Urenco Group - Full Year 2025 Audited Results

Urenco Limited

12 March 2026

 

news release
Date: 12 March, 2026

Urenco Group - Full Year 2025 Audited Results:

Record order book providing strong underpinning for Urenco's growing capital investment programme 

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.

Summary

·      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.

Financial highlights (€m)	2025	2024
Revenue	2,096.2	1,877.4
EBITDA(i) EBITDA margin %	804.2 38.4%	728.1 38.8%
Income from operating activities	431.3	286.4
Net income	248.5	180.3
Capital expenditure(ii)	615.8	471.4
Cash generated from operating activities	1,047.4	667.7
Net cash	844.5	893.4

(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 Greenhouse 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 emissions[1].

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.

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The Full Year 2025 Audited Financial Results and commentary are available on the Urenco website.  

Contact
Nic Brunetti  
Senior Communications Officer, Urenco
[phone]

[e-mail]

About Urenco Group

Urenco is an international supplier of enrichment services and fuel cycle products with sustainability at the core of its business. Operating in a pivotal area of the nuclear fuel supply chain for more than 55 years, Urenco facilitates zero carbon electricity generation for consumers around the world.

With its head office in London, UK, Urenco's global presence ensures diversity and security of supply for customers through enrichment facilities in Germany, the Netherlands, the UK and the USA. Through our technology and the expertise of our people, the Urenco Group provides safe, cost effective and reliable services, operating within a framework of high environmental, social and governance standards, complementing international safeguards.

Urenco is committed to continued investment in the responsible management of nuclear materials; innovation activities with clear sustainability benefits, such as nuclear medicine, industrial efficiency and research; and nurturing the next generation of scientists and engineers.

Visit urenco.com

Disclaimer

This press release is not intended to be read as the Group's statutory accounts as defined in section 435 of the Companies Act 2006. Information contained in this release is based on the 2025 Consolidated Financial Statements of the Urenco Group, which were authorised for issue by the Board of Directors on 11 March 2026. The auditor's report on the 2025 Consolidated Financial Statements of the Group was unqualified and did not contain a statement under section 498 of the Companies Act 2006. The 2025 Annual Report and financial statements have not yet been delivered to the Registrar of Companies. The figures and financial information for 2024 are extracted from the published Annual Report for the year ended 31 December 2024 which has been delivered to the Registrar of Companies and included an independent auditor's report which was unqualified and did not contain a statement under section 498 of the Companies Act 2006. 

This release and the information contained within it does not constitute an offering of securities or otherwise constitute an invitation or inducement to underwrite, subscribe for or otherwise acquire securities in any company within the Urenco Group.

 
Any forward-looking statements contained within this release are inherently subject to risks and uncertainties. Actual results may differ materially from those expressed or implied by such forward-looking statements and, accordingly, any person reviewing this release should not rely on such forward-looking statements.

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[1] As a proportion of the nuclear carbon offset as calculated by the International Energy Agency.

 

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