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Positive results despite a loss-making Back End sector. Outlook for 2021 maintained in an uncertain context

Improvement in results in the first half-year

  • Revenue of €1,883 million, up +5.6% (LFL) compared to the first half of 2020
  • EBITDA stable at €415 million (compared with €413 million in the first half of 2020) marked, on the one hand, by the continuation of the effects of Covid on the Canadian mining sites until the beginning of May and difficulties within the Back End Recycling activities and, on the other hand, by the ramp-up of the conversion activity in the Front End
  • Operating cash flow of €526 million (vs.€178 million in the first half of 2020)

Positive net income attributable to owners of the parent, driven by the rebound in financial markets

  • Net income attributable to owners of the parent1 improved to +€316 million (compared to -€212 million in the first half of 2020), benefiting from a better return on earmarked end-of-lifecycle assets
  • Adjusted net income attributable to owners of the parent  was -€26 million (compared with +€17 million in the first half of 2020), still penalized by the effects of Covid on Canadian mining sites

Increase in positive net cash flow and continuation of deleveraging

  • Net cash flow of +€334 million compared to +€46 million in the first half of 2020
  • Net debt down to €1.79 billion compared to €2.15 billion at end-2020

Financial outlook maintained for 20212

  • Revenue growth
  • EBITDA to revenue rate between 23% and 26%
  • Positive net cash flow

The Orano Board of Directors met yesterday and approved the financial statements closed on June 30, 2021. When asked about the results, Philippe Knoche, Chief Executive Officer, stated:

Despite the continuation until early May of the effects of the Covid crisis on our mining activities in Canada and difficulties in Recycling, the group generated positive net cash flow, enabling it to continue its deleveraging and to consider development paths for the future. This performance confirms the resilience of our group as a recognized and responsible industrial player. In a context of climate emergency, we are committed alongside our customers to meeting the major energy and environmental challenges of the coming decades.


1 See definition in Appendix 2.
2 Compared to those communicated on February 26, 2021 and subject to the development of the pandemic.


  • Press Release – 2021 Half-year results
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  • Recording of the Presentation half-year results for 2021
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  • See more Publications and regulated Information
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Quesnoy Marc

investors@orano.group
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