S.N. Nuclearelectrica (SNN) Q2 2026 earnings summary

Executive summary

• Net profit for H1 2026 reached RON 1,184 million, up 36.6% year-over-year, driven by higher electricity prices and the elimination of the windfall tax/Energy Transition Fund contribution, despite planned and unplanned outages.

• EBITDA increased 33.7% to RON 1,564 million, with EBIT up 40.2% to RON 1,143 million.

• Major investments advanced, including refurbishment of Unit 1, progress on Units 3 and 4, and the tritium removal facility.

• Financial results benefited from higher interest income and favorable FX movements.

• Strong liquidity and low indebtedness maintained, with significant cash reserves and ongoing capital investments.

Financial highlights

• Sales of electricity increased by 2.7% due to a 12.7% rise in average selling prices, offset by an 8.8% decrease in quantity sold.

• Operating expenses (excluding windfall tax/depreciation) rose 15.3% year-over-year, mainly from higher traded electricity costs and maintenance.

• CapEx for H1 2026 was RON 1.36 billion, representing 39.8% of the annual investment plan.

• Current assets rose 20% (RON 879 million), mainly from short-term loans and higher cash balances.

• Current liabilities doubled, mainly due to recognition of RON 1.2 billion in dividends payable.

Outlook and guidance

• No change to the commercial operation date for Unit 1 refurbishment, still targeted for summer 2030; project remains on time and on budget.

• Investment program for 2026 increased to RON 3,469.93 million, focusing on strategic projects and plant upgrades.

• Ongoing monitoring of Danube water levels due to drought, with mitigation measures in place to ensure operational continuity.

• No specific financial impact guidance for force majeure shutdowns; updates expected once water levels normalize.

• The company is preparing for the planned refurbishment shutdown of Unit 1 in 2027.