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 €29.3bn, down 19% from 2024 due to lower market prices and hydro output, while net income (Group share) fell 26% to €8.4bn.

• Operating cash flow was €9.6bn, supporting a €2.9bn reduction in net financial debt to €51.5bn 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 €113.3bn, down 4% year-over-year due to lower electricity prices.

• EBITDA reached €29.3bn, at the upper end of guidance, supported by strong nuclear output.

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

• Net income attributable to the group was €8.4bn, down from €11.4bn in 2024, impacted by non-recurring items including a €2.5bn impairment on Hinkley Point C.

• Net financial debt decreased by €2.9bn to €51.5bn.

• Net investments totaled €24bn, mainly for nuclear maintenance, new build, network upgrades, and climate adaptation.

Outlook and guidance

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

• 2027 targets reaffirmed: net debt/EBITDA ≤2.5x and adjusted economic debt/adjusted 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, and accelerated renewables deployment.

• Ongoing cost reduction program targeting €1bn annual savings by 2030 and continued recruitment and training.