Electricité de France (ECIFY) H2 2024 earnings summary

Executive summary

• Achieved a 21% year-over-year increase in electricity production to 520 TWh, with 94% carbon-free output, driven by improved nuclear (+41.3 TWh) and hydro (+12.7 TWh) availability.

• Maintained strong operational performance in 2024, supporting record electricity exports and decarbonization efforts, with customer portfolio in G4 countries up 1.5%.

• Advanced major nuclear projects, including Flamanville 3 EPR grid connection and EPR2 program launch, and expanded renewables capacity.

• Net financial debt stabilized at €54.3bn, with strong commercial momentum and new long-term contracts.

• New CSR targets set, including ambitious CO2 reduction goals and increased recruitment to support the energy transition.

Financial highlights

• Revenue declined 15.7% year-over-year to €118.7bn, mainly due to lower energy prices; EBITDA reached €36.5bn, down from €39.9bn in 2023.

• Net income group share rose to €11.4bn, up €1.4bn, while current net income was €15.2bn; EBIT increased to €18.3bn.

• Net financial debt stable at €54.3bn; NFD/EBITDA ratio at 1.49x; adjusted economic debt at €87.7bn.

• Cash flow for 2024 was €3.9bn, with net investments rising to €22.4bn, 94% aligned to net zero targets.

• High liquidity: €39.9bn gross liquidity at year-end.

Outlook and guidance

• 2025 EBITDA expected to decrease by €7–9bn due to lower market prices, with French nuclear output (including Flamanville 3) estimated at 350–370 TWh for 2025–2027.

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

• Continued focus on electrification, flexibility solutions, and major nuclear and renewables projects.