Operational performance in line with expectations
Positive cash flow in a context of falling market prices
and rising investments
Net financial debt reduced
Performance supported by nuclear power output in France
Electricity output: 257TWh (181.8TWh or +4.4TWh for nuclear in France and 26.0TWh or -5.2TWh for hydropower)
Sales: €59.4 bn
EBITDA: €15.5 bn
Net income - Group share: €5.5 bn
Operating cash flow: €7.9 bn - cash flow: €4.3 bn
Net Financial Debt: €50.0 bn - NFD / EBITDA([1]): 1.5x
- EBITDA
In a context of falling market prices, EBITDA amounts to €15.5 bn vs. €18.7 bn for H1 2024, despite the higher nuclear power output in France. The regulated activities are growing.
- EBIT
Despite the downturn in EBITDA, EBIT stands at €9.0 bn vs. €9.6 bn in H1 2024 during which the estimate of forecast non-recurring costs (-€3.2 bn) after the scenario for spent fuel storage in France was revised.
- Financial result
The financial result is an expense of €1.3 bn vs €13 M in H1 2024, resulting from:
- the modest performance by the dedicated asset portfolio (1.9% vs 5.5% in H1 2024), due to poorer conditions on the equity markets. This contributed to the €1.5 bn downturn in other financial income and expenses (with limited cash impact);
- active debt management in a period of falling interest rates, achieving a €0.4 bn reduction in the cost of gross financial debt;
- a €0.2 bn increase in the cost of unwinding the discount.
The financial result excluding non-recurring items, particularly changes in the fair value of the dedicated asset portfolio, is stable at -€1.6 bn.
- Net income
Net income excluding non-recurring items is €5.5 bn vs €8.4 bn in H1 2024, principally due to the lower EBITDA.
The Group’s share of net income is €5.5 bn vs €7.0 bn in H1 2024, a decrease of €1.6 bn attributable mainly to the following non-recurring items after tax:
- a -€1.2 bn change in the fair value of financial instruments;
- the -€0.6 bn effect of commodity volatility;
- the H1 2024 estimate of forecast costs after the scenario for spent fuel storage in France was revised (€2.4 bn).
- Cash flow
Cash flow amounts to €4.3 bn vs €2.0 bn in H1 2024. It is explained by an operating cash flow of €7.9 bn, essentially reflecting cash generated by trading activities and regulated and unregulated activities in France, €0.6 bn relating to the sale of Edison Stoccaggio gas storage business in Italy, and an issue premium of €2 bn distributed to the French State.
Working capital was down by €2.9 bn, including:
- an improvement of €5.3 bn due to decrease in customer receivables in line with seasonal variations in the business (volumes and prices),
- a decline of €1.6 bn relating to a shortfall in compensation for charges under the CSPE mechanism.
Net investments reached €11.5 bn, up by €0.4 bn vs H1 2024, notably for the Hinkley Point C project and the EPR2 programme, along with network development and reinforcement. In 2024, investments included the acquisition of Arabelle Solutions and Assystem’s 5% stake in Framatome, with an effect of €0.9 bn.
- Net financial debt([2])
Net financial debt, at €50.0 bn, is €4.4 bn lower than at end-2024.
With new bond issues totalling around €7.4 bn, and the decrease in interest rates and short-term debt, financing costs are under control.
At its meeting of 24 July 2025 chaired by Bernard Fontana, EDF’s Board of Directors approved the consolidated financial statements at 30 June 2025. Chairman and Chief Executive Officer of EDF Bernard Fontana said:
“Operational and financial results for the first half of 2025 are in line with expectations, in a context of falling market prices. These results reflect the initiatives taken to raise production levels and present commercial offerings appropriate to our customers’ needs. Our priorities for the future are: to supply low-carbon, reliable, competitive energy that serves all our customers and supports France’s industrial and energy sovereignty; and to demonstrate our ability to accomplish major projects to the highest standards of security, health and safety, on time and on budget. I know I can count on all EDF’s teams to work to achieve these aims and thank them for their dedication. I am proud to be part of EDF.”
Outlook for 2025 - unchanged
Strong EBITDA, expected to decrease in a context of falling market prices.
Nuclear power output in France, including Flamanville 3, is estimated at 350-370 TWh in 2025, 2026 and 2027.
2027 targets - confirmed([3])
NFD / EBITDA: ≤ 2.5x
Adjusted economic debt / adjusted EBITDA([4]): ≤ 4x
NB: see the whole press release in the PDF file attached