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
| 2024 performane boosted by the substantial rise in nuclear and hydro output Electricity output: 520TWh (+41.3 for nuclear in France and +12.7TWh for hydropower) Sales: €118.7 bn EBITDA: €36.5 bn EBIT: €18.3 bn Net income - Group share: €11.4 bn Net Financial Debt: €54.3 bn - NFD / EBITDA: 1.49x Adjusted Economic Debt: €87.6 bn - AED / adjusted EBITDA: 2.73x
Sales totalled €118.7 bn, an organic decrease of 15.7% vs 2023 as prices fell in the countries where the Group does business.
EBITDA was €36.5 bn in 2024. The very good operational performance is reflected in substantially higher nuclear output in France and hydropower output in Europe. Regulated activities and renewable energies also registered growth. Nevertheless, EBITDA was down by €3.4 bn in a decreasing market price environment.
The financial result was an expense of €0.9 bn, a clear €2.4 bn improvement over 2023 resulting from:
The financial result excluding non-recurring items (particularly the change in fair value of the dedicated asset portfolio) was -€3.7 bn, an improvement of €1.9 bn. |
- 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.”
NB: see the whole press release in the PDF file opposite