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Electricité de France (ECIFY) investor relations material
Electricité de France H1 2025 (Q&A) earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
H1 2025 delivered solid operational performance with EBITDA of €15.5bn, strong cash flow, and net financial debt reduced to €50bn, despite lower market prices.
Net income was €5.5bn, down over 20% year-over-year, mainly due to lower EBITDA and non-recurring items.
Major progress on nuclear projects: EPR2 in France, Hinkley Point C, and Sizewell C in the UK, with renewables and grid investments prioritized.
Carbon intensity improved to 26gCO2/kWh, confirming a leading low-carbon position.
Over €3bn in green bonds issued and significant financing agreements secured to support investments.
Financial highlights
Sales: €59.4bn in H1 2025, down 1.3%–1.7% year-over-year.
EBITDA: €15.5bn, down 16.8%–17% year-over-year; EBIT: €9.0bn.
Net income: €5.5bn, down 21%–22% year-over-year.
Operational cash flow: €7.9bn, up 33.9% year-over-year; group cash flow: €4.3bn, up 114%.
Net investments: €11.5bn, mainly for nuclear and network development.
Outlook and guidance
2025 EBITDA guidance confirmed at €23.5bn–€31.5bn; strong but expected to decrease due to lower market prices.
French nuclear output, including Flamanville 3, estimated at 350–370TWh for 2025–2027.
Net financial debt/EBITDA target ≤2.5x by end-2027; adjusted economic debt/adjusted EBITDA ≤4x.
Guidance range remains broad due to trading margin volatility and nuclear output uncertainties.
Focus on cost control, investment selectivity, and ramp-up of key nuclear and renewables projects.
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