Full year 2025 audited financial results

London – 12 March 2026 – Urenco Group (“Urenco”), an international supplier of uranium enrichment services and nuclear fuel cycle products, today announces its results for the full year ended 31 December 2025.

• Record order book, up by 14% to €21.3 billion (2024: €18.7 billion), despite weakening US dollar.
• Revenue up at €2,096.2 million (2024: €1,877.4 million), driven by higher realised prices. 
• EBITDA up at €804.2 million  (2024: €728.1 million), contributing to an increase in net income to €248.5 million (2024: €180.3 million).
• Closing net cash of €844.5 million (2024: €893.4 million) continuing to provide strong liquidity to support ongoing capital investment programme. 
• Capital expenditure rose by 31% to €615.8 million (2024: €471.4 million) as capacity expansion programme and refurbishment campaigns continue across the fleet.   
• New enrichment capacity already online in the USA, with further capacity extensions in the coming years, both in Europe and the USA.

_{(i)    EBITDA is earnings before exceptional items, interest (including other finance costs), taxation, depreciation and amortisation and results from joint venture and other investments. Depreciation and amortisation are adjusted to remove elements of such charges included in changes to inventories and net costs of nuclear provisions. Further details on the calculation of EBITDA are set out in note 4 to the Group’s Consolidated Financial Statements contained in the Annual Report and Accounts. 
(ii)    Capital expenditure includes net cash flows on the purchases of property, plant and equipment and intangible assets of €611.2 million (2024: €462.7 million) and on the decrease of capital accruals of €4.6 million (2024: €8.7 million) (included in working capital payables).}  


Commenting on the results, Boris Schucht, Chief Executive of Urenco Group, said: 

“Urenco’s financial performance is strong. Within the OECD region, we are proud to have the largest SWU production capacity, and to serve more than 50 customers in over 20 countries.

"Our order book is now at record levels, having risen to €21.3 billion, an increase of around 14% from last year with contracts extending into the 2040s. This is the fourth successive year of annual order book growth.

"Our capacity programme, which will now deliver 2.5 million of new SWU capacity, is progressing well against both time and cost expectations. In 2025, three new centrifuge cascades came online at our USA site in Eunice, and more long term contracts could support a further expansion there. The construction of a new cascade hall at our site in Almelo is progressing as planned and we have announced a further expansion of 750,000 SWU to follow, doubling new capacity. Building works continue on our expansion project in Gronau, Germany, while capacity refurbishment projects are continuing as planned across all four sites.  

"At Capenhurst in the UK, we are building the first commercial high-assay, low enriched uranium (HALEU) facility in Europe, with joint funding from the UK Government. The design phase of the project is progressing and construction will commence in 2028, with the first production of HALEU expected in the early 2030s. The facility will have the potential to produce up to 27 tonnes of HALEU per year, which is enough to supply energy to the equivalent of more than nine million homes. Its design and modular construction approach mean there will be the potential to further expand its capacity in the future.  

"Urenco is continuing to serve our customers reliably as the only multi-site enrichment operator in the Western world. We have the people and skills in place and are rapidly implementing our capacity programme and advanced fuels plans to serve global markets.” 

Environmental impact

In 2025, our combined scope 1 (direct) and 2 (indirect) carbon emissions decreased by 15% compared to 2024 and by 60% when compared to our 2019 baseline year. We agreed new low-carbon electricity supply agreements for our sites in the USA and Germany, which means that all four of our sites are expected to be confirmed as zero carbon for scope 2 (indirect) emissions by 2030, under Green House Gas reporting protocols.

We also enriched enough uranium to generate an estimated 750,000 GWh of electricity from nuclear power, avoiding circa 380 million tonnes of carbon emissions¹.

Outlook and Order Book

Political support for the nuclear industry in Europe and North America is creating more confidence among stakeholders and customers, which is helping to propel our business forward in the fuel supply chain. The resulting additional demand and positive market conditions are enabling new contracts to be signed and the extension of existing ones.

In 2025, at the COP30 conference, two more member-states joined the pledge to triple nuclear capacity taking the total number of signatories to 33. This has since grown to 38. 

The uranium enrichment market remains strong, with SWU spot prices continuing to rise steadily. From an average US$193/SWU at the end of 2024, as reported by TradeTech and UxC, they reached an average of US$200/SWU by the end of December 2025.

Urenco is growing its customer base and raising its profile in new markets, including both in new  countries and sectors. The order book extends into the 2040s and had a value of €21.3 billion on 31 December 2025, based on €/$ of 1: 1.17 (31 December 2024: €18.7 billion based on €/$ of 1: 1.03).

Urenco’s facilities in four countries ensure we are able to provide a uniquely secure and diverse supply of uranium enrichment services for the civil nuclear industry to further net zero, energy security and energy independence targets across the globe. 

¹ _{As a proportion of the nuclear carbon offset as calculated by the International Energy Agency.}

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The Full year 2025 Audited Financial Results and commentary are available on our Annual Report page. 

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