2024 HALF-YEAR RESULTS Continued progress in operational performance Market prices decreasing Higher nuclear power output in France, expected at upper end of the range Lowest ever carbon intensity Success of commercial offers Net financial debt stabilised

Performance
Sales:  €60.2 bn
EBITDA: €18.7 bn
EBIT: €9.6 bn
Net income - Group share: €7.0 bn
Net Financial Debt: €54.2 bn - NFD / EBITDA ⁽⁾: 1.28x

Building the electricity system of tomorrow
EDF is rolling out “Ambitions 2035”, a strategic plan for the company’s development, performance and transformation with 4 pillars: helping customers to reduce their carbon footprint, producing more low-carbon electricity, expanding the networks to address the challenges of the energy transition, and developing flexibility solutions to meet electricity system requirements.
To seize the opportunities offered by the energy transition, EDF is investing in skills for tomorrow and plans a large-scale recruitment drive over the next 10 years - starting with nearly 20,000 new hires in France in 2024 including 9,500 work-study trainees and interns, promoting a good gender balance and diversity and bringing young people into the workforce.
Meanwhile, the EDF foundation has defined its new mission for the next 5 years to support the ecological and social transition, with a focus on education, training, and environmentally responsible citizenship.

Helping customers to reduce their carbon footprint:

• Success of commercial offers in the new commercial policy: letters of intent representing more than 10TWh a year have already been signed with industrial partners ^([ii]) and nearly 2,200 contracts with 4 and 5-year horizons have been signed with firms of all sizes, covering close to 13TWh for 2028 and 7TWh for 2029.
• Residential customer portfolio growth in the G4 countries ^([iii]): up by 370,000 customers.
• Decarbonising uses: 12% increase in the number of electric vehicle charging points installed or managed. Dalkia has developed the first very high temperature heat pump for industrial clients, with 1,000 tonnes a year lower CO₂ emissions (installed in the Wepa Greenfield paper plant).
• Self-consumption: 73% increase in solar panels on rooftops and car park canopies installed by EDF ENR’s B2B activity.

Producing more low-carbon electricity:

• Electricity output constantly available on demand was up by 12% to 259TWh. With its 94% carbon-free electricity output, EDF has one of the lowest carbon intensities in the world at 29 gCO₂/kWh (and 3 gCO₂/kWh in mainland France), 27% lower than in the first-half 2023.
• In France, the 19.4TWh increase in nuclear power output to 177.4TWh reflects a good operational performance, whereas the first half of 2023 was affected by stress corrosion repairs and social movements. 2024 has seen better-controlled outages, resulting in higher fleet availability.
• Estimated nuclear power output in France is expected to be in the upper end of the 315-345TWh range for 2024 and is confirmed in the 335-365TWh range for 2025 and 2026 ^([iv]).
• The 9.9TWh increase in hydropower output ^([v]) to 31.1TWh is explained by high availability and better hydrological conditions.
• The 13.1% increase in wind and solar power output to 15.5TWh is largely due to new installed capacities which brought the total to 24.8GW gross (including ~500 MW for the Fécamp offshore wind farm). The portfolio of wind and solar projects also grew by 13% to 111GW gross (including the contract won for the Hydrom project in Oman (4.5GW and 2.5GW of storage)).
• EDF has signed €5.8bn of green bank loans dedicated to financing the lifetime extension of existing French nuclear reactors, and successfully issued a €3bn multi-tranche green bond (to fund nuclear, renewables and network activities).

• EDF is mobilised for success in its nuclear projects:
  
  • Flamanville 3: fuel loading was completed in May 2024; reactor divergence is imminent and connection to the French grid is expected a few weeks afterwards.
  • New nuclear projects in the United Kingdom:
    
    • Hinkley Point C: the first 3 steam generators have been delivered.
    • Sizewell C: the Office for Nuclear Regulation has granted the Nuclear Site Licence required to continue the project. Framatome has signed contracts with Sizewell C for the nuclear heat production systems, the instrumentation and control system and fuel supply.

  • EPR 2: a new milestone was reached: the maturity of the design was validated with the support of a committee of experts from industry and government departments. Also, all environmental authorisations needed to install the 2 reactors at the Penly site have been issued.
  • Nuward SMR: the project has moved to a design based on proven technological building blocks.
  • Arabelle Solutions: acquisition of GE Steam Power’s nuclear activities for nuclear plant conventional islands, including turbine generator sets ^([vi]).

Expanding the networks to address the challenges of the energy transition:

• The networks are contributing to the energy transition: connections of renewable energy facilities by Enedis ^([vii]) were up by 33%.
• Investments by Enedis, EDF SEI (Island Energy Systems) and Electricité de Strasbourg increased by 9%, essentially due to the higher number of connections and the energy transition.
• For a larger, more reliable power supply between Sardinia, Corsica and Tuscany, replacement of the electrical connection has begun.

Developing flexibility solutions to meet electricity system requirements, via:

• Decarbonisation of flexible thermal plants:
  
  • Tests of 2 combustion turbines running on sustainable HVO bioliquid ^([viii]) rather than fuel oil at Vaires-sur-Marne in France conclusively show that flexible, dispatchable generation can be made carbon-free.
  • The project of liquid biomass power plant Ricanto (130MW in Corsica), to replace the Vazzio thermal plant has received administrative clearance.

• A 35% increase in the number of smart electric vehicle charging stations managed.
• Growth in B2C load-shedding contracts (+68% of customers).

At its meeting of 25 July 2024, chaired by Luc Rémont, EDF’s Board of Directors approved the consolidated financial statements at 30 June 2024. Luc Rémont, Chairman and Chief Executive Officer of EDF, said: “The rise in our operational and financial results in the first half of 2024 reflects the hard work put in by all EDF’s teams to bring us back to high production levels. It also confirms our ability to supply competitive low carbon electricity on demand, so that consumers can feel fully confident about making the move to electrified uses.
Against a backdrop of a rapid and sustained fall in market prices, EDF is rolling out its new “Ambitions 2035” plan to attain the levels of performance and investment needed for the electric revolution.”