Strong increase in EBITDA
10% growth in renewable projects portfolio to 66GW
Extension of 1,300MW French reactors depreciation period to 50 years
2021 targets upgraded


Financial results of the first half of 2021

Sales: €39,6bn, +13,7 % org.(1)
EBITDA: €10,6bn, +29,8 % org.(1)
Net income excluding non-recurring items(2): €3,7bn, x3(1)
Net income - Group share: €4,2bn, n.a.




⮞ France:

Existing nuclear:

  • Increase of the nuclear output estimate for 2021 from 330-360TWh to 345-365TWhh
  • ASN generic decision on the conditions for the continued operation of 900MW reactors after 40 years

Flamanville 3:

  • Onsite delivery of all fuel assemblies
  • Start of operations to repair penetration welds on the main secondary circuit, using remotely-controlled robots, following ASN agreement
  • Pending ASN decision on the treatment of three nozzles on the main primary circuit

New nuclear:

  • Submission by EDF and the nuclear industry, to the public authorities, of their contribution to the programme to build 3 pairs of new ERP2 reactors in France
  • Establishment of the industrial organisation for the Nuward Small Modular Reactor project

⮞ China: anomaly in the fuel assemblies of the reactor no.1 of the Taishan nuclear power plant (3)

⮞ United Kingdom:

  • Hinkley Point C: start of the equipment installation phase and progressive delivery of civil engineering in the nuclear island buildings
  • Closure of Dungeness B and start of the defueling phase
  • Agreement with the British government to decommission the 7 AGR nuclear power stations (4)


⮞ Pipeline of projects - 66GW gross capacity at end-June 2021 (5) an increase of 10% vs. end-2020:

  • United States: winner of the 1.5GW offshore Atlantic Shores project (via a 50-50 joint venture) and 3 solar projects awarded for a total of more than 300MW
  • France: winner of 13 ground-mounted solar projects amounting to 75MW (6) as part of the solar plan

⮞ Capacity under construction for 8.6GW gross at end-June 2021 (7) up 8% vs end- 2020

⮞ Commissioning of 1GW during first-half 2021 (of which a 344MW wind farm in Brazil) vs 0.6GW during the same period in 2020

⮞ Hydropower: more than 40% of civil engineering work achieved on Nachtigal project (420MW) in Cameroon


⮞ Strong momentum in grid connections

⮞ Finalisation of the Linky programme: circa 32.5 million Linky smart meters installed at end-June 2021, representing a 95% programme achievement

Customers and services

⮞ Commercial performance:

  • Close to 1.2 million residential electricity customers in market offers in France, up 17.6% vs. end-2020
  • 1.15 contracts in electricity, services and gas per customer at end-June 2021 (target of 1.5 by 2030 (8))
  • Signature of renewable power purchase agreements (PPAs) with Bouygues Telecom, SNCF and RATP

⮞ Broadened offering:

  • LLaunch of 20-year Lease-Purchase business offer for photovoltaic self-consumption
  • Partnership with Bosch to launch a comprehensive energy efficiency and decarbonisation offer for industrial customers

Italy - Edison

⮞ Reorganisation of the Group’s Italian renewable assets within Edison, with a target to achieve circa 4GW gross renewable capacity by 2030 (9)

⮞ Disposal of the E&P business (10) finalised


⮞ Pre-selection, by Germany, of an industrial renewable hydrogen production project (300MW) to the IPCEI (11)

⮞ Cooperation agreement between Toyota and EDF as part of a “Vert Electrique Auto” offer in France

⮞ More than 144,000 charging points rolled out and managed at end-June 2021 (of which 122,000 by Pod Point, i.e. +28% vs end-2020)

⮞ Commissioning of 50MW of batteries in the United Kingdom as part of the ESO project (12)


⮞ Signature of financing agreements to build the largest biomass plant in West Africa (Biovea, 46MW, Ivory Coast)

⮞ Signature of a development agreement for a 240MW hybrid floating solar project on the Nam Theun 2 reservoir in Laos


2021 guidance upgraded and 2022 ambitions confirmed (13)

2021 targets

EBITDA(14): > €17,7bn
Net financial debt/EBITDA (14): < 2,8x

2022 ambitions

Operating expenses (15) reduction between 2019 and 2022: €500m
Group disposals 2020-2022 (16): ~ €3bn
Net financial debt/EBITDA (14): ~ 3x


Target payout ratio of 2021 & 2022 net income excluding non-recurring items (17): 45 - 50%
The French State committed to opt for a scrip dividend payment for 2021 fiscal year


Meeting on 28 July 2021 under the chairmanship of Jean-Bernard Lévy, EDF’s Board of Directors approved the consolidated financial statements at 30 June 2021.

Jean-Bernard Lévy, Chairman and Chief Executive Officer of EDF, stated: "The first half of 2021 marks a return to growth in our sales and margins after the year 2020 in decline due to the health crisis. These significantly rising results reflect in particular a strong operational performance in France and give us confidence for the rest of the year, based on the recently raised 2021 estimate on nuclear generation in France and EBITDA target. The Group EDF is resolutely continuing to implement its CAP 2030 strategy, which is reflected in significant growth in our portfolio of renewable projects, strong commercial momentum and significant progress in all our main industrial projects. I would like to thank all the Group's employees for their outstanding commitment during the health crisis and for their professionalism to support our clients and the fight against climate change."


NB: see the whole press release in the PDF file opposite


1) Organic change at comparable scope, standards and exchange rates vs H1 2020.
(2) Net income excluding non-recurring items is not defined by IFRS and is not directly visible in the consolidated income statement. It corresponds to net income excluding non-recurring items and net changes in fair value on energy and commodity derivatives, excluding trading activities, and excluding net changes in fair value of debt and equity securities, net of tax.
(3) See press releases published on 14 June 2021 and 22 July 2021.
(4) Advanced Gas-Cooled Reactor.
(5) Wind and solar projects.
(6) CRE tender.
(7) 8.6GW (o/w 1.7GW in onshore wind power, 2.1GW in offshore wind power and 4.8GW in solar power) vs 8GW at end-2020.
(8) EDF estimate: France, United Kingdom, Italy, and Belgium (residential customers).
(9) Excluding hydropower, divided between wind and solar.
(10) Exploration and Production activities, except activities in Algeria (11) Important Project of Common European Interest.
(12) Energy Superhub Oxford, with 100% renewable energy.
(13) Subject to additional reinforced sanitary restrictions impacts.
(14) On the basis of the scope and exchange rates at 01.01.2021. EBITDA target upgraded on 7 July 2021.
(15) Sum of personnel expenses and other external expenses. At constant scope, accounting standards, exchange and pensions discount rates, and excluding inflation. Excluding costs of sales from Group Energy Service Activities, and nuclear engineering services of Framatome and specific projects such as Jaitapur.
(16) Signed or completed disposals: impact on Group’s economic debt (Standard and Poor’s definition).
(17) Payout ratio based on net income excluding non-recurring items, adjusted for the remuneration of hybrid bonds accounted for in equity.

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