EDF
2026 half-year results
Robust operational performance
Increase in French nuclear output
Positive cash flow, keeping net financial debt stable
Performance supported by the higher nuclear power output in France
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
At its meeting of 30 July 2026 chaired by Bernard Fontana, EDF’s Board of Directors approved the consolidated half-year financial statements at 30 June 2026.
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
2026 EBITDA expected to decrease by around 10 % vs. 2025 in an environment notably marked by lower market price and heatwaves.
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)
Net Financial Debt / EBITDA: ≤ 2.5x
Adjusted economic debt / adjusted EBITDA (2): ≤ 4x
Financial results
EBITDA stands at €14.1 bn vs. €15.5 bn in H1 2025 in a period of falling market prices and a robust operational performance, including higher nuclear output in France.
The financial result is up by €1.5 bn to €0.2 bn due to:
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 excluding non-recurring items is €4.0 bn vs. €5.5 bn in H1 2025, principally due to the lower EBITDA.
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.
The operating cash flow of €2.6 bn essentially results from cash generated by the regulated and unregulated activities in France.
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 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 stands at €51.5 bn, stable vs. end-2025. EDF issued more than €5.1 bn of bonds during H1 2026, including €2.75 bn of green bonds to finance extension of nuclear reactor lifespans in France and the Hinkley Point C project.
Operational performance and highlights
The EDF group is supporting customer electrification:
For its 80th anniversary, EDF has reinforced its commitment to electrification, investing €350 M to accelerate electrification of uses with a focus on 3 key pillars: homes and buildings, for easier access to low-carbon heating and cooling solutions; transport, for heavy transport’s transition to electricity; and industry, for faster installation of new consumers and faster electrification of industrial processes.
A range of electricity contracts suitable for all types of use
Long-term contracts for up to 21TWh a year signed at end-June, as well as the amendment with Exeltium,
Launch of the Zen Estival market-price contract for residential customers offering 7 hours of super-off-peak power per day in summer
Dalkia, a force for electrification and low-carbon heat
Winner of an EU call for projects for 13 industrial electric heat supply systems
New heat network concessions secured, including the Paris district heating concession (5TWh a year) as a member of a consortium and 3 projects involving deep geothermal energy
A step up in energy services
Launch of 2 energy service subsidiaries: IZI by EDF for residential customers, and EDF business services for companies and local authorities
Nearly 430,000 electric vehicle charging points installed or managed at end-June 2026
Installation support for datacentres
Calls for expressions of interest issued for the installation of datacentres at 6 EDF sites covering total capacity of over 2GW at end-July 2026, including 500MW for Creys-Mépieu (call launched on 3 July 2026)
Power generation and sovereignty:
Nuclear power output up by 4.2TWh to 206.5TWh thanks to the 8TWh increase in French nuclear generation. This reflects the good availability of reactors in operation, well-managed reactor outages, and continued high modulation (13.3TWh (4)).
Hydropower output stable at 26TWh (5) thanks to good plant availability.
Wind and solar power output up by 6% to 17TWh, largely due to new installed capacities and more favourable wind conditions.
The portfolio of wind, solar and hydro projects stands at almost 114GW gross.
With its 95% carbon-free electricity output, EDF has one of the lowest carbon intensities in the world at 26.5gCO2/kWh, including 4.1gCO2/kWh for EDF SA in mainland France. Low-carbon power generation contributed to France’s record exports of 51TWh.
Action for a secure supply chain
Acquisition by Framatome of Sebim (former Trillium Flow Technologies), a specialist designer and producer of safety valves for the nuclear fleet and new nuclear projects
Conversion of Framatome’s Jeumont plant to handle serial production of critical equipment for the future EPR2s
Announcement of a new dedicated Arabelle Solutions plant specifically to make parts for the EPR2 programme
Ongoing development of low-carbon projects:
Climate change adaptation
Networks that actively serve the energy transition:
Connections by Enedis (6): 6,000 points of delivery, serving 260,000 electric vehicle charging points, over 60,000 renewable energy installations (3.4GW), and 6GW for consumers (vs. 4.5GW in H1 2025)
Connection times halved compared to 2023 in French overseas territories and Corsica, with good customer satisfaction
Network quality: the average duration of power cuts at Enedis (excluding exceptional events – B HIX criterion) has improved slightly to 30 minutes.
10 minutes shaved off the average outage time vs H1 2025 in French overseas territories and Corsica, to 130 minutes (excluding exceptional events – B HIX criterion), thanks to a proactive investment policy
EDF is meeting growing needs for flexibility in the electricity system:
Increasing production flexibility: pumped-storage hydro output up by 14%, modulation potential up by 9.3GW in renewables subject to purchase obligations
Rolling out flexibility offerings for customers: +19% of controllable EV charging points
Expansion of storage facilities: commissioning of new installations has accelerated, including the Stockage Energie Catalan project combining battery storage (20MW) with run-of-river hydropower (8MW), and the launch of Corsica’s first pumped-storage hydropower plant (30MW)
Reinforcing island energy autonomy: repowering of the Sainte Rose wind farm on Réunion island has multiplied power output sixfold, with coupling to a battery storage system (4.6MW)
Financial results by segment:
(in millions of euros)
H1 2025
H1 2026
Organic change
France – Generation and supply
7,327
6,228
-15.4%
France – Regulated activities
4,112
4,054
-1.4%
EDF power solutions
611
662
10.5%
Dalkia
249
273
18.1%
Industry and services
86
177
96.5%
United Kingdom
1,334
1,062
-17.5%
Italy
743
606
-16.3%
Other
1,008
1,042
0.9%
Group total
15,470
14,104
-8.7%
Sales are presented below by segment, before elimination of inter-segment operations.
(in millions of euros)
H1 2025
H1 2026
Organic
change
Sales
22,216
20,792
-7.0%
EBITDA
7,327
6,228
-15.4%
EBITDA is down due to lower market prices (-€1.0 bn).
The 8TWh increase in nuclear output made a slight contribution (€0.4 bn) to EBITDA; this effect is partly offset by the decline in hydropower output (-€0.1 bn).
The tax on Basic Nuclear Installations for 2026 was also higher, by €0.6 bn.
(in millions of euros)
H1 2025
H1 2026
Organic
change
Sales
11,398
11,239
-1.4%
EBITDA
4,112
4,054
-1.4%
– Enedis
3,559
3,509
-1.4%
The slight decline in EBITDA is mainly explained by a downturn in volumes delivered, due to higher average temperatures. Weather events, particularly the storms at the beginning of the year, also drove expenses up.
(in millions of euros)
H1 2025
H1 2026
Organic
change
Sales
2,670
2,625
-1.0%
EBITDA
611
662
10.5%
– EDF power solutions SA (8)
380
429
16.3%
– Belgium
258
253
-1.9%
The increase in EBITDA for EDF power solutions SA is primarily explained by portfolio turnover, particularly given the significant disposals of power plants in the United States, and higher output.
The forthcoming sale of EDF power solutions’ operations in the United States and Canada has been announced, for an equity value of approximately $4.2 bn, plus price supplements of up to $0.39 bn.
In Belgium, the slight downturn in EBITDA is explained by a lower level of nuclear power output, reflecting scheduled outages for 3 reactors and the permanent shutdown of Tihange 1, counterbalanced by good optimisation of balancing costs.
(in millions of euros)
H1 2025
H1 2026
Organic
change
Sales
3,077
3,084
2.3%
EBITDA
249
273
18.1%
The rise in Dalkia’s EBITDA is attributable to the sales performance and decarbonisation work for buildings, heat networks and industry, to support customers as they electrify their installations and make them more energy-efficient.
(in millions of euros)
H1 2025
H1 2026
Organic
change
Sales
2,925
3,334
14.0%
EBITDA
86
177
96.5%
EBITDA for Framatome
331
431
27.8%
– Framatome’s contribution to EDF group EBITDA
135
213
51.5%
Growth in the Installed Base and Fuel businesses in the United States explains the increase in Framatome’s contribution to Group EBITDA. The ramp-up in component production for the EPR2 programme was another factor in the rise in Framatome’s EBITDA. Order intake totalled approximately €2.7 bn at end-June 2026.
EBITDA for Arabelle Solutions amounts to €14 M (a – €36 M contribution to Group EBITDA).
(in millions of euros)
H1 2025
H1 2026
Organic
change
Sales
8,646
7,960
-5.1%
EBITDA
1,334
1,062
-17.5%
The decline in EBITDA is explained by the 1.7TWh decrease in nuclear power output due to a larger number of unscheduled outages, and the impact of lower market prices on realised nuclear prices.
To extend the lifespan of the Sizewell B reactor from 2035 to 2055, an agreement was signed with the UK government on the terms of a Contract for Difference covering that period at the strike price of £70.50/MWh (in 2025 prices). EDF plans to invest £800 million by 2035 to implement this extension.
(in millions of euros)
H1 2025
H1 2026
Organic
change
Sales
9,316
8,820
-4.6%
EBITDA
743
606
-16.3%
The decrease in EBITDA in Italy is attributable to the electricity generation business, particularly a substantial downturn in hydropower output due to low rainfall.
In the sales businesses, margins declined in a context of regulatory and competitive pressures.
In the gas businesses, margins were slightly lower, as the effect of Qatar Energy’s force majeure notices concerning their deliveries since early April was partly compensated by gas deliveries from other suppliers.
(in millions of euros)
H1 2025
H1 2026
Organic
change
Sales
3,137
3,294
4.4%
EBITDA
1,008
1,042
0.9%
– gas activities
407
57
-86.0%
– EDF Trading
569
972
66.3%
The decrease in EBITDA for the gas activities is explained by operations in 2025 that had no equivalent in 2026, particularly optimisation of positions taken in the contract with the Dunkirk terminal.
With the end of the ARENH mechanism, the significant increase in gas prices and the volatility resulting from the Middle East conflict, EDF Trading registered sustained business levels and its EBITDA is higher than in H1 2025.
Extract from the consolidated financial statements
Consolidated income statement
(in millions of euros)
H1 2025
H1 2026
Sales
59,436
57,449
Fuel and energy purchases
(30,361)
(29,900)
Other external purchases (1)
(6,422)
(6,400)
Personnel expenses (1)
(7,365)
(7,695)
Taxes other than income taxes
(2,632)
(3,141)
Other operating income and expenses
2,814
3,791
Operating profit before depreciation and amortisation (EBITDA)
15,470
14,104
Net changes in fair value on energy and commodity derivatives, excluding trading activities
(144)
266
Net depreciation and amortisation
(6,059)
(6,460)
(Impairment)/reversals
(185)
(54)
Other income and expenses
(120)
(249)
Operating profit
8,962
7,607
Cost of gross financial indebtedness
(1,598)
(1,681)
Discount effect
(1,465)
(2,013)
Other financial income and expenses
1,810
3,917
Financial result
(1,253)
223
Income before taxes of consolidated companies
7,709
7,830
Income taxes
(2,304)
(2,596)
Share in net income of associates and joint ventures
252
204
Net income of discontinued operations
–
–
Consolidated net income
5,657
5,438
EDF net income
5,475
5,236
EDF net income – continuing operations
5,475
5,236
EDF net income – discontinued operations
–
–
Net income attributable to non-controlling interests
182
202
Net income attributable to non-controlling interests – continuing operations
182
202
Net income attributable to non-controlling interests – discontinued operations
–
–
(1) Other external expenses and personnel expenses are reported net of the change in inventories and capitalised production. At 30/06/2026, the portion of the change in inventories and capitalised production relating to personnel expenses, which was previously presented in “Other external expenses”, is deducted from “Personnel expenses”. EBITDA is unaffected. The comparative figures for 2025 have been restated accordingly (see note 5 to the consolidated half-year financial statements at 30/06/2026).
Consolidated balance sheet
Assets
(in millions of euros)
31/12/2025
30/06/2026
Goodwill
6,972
7,086
Other intangible assets
13,182
13,660
Property, plant and equipment used in generation and other tangible assets owned by the Group, including right-of-use assets
111,936
112,008
Property, plant and equipment operated under French public electricity distribution concessions
71,398
72,789
Property, plant and equipment operated under concessions other than French public electricity distribution concessions
6,682
6,678
Investments in associates and joint ventures
8,828
7,897
Non-current financial assets
56,551
56,266
Other non-current receivables
1,978
2,090
Deferred tax assets
2,807
2,850
Non-current assets
280,334
281,324
Inventories (1)
19,167
20,102
Trade receivables
21,665
18,703
Current financial assets
32,638
32,919
Current tax assets
698
666
Other current receivables
12,214
13,141
Cash and cash equivalents
7,641
7,973
Current assets
94,023
93,504
Assets held for sale
–
6,180
Total assets
374,357
381,008
Equity and liabilities
(in millions of euros)
Capital
2,084
2,084
EDF net income and consolidated reserves
68,269
70,961
Equity (EDF share)
70,353
73,045
Equity (non-controlling interests)
10,824
11,050
Total equity
81,177
84,095
Provisions related to nuclear generation – back-end of the nuclear cycle, plant decommissioning and last cores
67,577
67,284
Provisions for employee benefits
16,158
14,591
Other provisions
6,634
6,638
Non-current provisions
90,369
88,513
Special French public electricity distribution concession liabilities
51,154
51,394
Non-current financial liabilities
70,232
70,236
Other non-current liabilities
5,503
6,833
Deferred tax liabilities
1,160
1,571
Non-current liabilities
218,418
218,547
Current provisions
6,450
6,993
Trade payables
21,322
20,997
Current financial liabilities
22,119
23,337
Current tax liabilities
308
751
Other current liabilities
24,535
24,326
Current liabilities
74,734
76,404
Liabilities related to assets held for sale
28
1,962
Total equity and liabilities
374,357
381,008
(1) At 30/06/2026, greenhouse gas emission certificates and green certificates, which were previously presented in “Other intangible assets”, are reclassified to “Inventories” at the value of €867 million (€866 million at 31/12/2025). The comparative figures have not been restated since the impact of this reclassification is non-significant in relation to the Group’s total assets.
Consolidated cash flow statement
(in millions of euros)
H1 2025
H1 2026
Operating activities:
Consolidated net income
5,657
5,438
Net income from discontinued operations
–
–
Net income from continuing operations
5,657
5,438
Impairment/(reversals)
185
54
Accumulated depreciation and amortisation, provisions and changes in fair value
7,792
3,369
Financial income and expenses
392
(152)
Dividends received from associates and joint ventures
414
99
Capital gains/losses
(48)
280
Income taxes
2,304
2,596
Share in net income of associates and joint ventures
(252)
(204)
Change in working capital
2,944
2,512
Net cash flow from operations
19,388
13,992
Net financial expenses disbursed
(964)
(793)
Income taxes paid
(817)
(774)
Net cash flow from continuing operating activities
17,607
12,424
Net cash flow from operating activities relating to discontinued operations
–
–
Net cash flow from operating activities
17,607
12,424
Investing activities:
Acquisitions of equity investments, net of cash acquired
(143)
(127)
Disposals of equity investments, net of cash transferred
876
208
Investments in intangible assets and property, plant and equipment (2)
(12,021)
(11,740)
Funding contributions received for assets operated under concessions and investment subsidies (1)
–
174
Net proceeds from sale of intangible assets and property, plant and equipment
131
117
Changes in financial assets (2)
(9,346)
(470)
Net cash flow from continuing investing activities
(20,503)
(11,838)
Net cash flow from investing activities relating to discontinued operations
–
–
Net cash flow from investing activities
(20,503)
(11,838)
Financing activities:
Transactions with non-controlling interests
66
48
Dividends paid by parent company
(2,000)
–
Dividends paid to non-controlling interests
(279)
(171)
Cash flow with shareholders
(2,213)
(123)
Issuance of borrowings
12,534
7 033
Repayments of borrowings (3)
(3,740)
(7,031)
Issuance of perpetual subordinated bonds
(212)
(190)
Payments to bearers of perpetual subordinated bonds
155
–
Funding contributions received for assets operated under concessions and investment subsidies (1)
8,737
(188)
Other cash flows from financing activities
6,524
(312)
Net cash flows from continuing financing activities
–
–
Net cash flow from financing activities relating to discontinued operations
6,524
(312)
Net cash flow from financing activities
3,628
274
Cash flows from continuing operations
Net increase/(decrease) in cash and cash equivalents
3,628
274
Cash and cash equivalents – opening balance
7,597
7,641
Net increase/(decrease) in cash and cash equivalents
3,628
274
Currency fluctuations
(461)
328
Other non-monetary changes (4)
(36)
(271)
Cash and cash equivalents – closing balance
10,728
7,973
(1) At 30/06/2026, “Funding contributions received for assets operated under concessions and investment subsidies”, which were previously included in “Other cash flows from financing activities”, are reclassified to “Net cash flow from continuing investing activities” in the amount of €174 M (€155 M at 30/06/2025).
(2) At 30/06/2026, “Loans and other financial liabilities” include margin calls paid on derivatives hedging the financial debt, amounting to €1,513 M. At 30/06/2025 they were included in “Cash and cash equivalents” and amounted to €1,097 M (€151 M at 31/12/2024). This reclassification has an impact of -€334 M on the “Changes in financial assets” at 30/06/2025. The impact at 30/06/2025 would have been -€989 M if the comparative figures had been restated.
(3) Including -€466 M for redemption of perpetual subordinated bonds in H1 2026 (-€1,250 M in H1 2025).
(4) At 30 June 2026, “Other non-monetary changes” include €245 M of cash relating to assets held for sale (see note 3.2 to the consolidated financial statements at 30/06/2026).
Main press releases since announcement of the 2025 annual results
Nuclear
UK energy security supported by further nuclear power station life extensions (EDF Energy PR of 22.07.2026)
Milestone moment for Sizewell B life extension agreement (EDF Energy PR of 09.07.2026)
EDF and Mistral sign a partnership agreement for AI serving nuclear power and digital sovereignty (PR of 28.05.2026)
EDF subsidiary Arabelle Solutions to build a new heat exchanger factory in France (PR of 26.04.2026)
Ministerial Order assessing the industrial reference cost of the Cigéo project (PR of 09.04.2026)
French nuclear industry stakeholders welcome the outcomes of the fifth Nuclear Policy Council (CPN) (PR of 12.03.2026)
EDF launches FINABe, a dedicated Advisory Board, to Accelerate Financing and Investment in International Nuclear New Build Projects (PR of 10.03.2026)
Renewables
EDF announces the signature of an agreement to sell to KKR EDF power solutions in the United States and Canada (PR of 30.06.2026)
EDF announces the signature of an agreement to sell EDF power solutions in the United States and Canada (PR of 26.06.2026)
Customers
EDF and H4 Marseille Fos sign long-term partnership for H4 Marseille Fos’ synthetic fuel production project (PR of 16.07.206)
EDF Unlocks €80 Million to Equip Schools, Daycare Centres, and Leisure Centres with Cooling Systems (PR of 26.06.2026)
For its 80th anniversary, EDF is deploying €240 million to concretely accelerate electrification in France (PR of 08.04.2026)
Financing
EDF announces the successful pricing of its senior multi-tranche bond issue for a nominal amount of U.S.$2.75 billion (PR of 16.04.2026)
EDF announces the success of its senior green multi tranche bond issue for a nominal amount of 2.75 billion euros (PR of 26.02.2026)
Others
Edison: QatarEnergy extends force majeure with an additional 3 LNG cargoes (Edison PR of 28.07.2026)
EDF becomes the official low-carbon electricity supplier and founding partner of the Alpes 2030 Winter Olympic and Paralympic Games (PR of 02.07.2026)
The General Meeting of EDF approves the payment of a dividend of €1 billon (PR of 24.06.2026)
The Paris 2024™ Olympic and Paralympic Games™ Cauldron Returns to the Tuileries Garden This Summer (PR of 16.06.2026)
EDF Selects SoftBank Group as Preferred Bidder for the Development of a Large-Scale Data Center at its Bouchain Site (PR of 30.05.2026)
Ardian, Artefact, Bull, EDF, Capgemini, the iliad Group, Orange and Scaleway combine their expertise to run as a candidate for a European AI Gigafactory in France (PR of 21.05.2026)
The EDF Group sells the Norte Fluminense CCGT power plant in Brazil (PR of 16.03.2026)
EDF Pulse Ventures partners with Mara and NJJ to support a new phase of Exaion’s development and strengthen its industrial and technological momentum (PR of 20.02.2026)
About EDF
The EDF Group is a key player in the energy transition, as an integrated energy operator engaged in all aspects of the energy business: power generation, distribution, trading, energy sales and energy services. The Group is a world leader in low-carbon energy, with a 95%-decarbonised output of 515TWh and carbon intensity of 26.5gCO2/kWh in 2025 and has developed a diversified generation mix based mainly on nuclear and renewable energy (including hydropower). It is also investing in new technologies to support the energy transition. EDF’s raison d’être is to build a net zero energy future with electricity and innovative solutions and services, to help save the planet and drive well-being and economic development. The Group supplies energy and services to approximately 41 million customers (1) and generated consolidated sales of €113.3 billion in 2025.
(1) The customer portfolio consists of electricity, gas and recurring service contracts.
This presentation is for information purposes only and does not constitute an offer or solicitation to sell or buy instruments, any part of the company or assets described, or any other interest, in the US or any other country. This document contains forward-looking statements and information. While EDF believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions at the time they are made, these assumptions are intrinsically uncertain, with inherent risks and uncertainties that are beyond the control of EDF. As a result, EDF cannot guarantee that these assumptions will materialise. Future events and actual financial and other results may differ materially from the assumptions underlying these forward-looking statements, including, but not limited to, differences in the potential timing and completion of the transactions they describe. Risks and uncertainties (notably linked to the economic, financial, competition, regulatory and climate situation) may include changes in economic and business trends, regulations, and factors described or identified in the publicly-available documents filed by EDF with the French financial markets authority (AMF), including those presented in Section 2.2 “Risks to which the Group is exposed” of the EDF Universal Registration Document (URD) filed with the AMF on 27 March 2025 (under number D.25-0183), which may be consulted on the AMF website at www.amf-france.org or the EDF website at www.edf.fr.
Neither EDF nor any EDF affiliate is bound by a commitment or obligation to update the forward-looking information contained in this document to reflect any events or circumstances arising after the date of this presentation
EDF SA
22-30 avenue de Wagram
75382 Paris cedex 08 – France
Capital de 2 084 365 041 euros
552 081 317 R.C.S. Paris
www.edf.fr
Press contact:
service-de-presse@edf.fr / +33 1 40 42 46 37
Analysts & Investors contact:
edf-irteam@edf.fr
(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.
(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.
(1) Including system services and the adjustment mechanism, vs 18.3TWh in H1 2025.
(2) After deduction of pumped-storage volumes, hydropower output totals 20.8TWh in H1 2026 vs 21.8TWh in H1 2025.
(6) Enedis is an independent subsidiary of EDF as defined in the French Energy Code.
(1) Including Enedis, Électricité de Strasbourg and the French island activities.
(1) The legal entity formerly named EDF Renewables.
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