Electricité de France (ECIFY) H1 2026 earnings summary

Executive summary

• Robust operational performance in H1 2026 with increased French nuclear output, stable hydropower, and wind/solar output up 6% year-over-year, supporting record French electricity exports of 51TWh and a 1% rise in domestic consumption.

• Revenue for H1 2026 was €57.4bn, down 2.9–3.3% year-over-year due to lower market prices; EBITDA fell 8.7–8.8% to €14.1bn, and net income (Group share) was €5.2bn, with operating cash flow at €2.6bn.

• Net financial debt remained stable at €51.5bn, with a NFD/EBITDA ratio of 1.8x and liquidity position of €53.4bn.

• Investments totaled €11.4bn, focused on nuclear life extension, new nuclear projects, renewables, and network adaptation for climate resilience, with 95% aligned to net zero objectives.

• The group confirmed its strategic focus on electrification, industrial sovereignty, and climate adaptation, with significant recruitment, training, and electrification initiatives.

Financial highlights

• Revenue: €57.4bn, down 2.9–3.3% year-over-year.

• EBITDA: €14.1bn, down 8.7–8.8% year-over-year, mainly due to lower prices.

• EBIT: €7.6bn, down 15.2% year-over-year.

• Net income (Group share): €5.2bn; net income excluding non-recurring items: €4.0bn.

• Operating cash flow: €2.6bn; group cash flow: €1.1bn; net financial debt: €51.5bn.

• NFD/EBITDA ratio: 1.8x; EBITDA margin: ~24.6%.

Outlook and guidance

• 2026 EBITDA expected to decrease by around 10% versus 2025, reflecting lower prices and heatwave impacts.

• Nuclear output in France targeted at 350–370TWh for 2026 and 2027, with a long-term target over 400TWh.

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

• Investments to remain high, focused on nuclear, hydro, renewables, and network resilience.