EDF: 2026 half-year results: Robust operational performance - Increase in French nuclear output - Positive cash flow, keeping net financial debt stable

Press release 31/07/2026 2026 half-year results

Robust operational performance Increase in French nuclear output Positive cash flow, keeping net financial debt stable

Performance supported by the higher nuclear power output in France

At its meeting of 30 July 2026 chaired by Bernard Fontana, EDF’s Board of Directors approved the consolidated half￾year 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.”

Outlook

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)

• Net Financial Debt / EBITDA: ≤ 2.5x
• Adjusted economic debt / adjusted EBITDA (2) : ≤ 4x

(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.

Financial results

• EBITDA
  EBITDA stands at €14.1 bn vs. €15.5 bn in H1 2025 in a period of falling market prices and a robust operational performance, including higher nuclear output in France.
• Financial result
  The financial result is up by €1.5 bn to €0.2 bn due to:
  • the stronger performance by the dedicated asset portfolio (5.9% vs. 1.9% in H1 2025) sustained by more favourable equity markets in 2026 (estimated impact of +€1.7 bn);
  • active debt management, stabilising the cost of gross financial debt at €1.7 bn.
• Net income
  Net income excluding non-recurring items is €4.0 bn vs. €5.5 bn in H1 2025, principally due to the lower EBITDA.
  The Group’s share of net income is €5.2 bn vs €5.5 bn in H1 2025, mainly reflecting the after-tax change of €1.1 bn in the fair value of financial instruments (essentially dedicated assets) which is classified as a non-recurring item.
• Operating cash flow
  The operating cash flow of €2.6 bn essentially results from cash generated by the regulated and unregulated activities in France.
  Working capital requirement is down by €2.5 bn, mainly as a result of:
  • a €3.0 bn improvement reflecting the seasonal decrease in trade receivables (in volume and price);
  • a €0.6 bn decline relating to a shortfall in compensation for charges under the CSPE mechanism.
  Net investments total €11.4 bn, stable compared to H1 2025. Investments principally concerned the Grand Carénage industrial refurbishment programme to extend the French reactors’ lifespans and climate events resilience, the Hinkley Point C project and the EPR2 programme, plus network expansion and climate change adaptation.
• Cash flow
  Cash flow amounts to €1.1 bn vs. €4.3 bn in H1 2025, when EDF distributed a share premium of €2 bn to the French State. The €1 bn dividend for the year 2025 was paid on 30 July 2026.
• Net financial debt (1)
  Net financial debt stands at €51.5 bn, stable vs. end-2025. EDF issued more than €5.1 bn of bonds during H1 2026, including €2.75 bn of green bonds to finance extension of nuclear reactor lifespans in France and the Hinkley Point C project.

(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.

Operational performance and highlights

The EDF group is supporting customer electrification:

• For its 80th anniversary, EDF has reinforced its commitment to electrification, investing €350 M to accelerate electrification of uses with a focus on 3 key pillars: homes and buildings, for easier access to low-carbon heating and cooling solutions; transport, for heavy transport’s transition to electricity; and industry, for faster installation of new consumers and faster electrification of industrial processes.
• A range of electricity contracts suitable for all types of use
  • Long-term contracts for up to 21TWh a year signed at end-June, as well as the amendment with Exeltium,
  • Launch of the Zen Estival market-price contract for residential customers offering 7 hours of super￾off-peak power per day in summer
• Dalkia, a force for electrification and low-carbon heat
  • Winner of an EU call for projects for 13 industrial electric heat supply systems
  • New heat network concessions secured, including the Paris district heating concession (5TWh a year) as a member of a consortium and 3 projects involving deep geothermal energy
• A step up in energy services
  • Launch of 2 energy service subsidiaries: IZI by EDF for residential customers, and EDF business services for companies and local authorities
  • Nearly 430,000 electric vehicle charging points installed or managed at end-June 2026
• Installation support for datacentres
  • Calls for expressions of interest issued for the installation of datacentres at 6 EDF sites covering total capacity of over 2GW at end-July 2026, including 500MW for Creys-Mépieu (call launched on 3 July 2026)

Power generation and sovereignty:

• Nuclear power output up by 4.2TWh to 206.5TWh thanks to the 8TWh increase in French nuclear generation. This reflects the good availability of reactors in operation, well-managed reactor outages, and continued high modulation (13.3TWh (1)).
• Hydropower output stable at 26TWh (2) thanks to good plant availability.
• Wind and solar power output up by 6% to 17TWh, largely due to new installed capacities and more favourable wind conditions.
• The portfolio of wind, solar and hydro projects stands at almost 114GW gross.
• With its 95% carbon-free electricity output, EDF has one of the lowest carbon intensities in the world at 26.5gCO2/kWh, including 4.1gCO2/kWh for EDF SA in mainland France. Low-carbon power generation contributed to France’s record exports of 51TWh.
• Action for a secure supply chain
  • Acquisition by Framatome of Sebim (former Trillium Flow Technologies), a specialist designer and producer of safety valves for the nuclear fleet and new nuclear projects
  • Conversion of Framatome’s Jeumont plant to handle serial production of critical equipment for the future EPR2s
  • Announcement of a new dedicated Arabelle Solutions plant specifically to make parts for the EPR2 programme

Ongoing development of low-carbon projects:

• EDF is mobilised for success in its nuclear projects:
  • EPR2: Framatome’s new vessel internals production workshop now in operation; the application for authorisation to create the Gravelines plant has been filed; the European Commission began its in￾depth State aid investigation.
  • Hinkley Point C: installation of the second reactor vessel and progress on the MEH programme

(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.

Climate change adaptation

Resilience in the generation fleet

• Adaptation plan: €8.7 bn by 2040 for adapting nuclear, hydropower and island activities to weather events, including studies to develop Civaux-style water cooling systems for other reactors. The EPR2 design takes account of climate change considerations across its entire lifespan. EDF Hydro has introduced procedures for responding to needs for low water support measures in the regions
• Heatwaves in 2026: in compliance with French environmental regulations, 3 reactors were temporarily shut down and 9 were put on reduced-power operation at the height of the June and July heatwaves, but generation levels remained sufficient to meet demand (with an average 10GW exported per day)

Resilience in the Enedis network

• Adaptation plan: €15 bn by 2040, primarily to cover renovation of 15,000km a year by 2030 to adapt networks to the effects of climate change, including during exceptional situations
• Heatwaves in 2026: over 1,000 Enedis technicians and partner company employees mobilised in June, and activation of the Rapid Response Electricity Task Force “FIRE”

Networks that actively serve the energy transition:

• Connections by Enedis (1): 6,000 points of delivery, serving 260,000 electric vehicle charging points, over 60,000 renewable energy installations (3.4GW), and 6GW for consumers (vs. 4.5GW in H1 2025)
• Connection times halved compared to 2023 in French overseas territories and Corsica, with good customer satisfaction
• Network quality: the average duration of power cuts at Enedis (excluding exceptional events - B HIX criterion) has improved slightly to 30 minutes.
• 10 minutes shaved off the average outage time vs H1 2025 in French overseas territories and Corsica, to 130 minutes (excluding exceptional events - B HIX criterion), thanks to a proactive investment policy

EDF is meeting growing needs for flexibility in the electricity system:

• Increasing production flexibility: pumped-storage hydro output up by 14%, modulation potential up by 9.3GW in renewables subject to purchase obligations
• Rolling out flexibility offerings for customers: +19% of controllable EV charging points
• Expansion of storage facilities: commissioning of new installations has accelerated, including the Stockage Energie Catalan project combining battery storage (20MW) with run-of-river hydropower (8MW), and the launch of Corsica’s first pumped-storage hydropower plant (30MW)
• Reinforcing island energy autonomy: repowering of the Sainte Rose wind farm on Réunion island has multiplied power output sixfold, with coupling to a battery storage system (4.6MW)

(1) Enedis is an independent subsidiary of EDF as defined in the French Energy Code.

Financial results by segment:

EBITDA

Sales are presented below by segment, before elimination of inter-segment operations.

France – Generation and Supply

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.

France – Regulated activities (1)

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.

EDF power solutions

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.

Dalkia

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.

Industry and services

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.

United Kingdom

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.

Italy

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.

Other

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.

Extract from the consolidated financial statements

Consolidated income statement

(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).

Consolidated balance sheet

Assets

Equity and liabilities

(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.

Consolidated cash flow statement

(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).

Main press releases since announcement of the 2025 annual results

Nuclear

• UK energy security supported by further nuclear power station life extensions (EDF Energy PR of 22.07.2026)
• Milestone moment for Sizewell B life extension agreement (EDF Energy PR of 09.07.2026)
• EDF and Mistral sign a partnership agreement for AI serving nuclear power and digital sovereignty (PR of 28.05.2026)
• EDF subsidiary Arabelle Solutions to build a new heat exchanger factory in France (PR of 26.04.2026)
• Ministerial Order assessing the industrial reference cost of the Cigéo project (PR of 09.04.2026)
• French nuclear industry stakeholders welcome the outcomes of the fifth Nuclear Policy Council (CPN) (PR of 12.03.2026)
• EDF launches FINABe, a dedicated Advisory Board, to Accelerate Financing and Investment in International Nuclear New Build Projects (PR of 10.03.2026)

Renewables

• EDF announces the signature of an agreement to sell to KKR EDF power solutions in the United States and Canada (PR of 30.06.2026)
• EDF announces the signature of an agreement to sell EDF power solutions in the United States and Canada (PR of 26.06.2026)

Customers

• EDF and H4 Marseille Fos sign long-term partnership for H4 Marseille Fos’ synthetic fuel production project (PR of 16.07.206)
• EDF Unlocks €80 Million to Equip Schools, Daycare Centres, and Leisure Centres with Cooling Systems (PR of 26.06.2026)
• For its 80th anniversary, EDF is deploying €240 million to concretely accelerate electrification in France (PR of 08.04.2026)
• TotalEnergies and EDF Sign a Long-Term Partnership to Secure Low-Carbon Electricity Supply for TotalEnergies’ Refining & Chemicals Sites in France (PR of 27.03.2026)

Financing

• EDF announces the successful pricing of its senior multi-tranche bond issue for a nominal amount of U.S.$2.75 billion (PR of 16.04.2026)
• EDF announces the success of its senior green multi tranche bond issue for a nominal amount of 2.75 billion euros (PR of 26.02.2026)

Others

• Edison: QatarEnergy extends force majeure with an additional 3 LNG cargoes (Edison PR of 28.07.2026)
• EDF becomes the official low-carbon electricity supplier and founding partner of the Alpes 2030 Winter Olympic and Paralympic Games (PR of 02.07.2026)
• The General Meeting of EDF approves the payment of a dividend of €1 billon (PR of 24.06.2026)
• The Paris 2024™ Olympic and Paralympic Games™ Cauldron Returns to the Tuileries Garden This Summer (PR of 16.06.2026)
• EDF Selects SoftBank Group as Preferred Bidder for the Development of a Large-Scale Data Center at its Bouchain Site (PR of 30.05.2026)
• Ardian, Artefact, Bull, EDF, Capgemini, the iliad Group, Orange and Scaleway combine their expertise to run as a candidate for a European AI Gigafactory in France (PR of 21.05.2026)
• The EDF Group sells the Norte Fluminense CCGT power plant in Brazil (PR of 16.03.2026)
• EDF Pulse Ventures partners with Mara and NJJ to support a new phase of Exaion’s development and strengthen its industrial and technological momentum (PR of 20.02.2026)

About EDF

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
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