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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 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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