Electricité de France (ECIFY) H1 2024 earnings summary

Executive summary

• Strong operational performance in H1 2024, with significant increases in nuclear and hydro output, and record-low carbon intensity at 29gCO2/kWh.

• Net income (Group share) rose to €7.0bn, up nearly €1.2bn year-over-year, with net financial debt stable at €54.2bn.

• Launched "Ambitions 2035" strategy focused on decarbonisation, low-carbon electricity, network expansion, and flexibility solutions.

• Major recruitment drive in France: nearly 20,000 new hires, including 4,500 trainees and 5,000 interns.

• Recognized as a top employer and for CSR initiatives, ranking second in the World Benchmarking Alliance utility sector.

Financial highlights

• EBITDA for H1 2024 reached €18.7bn, up from €16.1bn in H1 2023, with EBIT at €9.6bn.

• Revenue declined 20% year-over-year to €60.2bn due to lower energy costs.

• Net income excluding non-recurring items was €8.4bn, up from €6.3bn year-over-year.

• Net financial debt stable at €54.2bn, supported by €1.9bn positive cash flow.

• Investment increased to €11.1bn, up €2bn, with €6.1bn in development and €1bn for GE Steam Power acquisition.

Outlook and guidance

• EBITDA expected to decline in H2 2024 and 2025 due to lower market prices, with estimated negative price effect of €8–11bn.

• 2024 French nuclear output forecast at upper end of 315–345TWh; 2025–2026 guidance confirmed at 335–365TWh.

• Investment plan remains ambitious at ~€25bn per year.

• Net financial debt/EBITDA target capped at 2.5x, adjusted economic debt/EBITDA at 4x for 2026.

• H2 2024 expected to be down due to continued decline in market prices.