Orano 2025H1 收入同比增长 17.6%至 26.72 亿欧元，归属于母公司所有者的净利润同比扭亏为盈至 1.09 亿欧元

Investment Rating - The report recommends a "Buy" rating for the industry, predicting that the industry index will outperform the Shanghai Composite Index by 10% or more during the specified period [20]. Core Insights - Orano's revenue for H1 2025 reached €2.672 billion, a 17.6% increase from €2.272 billion in H1 2024, with a like-for-like growth of 18.2% [2][16]. - The adjusted net profit attributable to the parent company's shareholders was €25 million in H1 2025, compared to a loss of €162 million in H1 2024, indicating a significant turnaround in financial performance [7][16]. - The backlog of orders stood at €33 billion as of H1 2025, equivalent to over six years of revenue, with 77% of new orders designated for export [1][17]. Financial Performance Summary - Revenue: H1 2025 revenue was €2.672 billion, up from €2.272 billion in H1 2024, reflecting a €400 million increase [2][16]. - Operating Income: Operating income rose to €311 million in H1 2025 from €12 million in H1 2024, marking a €299 million increase [4][16]. - EBITDA: EBITDA for H1 2025 was €727 million, compared to €459 million in H1 2024, showing a growth of €268 million [9][16]. - Net Income: The net income attributable to the parent company was €109 million in H1 2025, a recovery from a loss of €133 million in H1 2024 [8][16]. - Operating Cash Flow: Operating cash flow increased to €407 million in H1 2025 from €90 million in H1 2024, indicating a €317 million improvement [10][16]. - Net Cash Flow from Operations: The net cash flow from company operations was €428 million in H1 2025, compared to a negative €148 million in H1 2024, reflecting a €576 million turnaround [11][16]. Business Segment Performance - Mining Segment: Revenue from mining operations was €913 million, a 14.8% increase from H1 2024, benefiting from positive sales effects despite some price pressure [2][4]. - Front-End Business: Revenue from front-end operations reached €679 million, up 19.8% year-on-year, driven by expected backlog order flow [2][4]. - Back-End Business: Back-end operations generated €1.074 billion in revenue, a 19.0% increase, primarily due to increased production at the Hague and Melox plants [2][4]. - Corporate and Other: Revenue from corporate and other activities, mainly Orano Med, decreased to €6 million from €7 million in H1 2024 [3][4]. Key Developments - A €400 million loan agreement was signed with the European Investment Bank to support the expansion of the Georges Besse II uranium enrichment plant [13]. - A partnership agreement was established for the industrial development of the South Djengeldi uranium mine in Uzbekistan, expected to secure production for the next decade [13]. - The company faced challenges in Niger, where the government announced intentions to expropriate the Somaïr mine, which could impact operations [15].