Edf: 2025 half-year results - Operational performance in line with expectations - Positive cash flow in a context of falling market prices and rising investments Net financial debt reduced

Core Insights - The operational and financial results for the first half of 2025 are in line with expectations despite falling market prices, with a focus on increasing production levels and meeting customer needs [8][9][42] - The company reported a decrease in EBITDA to €15.5 billion from €18.7 billion in H1 2024, primarily due to lower market prices and a modest performance from the dedicated asset portfolio [2][4][5] - Net financial debt was reduced to €50.0 billion, down by €4.4 billion compared to the end of 2024, indicating effective debt management [8][36] Financial Performance - Sales for H1 2025 amounted to €59.4 billion, with net income attributable to the group at €5.5 billion, down from €7.0 billion in H1 2024 [2][5][32] - Operating cash flow reached €7.9 billion, contributing to a total cash flow of €4.3 billion, an increase from €2.0 billion in H1 2024 [7][36] - The financial result showed an expense of €1.3 billion, significantly higher than €13 million in H1 2024, primarily due to changes in the fair value of the dedicated asset portfolio [4][32] Operational Highlights - Nuclear power output in France increased by 4.4 TWh to 181.8 TWh, while hydropower output decreased by 5.2 TWh to 26.0 TWh [2][12] - The company has signed over 12,000 medium-term electricity supply contracts, with a significant portion aimed at industrial customers [11] - The company continues to focus on low-carbon projects, with a 95% carbon-free electricity output and a carbon intensity of 26 gCO2/kWh, which is 10% lower than in H1 2024 [12][14] Segment Performance - The France Generation and Supply segment saw a decline in EBITDA by 28.9% to €7.3 billion, attributed to lower selling prices [17][18] - Regulated activities experienced a 45.7% increase in EBITDA to €4.1 billion, driven by positive price effects from changes in network access tariffs [22] - The United Kingdom segment's EBITDA decreased by 33.1% to €1.3 billion, impacted by lower market prices affecting realized nuclear prices [27] Investment and Future Outlook - Net investments reached €11.5 billion, with a focus on projects like Hinkley Point C and EPR2, alongside network development [7][8] - The company maintains its outlook for strong EBITDA in 2025, despite anticipated decreases due to falling market prices [9] - The company aims to achieve a net financial debt to EBITDA ratio of ≤ 2.5x by 2027, indicating a commitment to financial stability [9]