large projects and especially to nuclear projects.
On May 18, SNN announced completion of the first continuous concrete pour of the permanent structures into the refurbishment project, the most complex operation of its kind carried out at the plant since the construction works of Unit 2 in 2007. 3,417 cu m of concrete were used to execute the foundation. About 380 concrete mixer trucks used. In terms of Unit Three and Four project, in the first quarter of 2026, through extraordinary general meeting of shareholder resolution, SNN approved acting as a guarantor for EnergoNuclear in securing a loan of up to EUR 46 million, equivalent, the loan is in U.S. dollars, from the Export-Import Bank of the United States.
The same resolution also approved the conclusion of the corresponding credit agreement of about EUR 46 million equivalent in USD between EnergoNuclear as a borrower, SNN as a guarantor, and US EXIM as a lender, and JPMorgan Chase as a documentation agent. These loans were actually signed in April. May 18, 2026, SNN informed that the small SMR project is currently in the phase preceding stage three, pre-EPC phase. This stage includes a list of activities to be carried out by RoPower. Completion of geotechnical investigation of the site, continuation of the licensing process, finalization of the negotiation of the Pre-EPC, and of the contracts for the procurement of long lead materials, definition of supply chain materials and equipment, and preparation of the company for the Pre-EPC and later on EPC stages.
On CTRF, on the treatment removal facility, in the first quarter of 2026, KHNP continue negotiating contracts for the non-CANDU procurement packages, reaching 18 signed contracts out of 23 at the end of March. Construction activities are focused on the 95M level, encompassing structural metalwork assembly, formwork installation, and bush hammering with rebar cleaning following the concrete pouring. At levels 91 and 95M. Preparatory works for the wall waterproofing membrane installation were initiated. Additionally, the operating training program for the pilot facility was successfully completed. On the medical isotopes project, the lutetium-177, in the first quarter of 2026, Cernavoda approved on the design change related to the project implementation. A number of documents pertaining to the conceptual design stage were reviewed and approved. The nuclear safety reviews were completed and led the identification of the best solution for certain equipment. Nuclear safety and production continuity will not be affected.
In terms of the technical performances, in all three months, January, February, March, the radioactive emissions were in green under the standard approved levels. The nuclear fuel burnup was 172 over the planned level of 156 MWh/kg of uranium. The capacity factor for accumulated units in quarter one of 2026 was 94.58%. Satisfactory performance. That's it. Thank you for your attention. We are waiting for your questions.
If you have any questions, please go ahead. Well, if not, thank you very much for joining us in. As usual, Oh, I think we have a question. Could you tell us why it's not available anymore, the option to vote in GMS through e-vote platform for retail investors? It is more easier, more transparent, less bureaucratic, and most environmental friendly than any other option. Yes, I will answer this. We do not have implemented yet the e-vote. We are going to do so in the future. Nonetheless, the e-vote is not going to exclude the physical presence for the GMS meetings. Thank you. Any other questions, please? On the SMR project, do you see any material risk coming from NuScale? Can you provide any color on the expectations for the second quarter?
We don't see any material risk coming from NuScale. The answer is not. On the second point on the color of the expectations. Yes, we'll have an impact from the unplanned stoppage from Unit 2, but this is yet to be determined, and we'll know more at the end of the unplanned stop. Still, we are expecting positive results and so on.
Okay, I see no other questions. We are going to post this afternoon the audio file and the presentation on our investor relations page. Thank you very much for joining this teleconference. Have a great afternoon. Thank you.
Thank you.