Romanian state-controlled nuclear power producer Nuclearelectrica (SNN) posted a higher-than-expected net profit in the first half of 2025, as stronger financial income offset a surge in windfall tax expenses, brokerage firm Swiss Capital said in a note published on Monday on BVB Research Hub.
The company booked a net profit of RON 867 million (EUR 173 million) in the first six months, up 3% year-on-year and 7% above Swiss Capital’s forecast. The beat was mainly driven by a 38% rise in net financial income to RON 221 million, including higher foreign exchange gains and revaluation of assets transferred to its uranium subsidiary Feldioara.
Power sales rose 33% to RON 2.62 billion, helped by a 25% increase in average realized prices to RON 520 per megawatt-hour (MWh) and 6% higher volumes sold. The company shifted almost entirely to bilateral contracts following the shutdown of Romania’s centralized electricity purchase mechanism (MACEE) in January, the report showed.
However, operating expenses climbed 52% to RON 1.93 billion, above estimates, due largely to a surge in windfall tax liabilities to RON 505 million from just RON 6 million a year earlier. The tax expired at the end of June 2025.
Looking ahead, Swiss Capital expects Nuclearelectrica’s full-year 2025 net profit to rise 21% year-on-year to RON 2.06 billion (EUR 400 million), underpinned by higher prices and volumes, combined with the removal of the windfall levy in the second half. The brokerage forecasts electricity sales of RON 5.41 billion, with average realized prices up 13% to RON 512 /MWh and volumes rising 3% to 10.6 TWh.
Nuclearelectrica’s shares were trading at RON 46.8 on August 20, valuing the company at RON 14 billion (EUR 2.76 billion). The SNN shares have brought investors a return of 19% since the beginning of this year (dividends included), compared with a 30.6% increase for the BET-TR index.
BVB Research Hub offers a wide range of reports on Romanian listed companies by local and international brokerage firms and other valuable resources for investors, such as company comparisons, ESG scores, and financial education tools.
editor@romania-insider.com
(Photo source: Nuclearelectrica Official Facebook page)
Leave a Reply