Electricité de France (ECIFY) H1 2026 (Q&A) earnings summary

Executive summary

• H1 2026 delivered robust operational performance with increased French nuclear output, stable hydropower generation, and a 95% decarbonised electricity mix, supporting record net exports of 51TWh year-over-year.

• EBITDA was €14.1bn, down 8.8% year-over-year, mainly due to lower market prices and regulated tariffs, while net income (Group share) was €5.2bn.

• Net financial debt remained stable at €51.5bn, with a NFD/EBITDA ratio of 1.8x and positive cash flow generation.

• Major investments focused on electrification, renewables, and nuclear projects, including EPR2 and Hinkley Point C, with €350m mobilised for electrification initiatives.

• Sale agreement for North American renewable assets to KKR, expected to reduce net indebtedness by ~$5.5bn.

Financial highlights

• Sales were €57.4bn, down 2.9% year-over-year; EBITDA fell to €14.1bn from €15.5bn; EBIT dropped to €7.6bn from €9.0bn.

• Net income (Group share) was €5.2bn, with an effective tax rate of 33.2%; net income excluding non-recurring items was €4.0bn.

• Group cash flow was €1.1bn, down 75.5% year-over-year due to lower operating cash flow and absence of prior year share premium.

• Net investments totaled €11.4bn, with nearly 95% aligned to net zero targets.

• Over €5.1bn in bonds issued, including €2.75bn in green bonds for nuclear and Hinkley Point C projects.

Outlook and guidance

• 2026 EBITDA is expected to decrease by around 10% versus 2025, mainly due to lower market prices and heatwaves.

• French nuclear output estimated at 350–370TWh for 2026 and 2027, with ambitions to exceed 400TWh long-term.

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

• Reforecasting indicates net debt at year-end should be better than initially planned.

• Focus remains on electrification, industrial project control, and financial discipline.