Framatome, reporting financial results for 2025, said new orders reached €5,924m ($5154m) in 2025 while revenue was €5,399m representing an organic increase of +15.5% compared with 2024. Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) was €665m, up 6.7% on 2024.
Growth was driven by the development of EPR projects in France and the UK, the increase in fuel deliveries in France, the activities of the Instrumentation and Control Business Unit, as well as the service activities of the Installed Base Business Unit, in particular in North America. Framatome said 2025 was “marked by significant commercial successes in the UK on the Sizewell C EPR project with the extension of the contract’s initial scope, safety instrumentation and control systems, ultimate diesel generators and NPP service and restart contracts in the US”.
Framatome made significant investments in its industrial production tools and acquisitions “which strengthen the control of its industrial supply chain while generating a positive operational cashflow of €49m.
Projects adhered to contractual commitments, with the optimisation of lead time in manufacturing plants, continued action plans on SG&A [selling, general and administrative expenses] costs and quality control. Production in the plants was in line with the commitments made to customers in spite of extension on-going works in the manufacturing sites.
The Installed Base Business Unit executed large component replacement operations on nuclear reactors in North America and South Africa. On the French nuclear fleet, Framatome started replacement operations of four steam generators at Flamanville 2 in November, preparation of which started before summer with the prefabrication phase. Growth in the North American market continued with an increase in reactor servicing during outages, despite a very competitive environment. Framatome completed the acquisition of the remaining stake in Reaktortest, a company specialising in non-destructive examination based in Slovakia.
The Instrumentation and Control Business Unit continued its growth, driven in France, in England and in Central Europe by new build and by modernisation projects of safety instrumentation and control systems, in particular for the Sizewell C EPR. The year saw close collaboration with Arabelle Solutions in view of using the TXS Compact technology for the control of turbines. The Instrumentation and Control Business Unit now includes a Cybersecurity business line with the subsidiaries Allentis (monitoring of IT and industrial networks surveillance), Cyberwatch (vulnerability management) and Foxguard (integrated cybersecurity, industrial computing, and regulatory compliance solutions).
Framatome reported that the Projects and Components Business Unit now includes a Valves business line following the acquisitions of the company Velan SAS France, now called Valserve, and of the company Segault (jointly held with TechnicAtome), which have enabled Framatome to reinforce the control of the high-performance valve supply chain for the nuclear, defence and energy sectors, already initiated in 2024 with the acquisition of Vanatome (also jointly held with TechnicAtome).
The Fuel Business Unit signed major contracts in Europe and is pursuing its actions to increase market share in North America. In 2025, the first lead fuel assemblies for the Barakah NPP in the United Arab Emirates (UAE) were successfully fabricated in Framatome’s plant in Richland, USA. Framatome also launched new industrialisation and development capabilities for TRIstructural-ISOtropic (TRISO) fuel at its Romans-sur-Isère site in France.
Framatome said investments initiated in France as part of the production ramp-up for the EPR2 industrial program continued. These investments relate to manufacturing and assembly activities for the primary and auxiliary equipment components. Investments are also being made to modernise the fuel supply chain and secure its capacity to fabricate new products, particularly on the site of Romans-sur-Isère (France).
Framatome said activity in the Projects and Components Business Unit was sustained with the start-up tests of the Flamanville 3 EPR in France which reached 100% power in December 2025. In the UK, the primary components for Hinkley Point C unit 1 are now successfully installed and welded. On unit 2, the reactor pressure vessel’s support ring and the primary equipment’s vertical racks have been installed in the reactor building, and the reactor pressure vessel and the first two steam generators were delivered on site. The manufacturing of forged parts and equipment for the Sizewell C EPR project is continuing in Framatome’s plants in Le Creusot, Saint-Marcel and Chalon. Meanwhile, France’s EPR2 programme for the six nuclear reactors is being executed according to contractual milestones.
However, Framatome failed to mention that, as of March 2026, Flamanville 3, Hinkley Point C, and Sizewell C all face significant delays and cost increases.
Flamanville 3, now expecting commercial operation in early 2026, is approximately 12–13 years past its original 2012–2013 completion targets. Most recent delays were caused by precautionary tests on safety valves and maintenance on primary circuit components. Cost estimates have risen from an initial €3.3bn to over €13.2bn.
At unit 1 of Hinkley Point C, civil construction is 95% complete. The operational date has been pushed to 2030 (from a previous best-case of 2029). The project is some 13 years behind the 2017 target initially discussed. EDF (Framatome’s parent company) cited lower-than-expected productivity in electromechanical installation (piping and cabling) as the primary cause for the latest 12-month shift. Cost is now estimated at £35bn ($46.7bn), nearly double the original £18bn budget.
Construction at Sizewell C officially started in early 2024 and is currently in the enabling works phase. Operation is targeted for the mid-2030s (construction is expected to take 9–12 years). The Final Investment Decision (FID) was delayed until summer 2025 while the UK government sought private investors to replace Chinese backing. To avoid the bespoke issues seen at Flamanville and Hinkley, Sizewell C is being built as a “copy-paste” of Hinkley Point C to leverage existing expertise and supply chains.
As to the EPR2 programme, it faces several systemic hurdles despite being designed specifically to avoid the mistakes of previous EPR projects. EDF must invest approximately €460bn by 2040 across its operations, including reactor maintenance, grid modernisation, and the EPR2 rollout. Estimated costs for the first six reactors had risen from an initial €51.7bn to nearly €80bn as of late 2025. A finalised financing plan is still missing.
The French Court of Auditors has recommended withholding a FID until funding and detailed designs are secured. Falling electricity prices (under €60/MWh) have made it difficult for EDF to secure long-term contracts, threatening the programme’s projected profitability. Auditors have warned that detailed designs for the nuclear island are not yet complete, risking the same build-then-redesign cycles that delayed Flamanville 3. The commissioning of the first reactor at Penly has already been pushed back from 2035 to 2038.
