France's EDF Holds Debt Stable as Nuclear Power Generation Rebounds
Paris, Friday, 31 July 2026.
French state utility EDF reported stable net debt of €51.5 billion for the first half of 2026, supported by an eight-terawatt-hour surge in domestic nuclear energy output.
Financial Performance and Debt Stability
Électricité de France (EDF) reported consolidated sales of €57.4 billion for the first half of 2026, though earnings before interest, taxes, depreciation, and amortization (EBITDA) fell to €14.1 billion from €15.5 billion in the same period of 2025 [1]. This represents an organic decline of -9.032 percent, driven primarily by lower market prices and increased taxes on basic nuclear installations [1]. Despite the dip in profitability, the company maintained its net financial debt at €51.5 billion, matching levels recorded at the end of 2025 [1]. The Board of Directors approved these consolidated financial statements on 30 June 2026, highlighting stable debt management amidst ongoing infrastructure investments [1].
Nuclear Output and Operational Recovery
Operational metrics indicate a significant recovery in power generation capacity, with total electricity output reaching 262.1 terawatt-hours (TWh) during the six-month period [1]. French nuclear generation specifically contributed 189.9 TWh, marking an increase of 8 TWh compared to the first half of 2025 [1]. This operational rebound supports broader energy security goals, even as heatwaves in June and July 2026 temporarily reduced power output at three reactors [1][2]. The utility maintained a carbon intensity of 26.5 grams of CO2 per kilowatt-hour, with low-carbon generation supporting record French exports of 51 TWh [1].
Future Outlook and Capital Return
Looking ahead, EDF projects a full-year 2026 EBITDA decline of approximately 10 percent compared to 2025, alongside French nuclear output targets ranging between 350 and 370 TWh [1]. The utility confirmed the payment of a €1 billion dividend for the 2025 fiscal year on 30 July 2026, while consumers face a separate 2.5 percent increase in electricity bills effective 1 August 2026 [1][2]. Long-term investments include €350 million allocated to accelerate electrification initiatives for the company’s 80th anniversary [1]. Chairman Bernard Fontana noted these results reflect the Group’s mobilization for customer satisfaction and sustainably enhanced operational performance [1].