Electricité de France (ECIFY) H2 2025 (Q&A) earnings summary

Executive summary

• 2025 delivered strong operational performance, with French nuclear output reaching 373TWh—the highest in six years—and total electricity output of 515TWh, supporting record net electricity exports from France.

• EBITDA reached €29.3 billion, driven by high nuclear output and 95% low-carbon generation, reducing carbon intensity to 26.5g CO2/kWh.

• Major nuclear projects advanced: Flamanville 3 reached 100% power, Sizewell C reached final investment decision and financial close, and Hinkley Point C progressed despite schedule and cost challenges.

• S&P upgraded the credit rating to BBB+ stable in January 2026.

• Positive cash flow enabled a reduction in net financial debt to €51.5bn, with NFD/EBITDA at 1.8x.

Financial highlights

• Sales reached €113.3bn, down 4% year-over-year; EBITDA was €29.3bn, down from €36.5bn in 2024, mainly due to lower market prices despite higher nuclear output.

• Net income (Group share) was €8.4bn, with net income excluding non-recurring items at €9.6bn; both declined year-over-year.

• Operating cash flow was €9.6bn, and cash flow generation stood at €2.9bn.

• Net investments rose to €24.0bn, mainly for nuclear and network projects, with 94% aligned to net zero targets.

• Net financial debt reduced by €2.9bn year-over-year to €51.5bn.

Outlook and guidance

• 2026 EBITDA expected to retreat slightly due to market price downturns and the end of ARENH, but remains strong.

• French nuclear output forecast at 350–370TWh for 2026–2027, and 345–375TWh for 2028.

• Leverage targets confirmed: net financial debt/EBITDA ≤2.5x and adjusted economic debt/adjusted EBITDA ≤4x by end-2027.

• CapEx expected to exceed €25bn in 2026, mainly for EPR2 and Hinkley Point C.

• Operating free cash flow expected to remain well-oriented in 2026, though asset disposals (e.g., Edison, U.S. renewables) could impact total free cash flow.