We shall start the teleconference. My name is Valentina Dinu.

I am IRO with Nuclearelectrica. Before starting the teleconference, I would like to ask for your permission to record the teleconference so we can publish it on our website, which I'm about to do right now.

Here with him today is CFO of the company, Mr. Dan Daniel Adam.

I'm going to kindly ask him to start the presentation. You can feel free to ask any questions during the presentation or afterwards.

Thank you. Daniel, please.

Hello, everybody. We are going through unaudited individual and consolidated financial statements for the 3-month period ended 31st of March 2026.

We'll move to the 3 3 months 2026 financial results highlights. Net profit equals 887 million RON with 72.8% higher than the same period of last year 2025 and with 5.9% or 49 million RON better than the budget, the first quarter in the budget of 2026.

The increases mainly came from sales of electricity, 137 million RON, based on the higher average selling prices with 13.4% and for a slightly lower quantity of with 3.3%. We have also a higher financial results with 27% as a result of the increase in the interest income and the positive impact from the currency exchange rates.

Windfall tax, as the windfall tax was stopped at 30 of June last year. We have 0 expense on that in 2026, but we did have 341 million in the first quarter of last year.

We have also higher income tax due to the increased profit of this year versus the last. We have also an increase of 3% on opex.

This comes mainly from the waste disposal tax, which in October last year increased by regulatory decision from €2 to €4 per megawatt, with an impact of 25 million RON. I think we can skip that because we discussed already the main highlights.

In terms of the waterfall that you see, it's plainly visible that the main impact for the increased net result is coming, first of all, from the windfall tax, which has the biggest contribution, let's say. The second is the sales of electricity, 138 million lei.

We did have also some negative impacts: the 69 million of income tax that we mentioned previously. We do have also an increase in depreciation and amortization.

This comes, as you may remember, from the increase in value of the assets due to the revaluation done at the end of last year and the increase in operating expense, the ANDR tax hike started in October last year. On the individual versus consolidated financial performance, this basically comes from the intercompany adjustments.

In total, the total effect on profit is 36 million, not really material. I would not bore you with the each element.

If you have questions, we can address this in the Q&A session at the end. On the financial position, we do have increase of non-current assets, 355 million RON or 2.7% increase.

This comes 346 from a net increase in tangible assets. We have a 546 million the net impact of the inflows and outflows of tangible assets.

This relates to mainly inflows from the investments with a strong weight towards Unit 1 refurbishment project, which, as is in progress, and 200 million decrease represents the expense of depreciation and the impairment of fixed assets. On current assets, we do have an increase of 16% or 7 790 million lei.

970 million, it's a 34% increase in cash and bank deposits with the maturity of more than 3 months, and an increase in cash equivalents as a result of the liquidation of deposit and the collection of treasury certificates maturing in March 2026. The non-current liabilities increased with just 7 million due to liability provisions for the waste storage, DICA, lower radioactive waste and nuclear safety salaries risk.

On current liabilities, we have an increase of 250 million lei or 22%. This comes from the increase in income tax due at the end of quarter 1 2026 and an increase of 49 million in trade and other payables, mainly influenced by obligations for supplies like Candu Energy and Assystem.

In equity, of course, we are seeing the increase of retained earnings from the prior results allocation. On the individual to consolidated position, of course, the main difference is represented from the cancellation of intergroup transactions, as loans to subsidiaries, and there is nothing special to mention.

Let's move to the sales of electricity. The electricity sales evolution from quarter 1 2025 to quarter 1 2026 is determined mainly by an increase in weighted average selling price without TG of 13.2% for, as we mentioned, a slightly lower quantity with 3.3%.

On the competitive market, we have a slight decrease in revenue related to also an increase in prices, but also a decrease in quantity sold with 30 13%. On the spot market, we have a 84% increase in revenue related to increase in quantity sold and a slight decrease in price with 1.7% and also a small decrease in balancing market.

The sales mix was different, which determined the increase in the average price without TG, 13.2%, but also more favorable revenues from the spot market. In terms of sales structure analysis, on the competitive market for PCCB, the quantity of electricity sold represented 80.6% of the total sales of electricity compared with 89.9% recorded in first quarter of 2025.

The average selling price during the period was 582 RON per megawatt, which is an 14.3% increase versus the same period of 2025, which was 509 RON per megawatt. On the spot market, the quantities of electricity represented 19.4 19% of the total sales.

The average price on the spot market was 644 lei per megawatt compared with 65 655 lei per megawatt in 2025, a slight decrease. In terms of a higher spot market weight in quarter 1 of this year versus last year, we cannot doubt that here we are seeing a bit of Iran conflict effects.

Basically, some of the customers waited in end of February and March to see how the market would go. It was kind of a standstill or a waiting period.

On opex, we have 296 million reduction compared to Q1 of 2025 and a 59 million compared with the budget. With the proposed budget is not yet approved budget.

If the increase in costs are coming mainly from depreciation and amortization, this is mainly determined by the increase in the net book value of fixed assets revalued at the end of last year, of course updated to actual market prices, and the ANDR contribution, which increased with 25 million due to the increase in tariff per megawatt from 2 to 4. This increase were compensated, as previously stated, by the elimination of the windfall tax with the difference from last year of 341 million.

We had also decreases in operating expenses, mainly due to decrease in legal and consultancy services, which was lower with almost 14% versus last year. The cost of traded electricity, we had a decrease of 46% due to the decrease of 18.4% on the balancing market compared with the same period of last year.

The capex, we have a 538 million capex expenditure from 3.4 billion program. This is a 7 15.7% completion.

On versus last year, we do have a slightly better completion. Last year was only 14.1%.

Of course, out of this capex, as the biggest part is the refurbishment of Unit 1, which is in progress. Aspects related to the main investment and long-term strategic projects, updates on Unit 1 refurbishment: in the first quarter of 2026, the activities under the EPCF contract, the PMO framework, and the EPC contract continued as scheduled.

An important note here: on April 16, EU Commission opened, as a standard procedure, an in-depth State aid investigation into Romanian State support for refurbishment of Unit 1. This in-depth analysis is very characteristic to large projects and especially to nuclear projects.

On May 18, SNN announced completion of the first continuous concrete pour of the permanent structures into the refurbishment project, the most complex operation of its kind carried out at the plant since the construction works of Unit 2 in 2007. 3,417 cubic meters of concrete were used, basically the foundation, about 380 concrete mixer trucks used.

In terms of Units 3 and 4 project, in the first quarter of 2026, through an extraordinary general meeting of shareholders' resolution, SNN approved acting as a guarantor for EnergoNuclear in securing a loan of up to €46 million, the loan is in US dollars, from the Export-Import Bank of United States. The same resolution also approved the conclusion of the corresponding credit agreement for about €46 million equivalent in USD between EnergoNuclear, as a borrower, SNN as a guarantor, and US EXIM as a lender, and JPMorgan SE as a documentation agent.

These loans were actually signed in April. On SMR, on May 18, 2026, SNN informed that the small SMR project is currently in the phase preceding Stage 3, pre-EPC phase.

This stage includes a list of activities to be carried out by RoPower: completion of geotechnical investigation of the site, continuation of the licensing process, finalization of the negotiation of the FEED EPC and of the contracts for the procurement of long lead materials, definition of supply chain materials and equipment, and preparation of the company for the FEED EPC and later on EPC stages. On CTRF, on the tritium removal facility, in the first quarter of 2026, KHNP continued negotiating the contracts for the main contract procurement packages, reaching 18 signed contracts out of 23 at the end of March.

Construction activities were focused on the 95m level and encompassing structural metalwork assembly, formwork installation, and bush-hammering with rebar cleaning following the concrete pouring. At levels 91 to 95m, preparatory works for the wall waterproofing membrane installation were initiated.

Additionally, the operator training program for the pilot facility was successfully completed. On the medical isotopes project, the lutetium-1 177, in the first quarter of 2026, CNCAN approved on the design change related to the project implementation.

Also, a number of documents pertaining to the conceptual design stage were reviewed and approved. The nuclear safety reviews were completed and led to identification of the best solution for certain equipment so that nuclear safety and production continuity would not be affected.

In terms of technical performances, in all 3 months, January, February, and March, the radioactive emissions were in green, under the standard approved levels. The nuclear fuel burn rate was 172 over the planned level of 156 megawatt-hours per kilogram of uranium.

The capacity factor for cumulated units in quarter 1 of 2026 was 94. 94.58%.

A satisfactory performance. That's it.

Thank you for your attention. We are waiting for your questions.

If you have any questions, please go ahead. If not, thank you very much for joining us in.

I think we have a question: "So could you tell us why is not available anymore the option to vote in GMS through eVote platform for retail investors? It is more easier, more transparent, less bureaucratic, and most environmental friendly than any other option."

Yes, I will answer this. We do not have implemented yet the eVote.

We are going to do so in the future. Nonetheless, the eVote is not going to exclude the physical presence for the GMS meetings.

Thank you. Any other questions, please?

"On the SMR projects, do you see any material risk coming from NuScale? Can you provide any color on the expectations for the second quarter?"

We don't see any material risk coming from NuScale. The answer is not.

On the second point, on the color of the expectations: yes, we'll have an impact from the unplanned stoppage from Unit 2. This is yet to be determined, and we'll know more at the end of the unplanned stop.

Still, we are expecting positive results and so on.

I see no other questions. We are going to post this afternoon the audio file and the presentation on our Investor Relations page.

Thank you very much for joining this teleconference. Have a great afternoon.

Thank you.

Thanks as well.