Wedoany.com Report on Mar 10th, Framatome reported its 2025 financial results, with new orders reaching €5.924 billion and revenue at €5.399 billion, representing organic growth of 15.5%. EBITDA was €665 million, an increase of 6.7%. The growth was primarily driven by EPR projects in France and the UK, increased fuel deliveries, instrumentation and control business, and service activities in North America.
Framatome achieved commercial success on the Sizewell C EPR project, including contract extensions, safety systems, and service contracts for US nuclear plants. The company invested in industrial tools and acquisitions to strengthen supply chain control, generating €49 million in operating cash flow. Projects adhered to commitments, optimized delivery times, executed cost control plans, and production met customer requirements.
The Installed Base Business Unit performed major component replacements in North America and South Africa, and replaced steam generators at Unit 2 of the Flamanville plant in France. Maintenance services grew in North America amid intense competition. Framatome acquired the remaining equity in the Slovak non-destructive testing company Reaktortest.
The Instrumentation and Control Business Unit grew in France, the UK, and Central Europe, driven by new build and modernization projects, including Sizewell C EPR. In partnership with Arabelle Solutions for turbine control, the business added a cybersecurity line, with subsidiaries including Allentis, Cyberwatch, and Foxguard.
The Projects and Components Business Unit added a valve business line, strengthening supply chain control through the acquisitions of Valserve and Segault. The Fuel Business Unit secured major contracts in Europe, increased its share in North America, and manufactured the first fuel assemblies for the UAE's Barakah Nuclear Power Plant at its US facility. The French plant initiated TRISO fuel development.
French investments accelerated the EPR2 program schedule, involving equipment manufacturing, assembly, and modernizing the fuel supply chain. Activities in the Projects and Components Business Unit continued, with the Flamanville 3 EPR reaching 100% power in testing. Major component installation was completed for Hinkley Point C Unit 1, component manufacturing for Sizewell C is underway, and the EPR2 program is progressing according to milestones.
However, as of March 2026, Flamanville 3, Hinkley Point C, and Sizewell C face delays and cost overruns. Flamanville 3 is expected to be operational in early 2026, delayed by 12-13 years, with costs exceeding €13.2 billion. Hinkley Point C's operation is postponed to 2030, a delay of about 13 years, with costs around £35 billion. Sizewell C construction began in 2024, targeting the mid-2030s, with the Final Investment Decision (FID) delayed to summer 2025, designed as a replica project to avoid customization issues.
The EPR2 program faces systemic hurdles. EDF needs to invest approximately €460 billion, with the cost of the first six reactors rising to nearly €80 billion, and a financing plan is lacking. The French Court of Audit recommended postponing the FID. Falling electricity prices threaten profitability, incomplete designs pose delay risks, and the commissioning of the first Penly reactor is delayed to 2038.
