Electricité de France (ECIFY) H1 2026 earnings summary

Executive summary

• Robust operational performance in H1 2026 with increased French nuclear output, stable hydropower, and wind/solar output up 6% year-over-year, supporting record French electricity exports of 51TWh and a 1% rise in domestic consumption.

• EBITDA was €14.1bn, down 8.8% year-over-year, and net income (Group share) was €5.2bn, reflecting lower market prices despite strong nuclear output and positive cash flow.

• Net financial debt remained stable at €51.5bn, with a NFD/EBITDA ratio of 1.8x and liquidity position of €53.4bn.

• Major investments continued in nuclear (EPR2, Hinkley Point C), renewables, electrification, and network adaptation for climate resilience, with €350M allocated for electrification initiatives.

• Customer satisfaction improved, with over 87% satisfaction among individual and business clients.

Financial highlights

• Revenue for H1 2026 was €57.4bn, down 2.9% year-over-year due to lower market prices.

• EBITDA declined by €1.4bn (-8.8%) to €14.1bn, mainly due to lower prices and higher taxes on nuclear installations.

• Net income (Group share) was €5.2bn, with net income excluding non-recurring items at €4.0bn.

• Operating cash flow was €2.6bn, with group cash flow at €1.1bn, both down significantly year-over-year.

• Net financial debt/EBITDA ratio stands at 1.8x.

Outlook and guidance

• 2026 EBITDA is expected to decrease by around 10% versus 2025, mainly due to lower market prices and heatwaves.

• French nuclear output is projected at 350–370TWh for 2026 and 2027, with a long-term target of over 400TWh.

• Net financial debt/EBITDA target remains ≤2.5x through 2027; adjusted economic debt/adjusted EBITDA ≤4x.