Increase in French nuclear output
Positive cash flow, keeping net financial debt stable
Electricity output: 262.1TWh
(including 189.9TWh of nuclear in France)Sales: €57.4 bn
EBITDA: €14.1 bn
Net income - Group share: €5.2 bn
Operating cash flow: €2.6 bn
Net Financial Debt: €51.5 bn
NFD / EBITDA: 1.8x
Chairman and Chief Executive Officer of EDF Bernard Fontana said: “The operational and financial results for the first half of 2026 are as anticipated. They reflect the Group’s mobilisation for customer satisfaction, electrification of uses and sustainably enhanced operational performance, with a rise in output, particularly of nuclear generation in France which was up by 8TWh this half-year. For our 80th anniversary we are allocating €350 M to accelerate electrification in homes and buildings, transport, and industry. EDF’s drive to make low-carbon solutions more widely accessible and support industrial and regional electrification projects is making a practical contribution to competitivity, sovereignty and decarbonisation for our economy. We are investing in our industrial facilities and stepping up the rollout of our climate change adaptation plan, while continuing to develop personnel skills and training. All these actions are moving forward with a constant focus on operational performance and the company’s financial trajectory. My thanks go out to all the teams in the Group, and our partners, for their dedication. We are proud to be part of EDF’s 80-year history and are fully committed for the decades to come.”
- Outlook
Nuclear power output in France estimated at 350-370TWh for 2026 and 2027, and 345-375TWh for 2028, with target generation potential of over 400TWh.
- 2027 targets confirmed (1)
Adjusted economic debt / adjusted EBITDA (2): ≤ 4x
Financial results
- EBITDA
- Financial result
• the stronger performance by the dedicated asset portfolio (5.9% vs. 1.9% in H1 2025) sustained by more favourable equity markets in 2026 (estimated impact of +€1.7 bn);
• active debt management, stabilising the cost of gross financial debt at €1.7 bn.
- Net income
The Group’s share of net income is €5.2 bn vs €5.5 bn in H1 2025, mainly reflecting the after-tax change of €1.1 bn in the fair value of financial instruments (essentially dedicated assets) which is classified as a non-recurring item.
- Operating cash flow
Working capital requirement is down by €2.5 bn, mainly as a result of:
• a €3.0 bn improvement reflecting the seasonal decrease in trade receivables (in volume and price);
• a €0.6 bn decline relating to a shortfall in compensation for charges under the CSPE mechanism.
Net investments total €11.4 bn, stable compared to H1 2025. Investments principally concerned the Grand Carénage industrial refurbishment programme to extend the French reactors’ lifespans and climate events resilience, the Hinkley Point C project and the EPR2 programme, plus network expansion and climate change adaptation.
- Cash-flow
Cash flow amounts to €1.1 bn vs. €4.3 bn in H1 2025, when EDF distributed a share premium of €2 bn to the French State. The €1 bn dividend for the year 2025 was paid on 30 July 2026.
- Net financial debt (3)
Note: The full press release is available in the attached PDF file.
(1) 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.
(2) Applying constant S&P ratio methodology.
(3) 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.