Interim report
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This is a free translation from the Romanian version. In case of any differences between the Romanian and English version, the Romanian version prevails QUARTERLY REPORT on the economic and financial activity of S.N. Nuclearelectrica S.A. according to the provisions of Article 69 of Law no. 24/2017 regarding the issuers of financial instruments and market operations, and to Appendix no. 13 to the ASF Regulation no. 5/2018 regarding the issuers of financial instruments and market operations, for the 3 months period ended on 31 March 2025 (Q1 of the financial year 2025) Basis of the report: Article 69 of Law no. 24/2017 regarding the issuers of financial instruments and market operations, as republished on 10 August 2021, and Appendix no. 13 to ASF Regulation no. 5/2018 for the 3 months period ended on 31 March 2025 (Q1 of the financial year 2025) Date of report: 20 May 2025 Name of the issuer: S.N. Nuclearelectrica S.A. (“SNN”) Headquarters: Bucharest, Bulevardul Iancu de Hunedoara, nr. 48, Sector 1 Phone/fax number: +40 21 203 82 00; +40 21 316 94 00 Web/Email: www.nuclearelectrica.ro; office@nuclearelectrica.ro Single Code of Registration with the Office of the Trade Register: 10874881 Registration number with the Trade Register: J1998007403409 Subscribed and paid-up share capital: RON 3,016,438,940 Regulated market on which the issued securities are traded: Bucharest Stock Exchange (www.bvb.ro), Premium category The main characteristics of securities issued: 301,643,894 shares, each with the nominal value of RON 10/share, in dematerialized form, registered, ordinary, indivisible, with equal rights to vote, freely tradable with Bucharest Stock Exchange under SNN symbol of 4 November 2013. Applicable accounting standards: Individual and Consolidated Interim Financial Statements as at and for the 3 months period ended on 31 March 2025 prepared in accordance with the Order of the Minister of Public Finance no. 2844/2016 for the approval of Accounting Regulations compliant with the International Financial Reporting Standards (“IFRS- EU”) adopted by the European Union, based on International Accounting Standard 34 - "Interim Financial Reporting”, adopted by the European Union. Reporting currency: (Romanian Leu (RON) - all amounts are expressed in RON, unless otherwise expressly provided for. Reporting period: Q1 of the financial year 2025
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This is a free translation from the Romanian version. In case of any differences between the Romanian and English version, the Romanian version prevails 2/10 TABLE OF CONTENTS 1. ECONOMIC AND FINANCIAL POSITION ................................................................................................... 3 2. IMPORTANT EVENTS .................................................................................................................................... 5 3. ECONOMIC AND FINANCIAL RATIOS ....................................................................................................... 8 4. STATEMENTS AND SIGNATURES .............................................................................................................. 9 5. APPENDICES ................................................................................................................................................. 10
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S.N. Nuclearelectrica S.A. Quarterly report related to Q1 of the financial year 2025 (All amounts are expressed in RON, unless otherwise expressly provided for.) This is a free translation from the Romanian version. In case of any differences between the Romanian and English version, the Romanian version prevails 3/10 1. ECONOMIC AND FINANCIAL POSITION The Information and the Individual Interim Financial Statements, as well as the Consolidated Interim Financial Statements as at and for the 3 months period ended on 31 March 2025 disclosed in this report are unaudited and have prepared in accordance with the Order of the Minister of Public Finance no. 2844/2016 for the approval of Accounting Regulations compliant with the International Financial Reporting Standards (“IFRS”) adopted by the European Union, based on International Accounting Standard 34 - "Interim Financial Reporting”, adopted by the European Union. The ratios presented are in lei (RON), unless otherwise specified. 1.1. INDIVIDUAL ECONOMIC AND FINANCIAL POSITION a) Individual Statement of Financial Position as at 31 March 2025 Ratio [Thousand RON] 31 March 2025 (unaudited) 31 December 2024 (audited) Variation Fixed assets 8,391,774 8,133,814 3.2% Current assets 5,893,412 5,992,916 (1.7%) Total assets 14,285,186 14,126,730 1.1% Long-term liabilities 396,197 399,163 (0.7%) Current liabilities 1,032,102 1,384,336 (25.4%) Total liabilities 1,428,299 1,783,499 (19.9%) Equity 12,856,887 12,343,231 4.2% Total equity and liabilities 14,285,186 14,126,730 1.1% b) Individual Profit and Loss Account Statement and comprehensive income for the 3 months period ended on 31 March 2025 Ratio [Thousand RON] The 3 months period ended on 31 March 2025 (unaudited) The 3 months period ended on 31 March 2024 (unaudited) Variation Production (GWh)* 2,721 2,768 (1.7%) Operating income, of which: 1,489,933 1,205,339 23.6% Income from the sale of electricity** 1,437,092 1,162,493 23.6% Operating expenses, less depreciation and impairment and CFTE (443,639) (438,038) 1.3% Expenses related to contribution to the CFTE Energy Transition Fund (340.662) - 100% EBITDA 705,632 767,301 (8%) Depreciation and impairment (175,335) (164,394) 6.7% EBIT 530,297 602,907 (12%) Financial income 92,001 82,358 11.7% Financial expenses (6.305) (12,710) (50.4%) Net financial result 85,696 69,648 23% Net corporate income tax expenses (102,337) (109,285) (6.4%) Net profit 513,656 563,270 (8.8%) *Electricity produced and delivered by Cernavoda NPP in the National Energy System. **Including income from the sale of thermal energy, insignificant in total income.
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S.N. Nuclearelectrica S.A. Quarterly report related to Q1 of the financial year 2025 (All amounts are expressed in RON, unless otherwise expressly provided for.) This is a free translation from the Romanian version. In case of any differences between the Romanian and English version, the Romanian version prevails 4/10 1.2. CONSOLIDATED ECONOMIC AND FINANCIAL POSITION The Consolidated Interim Financial Statements prepared as at and for the 3 months period ended on 31 March 2025 include the Individual Interim Financial Statements of SNN and its subsidiaries, together hereinafter referred to as the “Group” or “SNN Group”. As at 31 March 2025, the Company's subsidiaries are: Subsidiary Activity Sole registration number Registered Office participating interest % as at 31 March 2025 Energonuclear S.A. “Engineering activities and related technical consultancy” - CAEN code 7112 25344972 Bucharest, sector 2, Bd. Lacul Tei, nr. 1 - 3, Lacul Tei Offices Building, 8th floor 100% Fabrica de Prelucrare a Concentratelor de Uraniu - Feldioara S.R.L. “Processing of nuclear fuel” - CAEN code 2446. 44958790 Brasov county, Feldioara locality, Str. Dumbravii nr. 1, Administrative building, ground floor 100% Nuclearelectrica Serv S.R.L. “Repair of machinery” - CAEN code 3312 45374854 Constanta County, Cernavoda Locality, Str. Energiei nr. 21, Hotel nr. 2, Building B, 1st floor 100% a) Consolidated Statement of Financial Position as at 31 March 2025 Ratio [Thousand RON] 31 March 2025 (unaudited) 31 December 2024 (audited) Variation Fixed assets 8,337,871 7,806,860 6.8% Current assets 6,002,115 6,315,532 (5%) Total assets 14,339,986 14,122,392 1.5% Long-term liabilities 399,204 399,852 (0.2%) Current liabilities 1,117,468 1,421,901 (21.4%) Total liabilities 1,516,672 1,821,753 (16.7%) Equity 12,823,314 12,300,639 4.6% Total equity and liabilities 14,339,986 14,122,392 1.5%
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S.N. Nuclearelectrica S.A. Quarterly report related to Q1 of the financial year 2025 (All amounts are expressed in RON, unless otherwise expressly provided for.) This is a free translation from the Romanian version. In case of any differences between the Romanian and English version, the Romanian version prevails 5/10 b) Consolidated Statement of Profit and Loss Account and comprehensive income for the 3 months period ended on 31 March 2025 Ratio [Thousand RON] The 3 months period ended on 31 March 2025 (unaudited) The 3 months period ended on 31 March 2024 (unaudited) Variation Production (GWh)* 2,715 2,761 (1.7%) Operating income, of which: 1,517.580 1,247,642 24.9% Income from the sale of electricity** 1,437,088 1,162,488 23.6% Operating expenses, less depreciation and impairment and CFTE (456,752) (453,139) 0.8% Expenses related to contribution to the CFTE Energy Transition Fund (340,662) - (100%) EBITDA 720.166 794,503 (4.3%) Depreciation and impairment (176,686) (165,676) 6.6% EBIT 543.480 628,827 (7.1%) Financial income 90,252 82,310 9.6% Financial expenses (8,998) (12,827) (29.6%) Net financial result 81,254 69,483 16.9% Share of profit or loss of related entities and joint ventures 1,396 (66) Net corporate income tax expenses (103,456) (109,330) (5.4%) Net profit 522.674 588,914 (4.4%) *Electricity produced and delivered by Cernavoda NPP in the National Energy System. **Including income from the sale of thermal energy, insignificant in total income. 2. IMPORTANT EVENTS 2.1 Important events in Q1 of the financial year 2025 Cernavoda NPP Unit 1 Refurbishment Project As at 11 February 2025, SNN provided the consortium with the formal Notice to Proceed under the Engineering, Procurement and Construction (EPC) contract. In parallel, steps have been taken to launch procurement for the U1 turbine generator, with the contract due to be signed in July 2025. As at 26 February 2025, the Ministry of Environment, Water and Forests published on its website the decision to issue the environmental agreement for the project “Refurbishment of Cernavoda NPP Unit 1 and Extension of the Intermediary Spent Fuel Storage Facility with MACSTOR 400 modules”, together with the draft environmental agreement. Later, as at 20 March 2025, the Ministry of Environment, Water and Forests published the Memorandum of Reasons of the Government Decision and the draft Government Decision on the issuance of the Environmental Agreement. 2.2 Important events subsequent to 31 March 2025 Approval of the income and expenditure budget for 2024 By the OGMS Resolution no. 3 dated 9 April 2025, SNN informs the shareholders of the approval of the income and expenditure budget for 2025.
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S.N. Nuclearelectrica S.A. Quarterly report related to Q1 of the financial year 2025 (All amounts are expressed in RON, unless otherwise expressly provided for.) This is a free translation from the Romanian version. In case of any differences between the Romanian and English version, the Romanian version prevails 6/10 Changes in the management of the Company - Board of Directors With the Resolution no. 3/09.04.2025 of the Ordinary General Meeting of SNN's Shareholders, the form and content of the addendum to the mandate contract to be concluded with the members of the Board of Directors, as proposed by the shareholder, i.e. the Romanian State through the Ministry of Energy, was approved. With the Resolution no. 5/24.04.2025 of the Ordinary General Meeting of Shareholders of (“OGMS”), the following changes in the membership of the Board of Directors were approved: • revocation from office of the following members of the Board of Directors for reasons other than their fault, with a view to meeting Milestone no. 121 of the Romanian National Recovery and Resilience Plan of Romania, in accordance with the provisions of Article 13.1 of the Contract of Mandate (ballot vote): Chirica Theodor Minodor, Ghita Cosmin, Popescu Elena, and Vulpescu Remus. • election of the following provisional members of the Board of Directors (secret ballot) for a 5-month term of office, according to the provisions of the Government Emergency Ordinance no. 109/2011 on the corporate governance of public enterprises, as subsequently amended and supplemented: Burlacu Oleg, Cazan Nicolae Laurentiu, Nicolescu Petre Iulian, Nitulescu Pavel Casian, Purica Ionut. In the same meeting, commencement of the selection procedure for the offices that remained vacant after expiry of the 5-month provisional offices of the new members of the Board of Directors, according to the provisions of the Government Emergency Ordinance no. 109/2011 on the corporate governance of public enterprises, as subsequently amended and supplemented, was also approved. The selection procedure will be carried out by the Ministry of Energy, as public supervisory authority. In the Board of Directors’ meeting of 8 May 2025, Mr. Ionut Purica was appointed as Chairman of the Board of Directors of Nuclearelectrica, effective 8 May 2025 and until the lapse of his director office. Also, during the same meeting, the membership of the Advisory Committees serving under the Board of Directors of Nuclearelectrica was updated, as follows: The Nomination and Remuneration Advisory Committee: Laurentiu Nicolae Cazan - President; Vasilica Grajdan - Member; Oleg Burlacu - Member; The Audit Advisory Committee: Vasilica Grajdan - President; Oleg Burlacu - Member; Dumitru Chirlesan - Member; The Nuclear Safety Advisory Committee: Pavel Casian Nitulescu - President; Dumitru Chirlesan - Member; Ionut Purica - Member; The Strategy, Development and Large Investment Projects Advisory Committee: Oleg Burlacu - President; Pavel Casian Nitulescu - Member; Laurentiu Nicolae Cazan - Member; Ionut Purica - Member; Petre Iulian Nicolescu - Member;
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S.N. Nuclearelectrica S.A. Quarterly report related to Q1 of the financial year 2025 (All amounts are expressed in RON, unless otherwise expressly provided for.) This is a free translation from the Romanian version. In case of any differences between the Romanian and English version, the Romanian version prevails 7/10 The Risk Management Advisory Committee: Ionut Purica - President; Pavel Casian Nitulescu - Member; Petre Iulian Nicolescu - Member; The ESG Advisory Committee (newly established): Petre Iulian Nicolescu - President; Vasilica Grajdan - Member; Dumitru Chirlesan - Member. Development of the first small modular reactor (SMR) – RoPower Nuclear S.A. With the Resolution no. 4/09.04.2025 of the Ordinary General Meeting, the shareholders approved execution by SNN, as lender/creditor, of an Addendum to the Framework Loan Agreement no. 1 dated 16 August 2023, for amendment of the subject-matter of the abovementioned loan agreement to the effect of including also the expenses related to acquisition of the site for to the SMR Project of Doicesti, the expenses related to the granting of guarantees by SNN for the loans taken out by the Special Purpose Vehicle Ropower Nuclear S.A. from third-party lenders, and the related financing costs in the scope of the financing granted by SNN to the Special Purpose Vehicle Ropower Nuclear S.A. The amounts extended by SNN to finance acquisition of the SMR Project’s site of the Doicesti were secured by setting up a mortgage on the land to be acquired by the Special Purpose Vehicle Company Ropower Nuclear S.A., on the basis of the financing granted by SNN, in favour of SNN. Approval of distribution of the net profit of financial year 2024 By the Resolution no. 5/24.04.2025 of the Ordinary General Meeting of Shareholders (“OGMS”) approved distribution of the net profit of the financial year 2024 by applications, the total gross amount of the dividends of RON 815,172,311, the amount of the gross dividend per share of RON 2.70243266/share, the dividend payment date, i.e. 24 June 2025, and the payment methods, as provided in the Note presented to the shareholders. Cernavoda NPP Unit 2 entering the planned outage programme Under the current report of 9 May 2025, SNN announced that Cernavoda NPP Unit 2 would enter the planned outage programme effective 11 May 2025. Desynchronization from the National Energy System will take place at 11:00 AM. Planned outages are complex projects, initiated 24 months before the planned date, and have appropriate project management team, time for completion, and HR planning and budgeting. During the planned outage, activities from the following programmes will be carried out: - Preventive maintenance programme; - Corrective maintenance programme; - Inspection programme; - Mandatory testing programme during the planned outages; - Programme for implementing project changes. The works will be carried out in safe conditions for the plant staff, the public and the environment, according to the approved procedures used at Cernavoda NPP.
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S.N. Nuclearelectrica S.A. Quarterly report related to Q1 of the financial year 2025 (All amounts are expressed in RON, unless otherwise expressly provided for.) This is a free translation from the Romanian version. In case of any differences between the Romanian and English version, the Romanian version prevails 8/10 3. ECONOMIC AND FINANCIAL RATIOS SNN and SNN Group performances are found as well, in the fulfilment of the main economic and financial ratios, as follows: Name of ratio Calculation method M.U. Amount as at 31 March 2025, based on the Individual Financial Statements Amount as at 31 March 2025, based on the Consolidated Financial Statements 1. Current ratio Current assets/ Short-term liabilities x 5.71 5.37 2. Indebtedness ratio 2.1. Indebtedness ratio (1) Borrowed capital/ Equity x 100 % 0.0% 0.0% 2.1. Indebtedness ratio (2) Borrowed capital/ Capital employed x 100 % 0.0% 0.0% 3. Accounts receivable turnover ratio Average customer balance/ Turnover x 90 days 20.99 21.26 4. Assets turnover ratio*) Turnover/ Fixed assets x 0.69 0.69 *) Assets turnover ratio is calculated by annualization of the quarterly turnover (360 days/90 days).
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S.N. Nuclearelectrica S.A. Quarterly report related to Q1 of the financial year 2025 (All amounts are expressed in RON, unless otherwise expressly provided for.) This is a free translation from the Romanian version. In case of any differences between the Romanian and English version, the Romanian version prevails 9/10 4. STATEMENTS AND SIGNATURES Based on the best available information, we confirm that the Individual Interim Financial Statements as at and for the 3 months period ended on 31 March 2025, as well as the Consolidated Interim Financial Statements as at and for the 3 months period ended on 31 March 2025, prepared in accordance with the Order of the Minister of Public Finance no. 2844/2016 for the approval of Accounting Regulations compliant with the International Financial Reporting Standards (“IFRS-EU”), based on International Accounting Standard 34 - "Interim Financial Reporting” adopted by the European Union, provide a fair and true image regarding financial position, financial performance and cash flows for the 3 months period ended on 31 March 2025 and that such report, prepared in accordance with the provisions of Article 69 of Law no. 24/2017 regarding issuers of financial instruments and market operations, republished on 10 August 2021, and Appendix no. 13 to ASF Regulation no. 5/2018 regarding issuers of financial instruments and market operations for the 3 months period ended on 31 March 2025, included fair and true information in relation to SNN and SNN Group development and performance. Ionut Purica, Chairman of the Board of Directors Endorsed, Daniel Adam, Chief Financial Officer
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S.N. Nuclearelectrica S.A. Quarterly report related to Q1 of the financial year 2025 (All amounts are expressed in RON, unless otherwise expressly provided for.) This is a free translation from the Romanian version. In case of any differences between the Romanian and English version, the Romanian version prevails 10/10 5. APPENDICES 5.1 INDIVIDUAL INTERIM FINANCIAL STATEMENTS as at, and for the 3 months period ended on 31 March 2025 The Individual Interim Financial Statements as at, and for the 3 months period ended on 31 March 2025 prepared in accordance with the Order of the Minister of Public Finance no. 2844/2016 for the approval of Accounting Regulations compliant with the International Financial Reporting Standards (“IFRS-EU”) adopted by the European Union, based on International Accounting Standard 34 - "Interim Financial Reporting”, adopted by the European Union, as published on the website of S.N. Nuclearelectrica S.A. (www.nuclearelectrica.ro), section Investor Relations. 5.2 CONSOLIDATED INTERIM FINANCIAL STATEMENTS as at, and for the 3 months period ended on 31 March 2025 The Consolidated Interim Financial Statements as at, and for the 3 months period ended on 31 March 2025 prepared in accordance with the Order of the Minister of Public Finance no. 2844/2016 for the approval of Accounting Regulations compliant with the International Financial Reporting Standards (“IFRS-EU”) adopted by the European Union, based on International Accounting Standard 34 - "Interim Financial Reporting”, adopted by the European Union, as published on the website of S.N. Nuclearelectrica S.A. (www.nuclearelectrica.ro), section Investor Relations. 5.3 QUARTERLY REPORT of the Board of Directors regarding the management activity for the period 1 January - 31 March 2025 The quarterly report of the Board of Directors regarding the management activity for the period 1 January - 31 March 2025 drawn up based on the provisions of Article 69 of Law no. 24/2017 regarding the issuers of financial instruments and market operations, republished on 10 August 2021, and the Mandate Contracts concluded by the Board of Directors with SNN, is published on the internet page of S.N. Nuclearelectrica S.A. (www.nuclearelectrica.ro), section Investor Relations.