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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.
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H1 2025 (Q&A) earnings summary25 Jul, 2025

Executive summary

  • H1 2025 delivered strong operational performance with EBITDA at €15.5bn, supported by increased nuclear output in France and continued investment in low-carbon projects, despite lower electricity market prices.

  • Net income was €5.5bn, down over 21% year-over-year, with net financial debt reduced to €50.0bn, and group cash flow more than doubled to €4.3bn.

  • Major progress on strategic nuclear projects, including EPR2 in France, Flamanville 3 ramp-up, and Sizewell C investment in the UK.

  • Renewables and grid investments remain a priority, with a focus on electrification, decarbonization, and new commercial offerings.

  • Carbon intensity reached a record low of 26gCO2/kWh, confirming a leading position in low-carbon electricity production.

Financial highlights

  • Sales: €59.4bn in H1 2025, down 1.3% year-over-year; EBITDA: €15.5bn, down 16.8–17%; net income: €5.5bn, down 21–22%.

  • Operational cash flow: €7.9bn, up 33.9% year-over-year; group cash flow: €4.3bn, up 114%.

  • Net financial debt reduced to €50.0bn from €54.4bn at end-2024.

  • Net investments reached €11.5bn, mainly for nuclear, renewables, and network projects.

  • Over €7bn in bonds issued in H1, including green bonds; high liquidity at €45.0bn.

Outlook and guidance

  • 2025 outlook unchanged: strong EBITDA expected but to decrease due to lower market prices; full-year EBITDA guidance confirmed at €23.5–41.5bn.

  • French nuclear output, including Flamanville 3, estimated at 350–370TWh for 2025–2027, targeting 400TWh by 2030.

  • 2027 targets: net financial debt/EBITDA ≤2.5x; adjusted economic debt/adjusted EBITDA ≤4x.

  • H2 expected to see reduced cash EBITDA and increased working capital needs.

  • Focus on cost control, investment selectivity, and ramp-up of key nuclear and renewables projects.

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Frequently asked questions

Électricité de France S.A. is a French multinational energy company primarily involved in the generation, transmission, distribution, and sale of electricity. The company operates one of the world's largest fleets of nuclear power plants and is also a major producer of electricity from renewable sources such as wind, solar, and hydropower. EDF serves residential, commercial, and industrial customers globally, with a strong focus on providing clean, sustainable energy solutions. The company is actively involved in advancing energy transition and reducing carbon emissions. The company is headquartered in Paris, France, and its shares are listed on the Euronext Paris.

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