EDF Core Profit Down 19% as Cheaper Power Hits Nuclear, Hydro

By Forrest Crellin

Profit Drivers and Price Effects

EDF 2025 Results and Outlook

PARIS, Feb 20 (Reuters) - French power utility EDF's core profit dropped by 19% last year as lower power prices weighed on income generated by its nuclear and hydropower plants.

EBITDA Comparison Year over Year

The state-owned group's 2025 earnings before interest, tax, depreciation and amortisation were 29.3 billion euros ($34.44 billion), it reported on Friday, down from 36.5 billion euros a year earlier despite France's highest nuclear power output in six years.

Market Conditions and Power Prices

France's dominant power producer has been under growing pressure from an oversupplied market and benchmark year-ahead power prices recently hit their lowest since the start of the COVID-19 pandemic in 2020. Prices have been driven down as more renewable energy comes online while industrial electricity demand remains sluggish.

Nuclear and Hydropower Output

EDF, which increased nuclear output to 373 terawatt hours from almost 362 TWh in 2024, said that core profit was expected to decline slightly this year as electricity prices continue to fall.

Capital Investment Plans

The company is also gearing up for massive capital investments in its nuclear fleet and power grid over the coming decade, with an expected 70 billion euros needed for six new reactors and more than 100 billion euros for maintenance on its 56 ageing reactors.

Hinkley Point C Impairment

The group also said it was taking a 2.5 billion euro impairment on the Hinkley Point C project in Britain, which would reduce net income on a group share basis to 8.4 billion euros from 11.4 billion euros a year earlier.

Exchange Rate Note

($1 = 0.8508 euros)

Reporting and Editing Credits

(Reporting by Forrest CrellinEditing by Dominique Patton and David Goodman)