Edf: 2025 half-year results – Operational performance in line with expectations – Positive cash flow in a context of falling market prices and rising investments Net financial debt reduced

2025 half-year results

Operational performance in line with expectations
Positive cash flow in a context of falling market prices
and rising investments
Net financial debt reduced

Performance supported by nuclear power output in France
Electricity output: 257TWh (181.8TWh or +4.4TWh for nuclear in France and 26.0TWh or -5.2TWh for hydropower)
Sales: €59.4 bn
EBITDA: €15.5 bn
Net income – Group share: €5.5 bn
Operating cash flow: €7.9 bn – cash flow: €4.3 bn
Net Financial Debt: €50.0 bn – NFD / EBITDA⁽¹⁾: 1.5x

In a context of falling market prices, EBITDA amounts to €15.5 bn vs. €18.7 bn for H1 2024, despite the higher nuclear power output in France. The regulated activities are growing.

Despite the downturn in EBITDA, EBIT stands at €9.0 bn vs. €9.6 bn in H1 2024 during which the estimate of forecast non-recurring costs (-€3.2 bn) after the scenario for spent fuel storage in France was revised.

• Financial result

The financial result is an expense of €1.3 bn vs €13 M in H1 2024, resulting from:

• the modest performance by the dedicated asset portfolio (1.9% vs 5.5% in H1 2024), due to poorer conditions on the equity markets. This contributed to the €1.5 bn downturn in other financial income and expenses (with limited cash impact);
• active debt management in a period of falling interest rates, achieving a €0.4 bn reduction in the cost of gross financial debt;
• a €0.2 bn increase in the cost of unwinding the discount.

The financial result excluding non-recurring items, particularly changes in the fair value of the dedicated asset portfolio, is stable at -€1.6 bn.

• Net income

Net income excluding non-recurring items is €5.5 bn vs €8.4 bn in H1 2024, principally due to the lower EBITDA.

The Group’s share of net income is €5.5 bn vs €7.0 bn in H1 2024, a decrease of €1.6 bn attributable mainly to the following non-recurring items after tax:

• a -€1.2 bn change in the fair value of financial instruments;
• the -€0.6 bn effect of commodity volatility;
• the H1 2024 estimate of forecast costs after the scenario for spent fuel storage in France was revised (€2.4 bn).

Cash flow amounts to €4.3 bn vs €2.0 bn in H1 2024. It is explained by an operating cash flow of €7.9 bn, essentially reflecting cash generated by trading activities and regulated and unregulated activities in France, €0.6 bn relating to the sale of Edison Stoccaggio gas storage business in Italy, and an issue premium of €2 bn distributed to the French State.
Working capital was down by €2.9 bn, including:

• an improvement of €5.3 bn due to decrease in customer receivables in line with seasonal variations in the business (volumes and prices),
• a decline of €1.6 bn relating to a shortfall in compensation for charges under the CSPE mechanism.

Net investments reached €11.5 bn, up by €0.4 bn vs H1 2024, notably for the Hinkley Point C project and the EPR2 programme, along with network development and reinforcement. In 2024, investments included the acquisition of Arabelle Solutions and Assystem’s 5% stake in Framatome, with an effect of €0.9 bn.

• Net financial debt⁽²⁾

Net financial debt, at €50.0 bn, is €4.4 bn lower than at end-2024.

With new bond issues totalling around €7.4 bn, and the decrease in interest rates and short-term debt, financing costs are under control.

At its meeting of 24 July 2025 chaired by Bernard Fontana, EDF’s Board of Directors approved the consolidated financial statements at 30 June 2025. Chairman and Chief Executive Officer of EDF Bernard Fontana said:

“Operational and financial results for the first half of 2025 are in line with expectations, in a context of falling market prices. These results reflect the initiatives taken to raise production levels and present commercial offerings appropriate to our customers’ needs. Our priorities for the future are: to supply low-carbon, reliable, competitive energy that serves all our customers and supports France’s industrial and energy sovereignty; and to demonstrate our ability to accomplish major projects to the highest standards of security, health and safety, on time and on budget. I know I can count on all EDF’s teams to work to achieve these aims and thank them for their dedication. I am proud to be part of EDF.”

Outlook for 2025 – unchanged
Strong EBITDA, expected to decrease in a context of falling market prices.
Nuclear power output in France, including Flamanville 3, is estimated at 350-370 TWh in 2025, 2026 and 2027.

2027 targets – confirmed⁽³⁾
NFD / EBITDA: ≤ 2.5x
Adjusted economic debt / adjusted EBITDA⁽⁴⁾: ≤ 4x 

Operational performance and highlights of the half-year

The Group is supporting France’s energy and industrial sovereignty:

• Accelerated deployment of the commercial policy:
  • Over 12,000 medium-term electricity supply contracts (22TWh for 2028, 16TWh for 2029 and 2TWh for 2030) have been signed since end-2023. 60% of these volumes are for industrial customers, and EDF launched new offerings for small and medium-sized businesses in 2025.
  • EDF signed 2 nuclear power allocation contracts for electricity-intensive industrial and 12 letters of intent covering close to 16TWh per year, along with 1 contract with Aluminium Dunkerque and 2 preliminary agreements with Arkema and Kem One, for a 10-year electricity supply.
• Stability in the customer portfolio and consumption levels
• Decarbonising and electrifying uses:
  • Dalkia has been given the 20-year public contract to upgrade and extend the city of Lille’s heating network with 95% low-carbon energy, which will avoid 165,000t of CO₂ a year.
  • Following EDF’s call for tenders for the installation of datacentres in France (~1GW) on 3 of its sites, the chosen operators to enter in final negociation with EDF are Opcore (Iliad’ and InfraVia’ subsidiary) for Montereau and Eclairion for Moselle.
  • The number of electric vehicle charging points installed or managed rose by 12%.

Stable production and continued development of low-carbon projects:

• Strong operational performance:
  • Nuclear power output in France was up by 4.4TWh to 181.8TWh. This reflects optimisation of reactor outages under the START 2025 programme: 13 of the 22 outages in H1 2025 ended ahead of schedule, despite high modulation (18.3TWh⁽⁵⁾).
  • Hydropower output was down by 5.2TWh to 26.0TWh⁽⁶⁾ following the exceptionally good hydraulicity conditions in 2024: the decrease was limited by high plant availability.
  • The 2.1% increase in wind and solar power output to 14.7TWh is largely due to new installed capacities. The portfolio of wind and solar projects totals 114GW gross.
• With its 95% carbon-free electricity output, EDF has one of the lowest carbon intensities in the world at 26gCO₂/kWh, 10% lower than in H1 2024.
• EDF is mobilised for success in its nuclear projects:
  • Flamanville 3: the ramp-up is continuing, with the objective of reaching 100% power by the end of the summer.
  • EPR2: an agreement on the key EPR2 programme support measures has been finalised with the State⁽⁷⁾, public debates have been held for the 3 sites concerned (Penly, Gravelines, Bugey), and site preparation work for construction of 2 reactors is continuing at Penly.
  • Hinkley Point C: progress on electromechanical work on Unit 1; the dome for Unit 2 has been installed.
  • Sizewell C: signature of an agreement to invest up to £1.1 bn in the project, progressively over the construction period starting in the autumn. EDF will hold a 12.5% stake.
• EDF is continuing its renewable energy projects:
  • Offshore wind power: Provence Grand Large, the Group’s first floating wind farm, and the 450MW Neart na Gaoithe wind farm in Scotland are now both commissioned, and work has resumed on the Calvados project at Courseulles-sur-Mer;
  • Hydropower: full commissioning of the 420MW Nachtigal dam in Cameroon.

Networks that actively support the energy transition:

• 16% increase in connections of renewable energy facilities by Enedis⁽⁸⁾, to 3.1GW, and a 16% decrease in the installed power of electric vehicle charging infrastructures, to 2.1GW.
• Rise in the TURPE tariff, in line with the increase in investments for climate adaptation and climate change, network resilience and the connection of new uses and capacities.

EDF is meeting the increasing needs for flexibility in a more complex electricity system:

• Making power generation more flexible:
  • Electricity consumption is stable, and the intermittency of renewable energies causes substantial price volatility: hourly prices < €10/MWh were observed for 769 hours or more than 18% of the time in France.
  • Flexibility capacities are being mobilised: the purchase contracts for 3 French offshore wind farms have been modified to partially or totally suspend generation in negative price periods, nuclear modulation has risen by 16%; 3GW of storage projects are in development/construction.
• Rolling out flexibility offerings for customers:
  • +16% of controllable EV charging points, to a total 31,500 charging points at end-June 2025.
  • A +10% increase in the number of residential customers with a flexibility contract in France, to 1.3 million customers.
  • Preparing for changes to the off-peak regime, instigated by the French energy regulator, to better match network requirements and changes in the energy mix (more solar power).

EDF issued over €3 bn of green bonds in H1 2025 to fund development of its business (nuclear, renewables and network activities). EDF has also signed an agreement with Apollo which will invest up to a total £4.5 bn in EDF-issued unlisted bonds to fund its projects, particularly Hinkley Point C. Finally, EDF signed a €500 M credit line with the EIB to finance Enedis’ operations.

Financial results by segment:

Segment sales are presented below before elimination of inter-segment operations.

• France – Generation and supply

EBITDA is down because of lower selling prices (estimated impact of -€2.7 bn). For the regulated sales tariffs, apart from the ARENH price of €42/MWh, this is explained by an adjusted 2-year average forward market price of €103/MWh vs. €192/MWh for 2024, and a ARENH cropping price of €74/MWh in 2025 vs. €102/MWh in 2024.
The level of hydropower output after the exceptional year in 2024 also contributed to the decline in EBITDA (-€0.6 bn); this effect was partly offset by a rise in nuclear power output (+€0.2 bn).

• France – Regulated activities ⁽¹¹⁾

The increase in EBITDA is principally explained by a positive price effect estimated at €1.2 bn, due to changes in the TURPE network access tariff⁽¹²⁾ (€0.9 bn) and energy purchases to cover network losses made at lower market prices than in H1 2024 (€0.4 bn).

• EDF power solutions

The lower EBITDA for EDF Renewables⁽¹³⁾ is primarily explained by portfolio rotation, particularly the 2024 significant transactions on wind and solar farms in the United States and Brazil. However, generation volumes were up by 4.5% thanks to newly-commissioned facilities, despite less favourable wind conditions in Europe.

In Belgium, the downturn in EBITDA was essentially driven by a lower level of generation output and falling market prices.

EBITDA for Brazil decreased due to the end of the Power Purchase Agreement attached to the EDF Norte Fluminense plant in December 2024, and the low number of hours of operation by that plant.

The rise in EBITDA for Dalkia was driven by the sales teams’ performance in the energy efficiency and decarbonisation services in France and internationally, particularly concerning heat networks and industry. This rise compensated for the expected lower level of business at certain co-generation plants.

• Industry and services

The contracts signed for the Sizewell C project in the United Kingdom, and a higher level of Installed Base and Instrumentation and Control business in the United States, explain the higher EBITDA for Framatome. Order intake stood at approximately €3.2 bn at 30 June 2025.
Framatome acquired Velan SAS and Segault during H1 2025, reinforcing its expertise in high-performance nuclear valves.

EBITDA for Arabelle Solutions was -€49 M after its integration into the Group.

• United Kingdom

The main explanation for the decrease in EBITDA is the impact of lower market prices on realised nuclear prices. The nuclear fleet turned in a strong performance, generating 17.8TWh, a limited downturn considering the unplanned outages at Heysham 1 and Hartlepool in 2024 and the busier maintenance programme in 2025. Also, sales activities in all the segments are facing stiffer competition in a context of lower market price volatility.

The decrease in EBITDA, in the gas business, is mainly explained by diminishing margins on some procurement contracts, and fewer opportunities for optimisation.
In the electricity business, lower renewable output after the exceptionally good hydraulicity conditions of 2024 was partly compensated by an increase in thermal generation.
In the sales businesses, margins were down.

The increase in EBITDA for the gas activities is explained by optimisation of positions taken in the contract with the Dunkirk terminal, despite falling margins in gas storage activities.

EDF Trading’s performance remained steady despite the lower EBITDA, in an uncertain market environment with erratic volatility and a substantial downturn in prices.

Extract from the consolidated financial statements

Consolidated income statement

(1) Other external expenses are reported net of capitalised production.

Consolidated balance sheet

(1) At 30/06/2025, financial income on cash & cash equivalents, previously presented on a separate line detailing cash and cash equivalents, is reclassified and included in Net financial expenses disbursed in the amount of €184 M (€156 M at 30/06/2024). The 2024 comparative figures have been restated accordingly.
(2) Investments in intangible assets and property, plant and equipment comprise -€10,085 M of acquisitions of property, plant and equipment (-€9,663 M in 2024),
-€1,145 M of acquisitions of intangible assets (-€1,151 M in 2024) and -€790 M change in payables to suppliers of fixed assets (-€606 M in 2024).
(3) In 2024, these transactions included a €1,086 M capital injection by the UK government into the Sizewell C project and the purchase of Assystem’s minority interests in Framatome for -€205 M.
(4) Including -€1,250 M for redemption of perpetual subordinated bonds at 30/06/2025 (this repayment had no equivalent in the first half of H1 2024).

Main press releases since announcement of the 2024 annual results

Governance

• EDF group governance changes (PR of 08/07/2025)
• Appointment of Nathalie Pivet as Group Executive Director in charge of the Performance, Impact, Investment and Finance Division on an interim basis (PR of 06/06/2025)
• Appointment of Bernard Fontana as Chairman and Chief Executive Officer of EDF (PR of 07/05/2025)

Nuclear

• EDF confirms its investment in Sizewell C project in the UK (PR of 22/07/2025)
• EDF announces the principle of investment in Sizewell C project with a view to the final investment decision (PR of 08/07/2025)
• Creation of the Fonds France Nucléaire 2 investment fund for the French nuclear industry (PR of 13/05/2025)
• Framatome and Sizewell C sign agreement for conventional field instrumentation (PR of 16/04/2025)

Renewables

• EDF Renewables and EDF’s International Division combine to form EDF power solutions (PR of 17/06/2025)
• Provence Grand Large: Full Commissioning of the first French floating offshore wind farm (PR of 05/06/2025)
• EDF participates in the development of a hydroelectric project in Madagascar (PR of 23/04/2025)

Customers

• Kem One and EDF Sign a Memorandum of Understanding for a 10-Year Electricity Supply Contract (PR of 17/07/2025)
• Arkema and EDF Sign a Memorandum of Understanding for Electricity Supply (PR of 10/07/2025)
• EDF and the Marcegaglia Group Sign a Letter of Intent for a Long-Term Electricity Supply Contract for the Future Fos-sur-Mer Site (PR of 24/06/2025)
• Aluminium Dunkerque and EDF Sign a Memorandum of Understanding for Electricity Supply (PR of 15/05/2025)
• EDF launches call for expressions of interest for Nuclear Production Allocation Contracts (CAPN) (PR of 06/03/2025)
• EDF launches calls for expressions of interest for new data centers in France (PR of 03/03/2025)

Financing

• EDF announces the success of its senior multi-tranche bond issue for a nominal amount of ¥75.8 billion (PR of 03/07/2024)
• EDF announces the signature of an agreement with Apollo for the issue of up to £4.5 billion of unlisted bonds (PR of 20/06/2024)
• EDF announces the success of its senior green multi tranche bond issue for a nominal amount of 2.25 billion euros (PR of 30/04/2024)

Others

• Edison finalises the sale of its 50% stake in Elpedison (PR of 15/07/2025)
• EDF decides to definitively shutdown the Cordemais thermal power plant and confirms plans to launch a new industrial activity on the site (PR of 28/05/2025)

About EDF

The EDF Group is a key player in the energy transition, as an integrated energy operator engaged in all aspects of the energy business: power generation, distribution, trading, energy sales and energy services. The Group is a world leader in low-carbon energy, with a 94%-decarbonised output of 520TWh in2024, carbon intensity of 30gCO₂/kWh, and a diverse generation mix based mainly on nuclear and renewable energy (including hydropower). It is also investing in new technologies to support the energy transition. EDF’s raison d’être is to build a net zero energy future with electricity and innovative solutions and services, to help save the planet and drive well-being and economic development. The Group supplies energy and services to approximately 41.5 million customers ⁽¹⁾ and generated consolidated sales of €118.7 billion in 2024.  

(1) The customer portfolio consists of electricity, gas and recurring service contracts.

This presentation is for information purposes only and does not constitute an offer or solicitation to sell or buy instruments, any part of the company or assets described, or any other interest in the US or any other country. This document contains forward-looking statements and information. While EDF believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions at the time they are made, these assumptions are intrinsically uncertain, with inherent risks and uncertainties that are beyond the control of EDF. As a result, EDF cannot guarantee that these assumptions will materialise. Future events and actual financial and other results may differ materially from the assumptions underlying these forward-looking statements, including, but not limited to, differences in the potential timing and completion of the transactions they describe. Risks and uncertainties (notably linked to the economic, financial, competition, regulatory and climate situation) may include changes in economic and business trends, regulations, and factors described or identified in the publicly-available documents filed by EDF with the French financial markets authority (AMF), including those presented in Section 2.2 “Risks to which the Group is exposed” of the EDF Universal Registration Document (URD) filed with the AMF on 27 March 2025 (under number D.25-0183), which may be consulted on the AMF website at www.amf-france.org or the EDF website at www.edf.fr.
Neither EDF nor any EDF affiliate is bound by a commitment or obligation to update the forward-looking information contained in this document to reflect any events or circumstances arising after the date of this presentation.

(1) Based on cumulative EBITDA for H2 2024 and H1 2025.  
(2) Net financial debt is not defined in the accounting standards and is not directly visible in the Group’s consolidated balance sheet. It comprises total loans and financial liabilities, less cash and cash equivalents and liquid assets. Liquid assets are financial assets consisting of funds or securities with initial maturity of over three months that are readily convertible into cash and are managed according to a liquidity-oriented policy.
(3) Based on scope and exchange rates as at 1 January 2025 and assuming French nuclear output including Flamanville 3, of 350-370 TWh a year in 2025, 2026 and 2027.
(4) Applying constant S&P ratio methodology.  
(5) Including system services and the adjustment mechanism.
(6) After deduction of pumped-storage consumption, hydropower output totals 21.8TWh in H1 2025 vs. 27.1TWh in H1 2024.
(7) Subject to State aid approval by the European Commission.
(8) Enedis is an independent subsidiary of EDF as defined in the French Energy Code.
(9) This segment combines the two segments EDF Renewables and Other international: see note 4 to the consolidated financial statements at 30 June 2025.
(10) This segment comprises Framatome and Arabelle Solutions, but Arabelle Solutions’ results are only incorporated from 1 June 2024.
(11) Including Enedis, Électricité de Strasbourg and the French island activities.
(12) Indexed adjustments to the TURPE 6 distribution tariff: +4.81% from 1 November 2024 and +7.7% from 1 February 2025.
(13) The EDF Renewables brand was renamed EDF power solutions on 17 June 2025.
(14) H1 2025 EBITDA for Arabelle Solutions is in scope effect

Attachment

• PR results H1 2025 V24.07

Source: https://www.globenewswire.com/news-release/2025/07/24/3121293/0/en/Edf-2025-half-year-results-Operational-performance-in-line-with-expectations-Positive-cash-flow-in-a-context-of-falling-market-prices-and-rising-investments-Net-financial-debt-redu.html