2023 Half-Year Results

Half-year results in line with expectations
Improved outlook for 2023 in a healthy market

Operating performance consistent with forecasts, marked by high half-year variability

  • Revenue of €2,296 million, up 5.9% on a like-for-like basis, driven by Back End services activities and a Front End volume effect
  • EBITDA margin rate of 21.0%, down by 6.8 points due to occasionally a less favorable contract mix in Mining and Front End and, to a lesser extent, the inflationary context on costs

Positive net income attributable to owners of the parent 

  • Net income attributable to owners of the parent rose to +€117 million (compared to -€359 million in the first half of 2022), thanks to better returns on earmarked end-of-lifecycle assets
  • Adjusted net income attributable to owners of the parent1 fell to -€45 million (from +€308 million in the first half of 2022), in line with operating margins

Temporarily slightly higher net debt 

  • Net cash flow of -€189 million (compared to +€87 million in the first half of 2022), mainly affected by cyclical and temporary effects on the change in WCR
  • • Net debt of -€1.91 billion, compared to -€1.68 billion at the end of 2022

Improved financial outlook for 2023 in a buoyant market

  • Revenue growth of more than 10% compared to 2022 (versus previously an anticipated weak growth)
  • EBITDA to adjusted revenue rate remained between 23% and 25% 
  • Positive net cash flow  

The Orano Board of Directors met yesterday and approved the financial statements closed on June 30, 2023. When asked about the results, Philippe Knoche, Chief Executive Officer, stated:

“Supported by the positive momentum in the fuel cycle markets, the group has improved its 2023 revenue and EBITDA outlook, presenting half-year results that are consistent with our expectations, despite the persistence of inflationary pressures. In a favorable environment for nuclear energy given the need to address climate and energy sovereignty challenges, Orano is continuing to implement its roadmap and actively working to take advantage of this growth, accelerating its Mining and Front End investments and pursuing its developments in the medical and battery. The group is also striving to restore profitability and secure funding for its Recycling activities.”

1 See definition in Appendix 1.

Read the entire Press Release

  • Press Release - 2023 Half-year results
  • Recording of the Presentation half-year results for 2023 at 9:00 a.m. CET
  • See more Publications and regulated Information


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