Electricité de France (ECIFY) H2 2024 (Q&A) earnings summary

Executive summary

• 2024 marked the second-best year ever, with EBITDA at €36.5 billion, stabilized net financial debt, and significant increases in nuclear (+41.3TWh) and hydropower (+12.7TWh) output, despite lower market prices.

• Flamanville 3 EPR was connected to the grid at the end of December, contributing to record-low carbon intensity at 30g CO2/kWh; major progress was made on Hinkley Point C and EPR2 projects.

• The "Ambition 2035" strategy was rolled out, focusing on decarbonization, customer support, and network development.

• Customer portfolio grew to 41.5 million in G4 countries, with 13.4Mt CO2 emissions avoided in 2024.

• The company is positioned to play a key role in the energy transition, supported by strategic plans and major project milestones.

Financial highlights

• EBITDA reached €36.5 billion in 2024, down €3.4 billion year-over-year, reflecting strong output but lower market prices.

• Net investment rose to €22.4 billion, up €3.3 billion from 2023, mainly for nuclear projects and network development.

• Net financial debt was stable at €54.3 billion, with maturity extended to 13 years and a leverage ratio at 1.49x.

• Net income (Group share) reached €11.4 billion, up €1.4 billion year-over-year; net income excluding non-recurring items was €15.2 billion.

• Operational cash flow was €3.9 billion in 2024, down from €9.6 billion in 2023.

Outlook and guidance

• CapEx for 2025 is expected around €25 billion, with continued investment in new and existing nuclear projects and networks.

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

• EBITDA for 2025 is expected to decline amid lower prices, with further normalization in 2026 as the ARENH mechanism ends.

• Net financial debt for 2025 is expected to be significantly below €60 billion, with a net financial debt/EBITDA ratio targeted at ≤2.5x by 2027.

• Adjusted economic debt to adjusted EBITDA ratio targeted below 4x by end-2027.