Electricité de France (ECIFY) H2 2025 earnings summary

Executive summary

• Decarbonized output reached 488 TWh in 2025, with carbon intensity down 10.5% year-over-year to 26.5g CO2/kWh and 95% carbon-free generation.

• French nuclear output rose to 373 TWh, the highest since 2019, supporting record net electricity exports of 92.3 TWh.

• EBITDA was €29.3 billion, down 19% from 2024, and net income (Group share) was €8.4 billion, down 26%, mainly due to lower market prices and hydro output.

• Net financial debt decreased by €2.9 billion to €51.5 billion, with positive cash flow and an S&P rating upgrade to BBB+ stable.

• Major nuclear projects advanced: Flamanville 3 reached 100% power, EPR2 costed at €72.8bn (2020 euros), and Sizewell C reached financial close.

Financial highlights

• Revenue was €113.3 billion, down 4% year-over-year due to lower electricity prices.

• EBITDA reached €29.3 billion, at the upper end of guidance but below €36.5 billion in 2024.

• EBIT was €13.1 billion, down from €18.3 billion in 2024.

• Net income attributable to the group was €8.4 billion, compared to €11.4 billion last year, impacted by non-recurring items including a €2.5 billion impairment on Hinkley Point C.

• Net investments totaled €24 billion, up €1.6 billion, mainly for nuclear maintenance, network upgrades, and climate adaptation.

Outlook and guidance

• EBITDA expected to remain solid but slightly lower in 2026 due to continued price declines.

• Net debt/EBITDA ratio target maintained at ≤2.5x for 2027; adjusted economic debt/EBITDA ≤4x.

• French nuclear output guidance: 350–370 TWh in 2026 and 2027, 345–375 TWh in 2028.

• Focus on electrification, nuclear fleet output above 400 TWh, accelerated renewables deployment, and €1 billion annual overhead savings by 2030.