Full year 2024 audited financial results

London – 13 March 2025 – 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 2024.

Summary 

• Order book up by 27% to €18.7 billion (2023: €14.7 billion).   
• Capital expenditure up by 67% to €471.4 million, as capacity programme accelerates, with first capacity coming online in 2025. 
• Revenue at €1,877.4 million (2023: €1,922.3 million) and EBITDA at €728.1 million (2023: €886.7 million), both down year-on-year, in line with our expectations. Revenue and EBITDA impacted by reduced delivery volumes, at pricing levels agreed in legacy contracts which are below today’s market prices. EBITDA margins are further under pressure from both increased nuclear provisions and higher operating expenses, as the business repositions itself for growth. 
• Net income down at €180.3 million (2023: €269.8 million pre-exceptional), impacted by EBITDA. 
• Net cash down at €893.4 million (2023: €1,032.2 million) post dividend payments, due to higher capital expenditure and increased working capital, primarily driven by a high volume of customer deliveries shortly before year-end, for which cash is received in 2025.

^{(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 €462.7 million (2023: €278.4 million) and on the decrease of capital accruals of €8.7 million (2023: €3.9 million) (included in working capital payables).}  

CEO Overview

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

“Urenco continues to support its customers globally in the nuclear industry. 

Our order book has risen to €18.7 billion, an increase of 27% year-on-year, and extends into the 2040s. This is a great sign of confidence in Urenco, which underpins our cash flows for many years to come. Our lower net cash position this year is largely the result of increased investments in enrichment capacity at all four of our sites - our capacity programme - and increased working capital, primarily driven by a high volume of customer deliveries shortly before year-end, for which cash is received in 2025. As we commence making deliveries from our growing order book, our operating cash flow is expected to strengthen over time.

Our capacity programme will deliver 1.8 million SWU in total. In 2024 we broke ground on our extension project in Almelo, the Netherlands, installed the first new centrifuges in Eunice, USA - on track to come online this year - and carried out preparation works in Gronau, Germany, where new centrifuges will also be introduced. We also completed refurbishment campaigns in Capenhurst, UK. 

Our work on the next generation of fuels continues apace. LEU+ (low enriched uranium plus, enriched up to 10%) will be commercially available from 2025, and HALEU (high assay low enriched uranium, enriched up to 19.75%) from 2030. With the support of a £196 million grant from the UK Government, with matched investment from Urenco, we are building a HALEU plant at Capenhurst primarily to fuel small and advanced modular reactors. These are projected to play a vital role in the world’s future low-carbon energy supply. 

A key sustainability goal for Urenco is to be a net zero business by 2040. Last year we agreed a new low-carbon electricity supply for our site in the Netherlands, and we are on track to do the same for our other sites. Collectively, this will achieve a significant reduction in our scope 2 (indirect) carbon emissions.

Urenco continues to serve our customers reliably, responding to market demand and delivering new capacity on time and budget. We are committed to making further progress in this respect in 2025.”

Environmental and social impact

Our scope 1 (direct) and 2 (indirect) carbon emissions combined decreased by 33% compared to 2023 and by 53% when compared to our 2019 baseline year. We enriched enough uranium to generate an estimated 740,000 GWh of electricity from nuclear power, avoiding circa 390 million tonnes of carbon emissions . Our water withdrawal increased slightly but remains below our baseline year of 2020  by 10.5%.

In other areas of sustainability, we continued our investment in our workforce and the local communities around our sites. In relation to our people, we delivered a high level of employee engagement, while improving across key inclusion and diversity measures, and continued to evolve the company culture, most recently through a new people manager training programme. In adjacent areas of business development, the volume of annual stable and medical isotopes sales by the Urenco Isotopes subsidiary equated to more than two million patient treatments being performed in the medical sector.

Outlook and Order Book

The pursuit of clean power targets and the need for energy security will continue to increase nuclear’s role in providing reliable baseload power, with considerable, potential growth coming from the evolving market for advanced nuclear technologies and fuels.

In 2024, six more member-states joined the pledge to triple nuclear capacity at the COP29 conference. This takes the total number of state-signatories to 31, with countries starting to translate this ambition into initiatives.

The uranium enrichment market is strong, with SWU spot prices continuing to rise. From an average US$157/SWU at the end of 2023, as reported by TradeTech and UxC, they have continued an upward trajectory, reaching an average of US$193/SWU by the end of December 2024, a 23% increase.

The growing demand and positive market conditions are enabling new contracts to be signed and the extension of existing ones, at sustainable pricing levels. Urenco is growing its customer base and raising its profile in new geographic markets. The order book extends into the 2040s and had a value of €18.7 billion on 31 December 2024, based on €/$ of 1: 1.03 (31 December 2023: €14.7 billion based on €/$ of 1: 1.10).

Urenco’s facilities in four countries ensure we are able to provide a uniquely secure and diverse supply of enrichment services for the civil nuclear industry.

Board

In October, Urenco welcomed Evelyn Dickey as a Non-Executive Director representing the UK Government.
 

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View the full press release as a PDF.   

The Full Year 2024 Audited Financial Results and commentary are available on our Annual Report Page. 

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