EDF: 2025 annual results: Strong operational performance Positive cash flow, reducing net financial debt

2025 annual outcomes

Strong operational performance
Positive cash circulate, reducing net financial debt

Performance supported by the very best nuclear energy output in France in 6 years

Electrical energy output: 515TWh (together with 373TWh of nuclear in France)

Gross sales: €113.3 bn
EBITDA: €29.3 bn
Net earnings – Group share: €8.4 bn

Working cash circulate: €9.6 bn
Net Financial Debt: €51.5 bn
NFD/EBITDA: 1.8x – AED ⁽¹⁾ / adjusted EBITDA: 2.6x

Improve of EDF’s S&P ranking to BBB+ secure in January 2026.

At its assembly of 19 February 2026 chaired by Bernard Fontana, EDF’s Board of Administrators authorized the consolidated financial statements at 31 December 2025.
Chairman and Chief Government Officer of EDF Bernard Fontana mentioned:
“Security, safety and well being are the Group’s priorities, to offer our clients with aggressive, sovereign, low-carbon electrical energy.
2025 was a 12 months of sound operational and financial outcomes. These outcomes mirror all of the motion taken to boost operational performance sustainably, with nuclear output up, file ranges of pumped-storage hydropower, and quicker deployment of our new business coverage. EDF gives long-term visibility over electrical energy costs for its clients, particularly electricity-intensive entities. Flamanville 3 has reached 100% energy, and we have now offered the forecast value estimate for the EPR2 programme.
We take delight in EDF’s 80 years of existence and are absolutely dedicated for the many years to return.”

Outlook
Strong 2026 EBITDA, anticipated to retreat barely in a context of market value downturns.
Nuclear energy output in France estimated at 350-370TWh in 2026 and 2027, and 345-375TWh in 2028.

2027 targets confirmed ⁽²⁾
NFD / EBITDA: ≤ 2.5x
Adjusted financial debt / adjusted EBITDA ⁽³⁾: ≤ 4x

Financial outcomes

EBITDA stands at €29.3 bn vs. €36.5 bn in 2024 in opposition to a backdrop of falling market costs, because of larger nuclear output in France and development within the regulated actions, regardless of the lower in hydropower output.

The financial result’s an expense of €1.6 bn, up by €0.6 bn from 2024 as a result of:

• a decrease performance by the devoted asset portfolio (6.8% vs. 10.8% in 2024) reflecting much less beneficial fairness markets in 2025 (estimated affect of -€1.1 bn);
• energetic debt administration in a declining rate of interest surroundings, reducing the price of gross financial debt by €0.7 bn.

Net earnings excluding non-recurring gadgets is €9.6 bn vs. €15.2 bn in 2024, principally as a result of decrease EBITDA.
The tax expense was down by €1.2 bn according to the earnings, regardless of an efficient tax charge of 31.6% together with the affect of the distinctive company tax contribution in France.

The Group’s share of net earnings is €8.4 bn vs €11.4 bn in 2024, a €3.0 bn lower primarily defined by the next non-recurring gadgets after tax:

• impairment of €2.5 bn on the Hinkley Level C challenge, primarily as a result of £3/MWh discount within the Contract for Distinction strike value to £89.50/MWh (in 2012 sterling) following the ultimate funding choice for Sizewell C, absolutely offset by the £1.6 bn fee to Hinkley Level C for the challenge experience and collection impact that has benefited Sizewell C, and the 12-month delay in commissioning of Unit 1 as a result of electromechanical work;
• the change in truthful worth of financial devices (-€0.9 bn) and commodity volatility (-€0.8 bn).

The working cash circulate of €9.6 bn primarily displays cash generated by the regulated and unregulated actions in France and the buying and selling actions, along with the receipt of a £1.6 bn fee for challenge experience and the collection impact that has benefited Sizewell C.
Working capital requirement is decrease by €2.1 bn, primarily because of:

• a €3.5 bn enchancment as a result of lower in commerce receivables, pushed by falling costs;
• a €1.4 bn decline regarding a shortfall in compensation for fees below the CSPE mechanism.

Net investments complete €24.0 bn, up by €1.6 bn, principally as a result of Hinkley Level C challenge and the EPR2 programme, along with community growth and local weather change adaptation. In 2024, net investments included the acquisition of Arabelle Options and Assystem’s 5% stake in Framatome, for €0.9 bn.

Cash circulate is €2.9 bn vs. €3.9 bn in 2024. Edison accomplished asset disposals totalling €0.9 bn and EDF distributed a share premium of €2 bn to the French State.

Net financial debt stands at €51.5 bn, down by €2.9 bn vs. end-2024.
EDF issued greater than €4.9 bn of inexperienced bonds to finance development in its nuclear and renewables companies, together with Hinkley Level C, below the prolonged Inexperienced Financing Framework.

Operational performance and highlights of 2025

The Group’s dedication to industrial and vitality sovereignty helps its clients:

• Accelerated deployment of the business coverage:
  • 47TWh of medium- and long-term contracts a 12 months ⁽⁵⁾ have been signed at end-2025, together with 18,000 medium-term contracts and 18 long-term contracts for electricity-intensive industrial entities, 12 of them nuclear energy allocation contracts.
  • Stability within the buyer portfolio within the G4 international locations (France, UK, Italy, Belgium).
• Electrification of makes use of:
  • New name for expressions of curiosity launched for a datacentre at a 4th EDF website.
  • Over 400,000 electrical car charging factors now put in or managed.
• Reinforcing stability within the island electrical energy system: a synchronous compensator commissioned in Guadeloupe, in response to the event of renewables.
• Renewal of the Paris warmth community concession (5 TWh per 12 months): Paris Metropolis Council chosen the Dalkia / Eiffage / RATP Options Ville consortium ⁽⁶⁾. Outdoors Paris, in 2025 Dalkia signed contracts for 1.4TWh of low-carbon warmth a 12 months in city networks.

Technology, resilience and sovereignty:

• Nuclear energy output in France was up by 11.3TWh to 373.0TWh. This displays the great availability of reactors in operation, well-managed scheduled outages, and continued excessive modulation (33TWh) ⁽⁷⁾.
• Hydropower output was down by 9.1TWh to 46.4TWh ⁽⁸⁾ after the exceptionally good hydraulicity situations in 2024; the lower was restricted because of excessive plant availability.
• Wind and solar energy output was up by 2.1% to 29.2TWh, largely as a result of new put in capacities, regardless of much less beneficial wind situations. The portfolio of wind and photo voltaic initiatives totals 95.5GW gross.
• With its 95% carbon-free electrical energy output, EDF has one of many lowest carbon intensities on this planet at 26.5gCO₂/kWh, 10.5% decrease than in 2024.
• Resilience programme for the entire era fleet: local weather change adaptation for nuclear vegetation, work to extend hydropower infrastructures’ availability and resilience.
• An industrial coverage that serves sovereignty: reinforcement and consolidation of the availability chain and native partnerships, investments in industrial services, elevating of the facility of 13 900MW reactors between 2027 and 2035.

Ongoing growth of low-carbon initiatives:

• EDF is mobilised for achievement in its nuclear initiatives:
  • Flamanville 3: 100% energy reached.
  • EPR2: presentation of the forecast value estimate of €72.8 bn (in 2020 euros).
  • Hinkley Level C:
    • Supply of the Unit 2 reactor vessel by Framatome;
    • Schedule for the beginning of manufacturing by Unit 1 adjusted to 2030 and motion plans for the electromechanical work; completion value estimated at £35 bn (in 2015 sterling) ⁽⁹⁾.
  • Sizewell C: ultimate funding choice and financial closing of the challenge. Cost of £1.6 bn to Hinkley Level C for HPC challenge experience and the collection impact that has benefited Sizewell C.

• EDF is advancing on its renewable vitality initiatives:
  • Hydropower: regulation adopted by France’s Nationwide Meeting, to implement the settlement in precept between France and the European Fee for a change from a concession system to a allow system.
  • Renewables: 3GW gross of latest capability commissioned.

Networks that actively help the vitality transition:

• Connections by Enedis ⁽¹⁰⁾: 11,700 factors of supply, serving 486,000 electrical car charging factors and over 185,000 renewable vitality installations (6.6GW) in 2025. In French abroad territories, connection instances by EDF SEI have been halved in 3 years.
• Community high quality: Enedis has minimize the common outage time (excluding distinctive occasions) by practically 10 minutes to 61.9 minutes (B HIX criterion).
• Community resilience to climate occasions: after storm Goretti, energy was restored for 90% of consumers inside 36 hours, by mobilising 1,850 technicians and accomplice agency workers.

EDF is assembly rising wants for flexibility in a extra advanced electrical energy system:

• New off-peak/peak hours for 1.7 million Enedis clients, aiming to shift the timing of 5GW of consumption (solar energy availability allowing) by 2027.
• Growing flexibility choices for patrons:
  • A +20% rise in controllable EV charging factors.
  • Greater than 1.2 million residential clients in France have a flexibility contract.
• Making energy era extra versatile:
  • File 6TWh hydropower output by pumped-storage vegetation.
  • Improve in storage capacities (excluding hydropower): 1GW now in operation, together with the 15MW battery coupled to the Blénod plant, the photo voltaic plant with a battery in Guyana, and a pair of.7GW of initiatives.
• Challenges of modulation for operation and upkeep of hydro, thermal and nuclear vegetation, and electrical energy system resilience.

The EDF Board of Administrators determined at its assembly on 19 February 2026 to suggest fee of a dividend of €1 bn for the 2025 financial 12 months on the Bizarre Common Assembly, which might be known as to approve the financial statements for the 12 months ended 31 December 2025.

Financial outcomes by section:

Gross sales are offered under by section, earlier than elimination of inter-segment operations.

• France – Technology and Provide 

EBITDA is down as a result of decrease gross sales costs (-€5.7 bn). For the regulated gross sales tariffs, aside from the ARENH value of €42/MWh, this lower is basically defined by the adjusted 2-year common ahead market value of €103/MWh
vs. €192/MWh for 2024, and an ARENH cropping value of €74/MWh in 2025 vs. €102/MWh in 2024.
The decrease hydropower output after the exceptionally good 12 months of 2024 additionally contributed to the lower in EBITDA
(-€1.3 bn); this impact is partly counterbalanced by the rise in nuclear era (+€0.7 bn).

• France – Regulated actions ⁽¹³⁾

The rise in EBITDA is principally defined by a constructive value impact estimated at round €1.6 bn, as a result of adjustments within the TURPE tariffs ⁽¹⁴⁾ and vitality purchases to cowl community losses made at decrease market costs than in 2024 (€0.5 bn).

The lower in EBITDA for EDF energy options SA is primarily defined by portfolio turnover, significantly given the numerous operations of 2024 on energy vegetation in america and Brazil.
In Belgium, the downturn in EBITDA was primarily pushed by a unfavourable value impact, a decrease vitality output and the three-yearly revision of nuclear provisions.

In Brazil, EBITDA for 2025 displays the tip of the Energy Buy Settlement hooked up to the EDF Norte Fluminense plant in December 2024; a sale contract for this plant was signed in late 2025.

The rise in Dalkia’s EBITDA is attributable to the performance by gross sales and works in vitality effectivity companies and decarbonisation actions in France and internationally, significantly for warmth networks and trade. This rise made up for the decrease degree of enterprise following the shutdown of some cogeneration fuel vegetation.

Orders for the Sizewell C challenge within the UK and development within the Put in Base and Instrumentation and Management enterprise within the US clarify the rise in EBITDA for Framatome. Order consumption totalled roughly €5.9 bn at end-2025.

EBITDA for Arabelle Options quantities to €12 million (a -€63 million contribution to Group EBITDA). The corporate has introduced an funding of €350 million by 2027 to increase its Belfort plant and reinforce its industrial capability.

The decline in EBITDA is defined by the 4.4TWh lower in nuclear energy output as a result of longer unplanned outages, significantly at Hartlepool, and a busier upkeep programme, along with the affect of decrease market costs on realised nuclear costs.

Gross sales actions are additionally going through stiffer competitors in a context of decrease market value volatility.

The lower in EBITDA, significantly within the fuel enterprise, is because of fewer alternatives for long-term fuel portfolio optimisation.

Within the electrical energy era enterprise, a decline in renewable vitality output after the exceptionally good hydraulicity situations of 2024 was partly compensated by an increase in thermal energy output.

Within the gross sales companies, buyer numbers rose however margins had been down.

The rise in EBITDA for the fuel actions is defined by optimisation of positions taken within the contract with the Dunkirk terminal, regardless of falling margins in fuel storage actions.

In an unsure market with falling costs, EDF Buying and selling’s EBITDA declined, however stays larger than its pre-energy disaster performance.

Extract from the consolidated financial statements

Consolidated earnings assertion

(1) Different exterior bills and the personnel bills are reported net of the change in inventories and capitalised manufacturing. At 31 December 2025, the portion of the change in inventories and capitalised manufacturing regarding personnel bills, which was beforehand offered in “different exterior bills”, is deducted from “personnel bills”. EBITDA is unaffected. The comparative figures for 2024 have been restated accordingly (see notice 5 and 5.3 to the 2025 consolidated financial statements).

Consolidated stability sheet

(1) At 31/12/2025, « Funding contributions obtained for belongings operated below concessions and funding subsidies”, which had been beforehand included in “Different cash flows from financing actions”, are reclassified to “Net cash circulate from persevering with investing actions” within the quantity of €400 M (€676 M at 31/12/2025).
(2) At 31/12/2025, “Loans and different financial liabilities” embrace the offsetting entry for margin calls paid on derivatives hedging liabilities, amounting to €902 M (€151 M at 31 December 2024, included in “cash and cash equivalents”). This reclassification has an affect of -€751M on the “Adjustments in financial belongings” at 31/12/2025. The affect at 31/12/2024 would have been €433 M if the comparative figures had been restated.
(3) In 2024, these transactions included a €2,359 M capital injection by the UK authorities into the Sizewell C challenge, a €500 M capital injection by Natixis Belgique Investissements into EDF Investissements Groupe, and the acquisition of Assystem’s minority pursuits in Framatome for
-€205 M.
(4) Together with -€2,007 M for redemption of perpetual subordinated bonds in 2025 (-€3,031M in 2024).

Principal press releases since announcement of the H1 2025 outcomes

Governance

• Appointment inside the Board of Administrators of EDF (PR of 19.02.2026)
• Adjustments within the EDF Group’s Government Committee (PR of 19.12.2025)
• Appointment of Béatrice Bigois to the EDF group Government Committee (PR of 09.12.2025)
• Appointment of Gregory Trannoy as Government Coordination Director of EDF Group (PR of 25.09.2025)
• Appointment in EDF’s Board of Administrators (PR of 25.09.2025)
• Appointment of Claude Laruelle to the EDF Group’s Government Committee (PR of 27.08.2025)

Nuclear

• The EDF group shares the important thing findings of its report on the modulation of its fleet (PR of 16.02.2026)
• Estimated nuclear era by EDF in France (PR of 18.12.2025)
• EDF shares its forecasted value estimate of the EPR2 programme for €72.8bn (PR of 18.12.2025)
• Replace on the Flamanville EPR: the reactor has reached 100% of nuclear thermal energy (PR of 14.12.2025)
• EDF wraps up the World Nuclear Exhibition 2025 with a collection 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)
• EDF indicators new contracts with companions for the EPR2 programme (PR of 05.11.2025)
• Data4NuclearX, a sovereign and safe digital dataspace for the nuclear sector (PR of 05.11.2025)
• EDF broadcasts the financial closing of the Sizewell C challenge (PR of 04.11.2025)
• EDF estimates larger nuclear energy era in France for 2025 (PR of 13.10.2025)

Renewables

• Inauguration of vitality transition infrastructures at Maripasoula in Guyana (PR of 14.10.2025)
• EDF energy options and Refocosta fee the most important wooden biomass plant in Colombia (PR of 03.10.2025)

Prospects        

• Exeltium and EDF attain an settlement for extra electrical energy provides to electricity-intensive industrial firms which can be members of Exeltium (PR of 14.01.2026)
• ArcelorMittal and EDF signal a long-term contract to safe low-carbon electrical energy provide (PR of 06.01.2026)
• GEODIS and EDF Decide to Decarbonizing the Provide Chain in France and Internationally (PR of 08.12.2025)
• Verkor and EDF signal a 12-year strategic industrial partnership to help low-carbon electrical energy (PR of 03.12.2025)
• EDF and OpCore to develop a high-power information heart on website of former thermal energy plant in Montereau-Vallée-de-la-Seine (wider Paris metropolitan area) (PR of 17.11.2025)
• EDF expands the scope of eligible individuals for nuclear manufacturing allocation contracts (CAPN) (PR of 13.11.2025)
• Data4 Indicators Settlement with EDF for Low-Carbon Electrical energy Provide to Its datacenters in France (PR of 04.09.2025)
• Lafarge France and EDF Signal a Lengthy-Time period Settlement for Low-Carbon Electrical energy Provide (PR of 03.09.2025)

Financing

• EDF broadcasts train of choice to redeem hybrid bonds (PR of 16.12.2025)
• EDF broadcasts early reimbursement of financial institution loans totalling €7.4 billion (PR of twenty-two.10.2025)
• EDF broadcasts the ultimate outcomes of its tender supply for 2 collection of excellent hybrid notes (PR of 07.11.2025)
• EDF broadcasts the success of its inexperienced hybrid bond concern for a nominal quantity of 1.25 billion euros (PR of 29.09.2025)
• EDF and the European Funding Financial institution announce the signature of €500 million financing contract to help the modernisation and the resilience of Enedis-managed public electrical energy grid (PR of 05.09.2025)
• EDF broadcasts the success of its inaugural “Kangaroo” senior multi tranche bond issuance for a nominal quantity of AUD 1 billion (PR of 21.08.2025)

About EDF

The EDF Group is a key participant within the vitality transition, as an built-in vitality operator engaged in all points of the vitality enterprise: energy era, distribution, buying and selling, vitality gross sales and vitality companies. The Group is a world chief in low-carbon vitality, with a 95%-decarbonised output of 515TWh and, carbon depth of 26.5gCO₂/kWh in 2025, and has developed a diversified era combine primarily based primarily on nuclear and renewable vitality (together with hydropower). Additionally it is investing in new applied sciences to help the vitality transition. EDF’s raison d’être is to construct a net zero vitality future with electrical energy and revolutionary options and companies, to assist save the planet and drive well-being and financial growth. The Group provides vitality and companies to roughly 41 million clients ⁽¹⁾ and generated consolidated gross sales of €113.3 billion in 2025.

(1)   The shopper portfolio consists of electrical energy, fuel and recurring service contracts.

This presentation is for data functions solely and doesn’t represent a proposal or solicitation to promote or purchase devices, any a part of the corporate or belongings described, or another curiosity, within the US or another nation. This doc comprises forward-looking statements and knowledge. Whereas EDF believes that the expectations mirrored in these forward-looking statements are primarily based on cheap assumptions on the time they’re made, these assumptions are intrinsically unsure, with inherent dangers and uncertainties which can be past the management of EDF. In consequence, EDF can’t assure that these assumptions will materialise. Future occasions and precise financial and different outcomes might differ materially from the assumptions underlying these forward-looking statements, together with, however not restricted to, variations within the potential timing and completion of the transactions they describe. Dangers and uncertainties (notably linked to the financial, financial, competitors, regulatory and local weather scenario) might embrace adjustments in financial and enterprise tendencies, rules, and components described or recognized within the publicly-available paperwork filed by EDF with the French financial markets authority (AMF), together with these offered in Part 2.2 “Dangers to which the Group is uncovered” of the EDF Common Registration Doc (URD) filed with the AMF on 27 March 2025 (below quantity D.25-0183), which can be consulted on the AMF web site at www.amf-france.org or the EDF web site at www.edf.fr.
Neither EDF nor any EDF affiliate is certain by a dedication or obligation to replace the forward-looking data contained on this doc to mirror any occasions or circumstances arising after the date of this presentation

(1) Adjusted financial debt: €81.7 bn (-€6.0 bn vs.2024)
(2) Based mostly on scope, change charges, legal guidelines and rules as at 1 January 2026 and assuming French nuclear output (together with Flamanville 3) of 350-370TWh in 2026 and 2027.
(3) Making use of fixed S&P ratio methodology.  
(1) Net financial debt just isn’t outlined within the accounting requirements and isn’t immediately seen within the Group’s consolidated stability sheet. Net financial debt contains complete loans and financial liabilities, much less cash and cash equivalents and liquid belongings. Liquid belongings are financial belongings consisting of funds or fixed-income securities with preliminary maturity of over three months which can be readily convertible into cash and are managed in response to a liquidity-oriented coverage.
(1) On an annualised foundation.
(2) By a vote on 17 December 2025.
(3) Together with system companies 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 extra value of 1bn£ (in 2015 sterling).
(10) Enedis is an impartial subsidiary of EDF as outlined within the French Vitality Code.
(1) This section combines the 2 earlier segments EDF Renewables and Different worldwide: see notice 4 to the 2025 consolidated financial statements.
(2) This section contains Framatome and Arabelle Options, however Arabelle Options’ outcomes are solely integrated from 1 June 2024.
(3) Together with Enedis, Électricité de Strasbourg and the French island actions.
(4) Listed changes of +4.81% from 1 November 2024 and +7.7% from 1 February 2025 to the TURPE 6 distribution tariff, and -1.92% from 1 August 2025 to the TURPE 7 distribution tariff.
(1) The authorized entity previously named EDF Renewables.

• PR FY 2025 outcomes V20.02