Edf: 2024 annual results Excellent operational performance in a context of lower market prices Flamanville 3 connected to the French national grid for the first time Net financial debt stabilised Rollout of the "Ambitions 2035” strategy

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2024 annual results

Excellent operational performance

in a context of lower market prices

Flamanville 3 connected to the French national grid for the first time

Net financial debt stabilised

Rollout of the "Ambitions 2035” strategy

Successful commercial offerings

• Net income

Net income excluding non-recurring items is €15.2 bn. The €3.2 bn decrease from 2023 mainly reflects the lower EBITDA and a higher income tax expense, limited by the improved financial result.

The Group's share of net income is €11.4 bn, up by €1.4 bn. This increase despite the lower net income excluding non-recurring items is mainly explained by the following items after tax:

• impairment on the Hinkley Point C project in 2024 following a revised inflation rate (€0.8 bn). In 2023, impairment of €7.9 bn was booked against the value of the project and EDF Energy's goodwill after a new schedule and additional costs were announced in January 2024.
• impairment on the Atlantic Shores offshore wind project in the United States (€0.9 bn), and on the shareholder loan for the Neart na Gaoithe wind project in the United Kingdom (€0.3 bn);
• new estimate of forecast spent fuel storage costs in France (€2.4 bn), and re-estimation of costs for the Cigeo storage facility (€0.6 bn).

• Cash flow

Cash flow for 2024 amounted to €3.9 bn, versus €9.6 bn in 2023. It is explained by cash EBITDA of €35.0 bn, resulting from a good operating performance despite lower market prices than in 2023.

Working capital increased by €1.5 bn, comprising:

• €2.8 bn due essentially to the charges under the tariff shield price cap for January 2024 that were covered by CSPE compensation received from the State in 2023,
• the very limited impact of the optimisation/trading activity (€0.2 bn).

The net investments amount €22.4 bn, up by €3.3 bn from 2023, notably concerning the Hinkley Point C project and the EPR2 programme, along with network development and reinforcement. The acquisition of GE Steam Power's nuclear activities (Arabelle Solutions) and Assystem's 5% stake in Framatome also had a €0.9 bn effect on the rise in investments.

• Net financial debt ⁽¹⁾

Net financial debt for 2024 was €54.3 bn, stable compared to 2023. The favourable impact of the positive cash flow was counterbalanced by hybrid note issues and redemptions, and the announcement that EDF was to redeem the €1.25 bn hybrid note issue of January 2013 and replace its equity content with the capital increase resulting from conversion of the Oceane bonds in 2023⁽²⁾.

Bond issues, totalling around €6.7 bn, the reduction in short-term debt, and early repayments of bank loans have extended the maturity of financial debt to 13 years at end-2024 (vs 11 years at end-2023) and controlled the cost of financing in a high interest rate environment.

At its meeting of 20 February 2025 chaired by Luc Rémont, EDF's Board of Directors approved the consolidated financial statements at 31 December 2024. Chairman and Chief Executive Officer of EDF Luc Rémont said: "EDF's excellent operational and commercial performance in 2024 brought the Group sound financial results, reflecting the hard work done by all EDF's teams to return to high levels of generation and offer customised contracts and innovative solutions, while meeting the needs of the electricity system and supporting customers as they switch to electricity for their uses. Through its "Ambitions 2035” corporate plan, EDF has also embarked on an in-depth transformation this year complete with enhancement of its operational efficiency, ready to achieve the performance and investments that are needed for the electric revolution. We are certain that the impact of all these actions will make themselves felt in the next few years, and that 2025 will be a key year for accelerating the energy transition, with practical measures that will give our customers a helping hand as the pace of change in the sector increases. The rise of low-carbon electricity generation must go hand in hand with incentives to transfer our practices to run on electricity.”

Outlook for 2025

EBITDA is expected to retreat against a backdrop of falling market prices.

Nuclear output in France including Flamanville 3 is estimated at 350-370TWh in 2025, 2026 and 2027.

2027 targets ⁽³⁾

Net financial debt / EBITDA: ≤ 2.5x

Adjusted economic debt / adjusted EBITDA ⁽⁴⁾: ≤ 4x 

Operational performance and highlights of 2024, the year Flamanville 3 EPR came online

EDF has adopted its "Ambitions 2035” strategy and is rolling it out with a focus on 4 pillars:

Supporting customers in reducing their carbon footprint

• Successful deployment of the commercial policy: 9 letters of intent signed for long-term industrial partnerships ⁽⁵⁾ representing over 12TWh a year, including one with a binding contract, and 6,000 medium-term power supply contracts signed (around 22TWh for 2028 and 12TWh for 2029).
• Growth in the residential customer portfolio in the G4 countries to 41.5 million at end-2024⁽⁶⁾.
• CO₂ emissions avoided reached 13.4Mt in 2024.
• Debarbonising uses: 18% increase in electric vehicle charging points installed or managed in the G4 countries. The biomass boiler installed by Dalkia at the Swiss Krono plant will avoid 35,000 t of fossil CO₂ emissions a year.

Producing more low-carbon electricity:

• With over 94% of carbon-free electricity generation, EDF has one of the lowest carbon intensities in the world at 30 gCO2/kWh, reduced by 19% compared to 2023.
• Excellent operational performance, including:
  • a significant 41.3TWh increase in nuclear power output in France to 361.7TWh, reflecting optimisation of reactor outages under the START 2025 programme, and industrial control of the stress corrosion checks and repairs.
  • a 12.7TWh increase in hydropower output to 55.5TWh⁽⁷⁾, explained by high availability and exceptionally good hydraulicity conditions.
  • a 6.7% increase in wind and solar power output to 28.5TWh, largely driven by new installed capacities. The portfolio of wind and solar projects reached 114GW gross (a major contract was won in December for a 250MW floating wind farm in the Mediterranean).
• EDF is mobilised for success in its nuclear projects:
  • Flamanville 3: the reactor was connected to the network on 21 December. After the first nuclear reaction on 3 September 2024, EDF's teams conducted a programme of tests and controls for a gradual reactor ramp-up. Testing and grid connection and disconnection phases will continue until the reactor reaches full power. On 31 January 2025, the ASNR approved an increase to above 25% power.
  • Hinkley Point C: the first reactor pressure vessel, supplied by Framatome, is now installed.
  • EPR2: after a maturity review, the project is moving into the detailed design phase for the principal nuclear island buildings
  • Small Modular Reactor: conceptual design phase launched for a pressurised water SMR by NUWARD based on proven technological building blocks.

Developing networks to meet the challenges of the energy transition:

• Higher number of connections by Enedis⁽⁸⁾ in 2024: +21% for installed capacity for electric vehicules (to 5.1GW) and +19% for renewable energy facilities (to 5.5GW).
• Enedis ranked "world's smartest grid” in the Smart Grid Index for the third consecutive year.
• The French network was fully available at all sites throughout the Paris Olympic and Paralympic Games, cutting CO₂ emissions by 80% for Paris 2024.
• Power restored to 90% of customers within 48 hours after weather events in France.

Developing flexibility solutions to meet the needs of the power system:

• Greater flexibility is required to cope with the system instability caused by the renewable energy intermittency. This entails high price volatility (hourly prices modulation of nuclear power plants.
• Decarbonisation of flexible thermal plants:
  • Start of work at the Ricanto liquid biomass plant (130MW - France), to replace the Vazzio thermal plant.
  • Inauguration of the Presenzano CCGT plant (800MW - Italy) with 30% lower CO₂ emissions, and a turbine ready to run on hydrogen.
• 18% increase in capacity of flexibility offers for customers in the G4 countries: 2.1GW at end-2024⁽⁹⁾.

EDF presents its new CSR architecture and raises its targets

• The new CSR architecture places the "Building the electricity system of tomorrow” objective on two fundamental pillars, "Working within the planetary boundaries” and "Acting for a just transition”.
• Stronger ambitions to cut CO₂ emissions:
  • For scope 1, a new target of 65% reduction by 2027, in addition to the targets of 70% by 2030 and 80% by 2035 (vs 2017 levels),
  • For scope 3, three new targets: reduction of 30% by 2027, 35% by 2030 and 45% by 2035 (vs 2019 levels).
• To meet its skill requirements, the Group has hired nearly 20,000 people in France (including around 10,000 permanent employees, 4,500 work-study trainees, and 5,000 interns), promoting a good gender balance and diversity, and bringing young people into work.

EDF issued €5 bn of green bonds to fund development of its business activities in 2024 (nuclear, renewables and network activities) and £500 M of bonds dedicated to the Hinkley Point C project.

On 20 February 2025, EDF's Board of Directors authorised the signature of contractual documentation to start the experimental phase of the irradiation service agreed between the French State, the CEA and EDF⁽¹⁰⁾. This phase will last as long as necessary for EDF to study the feasibility of the service, which will have no impact on the operation or purpose of the power plant concerned; it will remain governed by the regime for civil nuclear installations. This irradiation service could potentially also be used in medicine or the aerospace industry.

Financial results by segment:

Segment sales are presented before elimination of inter-segment operations.

• EBITDA

• France - Generation and supply

EBITDA was down, despite the substantially higher nuclear and hydropower output with a favourable effect estimated at €3.1 bn and €0.9 bn respectively.

The downturn in sales prices had an estimated impact of -€18.5 bn. For the regulated sales tariffs, apart from the ARENH price of €42/MWh, this is explained by a 2-year average forward market price of €178/MWh in 2024 vs €218/MWh in 2023, and the ARENH cropping price of €102/MWh in 2024 vs €410/MWh in 2023.

The decrease in market prices on net realised purchases, and the lower volumes purchased due to higher nuclear generation, had a positive effect estimated at €11.0 bn.

• France - Regulated activities ⁽¹²⁾

The increase in EBITDA is principally explained by a positive price effect estimated at close to €2 bn resulting from the lower price of energy purchases to cover network losses in 2024 compared to 2023 (€1.4 bn), and changes in the TURPE network access tariff ⁽¹³⁾ (€0.7 bn).

• EDF Renewables - Renewable energies

The increase in EBITDA for Group Renewables is attributable to a 6.7% rise in wind and solar power output thanks to new capacities installed. 3.2GW gross were commissioned in 2024. In Italy and Belgium, there was also a substantial rise in hydropower output thanks to exceptionally good hydraulicity conditions. On Reunion Island, the start of operation by the Port-Est power plant after its conversion to liquid biomass had a positive effect in EBITDA.

At EDF Renewables, EBITDA for generation increased due to higher volume output (+9.8%) thanks to new plants commissioned, despite less favourable wind and sunshine conditions in France and a downturn in market prices. The rise in overall EBITDA is essentially explained by portfolio rotation, with significant operations on wind and solar farms in the United States and Brazil.

• Dalkia - Energy services

⁽¹⁴⁾

The service activities of Dalkia, and IZI in France contributed to the increase in EBITDA for Group Energy services.

At Dalkia, the rise in EBITDA is attributable to the sales teams' performance in energy efficiency services and decarbonisation in France. However, sales of electricity produced by co-generation plants were lower than in 2023, as expected.

• Industry and services

New nuclear projects in France and the United Kingdom explain the increase in EBITDA for Framatome. Order intake amounts to approximately €21.2 bn at end-2024, well above end-2023, largely due to the new nuclear build projects in France and the United Kingdom, particularly Sizewell C.

Framatome was selected by Bruce Power in Canada to support its plan to extend its fleet's operating lifetime.

EBITDA for Arabelle Solutions (-€120 million) corresponds to the 7 months of activity since the subsidiary joined the Group.

• United Kingdom

The decline in EBITDA is particularly explained by lower margins on sales across all customer segments, in a context of tougher competition and falling market prices. The operational performance was strong, and nuclear power output was stable at 37.3TWh. The impact of unplanned outages at Heysham 1 and Hartlepool early in the year was counterbalanced by the smaller number of scheduled outages and higher realised nuclear prices.

• Italy 

The decrease in EBITDA is notably due to lower profitability in the gas businesses, as volatility and prices fell.

In the electricity generation business, higher renewable output thanks to exceptionally good hydraulicity conditions offset the lower profitability of thermal energy in EBITDA, in a decreasing price environment.

In the sales businesses, margins improved and there was growth in the customer portfolio.

• Other international

The lower EBITDA in Belgium⁽¹⁵⁾ is essentially explained by lower market prices, and a decrease in generation levels despite better hydropower output (+36%).

In Brazil, EBITDA was down due to the -4% indexed adjustment in November 2023 to the Power Purchase Agreement attached to EDF Norte Fluminense's plant and an unfavourable foreign exchange effect, despite an increase in revenues from system services due to low water resource availability in the country.

• Other activities

The increase in EBITDA for the gas activities is explained by improved margins in gas storage activities, and to a lesser extent, better margins in the LNG asset management activity, despite the lower level of business at the Dunkirk terminal.

EDF Trading's EBITDA decreased in a context of falling prices and lower volatility on the wholesale markets, but is still higher than its pre-energy crisis results.

Extract from the consolidated financial statements

Consolidated income statement