2025 annual results

Electricity output: 515TWh (including 373TWh of nuclear in France)

Sales: €113.3 bn
EBITDA: €29.3 bn
Net income - Group share: €8.4 bn

Operating cash flow: €9.6 bn 
Net Financial Debt: €51.5 bn 
NFD/EBITDA: 1.8x - AED ⁽¹⁾ / adjusted EBITDA: 2.6x

Upgrade of EDF’s S&P rating to BBB+ stable in January 2026.

At its meeting of 19 February 2026 chaired by Bernard Fontana, EDF’s Board of Directors approved the consolidated financial statements at 31 December 2025. 
Chairman and Chief Executive Officer of EDF Bernard Fontana said:
“Safety, security and health are the Group’s priorities, to provide our customers with competitive, sovereign, low-carbon electricity. 
2025 was a year of sound operational and financial results. These results reflect all the action taken to raise operational performance sustainably, with nuclear output up, record levels of pumped-storage hydropower, and faster deployment of our new commercial policy. EDF offers long-term visibility over electricity prices for its customers, especially electricity-intensive entities. Flamanville 3 has reached 100% power, and we have presented the forecast cost estimate for the EPR2 programme.
We take pride in EDF’s 80 years of existence and are fully committed for the decades to come.”

Outlook

Strong 2026 EBITDA, expected to retreat slightly in a context of market price downturns. 
Nuclear power output in France estimated at 350-370TWh in 2026 and 2027, and 345-375TWh in 2028.

2027 targets confirmed ⁽²⁾

NFD / EBITDA: ≤ 2.5x
Adjusted economic debt / adjusted EBITDA ⁽³⁾: ≤ 4x 
 

(1) Adjusted economic debt: €81.7 bn (-€6.0 bn vs.2024)
(2) Based on scope, exchange rates, laws and regulations as at 1 January 2026 and assuming French nuclear output (including Flamanville 3) of 350-370TWh in 2026 and 2027.
(3) Applying constant S&P ratio methodology. 
 

•    EBITDA

EBITDA stands at €29.3 bn vs. €36.5 bn in 2024 against a backdrop of falling market prices, thanks to higher nuclear output in France and growth in the regulated activities, despite the decrease in hydropower output.

•    Financial result 

The financial result is an expense of €1.6 bn, up by €0.6 bn from 2024 due to:
•    a lower performance by the dedicated asset portfolio (6.8% vs. 10.8% in 2024) reflecting less favourable equity markets in 2025 (estimated impact of -€1.1 bn);
•    active debt management in a declining interest rate environment, reducing the cost of gross financial debt by €0.7 bn.

•    Net income 

Net income excluding non-recurring items is €9.6 bn vs. €15.2 bn in 2024, principally due to the lower EBITDA.
The tax expense was down by €1.2 bn in line with the income, despite an effective tax rate of 31.6% including the impact of the exceptional corporate tax contribution in France. 
The Group’s share of net income is €8.4 bn vs €11.4 bn in 2024, a €3.0 bn decrease mainly explained by the following non-recurring items after tax:
•    impairment of €2.5 bn on the Hinkley Point C project, essentially due to the £3/MWh reduction in the Contract for Difference strike price to £89.50/MWh (in 2012 sterling) following the final investment decision for Sizewell C, fully offset by the £1.6 bn payment to Hinkley Point C for the project expertise and series effect that has benefited Sizewell C, and the 12-month delay in commissioning of Unit 1 due to the electromechanical work;
•    the change in fair value of financial instruments (-€0.9 bn) and commodity volatility (-€0.8 bn).
 

•    Operating cash-flow

The operating cash flow of €9.6 bn essentially reflects cash generated by the regulated and unregulated activities in France and the trading activities, together with the receipt of a £1.6 bn payment for project expertise and the series effect that has benefited Sizewell C.
Working capital requirement is lower by €2.1 bn, mainly as a result of:
•    a €3.5 bn improvement due to the decrease in trade receivables, driven by falling prices;
•    a €1.4 bn decline relating to a shortfall in compensation for charges under the CSPE mechanism.
Net investments total €24.0 bn, up by €1.6 bn, principally due to the Hinkley Point C project and the EPR2 programme, together with network expansion and climate change adaptation. In 2024, net investments included the acquisition of Arabelle Solutions and Assystem’s 5% stake in Framatome, for €0.9 bn.
 

•    Cash-flow

Cash flow is €2.9 bn vs. €3.9 bn in 2024. Edison completed asset disposals totalling €0.9 bn and EDF distributed a share premium of €2 bn to the French State.
 

•    Net financial debt ⁽¹⁾

Net financial debt stands at €51.5 bn, down by €2.9 bn vs. end-2024. 
EDF issued more than €4.9 bn of green bonds to finance growth in its nuclear and renewables businesses, including Hinkley Point C, under the extended Green Financing Framework.
 
 

(1) Net financial debt is not defined in the accounting standards and is not directly visible in the Group’s consolidated balance sheet. Net financial debt comprises total loans and financial liabilities, less cash and cash equivalents and liquid assets. Liquid assets are financial assets consisting of funds or fixed-income securities with initial maturity of over three months that are readily convertible into cash and are managed according to a liquidity-oriented policy.

The Group’s commitment to industrial and energy sovereignty supports its customers:

• Accelerated deployment of the commercial policy: 

  • 47TWh of medium- and long-term contracts a year ⁽¹⁾ have been signed at end-2025, including 18,000 medium-term contracts and 18 long-term contracts for electricity-intensive industrial entities, 12 of them nuclear power allocation contracts. 

  • Stability in the customer portfolio in the G4 countries (France, UK, Italy, Belgium).

• Electrification of uses: 

  • New call for expressions of interest launched for a datacentre at a 4th EDF site.  

  • Over 400,000 electric vehicle charging points now installed or managed. 

• Reinforcing stability in the island electricity system: a synchronous compensator commissioned in Guadeloupe, in response to the development of renewables.
• Renewal of the Paris heat network concession (5 TWh per year): Paris City Council selected the Dalkia / Eiffage / RATP Solutions Ville consortium ⁽²⁾. Outside Paris, in 2025 Dalkia signed contracts for 1.4TWh of low-carbon heat a year in urban networks.

Generation, resilience and sovereignty: 

• Nuclear power output in France was up by 11.3TWh to 373.0TWh. This reflects the good availability of reactors in operation, well-managed scheduled outages, and continued high modulation (33TWh) ⁽³⁾.  
• Hydropower output was down by 9.1TWh to 46.4TWh ⁽⁴⁾ after the exceptionally good hydraulicity conditions in 2024; the decrease was limited thanks to high plant availability.
• Wind and solar power output was up by 2.1% to 29.2TWh,largely due to new installed capacities, despite less favourable wind conditions. The portfolio of wind and solar projects totals 95.5GW gross.
• With its 95% carbon-free electricity output, EDF has one of the lowest carbon intensities in the world at 26.5gCO₂/kWh, 10.5% lower than in 2024.
• Resilience programme for the whole generation fleet: climate change adaptation for nuclear plants, work to increase hydropower infrastructures’ availability and resilience.
• An industrial policy that serves sovereignty: reinforcement and consolidation of the supply chain and local partnerships, investments in industrial facilities, raising of the power of thirteen 900MW reactors between 2027 and 2035.  

Ongoing development of low-carbon projects:

• EDF is mobilised for success in its nuclear projects:

  • Flamanville 3: 100% power reached.

• EPR2: presentation of the forecast cost estimate of €72.8 bn (in 2020 euros).

  • Hinkley Point C: 

    • Delivery of the Unit 2 reactor vessel by Framatome;

    • Schedule for the start of production by Unit 1 adjusted to 2030 and action plans for the electromechanical work; completion cost estimated at £35 bn (in 2015 sterling) ⁽⁵⁾.

  • Sizewell C: final investment decision and financial closing of the project. Payment of £1.6 bn to Hinkley Point C for HPC project expertise and the series effect that has benefited Sizewell C.

   

• EDF is advancing on its renewable energy projects:

  • Hydropower: law adopted by France’s National Assembly, to implement the agreement in principle between France and the European Commission for a switch from a concession system to a permit system.

  • Renewables: 3GW gross of new capacity commissioned.

Networks that actively support the energy transition:

• Connections by Enedis ⁽⁶⁾: 11,700 points of delivery, serving 486,000 electric vehicle charging points and over 185,000 renewable energy installations (6.6GW) in 2025. In French overseas territories, connection times by EDF SEI have been halved in 3 years.
• Network quality: Enedis has cut the average outage time (excluding exceptional events) by nearly 10 minutes to 61.9 minutes (B HIX criterion).
• Network resilience to weather events: after storm Goretti, power was restored for 90% of customers within 36 hours, by mobilising 1,850 technicians and partner firm employees.

EDF is meeting growing needs for flexibility in a more complex electricity system: 

• New off-peak/peak hours for 1.7 million Enedis customers, aiming to shift the timing of 5GW of consumption (solar power availability permitting) by 2027.
• Increasing flexibility offerings for customers:
  • A +20% rise in controllable EV charging points.
  • More than 1.2 million residential customers in France have a flexibility contract.
• Making power generation more flexible:
  • Record 6TWh hydropower output by pumped-storage plants.
  • Increase in storage capacities (excluding hydropower): 1GW now in operation, including the 15MW battery coupled to the Blénod plant, the solar plant with a battery in Guyana, and 2.7GW of projects.
• Challenges of modulation for operation and maintenance of hydro, thermal and nuclear plants, and electricity system resilience.  

The EDF Board of Directors decided at its meeting on 19 February 2026 to propose payment of a dividend of €1 bn for the 2025 financial year at the Ordinary General Meeting, which will be called to approve the financial statements for the year ended 31 December 2025.

(1) On an annualised basis.
(2) By a vote on 17 December 2025.
(3) Including system services and the adjustment mechanism.
(4) After deduction of pumped-storage consumption, hydropower output totals 37.9TWh in 2025 vs 47.8TWh in 2024.
(5) A delay of 12 months would generate an additional cost of 1bn£ (in 2015 sterling).
(6) Enedis is an independent subsidiary of EDF as defined in the French Energy Code.