• Watch our year in review

    From breaking ground and installing centrifuges for our capacity project to building the Western world's first commercial scale HALEU plant, see what we achieved in 2024.

  • Business highlights

    Urenco CEO, Boris Schucht, walks you through the highlights of our 2024 activity.

  • Financial summary

    Our Chief Financial Officer, Ralf ter Haar, takes you through the key points of our 2024 financial performance.

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Financial highlights

Revenue

€1,877m

(2023: €1,922m)

Cash generated from operations

€668m

(2023: €1,049m)

EBITDA

€728m

(2023: €887m)

Capital expenditure

€471m

(2023: €282m)

Net income

€180m

(2023: €270m)

Net cash

€893m

(2023: €1032m)

Sustainability highlights

Reduced our water use by 10.5% compared to our baseline year of 2020

53% reduction in carbon emissions (scope 1 and 2) from our baseline year of 2019

Enriched enough uranium to generate an estimated 740,000 GWh of electricity from nuclear power, avoiding approximately 390 million tonnes of carbon emissions

Invested over €6.5 million in our social impact programme since 2021

Sustainability at Urenco means delivering for a net zero world whilst minimising our own impact on the environment, operating in an open and accountable manner and supporting our local communities. See our near term net zero targets approved by the SBTi.

Sustainability pages
Net Zero Standard Banner Image

Markets overview

  • Location Flag Bulgaria

    In March, Bulgaria’s Parliament ratified the intergovernmental agreement with the US on the construction of two nuclear reactors, at Kozloduy-7 and -8, which will use Westinghouse AP1000 technology.

  • Location Flag Czech Republic

    Like many countries, the Czech Republic is seeking to become more energy independent and reduce its reliance on fossil fuels. In July, South Korea’s KHNP won the Czech Government's competition for up to four new nuclear power units in the country. In September, the Czech Republic also chose UK’s Rolls-Royce SMR for a proposed SMR programme following an assessment of seven potential technology suppliers. The first SMR is planned by ČEZ at a site near the existing Temelín nuclear power plant in the 2030s.

  • Location Flag France

    In July, EDF announced that it would provide details of a plan for eight new reactors by the end of 2026, following a final investment decision on six reactors already in the planning stage. However, highlighting the ongoing challenges of constructing new nuclear facilities, the Government reported in March that the first commissioning of one of those six EPR2 reactors is now scheduled for 2038, delayed from the previously planned 2035.

  • Location Flag Germany

    Following the final s tage of its nuclear phase out policy in 2023, which saw all units shut down, the country continued its decommissioning and dismantling of power plants.

  • Location Flag Netherlands

    In October 2025, the Dutch Government formally submitted an amendment to the Nuclear Energy Act to Parliament that would allow the Borssele nuclear power plant to operate well beyond its current planned closure in 2033 – potentially until 2054 if safety conditions are met.
    Meanwhile, Dutch authorities have also expanded potential sites for two nuclear reactors and potentially two additional reactors. These include locations such as Tweede Maasvlakte (Rotterdam) and Terneuzen. However, because of this additional required work, the Government acknowledged that the earlier 2035 target for bringing the first new large reactor into operation will be difficult to meet. The new Dutch government took office on February 23 and will continue the nuclear programme.

  • Location Flag Poland

    In December, the European Commission concluded that Poland’s planned public support for its first largescale nuclear power plant complies with EU state aid rules, paving the way for the Government to sign a construction contract with a consortium of American companies led by Westinghouse. Poland aims to begin construction of the first unit of the plant in 2028 and complete it in 2036.

    Complementing this flagship project, Poland is also moving into SMRs. In August, it selected Włocławek as the site for its first SMR installation, where it plans to deploy two 300MW GE Hitachi BWRX-300 units by 2035, underscoring the country’s dual strategy of combining traditional nuclear capacity with emerging modular technologies.

  • Location Flag Romania

    Fluor Corporation, majority investor in Oregon-based SMR developer NuScale, and RoPower have signed an agreement that will enable Romania’s SMR project to move to a final investment decision and construction, with deployment targeted for 2029.

  • Location Flag Slovak Republic

    Slovakia has approved an agreement with the United States to build an additional nuclear reactor at the existing site in Jaslovské Bohunice. The planned reactor will have an output of over 1GW and be fully owned by the state.

  • Location Flag Sweden

    In May, Sweden's parliament passed legislation to finance a new generation of nuclear reactors that the Government views as essential for energy security and achieving net zero emissions by 2045. The plan envisions four large scale reactors - totalling around 5GW of capacity - or an equivalent amount delivered through SMRs, with half of the new capacity targeted to be online by 2035.

    Complementing the Government’s wider push for new nuclear capacity, Vattenfall reported in August that it had decided to pursue SMRs for its next phase of development. The company aims to deploy new capacity on the Värö Peninsula, home to the Ringhals nuclear power plant, in the early 2030s. The project is planned for 1.5GW of capacity.

    Later in the year, Sweden reinforced this broader nuclear strategy by addressing fuel-supply constraints. In November, parliament lifted the country’s long standing ban on uranium mining as part of its effort to support new reactor construction.

  • Location Flag Switzerland

    In August, the Swiss Government reported that it would seek to lift the country's ban on the construction of new nuclear power plants, which has been in place since 2018. It said all clean energy sources will be needed to meet future electricity demand.

  • Location Flag UK

    In February, the UK Government announced plans to expand nuclear power, pledging to open additional sites nationwide for new power stations. This builds on the Government’s push for technology companies to collaborate on developing SMRs capable of powering energy-intensive AI datacentres across Britain. As part of this wider expansion plan, the Government will, for the first time, allow nuclear projects to be developed outside the eight previously designated sites. Complementing this shift, forthcoming planning reforms are intended to speed up the rollout of SMRs.

    In June, Great British Energy-Nuclear, the public-sector body responsible for supporting new nuclear projects under the UK’s clean energy plans, selected Rolls- Royce SMR as the preferred bidder to build the UK’s first SMR. The programme aims to reach a final investment decision in 2029, with initial units expected online in the mid- 2030s. The Government confirmed Wylfa in North Wales as the chosen site, where three Rolls-Royce SMR units are planned. Early works are expected to begin around 2026.

    In July, the UK signed the final investment decision for the Sizewell C nuclear power plant and became the largest shareholder in the £38 billion project alongside EDF, Centrica, La Caisse and Amber Infrastructure.

    In September, X-Energy and Centrica announced plans to build up to 12 advanced modular reactors in Hartlepool, with a follow-on UK wide programme targeting a fleet of 6GW of nuclear power. According to the companies, the Hartlepool project would generate enough power for up to 1.5 million homes and create up to 2,500 jobs.

    However, a government review published in November highlighted significant challenges for nuclear new build in the UK . The Prime Minister has accepted the principle of the report’s recommendations , including a new Commission for Nuclear Regulation.

  • Location Flag USA

    Strong bipartisan support sustained the USA’s rapid nuclear momentum in 2025, spanning fleet extensions, restarts of shuttered units, and announcements of new projects, including both large reactors and advanced designs.

    In May, President Trump signed four executive orders aimed at quadrupling US nuclear capacity by 2050, accelerating reactor approvals, strengthening domestic uranium production and enrichment, and boosting deployment of advanced nuclear technologies. The orders direct the DOE to support the start of construction on ten large reactors by 2030, finance power uprates across the existing fleet, and implement a “wholesale revision” of NRC rules and guidelines.

    Following the executive orders, Westinghouse announced plans to build ten large reactors in the US, targeting construction by 2030. Later in the year, Westinghouse’s owners, Cameco and Brookfield Asset Management, announced a strategic partnership with the federal Government, aligned with the executive orders, targeting at least $80 billion of new reactors.

    NextEra Energy plans to restart the Duane Arnold Energy Centre in Iowa, with full operation targeted by Q1 2029, supported by a Google power purchase agreement to supply cloud and AI operations. The plant originally shut down in 2020 after it was deemed no longer economically viable under market conditions at the time.

    Constellation reports that its project to restart Three Mile Island-1 in Pennsylvania, renamed the Crane Clean Energy Center (CCEC), remains ahead of schedule, with the unit expected back online in 2027. The plant was approved for restart in 2024 and is underpinned by a 20-year agreement with Microsoft to power its data centres.

    Technology companies continue to drive strong demand for nuclear energy. In June, Meta signed a 20-year contract to purchase output from Constellation’s Clinton nuclear plant starting mid-2027, securing the plant’s long-term future. In the same month, Talen Energy entered a power purchase agreement through 2042 for 1.92GW of carbon-free electricity to support Amazon’s AI and cloud operations, while exploring SMR options.

    New build and expansion projects elsewhere are also progressing. In October, Brookfield signed a letter of intent with Santee Cooper to explore purchasing and completing the two unfinished AP1000 reactors at V.C. Summer which advanced to a formal MOU for a feasibility study with a target final investment decision by June 2026. If completed, the units could generate more than 2GW of carbon-free power.

    Meanwhile, the New York Power Authority issued its first call for proposals to develop advanced nuclear reactors in upstate communities, aiming to add at least 1GW of capacity by 2040. In November, Constellation proposed a range of measures for the Calvert Cliffs Clean Energy Center, including 20 year life extensions for its two existing units.

    The US Government itself moved quickly in 2025 to accelerate the development of advanced reactors. In May, Kairos Power completed the first installation of nuclear safety-related concrete for the Hermes Low-Power Demonstration Reactor in Oak Ridge, Tennessee, the first advanced reactor to receive an NRC construction permit, marking the start of “nuclear construction.” In July, the DOE was mandated to authorise and develop three pilot SMRs to meet surging AI demand, aiming for “criticality” by July 2026, while the Department of Defense was directed to commission its own pilot reactor within three years. At the same time, the NRC completed its environmental review and safety evaluation of TerraPower’s Natrium reactor outside Kemmerer. The plant is still projected to come online around 2030.

    In November, Valar Atomics achieved criticality, becoming the first nuclear startup to create a critical fission reaction under the DOE pilot program established following the May executive orders.

  • Location Flag China

    In April, the Chinese Government approved another ten nuclear reactors across five sites – this takes total approvals to 41 units in the last four years. Meanwhile, Zhangzhou-1, the first unit at Zhangzhou Nuclear Power Plant began commercial operation in January 2025. Zhangzhou-2 is expected to enter commercial operation soon.

  • Location Flag Japan

    In July, nuclear operator Kansai Electric Power Company announced it will begin surveys for a new reactor at its Mihama power station in Fukui prefecture, Western Japan, intended to replace the existing facility. This marks Japan’s first concrete step toward building a new nuclear reactor since 2011. Kansai Electric had been studying a successor to the Mihama-1 reactor since November 2010 but suspended the project after 2011.

    This announcement follows the Government’s February revision of its Basic Energy Plan, which now allows electric power companies that have decommissioned nuclear plants to construct new reactors on the sites of other existing nuclear facilities under a “reconstruction” framework.

    Meanwhile, restarts of Japan’s existing fleet are progressing steadily. Shimane-2 returned to commercial operation in January, while Kashiwazaki Kariwa-6 and Tomari-3 have received restart approvals and are targeting returns to service in 2026 and 2027, respectively.

  • Location Flag South Korea

    In February, South Korea cancelled one of three planned large reactors following the impeachment of pro-nuclear former president Yoon Suk Yeol. His removal shifted political influence toward the renewables-oriented opposition, prompting a reduction in the country’s nuclear expansion plans: the target for new nuclear capacity by 2038 was cut from 4.9 GW to 3.5 GW. Even so, the Government continues to pursue new technologies, including SMR projects with total capacity of around 700 MW, aiming for completion by
    2036.

    Progress on existing projects has continued as well. In May, KHNP announced the pouring of first concrete for Shin Hanul-3, with completion expected in 2032. Another significant development came in November, when the Nuclear Safety and Security Commission approved a 10-year life extension for Kori-2, the country’s oldest operating reactor. Kori-2 had been shut down in April 2023 after reaching the end of its original 40-year design life, and the extension will allow it to operate until April 2033. This marks a major policy shift, potentially opening the door to similar extensions for up to nine other ageing reactors as concerns grow about future power supply shortages amid rising electricity demand.

  • Location Flag UAE

    The UAE will reportedly tender for the construction of four new reactors, with the aim to have them operational by 2032 in order to meet projected energy needs. Meanwhile, the fourth and final unit at the Barakah nuclear power plant began commercial operation in September, marking the full delivery of a project that will generate 25% of the UAE’s electricity needs.

Our performance

Our strategy

In 2024, we took forward our growth plans to ensure that we continue to meet the world’s needs for reliable, secure and low carbon energy. The importance of energy security and resilience remains paramount, and there is increased recognition of nuclear energy’s ability to enable wider decarbonisation. These trends mean that demand for nuclear services and products continue to grow, and we are working closely with our key stakeholders to ensure this demand is matched by supply.

Stakeholder engagement

  • <h3><span style=January 2024

    Urenco Almelo joined other Dutch organisations from the nuclear industry and education sector to sign a declaration of intent to boost vocational education in nuclear technology.

    " uk-cover>

    January 2024

    Urenco Almelo joined other Dutch organisations from the nuclear industry and education sector to sign a declaration of intent to boost vocational education in nuclear technology.

    <h3><span style=January 2024

    Urenco Almelo joined other Dutch organisations from the nuclear industry and education sector to sign a declaration of intent to boost vocational education in nuclear technology.

    " uk-cover>

    January 2024

    Urenco Almelo joined other Dutch organisations from the nuclear industry and education sector to sign a declaration of intent to boost vocational education in nuclear technology.

  • <h3 style=February 2024

    Urenco joined Destination Nuclear, the online recruitment and engagement campaign supported by the UK Government to boost the nuclear industry’s skills and employee numbers.

    " uk-cover>

    February 2024

    Urenco joined Destination Nuclear, the online recruitment and engagement campaign supported by the UK Government to boost the nuclear industry’s skills and employee numbers.

    <h3 style=February 2024

    Urenco joined Destination Nuclear, the online recruitment and engagement campaign supported by the UK Government to boost the nuclear industry’s skills and employee numbers.

    " uk-cover>

    February 2024

    Urenco joined Destination Nuclear, the online recruitment and engagement campaign supported by the UK Government to boost the nuclear industry’s skills and employee numbers.

  • <h3><span style=April 2024

    Dr Rafael Grossi, the Director General of the International Atomic Energy Agency (IAEA), visited Urenco’s site in Almelo, the Netherlands. Dr Grossi toured our enrichment plant and Urenco isotopes facility.

    " uk-cover>

    April 2024

    Dr Rafael Grossi, the Director General of the International Atomic Energy Agency (IAEA), visited Urenco’s site in Almelo, the Netherlands. Dr Grossi toured our enrichment plant and Urenco isotopes facility.

    <h3><span style=April 2024

    Dr Rafael Grossi, the Director General of the International Atomic Energy Agency (IAEA), visited Urenco’s site in Almelo, the Netherlands. Dr Grossi toured our enrichment plant and Urenco isotopes facility.

    " uk-cover>

    April 2024

    Dr Rafael Grossi, the Director General of the International Atomic Energy Agency (IAEA), visited Urenco’s site in Almelo, the Netherlands. Dr Grossi toured our enrichment plant and Urenco isotopes facility.

  • <h3><span style=May 2024

    Urenco helped coordinate a nuclear careers and skills session in Anglesey, North Wales, with the local MP at the time. The session taught students aged 15 - 17 more about Urenco and nuclear energy, focussing on the career opportunities available across the sector.

    " uk-cover>

    May 2024

    Urenco helped coordinate a nuclear careers and skills session in Anglesey, North Wales, with the local MP at the time. The session taught students aged 15 - 17 more about Urenco and nuclear energy, focussing on the career opportunities available across the sector.

    <h3><span style=May 2024

    Urenco helped coordinate a nuclear careers and skills session in Anglesey, North Wales, with the local MP at the time. The session taught students aged 15 - 17 more about Urenco and nuclear energy, focussing on the career opportunities available across the sector.

    " uk-cover>

    May 2024

    Urenco helped coordinate a nuclear careers and skills session in Anglesey, North Wales, with the local MP at the time. The session taught students aged 15 - 17 more about Urenco and nuclear energy, focussing on the career opportunities available across the sector.

  • <h3><span style=June 2024

    Urenco was appointed chair of a new, key working group on next generation reactors for the European Union. We became the first chair of the Technical Working Group on the Fuel Cycle and Waste Management.

    " uk-cover>

    June 2024

    Urenco was appointed chair of a new, key working group on next generation reactors for the European Union. We became the first chair of the Technical Working Group on the Fuel Cycle and Waste Management.

    <h3><span style=June 2024

    Urenco was appointed chair of a new, key working group on next generation reactors for the European Union. We became the first chair of the Technical Working Group on the Fuel Cycle and Waste Management.

    " uk-cover>

    June 2024

    Urenco was appointed chair of a new, key working group on next generation reactors for the European Union. We became the first chair of the Technical Working Group on the Fuel Cycle and Waste Management.

  • <h3><span style=July 2024

    Eunice’s Chief Nuclear Officer attended the World Nuclear University’s Summer Institute in Rio de Janeiro, Brazil to coach some of the industry’s future leaders, as part of a development programme for young people.

    " uk-cover>

    July 2024

    Eunice’s Chief Nuclear Officer attended the World Nuclear University’s Summer Institute in Rio de Janeiro, Brazil to coach some of the industry’s future leaders, as part of a development programme for young people.

    <h3><span style=July 2024

    Eunice’s Chief Nuclear Officer attended the World Nuclear University’s Summer Institute in Rio de Janeiro, Brazil to coach some of the industry’s future leaders, as part of a development programme for young people.

    " uk-cover>

    July 2024

    Eunice’s Chief Nuclear Officer attended the World Nuclear University’s Summer Institute in Rio de Janeiro, Brazil to coach some of the industry’s future leaders, as part of a development programme for young people.

  • <h3><span style=August 2024

    Urenco welcomed representatives from the IAEA, the UK, the Netherlands, Germany and the US governments to our Capenhurst site for an event marking the development of a Centre of Excellence for Safeguards and Non-Proliferation Training.

    " uk-cover>

    August 2024

    Urenco welcomed representatives from the IAEA, the UK, the Netherlands, Germany and the US governments to our Capenhurst site for an event marking the development of a Centre of Excellence for Safeguards and Non-Proliferation Training.

    <h3><span style=August 2024

    Urenco welcomed representatives from the IAEA, the UK, the Netherlands, Germany and the US governments to our Capenhurst site for an event marking the development of a Centre of Excellence for Safeguards and Non-Proliferation Training.

    " uk-cover>

    August 2024

    Urenco welcomed representatives from the IAEA, the UK, the Netherlands, Germany and the US governments to our Capenhurst site for an event marking the development of a Centre of Excellence for Safeguards and Non-Proliferation Training.

  • <h3><span style=September 2024

    Urenco CEO, Boris Schucht, spoke about the future of small modular and advanced modular reactors at the World Nuclear Symposium.

    " uk-cover>

    September 2024

    Urenco CEO, Boris Schucht, spoke about the future of small modular and advanced modular reactors at the World Nuclear Symposium.

    <h3><span style=September 2024

    Urenco CEO, Boris Schucht, spoke about the future of small modular and advanced modular reactors at the World Nuclear Symposium.

    " uk-cover>

    September 2024

    Urenco CEO, Boris Schucht, spoke about the future of small modular and advanced modular reactors at the World Nuclear Symposium.

  • <h3><span style=October 2024

    Federal, state and local officials gathered at our site in Eunice, USA, to mark the installation of the first centrifuges as part of our capacity programme. This included the Governor of New Mexico.

    " uk-cover>

    October 2024

    Federal, state and local officials gathered at our site in Eunice, USA, to mark the installation of the first centrifuges as part of our capacity programme. This included the Governor of New Mexico.

    <h3><span style=October 2024

    Federal, state and local officials gathered at our site in Eunice, USA, to mark the installation of the first centrifuges as part of our capacity programme. This included the Governor of New Mexico.

    " uk-cover>

    October 2024

    Federal, state and local officials gathered at our site in Eunice, USA, to mark the installation of the first centrifuges as part of our capacity programme. This included the Governor of New Mexico.

  • <h3><span style=October 2024

    A team from Urenco’s Young Persons Network (YPN) attended the International Youth in Nuclear Congress (IYNC) in Abu Dhabi, where they participated in a panel discussion on sustainability, networked with other young professionals from the industry and visited the site of the nuclear power plant, Barakah.

    " uk-cover>

    October 2024

    A team from Urenco’s Young Persons Network (YPN) attended the International Youth in Nuclear Congress (IYNC) in Abu Dhabi, where they participated in a panel discussion on sustainability, networked with other young professionals from the industry and visited the site of the nuclear power plant, Barakah.

    <h3><span style=October 2024

    A team from Urenco’s Young Persons Network (YPN) attended the International Youth in Nuclear Congress (IYNC) in Abu Dhabi, where they participated in a panel discussion on sustainability, networked with other young professionals from the industry and visited the site of the nuclear power plant, Barakah.

    " uk-cover>

    October 2024

    A team from Urenco’s Young Persons Network (YPN) attended the International Youth in Nuclear Congress (IYNC) in Abu Dhabi, where they participated in a panel discussion on sustainability, networked with other young professionals from the industry and visited the site of the nuclear power plant, Barakah.

  • <h3><span style=November 2024

    Boris Schucht opened Chester Zoo’s new • Urenco CEO Boris Schucht opened Chester Zoo’s new science centre in the UK, which was funded by Urenco and will play a significant role in the conservation of the world’s most threatened species.

    " uk-cover>

    November 2024

    Boris Schucht opened Chester Zoo’s new • Urenco CEO Boris Schucht opened Chester Zoo’s new science centre in the UK, which was funded by Urenco and will play a significant role in the conservation of the world’s most threatened species.

    <h3><span style=November 2024

    Boris Schucht opened Chester Zoo’s new • Urenco CEO Boris Schucht opened Chester Zoo’s new science centre in the UK, which was funded by Urenco and will play a significant role in the conservation of the world’s most threatened species.

    " uk-cover>

    November 2024

    Boris Schucht opened Chester Zoo’s new • Urenco CEO Boris Schucht opened Chester Zoo’s new science centre in the UK, which was funded by Urenco and will play a significant role in the conservation of the world’s most threatened species.

  • <h3><span style=December 2024

    A socioeconomic impact study of our UK site in Capenhurst was published by independent analysts, Oxford Economics, revealing the positive impact it has on the economy, supply chain and communities.

    " uk-cover>

    December 2024

    A socioeconomic impact study of our UK site in Capenhurst was published by independent analysts, Oxford Economics, revealing the positive impact it has on the economy, supply chain and communities.

    <h3><span style=December 2024

    A socioeconomic impact study of our UK site in Capenhurst was published by independent analysts, Oxford Economics, revealing the positive impact it has on the economy, supply chain and communities.

    " uk-cover>

    December 2024

    A socioeconomic impact study of our UK site in Capenhurst was published by independent analysts, Oxford Economics, revealing the positive impact it has on the economy, supply chain and communities.

  • <h3><span style=December 2024

    Our Head of Advanced Fuels, Commercial, spoke at the Nuclear Industry Association Conference, Nuclear 2024, in London in relation to how Urenco could scale up its HALEU operations to meet the market need.

    " uk-cover>

    December 2024

    Our Head of Advanced Fuels, Commercial, spoke at the Nuclear Industry Association Conference, Nuclear 2024, in London in relation to how Urenco could scale up its HALEU operations to meet the market need.

    <h3><span style=December 2024

    Our Head of Advanced Fuels, Commercial, spoke at the Nuclear Industry Association Conference, Nuclear 2024, in London in relation to how Urenco could scale up its HALEU operations to meet the market need.

    " uk-cover>

    December 2024

    Our Head of Advanced Fuels, Commercial, spoke at the Nuclear Industry Association Conference, Nuclear 2024, in London in relation to how Urenco could scale up its HALEU operations to meet the market need.

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Section 172 Statement

Section 172 of the Companies Act 2006 requires a director of a company to act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole. Information about our Section 172 Statement can be found on page 69 of our annual report.