{"id":42161,"date":"2026-06-26T19:12:48","date_gmt":"2026-06-26T19:12:48","guid":{"rendered":"https:\/\/www.europesays.com\/france\/42161\/"},"modified":"2026-06-26T19:12:48","modified_gmt":"2026-06-26T19:12:48","slug":"edf-2025-annual-results-strong-operational-performance-positive-cash-flow-reducing-net-financial-debt-2","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/france\/42161\/","title":{"rendered":"EDF: 2025 annual results: Strong operational performance Positive cash flow, reducing net financial debt"},"content":{"rendered":"

\"EDF\"<\/a> EDF <\/p>\n

2025 annual results <\/p>\n

Strong operational performance
Positive cash flow, reducing net financial debt <\/p>\n

Performance supported by the highest nuclear power output in France in 6 years <\/p>\n

Electricity output: 515TWh (including 373TWh of nuclear in France) <\/p>\n

Sales: \u20ac113.3 bn
EBITDA: \u20ac29.3 bn
Net income – Group share: \u20ac8.4 bn <\/p>\n

Operating cash flow: \u20ac9.6 bn
Net Financial Debt: \u20ac51.5 bn
NFD\/EBITDA: 1.8x – AED (1) \/ adjusted EBITDA: 2.6x <\/p>\n

Upgrade of EDF’s S&P rating to BBB+ stable in January 2026. <\/p>\n

At its meeting of 19 February 2026 chaired by Bernard Fontana, EDF’s Board of Directors approved the consolidated financial statements at 31\u00a0December 2025.
Chairman and Chief Executive Officer of EDF Bernard Fontana said:
“Safety, security and health are the Group’s priorities, to provide our customers with competitive, sovereign, low-carbon electricity.
2025 was a year of sound operational and financial results. These results reflect all the action taken to raise operational performance sustainably, with nuclear output up, record levels of pumped-storage hydropower, and faster deployment of our new commercial policy. EDF offers long-term visibility over electricity prices for its customers, especially electricity-intensive entities. Flamanville 3 has reached 100% power, and we have presented the forecast cost estimate for the EPR2 programme.
We take pride in EDF’s 80 years of existence and are fully committed for the decades to come.” <\/p>\n

Outlook
Strong 2026 EBITDA, expected to retreat slightly in a context of market price downturns.
Nuclear power output in France estimated at 350-370TWh in 2026 and 2027, and 345-375TWh in 2028. <\/p>\n

2027 targets confirmed (2)
NFD \/ EBITDA: \u2264 2.5x
Adjusted economic debt \/ adjusted EBITDA (3): \u2264 4x <\/p>\n

Financial results <\/p>\n

EBITDA stands at \u20ac29.3 bn vs. \u20ac36.5 bn in 2024 against a backdrop of falling market prices, thanks to higher nuclear output in France and growth in the regulated activities, despite the decrease in hydropower output. <\/p>\n

The financial result is an expense of \u20ac1.6 bn, up by \u20ac0.6 bn from 2024 due to: <\/p>\n

a lower performance by the dedicated asset portfolio (6.8% vs. 10.8% in 2024) reflecting less favourable equity markets in 2025 (estimated impact of -\u20ac1.1 bn); <\/p>\n

active debt management in a declining interest rate environment, reducing the cost of gross financial debt by \u20ac0.7 bn. <\/p>\n

Net income excluding non-recurring items is \u20ac9.6 bn vs. \u20ac15.2 bn in 2024, principally due to the lower EBITDA.
The tax expense was down by \u20ac1.2 bn in line with the income, despite an effective tax rate of 31.6% including the impact of the exceptional corporate tax contribution in France. <\/p>\n

The Group’s share of net income is \u20ac8.4 bn vs \u20ac11.4 bn in 2024, a \u20ac3.0 bn decrease mainly explained by the following non-recurring items after tax: <\/p>\n

impairment of \u20ac2.5 bn on the Hinkley Point C project, essentially due to the \u00a33\/MWh reduction in the Contract for Difference strike price to \u00a389.50\/MWh (in 2012 sterling) following the final investment decision for Sizewell C, fully offset by the \u00a31.6\u00a0bn payment to Hinkley Point C for the project expertise and series effect that has benefited Sizewell C, and the 12-month delay in commissioning of Unit 1 due to the electromechanical work; <\/p>\n

the change in fair value of financial instruments (-\u20ac0.9\u00a0bn) and commodity volatility (-\u20ac0.8 bn). <\/p>\n

The operating cash flow of \u20ac9.6 bn essentially reflects cash generated by the regulated and unregulated activities in France and the trading activities, together with the receipt of a \u00a31.6\u00a0bn payment for project expertise and the series effect that has benefited Sizewell C.
Working capital requirement is lower by \u20ac2.1 bn, mainly as a result of: <\/p>\n

a \u20ac3.5 bn improvement due to the decrease in trade receivables, driven by falling prices; <\/p>\n

a \u20ac1.4 bn decline relating to a shortfall in compensation for charges under the CSPE mechanism. <\/p>\n

Net investments total \u20ac24.0 bn, up by \u20ac1.6 bn, principally due to the Hinkley Point C project and the EPR2 programme, together with network expansion and climate change adaptation. In 2024, net investments included the acquisition of Arabelle Solutions and Assystem’s 5% stake in Framatome, for \u20ac0.9 bn. <\/p>\n

Cash flow is \u20ac2.9 bn vs. \u20ac3.9 bn in 2024. Edison completed asset disposals totalling \u20ac0.9 bn and EDF distributed a share premium of \u20ac2\u00a0bn to the French State. <\/p>\n

Net financial debt stands at \u20ac51.5 bn, down by \u20ac2.9 bn vs. end-2024.
EDF issued more than \u20ac4.9\u00a0bn of green bonds to finance growth in its nuclear and renewables businesses, including Hinkley Point C, under the extended Green Financing Framework. <\/p>\n

Operational performance and highlights of 2025 <\/p>\n

The Group’s commitment to industrial and energy sovereignty supports its customers: <\/p>\n

Accelerated deployment of the commercial policy: <\/p>\n

47TWh of medium- and long-term contracts a year (5) have been signed at end-2025, including 18,000 medium-term contracts and 18 long-term contracts for electricity-intensive industrial entities, 12 of them nuclear power allocation contracts. <\/p>\n

Stability in the customer portfolio in the G4 countries (France, UK, Italy, Belgium). <\/p>\n

Electrification of uses: <\/p>\n

New call for expressions of interest launched for a datacentre at a 4th EDF site. <\/p>\n

Over 400,000 electric vehicle charging points now installed or managed. <\/p>\n

Reinforcing stability in the island electricity system: a synchronous compensator commissioned in Guadeloupe, in response to the development of renewables. <\/p>\n

Renewal of the Paris heat network concession (5 TWh per year): Paris City Council selected the Dalkia \/ Eiffage \/ RATP Solutions Ville consortium (6). Outside Paris, in 2025 Dalkia signed contracts for 1.4TWh of low-carbon heat a year in urban networks. <\/p>\n

Generation, resilience and sovereignty: <\/p>\n

Nuclear power output in France was up by 11.3TWh to 373.0TWh. This reflects the good availability of reactors in operation, well-managed scheduled outages, and continued high modulation (33TWh) (7). <\/p>\n

Hydropower output was down by 9.1TWh to 46.4TWh (8) after the exceptionally good hydraulicity conditions in 2024; the decrease was limited thanks to high plant availability. <\/p>\n

Wind and solar power output was up by 2.1% to 29.2TWh, largely due to new installed capacities, despite less favourable wind conditions. The portfolio of wind and solar projects totals 95.5GW gross. <\/p>\n

With its 95% carbon-free electricity output, EDF has one of the lowest carbon intensities in the world at 26.5gCO2\/kWh, 10.5% lower than in 2024. <\/p>\n

Resilience programme for the whole generation fleet: climate change adaptation for nuclear plants, work to increase hydropower infrastructures’ availability and resilience. <\/p>\n

An industrial policy that serves sovereignty: reinforcement and consolidation of the supply chain and local partnerships, investments in industrial facilities, raising of the power of thirteen\u00a0900MW reactors between 2027 and 2035. <\/p>\n

Ongoing development of low-carbon projects: <\/p>\n

Networks that actively support the energy transition: <\/p>\n

Connections by Enedis (10):\u00a011,700 points of delivery, serving 486,000 electric vehicle charging points and over 185,000 renewable energy installations (6.6GW) in 2025. In French overseas territories, connection times by EDF SEI have been halved in 3 years. <\/p>\n

Network quality: Enedis has cut the average outage time (excluding exceptional events) by nearly 10\u00a0minutes to 61.9 minutes (B HIX criterion). <\/p>\n

Network resilience to weather events: after storm Goretti, power was restored for 90% of customers within 36 hours, by mobilising 1,850 technicians and partner firm employees. <\/p>\n

EDF is meeting growing needs for flexibility in a more complex electricity system: <\/p>\n

New off-peak\/peak hours for 1.7 million Enedis customers, aiming to shift the timing of 5GW of consumption (solar power availability permitting) by 2027. <\/p>\n

Increasing flexibility offerings for customers: <\/p>\n

Making power generation more flexible: <\/p>\n

Record 6TWh hydropower output by pumped-storage plants. <\/p>\n

Increase in storage capacities (excluding hydropower): 1GW now in operation, including the 15MW battery coupled to the Bl\u00e9nod plant, the solar plant with a battery in Guyana, and 2.7GW of projects. <\/p>\n

Challenges of modulation for operation and maintenance of hydro, thermal and nuclear plants, and electricity system resilience. <\/p>\n

The EDF Board of Directors decided at its meeting on 19 February 2026 to propose payment of a dividend of \u20ac1 bn for the 2025 financial year at the Ordinary General Meeting, which will be called to approve the financial statements for the year ended 31 December 2025. <\/p>\n

Financial results by segment: <\/p>\n

(in millions of euros) <\/p>\n

2024 <\/p>\n

2025 <\/p>\n

Organic change <\/p>\n

France – Generation and supply <\/p>\n

20,950 <\/p>\n

14,592 <\/p>\n

-30.3% <\/p>\n

France – Regulated activities <\/p>\n

5,576 <\/p>\n

7,522 <\/p>\n

+34.9% <\/p>\n

EDF power solutions (11) <\/p>\n

2,242 <\/p>\n

1,377 <\/p>\n

-35.9% <\/p>\n

Dalkia <\/p>\n

425 <\/p>\n

472 <\/p>\n

+11.1% <\/p>\n

Industry and services (12) <\/p>\n

118 <\/p>\n

256 <\/p>\n

x2.2\u00a0\u00a0 <\/p>\n

United Kingdom <\/p>\n

3,485 <\/p>\n

2,268 <\/p>\n

-33.1% <\/p>\n

Italy <\/p>\n

1,762 <\/p>\n

1,308 <\/p>\n

-23.1% <\/p>\n

Other <\/p>\n

1,965 <\/p>\n

1,461 <\/p>\n

-25.0% <\/p>\n

Group total <\/p>\n

36,523 <\/p>\n

29,256 <\/p>\n

-19.2% <\/p>\n

Sales are presented below by segment, before elimination of inter-segment operations. <\/p>\n

\u00a0<\/p>\n

(in millions of euros) <\/p>\n

2024 <\/p>\n

2025 <\/p>\n

Organic
change <\/p>\n

Sales <\/p>\n

50,966 <\/p>\n

42,668 <\/p>\n

-16.3% <\/p>\n

EBITDA <\/p>\n

20,950 <\/p>\n

14,592 <\/p>\n

-30.3% <\/p>\n

EBITDA is down due to lower sales prices (-\u20ac5.7\u00a0bn). For the regulated sales tariffs, apart from the ARENH price of \u20ac42\/MWh, this decrease is largely explained by the adjusted 2-year average forward market price of \u20ac103\/MWh
vs. \u20ac192\/MWh for 2024, and an ARENH cropping price of \u20ac74\/MWh in 2025 vs. \u20ac102\/MWh in 2024.
The lower hydropower output after the exceptionally good year of 2024 also contributed to the decrease in EBITDA
(-\u20ac1.3\u00a0bn); this effect is partly counterbalanced by the increase in nuclear generation (+\u20ac0.7 bn). <\/p>\n

(in millions of euros) <\/p>\n

2024 <\/p>\n

2025 <\/p>\n

Organic
change <\/p>\n

Sales <\/p>\n

20,071 <\/p>\n

21,331 <\/p>\n

+6.3% <\/p>\n

EBITDA <\/p>\n

5,576 <\/p>\n

7,522 <\/p>\n

+34.9% <\/p>\n

– Enedis <\/p>\n

4,519 <\/p>\n

6,379 <\/p>\n

+41.2% <\/p>\n

The rise in EBITDA is mainly explained by a positive price effect estimated at around \u20ac1.6 bn, due to changes in the TURPE tariffs (14) and energy purchases to cover network losses made at lower market prices than in 2024 (\u20ac0.5\u00a0bn). <\/p>\n

(in millions of euros) <\/p>\n

2024 <\/p>\n

2025 <\/p>\n

Organic
change <\/p>\n

Sales <\/p>\n

6,724 <\/p>\n

5,358 <\/p>\n

-18.7% <\/p>\n

EBITDA <\/p>\n

2,242 <\/p>\n

1,377 <\/p>\n

-35.9% <\/p>\n

– EDF power solutions SA (15) <\/p>\n

1,387 <\/p>\n

867 <\/p>\n

-34.1% <\/p>\n

– Belgium <\/p>\n

652 <\/p>\n

556 <\/p>\n

-14.9% <\/p>\n

– Brazil <\/p>\n

191 <\/p>\n

-23 <\/p>\n

– <\/p>\n

The decrease in EBITDA for EDF power solutions SA is primarily explained by portfolio turnover, particularly given the significant operations of 2024 on power plants in the United States and Brazil.
In Belgium, the downturn in EBITDA was essentially driven by a negative price effect, a lower energy output and the three-yearly revision of nuclear provisions. <\/p>\n

In Brazil, EBITDA for 2025 reflects the end of the Power Purchase Agreement attached to the EDF Norte Fluminense plant in December 2024; a sale contract for this plant was signed in late 2025. <\/p>\n

\u00a0<\/p>\n

(in millions of euros) <\/p>\n

2024 <\/p>\n

2025 <\/p>\n

Organic
change <\/p>\n

Sales <\/p>\n

6,018 <\/p>\n

6,121 <\/p>\n

+1.9% <\/p>\n

EBITDA <\/p>\n

425 <\/p>\n

472 <\/p>\n

+11.1% <\/p>\n

The rise in Dalkia’s EBITDA is attributable to the performance by sales and works in energy efficiency services and decarbonisation activities in France and internationally, particularly for heat networks and industry. This rise made up for the lower level of business following the shutdown of some cogeneration gas plants. <\/p>\n

(in millions of euros) <\/p>\n

2024 <\/p>\n

2025 <\/p>\n

Organic
change <\/p>\n

Sales <\/p>\n

5,173 <\/p>\n

6,359 <\/p>\n

+15.8% <\/p>\n

EBITDA <\/p>\n

118 <\/p>\n

256 <\/p>\n

x2.2 <\/p>\n

EBITDA Framatome <\/p>\n

629 <\/p>\n

641 <\/p>\n

+1.0% <\/p>\n

– Framatome’s contribution to EDF group EBITDA <\/p>\n

242 <\/p>\n

319 <\/p>\n

+29.3% <\/p>\n

Orders for the Sizewell\u00a0C project in the UK and growth in the Installed Base and Instrumentation and Control business in the US explain the increase in EBITDA for Framatome. Order intake totalled approximately \u20ac5.9 bn at end-2025. <\/p>\n

EBITDA for Arabelle Solutions amounts to \u20ac12 million (a -\u20ac63 million contribution to Group EBITDA). The company has announced an investment of \u20ac350\u00a0million by 2027 to extend its Belfort plant and reinforce its industrial capacity. <\/p>\n

\u00a0<\/p>\n

(in millions of euros) <\/p>\n

2024 <\/p>\n

2025 <\/p>\n

Organic
change <\/p>\n

Sales <\/p>\n

17,498 <\/p>\n

16,186 <\/p>\n

-6.0% <\/p>\n

EBITDA <\/p>\n

3,485 <\/p>\n

2,268 <\/p>\n

-33.1% <\/p>\n

The decline in EBITDA is explained by the 4.4TWh decrease in nuclear power output due to longer unplanned outages, particularly at Hartlepool, and a busier maintenance programme, together with the impact of lower market prices on realised nuclear prices. <\/p>\n

Sales activities are also facing stiffer competition in a context of lower market price volatility. <\/p>\n

\u00a0<\/p>\n

(in millions of euros) <\/p>\n

2024 <\/p>\n

2025 <\/p>\n

Organic
change <\/p>\n

Sales <\/p>\n

15,223 <\/p>\n

17,396 <\/p>\n

14.8% <\/p>\n

EBITDA <\/p>\n

1,762 <\/p>\n

1,308 <\/p>\n

-23.1% <\/p>\n

The decrease in EBITDA, particularly in the gas business, is due to fewer opportunities for long-term gas portfolio optimisation. <\/p>\n

In the electricity generation business, a decline in renewable energy output after the exceptionally good hydraulicity conditions of 2024 was partly compensated by a rise in thermal power output. <\/p>\n

In the sales businesses, customer numbers rose but margins were down. <\/p>\n

(in millions of euros) <\/p>\n

2024 <\/p>\n

2025 <\/p>\n

Organic
change <\/p>\n

Sales <\/p>\n

4,865 <\/p>\n

5,626 <\/p>\n

+16.1% <\/p>\n

EBITDA <\/p>\n

1,965 <\/p>\n

1,461 <\/p>\n

-25.0% <\/p>\n

–\u00a0gas activities <\/p>\n

275 <\/p>\n

309 <\/p>\n

+12.4% <\/p>\n

– EDF Trading <\/p>\n

1,608 <\/p>\n

1,104 <\/p>\n

-30.5% <\/p>\n

The increase in EBITDA for the gas activities is explained by optimisation of positions taken in the contract with the Dunkirk terminal, despite falling margins in gas storage activities. <\/p>\n

In an uncertain market with falling prices, EDF Trading’s EBITDA declined, but remains higher than its pre-energy crisis performance. <\/p>\n

Extract from the consolidated financial statements <\/p>\n

Consolidated income statement <\/p>\n

(in millions of euros) <\/p>\n

2025 <\/p>\n

2024 <\/p>\n

Sales <\/p>\n

113,266, <\/p>\n

118,690 <\/p>\n

Fuel and energy purchases <\/p>\n

(56,881) <\/p>\n

(54,217) <\/p>\n

Other external purchases (1) <\/p>\n

(13,953) <\/p>\n

(13,548) <\/p>\n

Personnel expenses (1) <\/p>\n

(15,163) <\/p>\n

(14,166) <\/p>\n

Taxes other than income taxes <\/p>\n

(3,407) <\/p>\n

(4,142) <\/p>\n

Other operating income and expenses <\/p>\n

5,394 <\/p>\n

3,906 <\/p>\n

Operating profit before depreciation and amortisation (EBITDA) <\/p>\n

29,256 <\/p>\n

36,523 <\/p>\n

Net changes in fair value on energy and commodity derivatives, excluding trading activities <\/p>\n

(611) <\/p>\n

443 <\/p>\n

Net depreciation and amortisation <\/p>\n

(12,451) <\/p>\n

(11,970) <\/p>\n

(Impairment)\/reversals <\/p>\n

(4,165) <\/p>\n

(1,835) <\/p>\n

Other income and expenses <\/p>\n

1,075 <\/p>\n

(4,834) <\/p>\n

Operating profit <\/p>\n

13,104 <\/p>\n

18,327 <\/p>\n

Cost of gross financial indebtedness <\/p>\n

(3,377) <\/p>\n

(4,094) <\/p>\n

Discount effect <\/p>\n

(3,428) <\/p>\n

(3,190) <\/p>\n

Other financial income and expenses <\/p>\n

5,230 <\/p>\n

6,352 <\/p>\n

Financial result <\/p>\n

(1,575) <\/p>\n

(932) <\/p>\n

Income before taxes of consolidated companies <\/p>\n

11,529 <\/p>\n

17,395 <\/p>\n

Income taxes <\/p>\n

(3,641) <\/p>\n

(4,887) <\/p>\n

Share in net income of associates and joint ventures <\/p>\n

670 <\/p>\n

(683) <\/p>\n

Net income of discontinued operations <\/p>\n

– <\/p>\n

29 <\/p>\n

Consolidated net income <\/p>\n

8,558 <\/p>\n

11,854 <\/p>\n

EDF net income <\/p>\n

8,367 <\/p>\n

11,406 <\/p>\n

EDF net income – continuing operations <\/p>\n

8,367 <\/p>\n

11,378 <\/p>\n

EDF net income – discontinued operations <\/p>\n

– <\/p>\n

28 <\/p>\n

Net income attributable to non-controlling interests <\/p>\n

191 <\/p>\n

448 <\/p>\n

Net income attributable to non-controlling interests – continuing operations <\/p>\n

191 <\/p>\n

447 <\/p>\n

Net income attributable to non-controlling interests – discontinued operations <\/p>\n

– <\/p>\n

1 <\/p>\n

(1) Other external expenses and the personnel expenses are reported net of the change in inventories and capitalised production. At 31 December 2025, 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 2024 have been restated accordingly (see note 5 and 5.3 to the 2025 consolidated financial statements). <\/p>\n

Consolidated balance sheet <\/p>\n

Assets
(in millions of euros) <\/p>\n

31\/12\/2025 <\/p>\n

31\/12\/2024 <\/p>\n

Goodwill <\/p>\n

6,972 <\/p>\n

7,108 <\/p>\n

Other intangible assets <\/p>\n

13,182 <\/p>\n

12,567 <\/p>\n

Property, plant and equipment used in generation and other tangible assets owned by the Group, including right-of-use assets <\/p>\n

111,936 <\/p>\n

108,100 <\/p>\n

Property, plant and equipment operated under French public electricity distribution concessions <\/p>\n

71,398 <\/p>\n

68,663 <\/p>\n

Property, plant and equipment operated under concessions other than French public electricity distribution concessions <\/p>\n

6,682 <\/p>\n

6,616 <\/p>\n

Investments in associates and joint ventures <\/p>\n

8,828 <\/p>\n

10,167 <\/p>\n

Non-current financial assets <\/p>\n

56,551 <\/p>\n

55,951 <\/p>\n

Other non-current receivables <\/p>\n

1,978 <\/p>\n

1,979 <\/p>\n

Deferred tax assets <\/p>\n

2,807 <\/p>\n

4,553 <\/p>\n

Non-current assets <\/p>\n

280,334 <\/p>\n

275,704 <\/p>\n

Inventories <\/p>\n

19,167 <\/p>\n

19,248 <\/p>\n

Trade receivables <\/p>\n

21,665 <\/p>\n

24,139 <\/p>\n

Current financial assets <\/p>\n

32,638 <\/p>\n

26,739 <\/p>\n

Current tax assets <\/p>\n

698 <\/p>\n

834 <\/p>\n

Other current receivables <\/p>\n

12,214 <\/p>\n

10,355 <\/p>\n

Cash and cash equivalents <\/p>\n

7,641 <\/p>\n

7,597 <\/p>\n

Current assets <\/p>\n

94,023 <\/p>\n

88,912 <\/p>\n

Assets held for sale <\/p>\n

– <\/p>\n

589 <\/p>\n

Total assets <\/p>\n

374,357 <\/p>\n

365,205 <\/p>\n

\u00a0<\/p>\n

Equity and liabilities
(in millions of euros) <\/p>\n

Capital <\/p>\n

2,084 <\/p>\n

2,084 <\/p>\n

EDF net income and consolidated reserves <\/p>\n

68,269 <\/p>\n

60,771 <\/p>\n

Equity (EDF share) <\/p>\n

70,353 <\/p>\n

62,855 <\/p>\n

Equity (non-controlling interests) <\/p>\n

10,824 <\/p>\n

11,029 <\/p>\n

Total equity <\/p>\n

81,177 <\/p>\n

73,884 <\/p>\n

Provisions related to nuclear generation – back-end of the nuclear cycle, plant decommissioning and last cores <\/p>\n

67,577 <\/p>\n

68,829 <\/p>\n

Provisions for employee benefits <\/p>\n

16,158 <\/p>\n

17,284 <\/p>\n

Other provisions <\/p>\n

6,634 <\/p>\n

6,022 <\/p>\n

Non-current provisions <\/p>\n

90,369 <\/p>\n

92,135 <\/p>\n

Special French public electricity distribution concession liabilities <\/p>\n

51,154 <\/p>\n

50,603 <\/p>\n

Non-current financial liabilities <\/p>\n

70,232 <\/p>\n

71,096 <\/p>\n

Other non-current liabilities <\/p>\n

5,503 <\/p>\n

6,039 <\/p>\n

Deferred tax liabilities <\/p>\n

1,160 <\/p>\n

1,070 <\/p>\n

Non-current liabilities <\/p>\n

218,418 <\/p>\n

220,943 <\/p>\n

Current provisions <\/p>\n

6,450 <\/p>\n

6,920 <\/p>\n

Trade payables <\/p>\n

21,322 <\/p>\n

19,466 <\/p>\n

Current financial liabilities <\/p>\n

22,119 <\/p>\n

18,888 <\/p>\n

Current tax liabilities <\/p>\n

308 <\/p>\n

351 <\/p>\n

Other current liabilities <\/p>\n

24,535 <\/p>\n

24,631 <\/p>\n

Current liabilities <\/p>\n

74,734 <\/p>\n

70,256 <\/p>\n

Liabilities related to assets held for sale <\/p>\n

28 <\/p>\n

122 <\/p>\n

Total equity and liabilities <\/p>\n

374,357 <\/p>\n

365,205 <\/p>\n

Consolidated cash flow statement<\/p>\n

(in millions of euros) <\/p>\n

2025 <\/p>\n

2024 <\/p>\n

Operating activities: <\/p>\n

Consolidated net income <\/p>\n

8,558 <\/p>\n

11,854 <\/p>\n

Net income from discontinued operations <\/p>\n

– <\/p>\n

29 <\/p>\n

Net income from continuing operations <\/p>\n

8,558\u00a0\u00a0 <\/p>\n

11,825 <\/p>\n

Impairment\/(reversals) <\/p>\n

4,165 <\/p>\n

1,835 <\/p>\n

Accumulated depreciation and amortisation, provisions and changes in fair value <\/p>\n

14,191 <\/p>\n

14,027 <\/p>\n

Financial income and expenses <\/p>\n

656 <\/p>\n

1,076 <\/p>\n

Dividends received from associates and joint ventures <\/p>\n

697 <\/p>\n

582 <\/p>\n

Capital gains\/losses <\/p>\n

272 <\/p>\n

141 <\/p>\n

Income taxes <\/p>\n

3,641 <\/p>\n

4,887 <\/p>\n

Share in net income of associates and joint ventures <\/p>\n

(670) <\/p>\n

683 <\/p>\n

Change in working capital <\/p>\n

2,080 <\/p>\n

(1,452) <\/p>\n

Net cash flow from operations <\/p>\n

33,590 <\/p>\n

33,604 <\/p>\n

Net financial expenses disbursed (1) <\/p>\n

(1,797) <\/p>\n

(2,362) <\/p>\n

Income taxes paid <\/p>\n

(2,668) <\/p>\n

(3,384) <\/p>\n

Net cash flow from continuing operating activities <\/p>\n

29,125 <\/p>\n

27,858 <\/p>\n

Net cash flow from operating activities relating to discontinued operations <\/p>\n

– <\/p>\n

29 <\/p>\n

Net cash flow from operating activities <\/p>\n

29,125 <\/p>\n

27,887 <\/p>\n

Investing activities: <\/p>\n

Acquisitions of equity investments, net of cash acquired <\/p>\n

(89) <\/p>\n

(557) <\/p>\n

Disposals of equity investments, net of cash transferred <\/p>\n

964 <\/p>\n

88 <\/p>\n

Investments in intangible assets and property, plant and equipment (2) <\/p>\n

(24,832) <\/p>\n

(24,779) <\/p>\n

Funding contributions received for assets operated under concessions and investment subsidies (1) <\/p>\n

400 <\/p>\n

– <\/p>\n

Net proceeds from sale of intangible assets and property, plant and equipment <\/p>\n

342 <\/p>\n

148 <\/p>\n

Changes in financial assets (2) <\/p>\n

(7,392) <\/p>\n

1,140 <\/p>\n

Net cash flow from continuing investing activities <\/p>\n

(30,607) <\/p>\n

(23,960) <\/p>\n

Net cash flow from investing activities relating to discontinued operations <\/p>\n

– <\/p>\n

(29) <\/p>\n

Net cash flow from investing activities <\/p>\n

(30,607) <\/p>\n

(23,989) <\/p>\n

Financing activities: <\/p>\n

Transactions with non-controlling interests (3) <\/p>\n

105 <\/p>\n

2,840 <\/p>\n

Dividends paid by parent company <\/p>\n

(2,000) <\/p>\n

– <\/p>\n

Dividends paid to non-controlling interests <\/p>\n

(433) <\/p>\n

(670) <\/p>\n

Cash flow with shareholders <\/p>\n

(2,328) <\/p>\n

2,170 <\/p>\n

Issuance of borrowings <\/p>\n

18,691 <\/p>\n

15,385 <\/p>\n

Repayments of borrowings (4) <\/p>\n

(14,912) <\/p>\n

(26,564) <\/p>\n

Issuance of perpetual subordinated bonds <\/p>\n

1,236 <\/p>\n

1,728 <\/p>\n

Payments to bearers of perpetual subordinated bonds <\/p>\n

(533) <\/p>\n

(582) <\/p>\n

Funding contributions received for assets operated under concessions and investment subsidies <\/p>\n

– <\/p>\n

676 <\/p>\n

Other cash flows from financing activities <\/p>\n

4,482 <\/p>\n

(9,357) <\/p>\n

Net cash flows from continuing financing activities <\/p>\n

2,154 <\/p>\n

(7,187) <\/p>\n

Net cash flow from financing activities relating to discontinued operations <\/p>\n

– <\/p>\n

– <\/p>\n

Net cash flow from financing activities <\/p>\n

2,154 <\/p>\n

(7,187) <\/p>\n

Cash flows from continuing operations <\/p>\n

672 <\/p>\n

(3,289) <\/p>\n

Net increase\/(decrease) in cash and cash equivalents <\/p>\n

672 <\/p>\n

(3,289) <\/p>\n

Cash and cash equivalents \u2013 opening balance <\/p>\n

7,597 <\/p>\n

10,775 <\/p>\n

Net increase\/(decrease) in cash and cash equivalents <\/p>\n

672 <\/p>\n

(3,289) <\/p>\n

Currency fluctuations <\/p>\n

(426) <\/p>\n

174 <\/p>\n

Other non-monetary changes <\/p>\n

(202) <\/p>\n

(63) <\/p>\n

Cash and cash equivalents \u2013 closing balance <\/p>\n

7,641 <\/p>\n

7,597 <\/p>\n

(1) At 31\/12\/2025, \u00ab\u00a0Funding 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 \u20ac400\u00a0M (\u20ac676\u00a0M at 31\/12\/2025).
(2) At 31\/12\/2025, “Loans and other financial liabilities” include the offsetting entry for margin calls paid on derivatives hedging liabilities, amounting to \u20ac902\u00a0M (\u20ac151\u00a0M at 31 December 2024, included in “cash and cash equivalents”). This reclassification has an impact of -\u20ac751M on the “Changes in financial assets” at 31\/12\/2025. The impact at 31\/12\/2024 would have been \u20ac433 M if the comparative figures had been restated.
(3) In 2024, these transactions included a \u20ac2,359\u00a0M capital injection by the UK government into the Sizewell C project, a \u20ac500\u00a0M capital injection by Natixis Belgique Investissements into EDF Investissements Groupe, and the purchase of Assystem’s minority interests in Framatome for
-\u20ac205\u00a0M.
(4) Including -\u20ac2,007 M for redemption of perpetual subordinated bonds in 2025 (-\u20ac3,031M in 2024). <\/p>\n

Main press releases since announcement of the H1 2025 results <\/p>\n

Governance <\/p>\n

Appointment within the Board of Directors of EDF (PR of 19.02.2026) <\/p>\n

Changes in the EDF Group’s Executive Committee (PR of 19.12.2025) <\/p>\n

Appointment of B\u00e9atrice Bigois to the EDF group Executive Committee (PR of 09.12.2025) <\/p>\n

Appointment of Gregory Trannoy as Executive Coordination Director of EDF Group (PR of 25.09.2025) <\/p>\n

Appointment in EDF’s Board of Directors (PR of 25.09.2025) <\/p>\n

Appointment of Claude Laruelle to the EDF Group’s Executive Committee (PR of 27.08.2025) <\/p>\n

Nuclear <\/p>\n

The EDF group shares the key findings of its report on the modulation of its fleet (PR of 16.02.2026) <\/p>\n

Estimated nuclear generation by EDF in France (PR of 18.12.2025) <\/p>\n

EDF shares its forecasted cost estimate of the EPR2 programme for \u20ac72.8bn (PR of 18.12.2025) <\/p>\n

Update on the Flamanville EPR: the reactor has reached 100% of nuclear thermal power (PR of 14.12.2025) <\/p>\n

EDF wraps up the World Nuclear Exhibition 2025 with a series of agreements and contracts, supporting nuclear developments in France and on the export market, and the continued operation of its nuclear reactors (PR of 06.11.2025) <\/p>\n

EDF signs new contracts with partners for the EPR2 programme (PR of 05.11.2025) <\/p>\n

Data4NuclearX, a sovereign and secure digital dataspace for the nuclear sector (PR of 05.11.2025) <\/p>\n

EDF announces the financial closing of the Sizewell C project (PR of 04.11.2025) <\/p>\n

EDF estimates higher nuclear power generation in France for 2025 (PR of 13.10.2025)<\/p>\n

Renewables <\/p>\n

Inauguration of energy transition infrastructures at Maripasoula in Guyana (PR of 14.10.2025) <\/p>\n

EDF power solutions and Refocosta commission the largest wood biomass plant in Colombia (PR of 03.10.2025) <\/p>\n

Customers\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/p>\n

Exeltium and EDF reach an agreement for additional electricity supplies to electricity-intensive industrial companies that are members of Exeltium (PR of 14.01.2026) <\/p>\n

ArcelorMittal and EDF sign a long-term contract to secure low-carbon electricity supply (PR of 06.01.2026) <\/p>\n

GEODIS and EDF Commit to Decarbonizing the Supply Chain in France and Internationally (PR of 08.12.2025) <\/p>\n

Verkor and EDF sign a 12-year strategic industrial partnership to support low-carbon electricity (PR of 03.12.2025) <\/p>\n

EDF and OpCore to develop a high-power data center on site of former thermal power plant in Montereau-Vall\u00e9e-de-la-Seine (wider Paris metropolitan region) (PR of 17.11.2025) <\/p>\n

EDF expands the scope of eligible participants for nuclear production allocation contracts (CAPN) (PR of 13.11.2025) <\/p>\n

Data4 Signs Agreement with EDF for Low-Carbon Electricity Supply to Its datacenters in France (PR of 04.09.2025) <\/p>\n

Lafarge France and EDF Sign a Long-Term Agreement for Low-Carbon Electricity Supply (PR of 03.09.2025) <\/p>\n

Financing <\/p>\n

EDF announces exercise of option to redeem hybrid bonds (PR of 16.12.2025) <\/p>\n

EDF announces early repayment of bank loans totalling\u00a0\u20ac7.4 billion (PR of 22.10.2025) <\/p>\n

EDF announces the final results of its tender offer for two series of outstanding hybrid notes (PR of 07.11.2025) <\/p>\n

EDF announces the success of its green hybrid bond issue for a nominal amount of 1.25 billion euros (PR of 29.09.2025) <\/p>\n

EDF and the European Investment Bank announce the signature of \u20ac500\u00a0million financing contract to support the modernisation and the resilience of Enedis-managed public electricity grid (PR of 05.09.2025) <\/p>\n

EDF announces the success of its inaugural “Kangaroo” senior multi tranche bond issuance for a nominal amount of AUD\u00a01\u00a0billion (PR of 21.08.2025) <\/p>\n

About EDF <\/p>\n

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’\u00eatre 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 \u20ac113.3 billion in 2025. <\/p>\n

(1)\u00a0\u00a0\u00a0The customer portfolio consists of electricity, gas and recurring service contracts.<\/p>\n

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 <\/p>\n

\u00a0<\/p>\n

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 <\/p>\n

\u00a0<\/p>\n

Press contact:
service-de-presse@edf.fr \/ +33 1 40 42 46 37<\/p>\n

\u00a0<\/p>\n

Analysts & Investors contact:
edf-irteam@edf.fr <\/p>\n

(1) Adjusted economic debt: \u20ac81.7 bn (-\u20ac6.0 bn vs.2024)
(2) 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.
(3) Applying constant S&P ratio methodology.\u00a0\u00a0
(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) On an annualised basis.
(2) By a vote on 17 December 2025.
(3) Including system services and the adjustment mechanism.
(4) After deduction of pumped-storage consumption, hydropower output totals 37.9TWh in 2025 vs 47.8TWh in 2024.
(5) A delay of 12 months would generate an additional cost of 1bn\u00a3 (in 2015 sterling).
(10) Enedis is an independent subsidiary of EDF as defined in the French Energy Code.
(1) This segment combines the two previous segments EDF Renewables and Other international: see note 4 to the 2025 consolidated financial statements.
(2) This segment includes Framatome and Arabelle Solutions, but Arabelle Solutions’ results are only incorporated from 1 June 2024.
(3) Including Enedis, \u00c9lectricit\u00e9 de Strasbourg and the French island activities.
(4) Indexed adjustments of +4.81% from 1 November 2024 and +7.7% from 1 February 2025\u00a0to the TURPE 6 distribution tariff, and -1.92% from 1 August 2025 to the TURPE 7 distribution tariff.
(1) The legal entity formerly named EDF Renewables. <\/p>\n

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