Current Report according to the provisions of Law no. 24/2017 republished and FSA Regulation no. 5/2018 on issuers of financial instruments and market operations

Report date: May 22, 2025

Name of issuing entity: NUCLEARELECTRICA S.A. National Company

Registered office: 48 Iancu de Hunedoara Av., District 1, Bucharest

Telephone/Fax: 021.203.82.00 / 021.316.94.00

Fiscal code: 10874881

Trade Register Number: J1998007403409

Subscribed and paid-up share capital: RON 3,016,438,940

Regulated market on which the issued securities are traded: Bucharest Stock Exchange

To:                  Bucharest Stock Exchange

                        Financial Supervision Authority (“ASF”)

Significant event to report: Availability of the Quarterly Report for the 1st Quarter of financial year 2025

Societatea Nationala Nuclearelectrica S.A. (“SNN”) informs the shareholders and investors on the availability of the Quarterly Report for the 1st Quarter of financial year 2025, prepared in accordance with the provisions of art. 69 of Law no. 24/2017 regarding the financial instruments issuers and capital market transactions and with Appendix 13 to the ASF Regulation no. 5/2018, starting with May 22, 2025, 08:00 HRS, as follows:

• In written format, by request, at the Bucharest Headquarters, 48 Iancu de Hunedoara Av., District 1, External Communication, Sustainability and Investor Relations Department;
• Electronically on the company’s website, in the “Investor Relations – 2025 Financial Results” section (www.nuclearelectrica.ro).

The Quarterly Report for the 1st Quarter of financial year 2025 comprises:

• The main events in the company’s activity throughout the reporting period;
• Individual and Consolidated Financial Statements as of and for the three-month period ended on March 31, 2025;
• The Quarterly Report of the Board of Directors on the administration activity for the period January 1 – March 31, 2025. 

Main results

1. Individual Financial result for the period

In the 3 months period ended on 31 March 2025, SNN obtained a net profit of RON 513,656 thousand.

2. Consolidated financial results for the period

In the 3 months period ended on 31 March 2025, SNN Group obtained a net profit of RON 522,674 thousand.

3. Electricity sales (quantities, price and values) in the first quarter of 2025

The gross electricity production of the two operational units of Cernavoda NPP was 2,953,000 MWh in the first quarter of 2025; from this gross production, the own technological consumption of the Units during operation, ensured, from own production, was 232 thousand MWh in the first quarter of 2025.

Thus, the electricity generated and delivered in the National Energy System ("SEN") was 2,720,896 MWh in the first quarter of 2025, compared to the first quarter of 2024 (2,767,990 MWh), representing a decrease by 1.7%.

The net electricity production programme approved by the Board of Directors for 2025 (as reviewed in March 2025) considers a quantity of 9,817,605 MWh; for Q1 2025, a quantity of 2,659,645 MWh is envisaged; this was achieved 102.3%.

The installed power utilization factor, recorded by each operational unit within Cernavoda NPP in the first quarter of 2025, as well as in aggregate from the start of commercial operation (Unit 1 on 2 December 1996, Unit 2 on 1 November 2007) until 31 March 2025, was as follows:

There were no outages of Cernavoda NPP units in Q1 2025.

Electricity sales (quantities, prices and values) in the Q1 2025

^*) Note: the values also include RON 463,377 of additional system balancing income, according to ANRE Order 213/2020

Until 31 December 2024, SNN was a seller under the Centralized Electricity Acquisition Mechanism (MACEE), set up under the Government Emergency Ordinance no. 153/2022. OPCOM S.A., as sole buyer, according to Article 2 and Article 3(2) of the Government Emergency Ordinance no. 153/2022, buys electricity from producers and sells it to buyers at the price of 450 RON/MWh, via the Electricity Centralized Acquisition Mechanism and 400 RON/MWh for that contracted after 1 April 2024. In 2024, SNN sold via MACEE, to OPCOM, a quantity of 5,110,338 MWh, of which 1,880,866 MWh in Q1.

The amount of electricity sold under contracts on the spot market (DAM and IDM) as well as on the PE (March estimate) market is 2,728,505 MWh, i.e. 1% below the sales programme of 2,708,132 MWh (measured according to the production forecast, without estimating unplanned outages), and 1.9% lower than the amount of electricity sold in Q1 2024.

The difference between the electricity sold by the Company and the electricity generated and delivered by Cernavoda NPP (7.6 thousand MWh) is represented by the electricity purchased in order to fully cover contractual obligations, 6% of which was purchased on the spot market and 94% on the PE market.

The income gained on the electricity market related to electricity deliveries in Q1 2025 amount to RON 1,442,627,280, 2% higher than the income budgeted and 23.3% higher compared to the amounts gained in Q1 2024.

The weighted average sales price for the electricity sold (without PE) achieved in Q1 2025 is 538.99 RON/MWh (including Tg). For comparison, the weighted average price of all transactions concluded on the markets in which SNN was active in 2025 (CMBC-EA-flex, CMBC-CN, CM-OTC, DAM and IDM), calculated based on the values published by OPCOM in the monthly market reports, is 602.72 RON/MWh. In the first quarter of 2024, the weighted average sales price for the energy sold (without MACEE and PE) was 354.72 RON/MWh (including T_g).

The quantities of electricity sold on the competitive market of bilateral contracts represented a percentage share of 89.86% of the total volume of electricity sold (including imbalances) in Q1 2025, compared to a percentage share of 1.06% reported in Q1 2024.

The average sales price under bilateral contracts in Q1 2025 was 512.70 RON / MWh (T_g included), going up by 10% compared to the average price recorded in Q1 of the previous year, i.e. 465.90 RON / MWh (T_g included), provided that the value of the transmission tariff for injection of electricity into the grid T_g amounted to 3.82 RON /MWh effective 1 April 2024 (according to the ANRE Order no. 109/20.12.2023) and to 3.29 RON / MWh effective 1 January 2025 (according to the ANRE Order no. 99/20.12.2024).

In Q1 2025, electricity accounting for 9.84% of the total sales value was sold on the spot market (DAM and IDM), as compared to 30.81% in Q1 2024. The average sale price of energy on the spot market (DAM and IDM) achieved by SNN in Q1 2025 was 659 RON/MWh (T_g included), as compared to 350.87 RON/MWh (T_g included) in Q1 of the previous year.

4. Investments degree of completion at the end of the first quarter 2025

The total value of SNN's investment programme for the year 2025 is RON 3,431,292 thousand (without repayments of instalments related to external investment loans), as approved by Resolution no. 3/09.04.2025 of the Ordinary General Meeting of Shareholders.

Of the total programme amount, about 91% are investments in progress, while new investments, upgrades and facilities aggregately account for about 9% of the total. The investment programme was built on general assumptions such as the existing contractual commitments, estimates of commencement of new investment projects and the need to adjust budgets depending on the status of their implementation or contracting.

SNN’s 2025 investment programme includes the investment programmes needed in the Cernavoda NPP Branch, the Pitesti NFP Branch and the Headquarters, which are estimated to be completed by the end of 2025, as well as investment projects due to be completed in the upcoming years, including also allocation of loans and capital contributions intended for the subsidiaries EnergoNuclear, RoPower Nuclear and Feldioara FPCU to support completion of the strategic projects in various implementation stages.

When sizing the investment development programme, S.N. Nuclearelectrica S.A. took into account the need of the branches (Cernavoda NPP and Pitesti NFP) regarding production continuity, respectively reaching the highest possible level of production capacity utilization (EAF – Energy Availability Factor) in compliance with the nuclear safety regulations and with the long-term maintenance of the level of excellence in the operation of the plant.

At the same time, the development programme also responds to the need to modernize/upgrade some of the plant's systems, which for economic reasons (reductions in specific consumption, improvement of certain characteristic parameters of the processes served, with a positive impact on efficiency), and for legal reasons, require the implementation of certain improvements associated with nuclear safety, environmental protection and work safety, these representing imperative requirements, coming from the regulatory authorities in the field.

The investment programme of SNN for 2025 was dimensioned in terms of value, taking into account ongoing contractual commitments, estimates regarding the investment objectives to be achieved by the end of 2025, including amounts allocated to certain investment projects for which the fulfilment of certain requirements beyond SNN's control was anticipated (for example: prior approvals of certain regulatory authorities, legal deadlines regarding the completion of public procurement procedures including appeals, obtaining the necessary approvals from the SNN corporate bodies, etc.), to allow the implementation of these projects within the approved budget values.

The comparative statement of investments made (as values and as percentages) for the period 1 January - 31 March 2025 compared to the same period of 2024 is presented in the table below:

Further information may be obtained from the External Communication, Sustainability and Investor Relations Department, e-mail: investor.relations@nuclearelectrica.ro.

Cosmin Ghita                                                                                                           

Chief Executive Officer