Financial performance
Sales:  €75.5 bn: organic increase of +14.4% vs. H1 2022
EBITDA: €16.1 bn: x6 organic increase vs. H1 2022
Net income - Group share: €5.8 bn
Net financial debt: €64.8 bn vs. €64.5 bn at end-2022
The strong growth in the Group's results is due to a good operational performance in a favourable price environment and after a year 2022 marked by an exceptional regulation with no equivalent in 2023.

Operational performance
Group’s Electricity production totalled 232.1TWh in H1 2023, including:
Nuclear output for 179.3TWh, of which:

  • 158.1TWh in France, up by 4TWh from H1 2022. This increase is explained by better fleet availability and well-managed reactor outages thanks to highly dedicated teams, despite the effects of social movements.

Of the 16 reactors most sensitive to stress corrosion, to date, 11 have been repaired, 2 are being repaired,
2 will be repaired by the end of 2023 and 1 during its next 10-year inspection.

The estimate of nuclear output in France is confirmed at 300-330TWh for 2023 and 315-345TWh for 2024. It is 335-365 for 2025 (i).

  • 18.2TWh in the United Kingdom, down by 5TWh from H1 2022, due to the shutdown of Hinkley Point B in August 2022 (-3.7TWh) and a busier maintenance programme in 2023.

Renewable output for 34.8TWh, of which:

  • 19.4TWh of hydropower in France([ii]), up by 0.5TWh vs. H1 2022. Hydro generation is still low, mainly because of poor hydropower conditions. However, reservoir levels are above past averages.
  • 15.4TWh excluding hydropower in France, up by 0.8TWh vs.H1 2022. At 30 June 2023, the Group had 13.5GW of net installed solar and wind power capacity, and 7.2GW of gross capacity under construction. The portfolio of wind and solar projects increased by 6GW gross vs. end-2022 to 91GW gross, including the gain of an offshore wind project in Ireland for 1.3GW in partnership.

Connections of renewable energy facilities by Enedis were up by 125% vs.H1 2022. Volumes distributed totalled 169.1TWh, down by -9.3TWh vs. H1 2022, reflecting lower consumption.
The residential customer portfolio for electricity in G4 countries([iii]) stabilised during H1 2023. Market offers in France continued to progress, increasing by 17% since end-2022.

Carbon intensity for H1 2023 was 40gCO2/kWh. The 10gCO2/kWh decline vs. H1 2022 is mainly explained by the lower thermal output.
The 4 operational excellence projects are in application increasing productivity on operations and projects, industrialising digital, developing skills and adapting operational performance management systems.
At its meeting of 26 July 2023, chaired by Luc Rémont, EDF’s Board of Directors approved the consolidated financial statements for the six months ended 30 June 2023. Luc Rémont, Chairman and Chief Executive Officer of EDF, said: “The first half of 2023 marks the company’s return to a good operational performance in a favourable context of price, after a year 2022 impacted by industrial difficulties and unfavourable effects of an exceptional regulation. Our results reflect the heightened effort put in by EDF’s team. Competition is tough, but EDF’s business dynamic is founded on tailored offers and quality of service for our customers. The significant rise in results means that EDF is on track for its financial objectives. The whole Group is deeply engaged in improving efficiency and performance so we can continue to provide increasingly effective support for domestic and business customers in their energy transitions. Together with its industrial partners, the EDF Group is well on the way to meeting all its future challenges.”

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

(i) Estimate of nuclear output from its currently operating fleet

([ii]) Hydropower output excluding the island activities and before deduction of pumped-storage consumption. Total cumulative hydropower output net of pumped-storage consumption amounted to 16.6TWh in H1 2023 (vs. 15.5TWh in H1 2022).

([iii]) France, United Kingdom, Italy, Belgium