Electricité de France (ECIFY) H1 2025 earnings summary

Executive summary

• H1 2025 results show stable carbon-free output, strong cash flow, and reduced net financial debt, despite lower EBITDA and net income due to declining market prices and reduced hydro output.

• Nuclear generation increased, offsetting lower hydro production, with 95% carbon-free electricity and carbon intensity dropping to 26gCO2/kWh.

• Major progress on strategic nuclear projects (EPR2, Flamanville 3, Hinkley Point C, Sizewell C) and renewables, with significant investments aligned with net zero targets.

• Focus on safety, operational efficiency, and customer satisfaction, with improvements in nuclear fleet availability and reduced absenteeism.

• Net financial debt reduced by €4.4bn to €50.0bn, supported by positive cash flow and disciplined capital allocation.

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, mainly due to lower market prices and hydro output.

• Net income: €5.5bn, down 21%–22% year-over-year, with no exceptional items.

• Operating cash flow: €7.9bn, up 33.9% year-over-year.

• Net financial debt: €50.0bn at 30 June 2025, down from €54.4bn at end-2024.

Outlook and guidance

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

• Commitment to maintain net financial debt/EBITDA ratio below 2.5 and adjusted economic debt/EBITDA below 4 by 2027.

• Continued focus on cash flow, selective investments, and €1bn in overhead savings by 2030.

• EBITDA expected to remain strong but decrease due to falling market prices.

• Ongoing ramp-up of nuclear and renewables projects, with cost and schedule management as priorities.