Urenco’s order book increased by 28% during the first half of 2026 as nuclear investment, energy-security concerns, and rising electricity demand from data centres and artificial intelligence strengthened expectations for future enrichment capacity.
Urenco reported an order book of €27.3bn at 30 June, up from €21.3bn at the end of 2025. Contracts extend into the 2040s, providing long-term visibility across a sector in which new capacity requires lengthy investment programmes.
Revenue fell to €645.4m from €830.4m, mainly because of the timing of deliveries, some of which have shifted into the second half of the year.
EBITDA increased to €221.8m from €171m despite the lower revenue, lifting the EBITDA margin to 34.4% from 20.6%. Urenco said inventory valuation movements had favourably affected provisions.
Net income was €12.9m, compared with a €24m loss a year earlier. Cash generated from operating activities declined to €220.4m from €384.1m, while capital expenditure increased to €251.4m from €215m.
Chief executive Boris Schucht said: “The first half of 2026 has seen a sizeable increase in Urenco’s order book, now standing at €27.3 billion compared to €21.3 billion at the end of 2025.”
The group operates uranium enrichment facilities in the UK, Germany, the Netherlands, and the United States. That places it in a specialised part of the nuclear fuel cycle where capacity decisions must be taken years before corresponding electricity demand emerges.
Urenco said it is attracting new orders as nuclear generators prepare for increased electricity demand from data centres and AI operations. Planned reactor restarts in Japan and the US are adding to future requirements.
In June, the company announced a new enrichment plant at its US site that is expected to increase production there by nearly 50%.
Combined with other expansion work, Urenco expects to add 4.6 million separative work units of global capacity by 2036. An existing US expansion programme is due for completion in 2027, with two-thirds of its planned new centrifuge cascades already installed and operating.
Capacity projects are also progressing at Almelo in the Netherlands and Gronau in Germany. In the UK, work to extend the operating life of two enrichment plants at Capenhurst has been completed, while a centrifuge refurbishment programme continues.
Design work is also progressing on an Advanced Fuel facility at Capenhurst capable of producing high-assay low-enriched uranium enriched to levels of up to 20%. Such fuel is expected to be required by some advanced reactor designs.
The scale of the investment reflects a structural feature of nuclear supply chains: production cannot be expanded quickly in response to a sudden increase in demand. Specialised facilities, regulation, technical expertise and long construction programmes create a need to commit capital well ahead of delivery.
That helps explain why an order book extending into the 2040s has operational significance beyond the headline value. Future contracted demand influences decisions being made today over centrifuge capacity, plant life extensions, staffing, engineering resources, and fuel technology.
Energy security has strengthened that investment case. Disruption to oil and gas supplies has encouraged governments to place greater emphasis on diversity of generation, while nuclear has also gained attention as a source of low-carbon electricity capable of providing output independently of weather conditions.
Data centres add another source of demand. The rapid build-out of computing infrastructure has intensified scrutiny of whether electricity networks can provide sufficient dependable generation alongside grid connections and renewable capacity.
For the UK, Urenco’s Capenhurst programme forms part of a wider effort to maintain domestic capability across nuclear fuel and new reactor technologies. The economics depend on an international customer base, but the underlying enrichment infrastructure is difficult and costly to recreate once capacity is lost.
Urenco’s first-half figures also show why revenue alone can give an incomplete picture of the business. Delivery timing reduced recognised sales and operating cash flow, while the order book, EBITDA, capital expenditure, and production expansion all moved in the opposite direction.
The company’s ability to deliver those expansion projects on time will determine how effectively the larger order book becomes future output. With contracts extending decades ahead, capacity execution rather than short-term sales volatility is increasingly central to its financial outlook.
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