| 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 halfyear 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.”
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)
(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.
The EDF group is supporting customer electrification:
Power generation and sovereignty:
Ongoing development of low-carbon projects:
(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.
Resilience in the generation fleet
Resilience in the Enedis network
Networks that actively serve the energy transition:
EDF is meeting growing needs for flexibility in the electricity system:
(1) Enedis is an independent subsidiary of EDF as defined in the French Energy Code.
| (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.
(1) Including Enedis, Électricité de Strasbourg and the French island activities.
| (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 (1) | 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).
(1) The legal entity formerly named EDF Renewables.
| (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.
| (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).
| (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 |
| (in millions of euros) | 31/12/2025 | 30/06/2026 |
|---|---|---|
| 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.
| (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).
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