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

Core Insights - EDF reported strong operational and financial results for 2025, driven by high nuclear power output and effective management of operational performance [2][4][6] - The company achieved a consolidated sales figure of €113.3 billion and an EBITDA of €29.3 billion, despite a decline from the previous year due to falling market prices [2][30] - EDF's net financial debt decreased to €51.5 billion, reflecting positive cash flow and effective debt management strategies [2][9][47] Financial Performance - Electricity output reached 515 TWh, with nuclear power contributing 373 TWh, marking the highest output in six years [2][16] - EBITDA decreased by 19.2% from €36.5 billion in 2024 to €29.3 billion in 2025, primarily due to lower sales prices and reduced hydropower output [6][18] - Net income attributable to the Group was €8.4 billion, down from €11.4 billion in 2024, largely due to lower EBITDA and non-recurring items [8][30] Operational Highlights - Nuclear output in France increased by 11.3 TWh to 373 TWh, while hydropower output decreased by 9.1 TWh to 46.4 TWh [16][19] - The company successfully reached 100% power at Flamanville 3 and provided a cost estimate of €72.8 billion for the EPR2 program [4][16] - EDF signed 47 TWh of medium- and long-term contracts by the end of 2025, enhancing stability for electricity-intensive customers [12] Market Position and Strategy - EDF's commitment to low-carbon electricity is reflected in its 95% carbon-free electricity output and a carbon intensity of 26.5 gCO2/kWh, which is 10.5% lower than in 2024 [16][42] - The company is focused on enhancing its operational performance through investments in nuclear and renewable energy projects, including Hinkley Point C and Sizewell C [4][16] - EDF aims to maintain a strong financial position with targets for net financial debt to EBITDA ratio of ≤ 2.5x and adjusted economic debt to adjusted EBITDA ratio of ≤ 4x by 2027 [5][6]