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Electricité de France (ECIFY) investor relations material
Electricité de France H2 2025 (Q&A) earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
2025 delivered strong operational performance, with French nuclear output reaching 373TWh—the highest in six years—and total electricity output of 515TWh, supporting record net electricity exports from France.
EBITDA reached €29.3 billion, driven by high nuclear output and 95% low-carbon generation, reducing carbon intensity to 26.5g CO2/kWh.
Major nuclear projects advanced: Flamanville 3 reached 100% power, Sizewell C reached final investment decision and financial close, and Hinkley Point C progressed despite schedule and cost challenges.
S&P upgraded the credit rating to BBB+ stable in January 2026.
Positive cash flow enabled a reduction in net financial debt to €51.5bn, with NFD/EBITDA at 1.8x.
Financial highlights
Sales reached €113.3bn, down 4% year-over-year; EBITDA was €29.3bn, down from €36.5bn in 2024, mainly due to lower market prices despite higher nuclear output.
Net income (Group share) was €8.4bn, with net income excluding non-recurring items at €9.6bn; both declined year-over-year.
Operating cash flow was €9.6bn, and cash flow generation stood at €2.9bn.
Net investments rose to €24.0bn, mainly for nuclear and network projects, with 94% aligned to net zero targets.
Net financial debt reduced by €2.9bn year-over-year to €51.5bn.
Outlook and guidance
2026 EBITDA expected to retreat slightly due to market price downturns and the end of ARENH, but remains strong.
French nuclear output forecast at 350–370TWh for 2026–2027, and 345–375TWh for 2028.
Leverage targets confirmed: net financial debt/EBITDA ≤2.5x and adjusted economic debt/adjusted EBITDA ≤4x by end-2027.
CapEx expected to exceed €25bn in 2026, mainly for EPR2 and Hinkley Point C.
Operating free cash flow expected to remain well-oriented in 2026, though asset disposals (e.g., Edison, U.S. renewables) could impact total free cash flow.
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