home Supply, U 2026 half-year results in line with annual outlook despite circumstantial production stoppages

2026 half-year results in line with annual outlook despite circumstantial production stoppages

By John Dyer   Posted in Supply U
Posted on
Activity broadly stable with contrasting situations by sector, EBITDA negatively impacted by production stoppages 
  • Revenue of €2,696 M, up slightly by +2.1% (like-for-like), marked by strong performance in the Back End segment and a less favorable backlog outflow in the Mining and Front End segments between the two periods.
  • EBITDA down to €595 M (vs. €727 M in the first half of 2025), due to production stoppages in the Mining and Front End segments due to exceptional climatic events.
Increase in reported net income attributable to owners of the parent, driven by a better return on earmarked assets neutralized in adjusted net income 
  • Net income attributable to owners of the parent rose to +€173 M (vs. +€109 M in the first half of 2025), accentuated by a better return on earmarked assets.
  • Adjusted net income attributable to owners of the parent1 stands at -€39 M (compared to +€25 M in the first half of 2025).
Negative net cash flow amid accelerating CAPEX, net debt stable and under control
  • Net investments up +22.3% compared with the first half of 2025.
  • Negative net cash flow of -€137 M (compared to +€428 M in the first half of 2025, which benefited in particular from Sanofi’s acquisition of a stake in the share capital in Orano Med Theranostics).
  • Net debt totaling -€0.43 bn (vs. -€0.44 bn at end-2025).
2026 financial outlook confirmed 
  • 2026 revenue of around €5.3 bn.
  • EBITDA to 2026 revenue rate between 23% and 25%.
  • Financial leverage2 ≤ 1.5x at end-2028.

The Orano Board of Directors met yesterday and approved the financial statements for the period ended June 30, 2026. Commenting on the results, Nicolas Maes, Chief Executive Officer, said:

“The increase in exceptional weather events and persistent geopolitical tensions underscore the growing challenges of electrification and energy independence. This context, combined with political orientations that are increasingly favorable to nuclear energy, reaffirm Orano’s strategy and its projects to promote decarbonized and sovereign energy. The first half of 2026 was marked by an increase in revenue and net income attributable to owners of the parent up compared to the first half of 2025. However, these results were impaired by climatic events that affected production in the Mining and Front End segments. In spite of this, the group’s industrial and financial performance remains solid, in line with our annual objectives, which we confirm.” 

Source: Orano