Slides
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2024 Annual results 21 February 2025
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2 Disclaimer This presentation is for information purposes only and does not constitute an offer or solicitation to sell or buy instruments, part of the company or the assets described here, or any other interest, in the US or any other country. This presentation contains forward-looking statements or information. While EDF believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions at the time they were made, these assumptions are fundamentally uncertain and imply a certain amount of risk and uncertainty which is beyond the control of EDF. As a result, EDF cannot guarantee that these assumptions will materialise. Future events and actual financial and other outcomes may differ materially from the assumptions used in these forward-looking statements due to risks and uncertainties, including, and not limited to, potential timing differences and the completion of transactions described therein. Risks and uncertainties (notably linked to the economic, financial, competition, regulatory and climate backdrop) may include changes in economic and business trends, regulations, as well as those 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 4 April 2024 (under number D.24-0238), which may be consulted on the AMF website at www.amf-france.org or on the EDF website at www.edf.fr and the activity report at 31 December 2024, available online on the EDF website. EDF and its affiliates do not undertake nor do have any obligation to update forward-looking information contained in this presentation to reflect any unexpected events or circumstances arising after the date of this presentation. Annual results 2024
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Annual results Luc Rémont Chairman and Chief Executive Officer
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EDF is building the electricity system of tomorrow with ”Ambitions 2035” Flexibility: • Leader in flexibility solutions for its core markets • +27GW of flexibilities (flexible decarbonized generation and storage assets, customer flexibility) (1) G4 countries are France, Italy, UK, Belgium (2) Calculated in net TWh (3) In France, the public distribution network is managed independently by Enedis Customers: • Contributing directly to 150TWh of additional demand of electricity in France, to replace fossil energies • 8-9 million customers with a decarbonization offer in the G4 countries (1) • > 45 Mt CO2 avoided/year in the G4 countries • 1.5 contract/individual customer in the G4 countries Networks (3): • Continuing the development of network intelligence • Meeting customers' connection needs while ensuring optimised network management • Restoration of power to 90% of customers within less than 48 hours in the event of a climate hazard (excluding exceptional circumstances) • Network resilience in non-interconnected zones, with 100% renewable electricity Low-carbon generation: • 75% of dispatchable assets in the energy mix (2) • Ability to deliver up to 2 nuclear reactors/year • 8GW gross of renewable commissioned/year by the Group on average over 2024-2035 • Ensure maximum available electricity supply, safely and on time • 22gCO2 emitted on average/kWh produced Supporting customers in reducing their carbon footprint Producing more low-carbon electricity with nuclear and renewables Increasing flexibility solutions to meet the needs of the power system Developing networks to meet the challenges of the energy transition Annual results 2024 4
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5 Low-carbon electricity is available, let’s use it 5 Excellent Group operational performance Record net electricity exports from France +53TWh Supporting customers to reduce their carbon footprint TWh TWh i.e. +78% vs 2023 EDF contributes to meet the needs of France’s neighboring countries with its low-carbon electricity production available on demand at any time In a context of low electricity consumption, close to that of 20 years ago Annual results 2024 thanks to the increase in nuclear output in France, hydro and renewable output Deployment of the commercial policy Supporting customers in the electrification of their uses First Olympic and Paralympic Games entirely connected to the electric grid thanks to EDF group of electric mobility connected in France +21% 89TWh (1) 6,000 medium-term contracts signed (2) (1) Gross exports: 101.2TWh and imports: 12.2TWh in 2024 (2) Contracts for delivery in 2028 and 2029 468 520 2023 2024 TWh TWh
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6 Annual results 2024 Supporting customers in reducing their carbon footprint 6 • +1,5 % rise in portfolio of customers (2) to 41.5 millions at end- 2024 Successful deployment of the commercial policy • 6,000 power supply contracts signed representing around 22TWh for 2028 and 12TWh for 2029. Increase from 28 to 39 months average maturity of contracts signed in 2024 vs 2023 • 9 letters of intent signed including one with a binding contract, for long-term industrial partnerships (1), backed by the historic nuclear fleet representing over 12TWh a year • 4 and 5-year auctions offering visibility to clients beyond 3 years with 5MW of power in ribbon on sale every day • New offers of electricity supply, heating control services for residential customers CO2 avoided emissions by clients in G4 countries (in Mt CO2) • 35,000tCO2 fossil avoided a year thanks to the biomass boiler installed by Dalkia at the Swiss Krono plant • 18,000tCO2 avoided a year thanks to the installation made by Edison at Michelin’s Cuneo plant • +18% in charging points installed or managed at end-2024 vs 2023 in G4 countries (~408,000 points at end-2024) (1) Nuclear Production Allocation Contracts. (2) The customer portfolio consists of electricity, gas and recurring services contracts. Customer portfolio growth in the G4 countries EDF acts to decarbonise its customers' uses 12.4 13.4 30 45 2023 2024 2030 2035
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7 Annual results 2024 Producing more low-carbon electricity 7 (1) Source: Enerdata, Power Plant Tracker 2023. EDF is the leader in the decarbonised output (1) : 94% low -carbon generation in 2024 • Low carbon intensity: 30gCO2/kWh vs 37gCO2/kWh in 2023 In TWh • Excellent operational performance : +41.3TWh in nuclear output in France thanks to optimised reactor outages under the START 2025 programme +12.7TWh in hydro output in a context of outstanding hydraulicity +1.8TWh in solar and wind output thanks to the new commissioning Connection to the grid of Flamanville 3 and progress of major nuclear projects • Flamanville 3: connection to the grid of the EPR on 21 December after divergence on 3 September. Beginning of testing and grid connection and disconnection phases until the reactor reaches full power. Approval of the ASNR on 31 January 2025 on an increase to above 25% power. • Hinkley Point C: installation of the first reactor pressure vessel supplied by Framatome . • EPR 2: maturity review validating the move into the detailed design for the main nuclear island buildings . • Small Modular Reactor: launch of the conceptual design phase for a pressurised water SMR by NUWARD based on proven technological building blocks. 363 404 43 5628 31 2023 2024 Other EnR Hydro Nuclear 434TWh 490TWh
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8 Annual results 2024 Developing networks to meet the challenges of the energy transition 8 Management of climate eventsSignificant rise of connections to the grid by Enedis (1) More than 5.5GW of renewable capacity connected to the grid in 2024 (vs 4.2GW in 2023) More than 5.1GW of installed capacity for electric vehicles (1) Enedis is an independent subsidiary of EDF under the French Energy Code. (2) EDF SEI Island Energy Systems Power restored to 90% of customers within 48 hours after weather events in France. • After the cyclone Chido in Mayotte on 14 December, support to Electricité de Mayotte for the reconnection of the power: ▪ Emergency actions: dispatch of Enedis and EDF SEI(2) employees alongside employees of the Force d'Action Rapide du Nucléaire with equipment, vehicles and generators ▪ 90% of the customers reconnected on 18 January and 100% on 31 January. • Management of the cyclone Belal in La Réunion: 90% of the customers reconnected 48h after the end of the red alert by EDF SEI. Success of Enedis ’ mission for the Olympic and Paralympic Games Fully available network at all sites through the events, cutting CO2 emissions by 80% for the energy for Paris 2024. Smart grids Enedis ranked « world’s smartest grid » in the Smart Grid Index for the 3rd consecutive year.
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Annual results 2024 Developing flexibility solutions to meet the needs of the power system 9 Need of development of flexibility to cope with the system instability Renewable energy intermittency entails : • high price volatility : in 2024, 1,366 hours, i.e. more than 15% of the time with hourly prices < 10 €/MWh (vs 500 hours, i.e more than 5% in 2023) • high system instability through the day which leads to modulation of nuclear : for instance, 22 reactors have modulated on 11/05/2024 Electricity output and prices in France on 11/05/2024 Source: RTE and EPEX +18% vs end-2023, i.e. 2.1GW of capacity in flexibility offers to customers in the G4 countries (1) Progression in flexibility offers for customers Decarbonisation of flexible thermal plants Start of the works at the Ricanto liquid biomass plant (130MW – France), to replace the Vazzio thermal plant Inauguration of the Presenzano CCG plant (800MW - Italy) with 30% lower CO2 emissions, and a turbine ready to run on hydrogen 0 10 20 30 00:00 02:00 04:00 06:00 08:00 10:00 12:00 14:00 16:00 18:00 20:00 22:00 Modulation GW €/MWh Pic of modulation: 21GW -10 0 10 20 30 40 50 60 Fuel Gas Bioenergies Hydro Nuclear Solar Wind -40 -20 0 20 40 Hourly price (1) Excluding shifted power in France due to peak/off-peak signals.
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Annual results 2024 New CSR architecture and upgrade of targets Rise in the proportion of executive women 2023 2024 2030 24.0% 40% Recruitment rise To meet its skill needs, the Group has hired nearly 20,000 employees in France, including around: • 10,000 employees on permanent contracts • 4,500 work-study trainees • 5,000 interns promoting a good gender balance and diversity and bringing young people into work. Stronger ambitions to cut CO 2 emissions 119 72 73 84 78 66 2019 2023 2024 2027 2030 2035 Scope 3 emissions (in MtCO2eq) -30%(2) -35%(2) -45%(2) New targets (1) Vs 2017. (2) Vs 2019. Previous 2030 target of -28%. 10 26.7% 51 19 17 18 16 11 2017 2023 2024 2027 2030 2035 Scope 1 emissions (in MtCO2eq) -65%(1) -70%(1) -80%(1)
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Solid 2024 results thanks to an excellent operational performance already impacted by the decrease of market prices 11 €36.5bn EBITDA vs €39.9bn in 2023 €15.2bn vs €18.5bn in 2023 Net income excl. non-recurring items €11.4bn vs €10.0bn in 2023 Net income - Group share Net financial debt €54.3bn vs €54.4bn at end -2023 Annual results 2024
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Annual results Xavier Girre Group Senior Executive Vice President - Performance Impact Investment & Finance
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2024 financial results: stabilisation of the net financial debt 13 €54.3bn vs €54.4bn at end -2023 Net financial debt (NFD) 1.49x NFD / EBITDA ratio €87.7bn vs 86.3bn€ at end -2023 Adjusted economic debt (AED)(1) 2.73x AED / adjusted EBITDA ratio 2023 2024 Organic variation Sales 139.7 118.7 -15.7% EBITDA 39.9 36.5 -8.4% EBIT 13.2 18.3 +43.0% Net income excl. non-recurring items 18.5 15.2 -15.8% Net income - Group share 10.0 11.4 +17.1% In billions of euros (1) S&P methodology. Annual results 2024
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14 EBITDA: excellent operational performance and effects of lower market prices Annual results 2024 24.7 21.0 3.7 5.6 0.9 1.4 0.4 0.4 0.3 0.1 4.0 3.5 1.9 1.8 0.9 0,8 3.3 2.0 +3.0 +1.0 -18.5 +11.0 +1.3 -1.2 2023 2024 36.5 In billions of euros Nuclear generation (France and UK) Drop in market prices in France Trading activities and others Lower cost of network losses purchases for Enedis Other international Italy United Kingdom Industry and Services (1) Dalkia EDF Renewables France – Regulated activities France – Generation & supply activities Other activities 39.9 Hydro generation Net purchases on markets in France Decrease of €3.4bn +41.3TWh +12.7TWh (1) This segment includes Framatome and Arabelle Solutions. However, the Arabelle Solutions’ income statement was only consolidated from 1 June 2024
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15 Strong increase of the nuclear and hydro output in France +41.3TWh of nuclear output in France in 2024 vs 2023, mainly thanks to optimised reactor outages under the START 2025 programme and industrial control of stress corrosion treatments 85.2 158.1 233.0 320.4 96.6 177.4 262.1 361.7 Q1 H1 9M FY Cumulative output 2023 Cumulative output 2024 +13.4% +12.2% +12.5% in TWh +12.9% Résultats annuels 2024 9.2 19.4 26.7 38.8 14.8 28.5 37.8 50.6 Q1 H1 9M FY (1) +61.7% +41.7% +47.2% +30.5% +11.8TWh of hydro output in France in 2024 vs 2023, particularly due to an outstanding hydraulicity 40% 60% 80% 100% 120% 140% 160% 180% 200% Normal hydro conditions level 2023 2022 2024 Nuclear output Hydro output (1) Production after pumping deduction : 33.0TWh in 2023 / 42.9TWh in 2024 in TWh Monthly mins and max between 2014 and 2023
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In billions on euros 2023 2024 ∆ EBITDA 39.9 36.5 -3.4 Commodities volatility 0.4 0.4 - Net depreciation and amortisation (11.2) (12.0) -0.8 Impairments and other operating income and expenses (16.0) (6.6) +9.3 EBIT 13.2 18.3 +5.2 16 EBIT Impairments and other operating income and expenses • Impairment of Hinkley Point C project for -€1.1bn due to the change in inflation rate hypothesis; • New forecast cost estimate following the review of the scenario for spent fuel storage in France for -€3.2bn; • Reassessment of the cost of storage project Cigeo for -€0.8bn. Annual results 2024
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Financial result In billions of euros 2023 2024 ∆ Cost of gross financial debt o/w interest expenses (3.8) (3.9) (4.1) (4.0) -0.3 -0.1 Discount expenses (4.0) (3.2) +0.8 Other financial income and expenses o/w net change in fair value of dedicated assets 4.5 2.2 6.4 3.0 +1.9 +0.8 Financial result (3.3) (0.9) +2.4 Excluding non-recurring items (change in IFRS 9 fair value of dedicated assets) (2.2) (2.8) -0.6 Current Financial result (5.6) (3.7) +1.9 Stabilization of financing costs thanks to an active debt management in a context of high interest rates • Performance of the dedicated assets portfolio: 10.8% vs 10.2%, thanks to the performance of 21.7% of the growth assets • Real discount rate for nuclear provisions: +10 bps to 2.6 % vs stability in 2023 Coverage rate of nuclear provisions by dedicated assets in France : 104.7% at end -2024 vs 108.5% at end -2023 17Annual results 2024
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18 Net income In billions of euros 2023 2024 ∆ EBIT 13.2 18.3 +5.2 Financial result (3.3) (0.9) +2.4 Income tax (2.5) (4.9) -2.4 Share of net income from associates and joint-ventures(1) 0.3 (0.7) -1.0 (-) Deducting net income from minority interests 2.4 (0.4) -2.9 Net income – Group share 10.0 11.4 +1.4 (-) Change in financial instruments & commodities fair value (1.9) (2.3) -0.4 (-) Impairments and other operating income and expenses 10.4 6.2 -4.2 Neutralisation of non-recurring items net of tax 8.5 3.9 -4.6 Net income excluding non-recurring items 18.5 15.2 -3.3 Annual results 2024 (1) Including -€0.9bn mainly due to the impairment of the offshore wind project Atlantic Shores in the USA
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54.4 52.3-35.0 +1.5 +22.4 +2.7 +3.4 +1.3 +1.8 +2.0 31 Decembre 2023 31 Decembre 2024 54.3 NFD before hybrid transactions 19 Stabilisation of the net financial debt (1) Net investments excluding Group disposals. (2) Announcement of redemption on 18 December 2024 of the hybrid bond issued in January 2013 for a nominal amount of €1.25bn reclassified from equity to other financial debts. In billions of euros EBITDA Cash ∆ WCR Net investments(1) Net financial expenses disbursed & others Income tax paid Cash-flow :+€3.9bn OthersHybrid bond remuneration, dividends paid to minority interests Annual results 2024 Hybrid bond issues, announcement and redemption (2)
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0.6 5.4 1.3 6.3 5.4 2.7 0.60.9 4.9 0.4 4.5 5.3 2.5 0.6 20 Increase in net investments in coherence with the strategic objectives of the Group 2024 Nuclear maintenance (France, UK and Belgium) including Grand Carénage Services Renewables Nuclear services (1) Others (2) Enedis, SEI and ÉS 2023 22.4bn€ (1) Framatome and Arabelle Solutions since June 2024. (2) Including central functions, property, gas and fuel. In billions of euros 19.1bn€ New nuclear (including HPC, Flamanville 3 and EPR2) Annual results 2024 In 2024 almost 94% of the Group's investments are made in accordance with its net zero emission target including the acquisition of the nuclear activities of GE Steam Power and the 5% stake in Framatome held by Assystem
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Outlook Luc Rémont Chairman and Chief Executive Officer
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Challenges for the coming months 22 Supporting customers in reducing their carbon footprint • Continued deployment of the commercial policy • Invitations to tender for datacenters • Accelerate the development of electrification of uses with the emergence of 150TWh of demand by 2035 in France Producing more low -carbon electricity In our hands: • Estimated nuclear output in France : 350-370TWh in 2025, 2026 and 2027 (including Flamanville 3) • Continuation of the Hinkley Point C project • Ramp-up of Flamanville 3 up to the industrial commissioning With stakeholders: • Electrification of uses, controllable decarbonised production • Financing framework of the EPR2 programme • Future hydroelectric scheme • Decision on Sizewell C Developing networks to meet the challenges of the energy transition • Accelerating the connection of new assets and new consumption facilities Developing flexibility solutions to meet the power system needs • Adapting the electricity system to the intermittent nature of renewable energies • Peak/off-peak hours Expected decrease of the prices impacting the EBITDA in 2025 Annual results 2024
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36.5 -7 to -9 -2 to 0 2024 2025 Projection of 2025 EBITDA 23 Production Other effects Energy price effect Significant drop in market prices Nuclear generation expected to be stable Hydraulic production expected to decrease after an exceptional year 2024 23 -2 to 2 In billions of euros Annual results 2024
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2027 targets Annual results 2024 24 ≤ 2.5x Adjusted economic debt / Adjusted EBITDA (1)(2) ≤ 4x Net financial debt / EBITDA(1) (1) Based on scope and exchange rates at 01/01/2025 and an assumption of French nuclear output including Flamanville 3 of 350-370TWh in 2025, 2026 and 2027 (2) As per current S&P methodology on the ratio.
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Annual results 21/02/2025
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2024 Annual results COMPLEMENTARY BOOK
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TABLE OF CONTENTS 27 Strategic Projects P.28 Operational Data P.32 Customers (France) P.41 Consolidated Financial Statements P.44 Financing & Liquidity P.53 ESG P.62 Market Data P.65
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2024 Annual results 28 Strategic projects
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Operational data Consolidated financial statementsCustomers (France) Financing & Liquidity ESG Market dataStrategic projects Operational data Consolidated financial statementsCustomers (France) Financing & Liquidity ESG Market dataStrategic projects Hinkley Point C EPR (3.3GW) (1) See press release of 23 January 2024 (2) Excluding interim interests and at a reference exchange rate for the project of £20151 = €1.23. The range of £31bn to 34bn2015 corresponds to the range of £41.6 to 46.5bn in current value (with an additional risk of £1.4bn) Financing of the project Schedule and cost review Construction progress • In 2024, the reactor pressure vessel was installed in the Unit 1 reactor building, the heat exchanger component installation started for the Unit 1 diesel programme, the third liner ring was lifted to the Unit 2 reactor building, the reactor building transfer compartment & reactor cavity pool was installed in Unit 2. • The stator of Unit 1 has been installed. • 2024 was below operational schedule (i). Action plans are currently implemented. The risks of delay in schedule and over cost still exists. • As a reminder, conclusions of the last schedule and cost review for the Hinkley Point C project announced on 23 January 2024(1) : • In terms of schedule, several scenarios have been analysed, pursuant to which Unit 1 would become operational in: (i) 2029, operational schedule around which the project is organised, based on a target productivity for electromechanical (MEH) work and action plans (ii) 2030, scenario which assumes certain risks materialise in MEH ramp-up and testing (iii) 2031, scenario which assumes a further 12- month risk materialises • The project completion cost is estimated in the range of £31 to 34bn2015 (2). If the scenario (iii) materialises, this could lead to an additional cost of around £20151bn • The start of operation date for Unit 2 is targeted 12 months after Unit 1 commissioning As the project’s total financing needs exceed the contractual commitment of the shareholders, shareholders were asked to provide additional equity on a voluntary basis as from Q3 2023. HPC funding is now through Voluntary Equity, to which only EDF is currently contributing. • Complementary alternative financing solutions are being investigated by EDF. • At end-December 2024 EDF’s share in HPC is 72.6%, with CGN owning the remaining 27.4%. • At end-2024, the total costs amount to €34.6bn including €2.7bn of capitalized interest. 2024 Annual results 29
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Operational data Consolidated financial statementsCustomers (France) Financing & Liquidity ESG Market dataStrategic projects Operational data Consolidated financial statementsCustomers (France) Financing & Liquidity ESG Market dataStrategic projects Final Investment Decision (FID) Progress Main aspects • Project of 2 UK EPR at Sizewell on the Suffolk coast for a total capacity of 3.3GW • Power supply to 6 million households for around 60 years • Second of a kind EPR in the UK following Hinkley Point C, replicating as much as possible the Hinkley Point C design and supply chain • The power plant’s construction remains subject to the approval of a FID. • FID is subject to the fulfilment of some conditions including: - Securing the project financing through the finalisation of RAB model and GSP and the completion of the equity raise process - Formal approval from the UK government of the baseline cost and schedule estimate at completion. • EDF’s contribution to the funding of the construction is subject to some conditions, including: - A share ownership of the project of 10 to 19.99%, including a cap on financial exposure in value - A return on capital expected by EDF as an investor in line with market return for this type of assets, risk allocation profile and its investment policy. Development of the Project • Sizewell C acquired the main site land from EDF Energy in H1 2024 and preliminary construction works on site have formally started. • Framatome signed several contracts with Sizewell C in April 2024 to provide the two nuclear heat production systems and the plant’s safety instrumentation and control systems, fuel supply and long- term services and maintenance to support the operations. The manufacturing of all the Unit 1 forgings has started. • Nuclear Site License was granted in May 2024. • EDF and Edvance have signed in July 2024 an engineering contract and an Intellectual Property agreement relating to the rights of use granted to SZC on the UK EPR design. Financing the construction • The project is eligible for funding under the Regulated Asset Base (RAB) model, with a Government Support Package (GSP), the terms of which are being finalised. • In September 2023, the UK government launched a capital raise process to seek funding for the construction of the power plant from private investors. The end of equity and debt raise process is targeted for 2025. • In August 2024, the Department for Energy Security and Net Zero published the award of a further Sizewell C development expenditure subsidy scheme for up to £5.5bn, securing the financing up to mid- 2026. • EDF funding cap until FID was reached in December 2023. The project was fully funded by the UK government in 2024, consolidating its position as the majority shareholder of the project. Sizewell C is owned at 83.8% by the UK government and at 16.2% by EDF at 31 December 2024. Consolidation method • As of 31 December 2023, Sizewell C was fully consolidated in the Group’s financial statements. Given the evolution of the project in 2024, the consolidation method changed as of 31 December 2024 to consolidate Sizewell C under the equity method. 30 Sizewell C EPR (3.3GW) 2024 Annual results
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Operational data Consolidated financial statementsCustomers (France) Financing & Liquidity ESG Market dataStrategic projects Operational data Consolidated financial statementsCustomers (France) Financing & Liquidity ESG Market dataStrategic projects Final Investment Decision (FID) Progress Main aspects • European Pressurised Reactor EPR2 of 1.6GW/reactor • A programme of 3 pairs of reactors to benefit from series effects in technological terms: equipment purchasing, construction-phase services, operation and maintenance. • Feasibility studies for 8 additional reactors • Integrating feedback from other EPR built worldwide and from the fleet in operation • EPR2 is an upgraded EPR with same safety level (one of the highest in the world), same power and environmental performance and with standardised and optimised construction process. • A reactor first licensed for French market • The power plant’s construction remains subject to FID • EDF and the French State in discussion on the financial support scheme. • The ambition is still to take a FID by the end of 2026. • Deep review of engineering studies finalized and development of the detailed design for the nuclear island of the EPR2. • Launch of a task force dedicated to reducing the construction time of a reactor to 70 months. • Start of preparatory works at Penly. • Implementation of the "Grand Chantier" at Penly with the French State administration and local authorities to anticipate the arrival of thousands of workers: transport, housing, services… • Start production of the main components of the EPR2: reactor pressure vessel, steam generators by Framatome. • Public debates held for the construction of reactors at Penly and Gravelines and on going for Bugey. 31 EPR2 PROGRAMME IN FRANCE 2024 Annual results
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2024 Annual results 32 Operational data
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Operational data Consolidated financial statementsCustomers (France) Financing & Liquidity ESG Market dataStrategic projects Operational data Consolidated financial statementsCustomers (France) Financing & Liquidity ESG Market dataStrategic projects ELECTRICITY OUTPUT (1) Hydro output includes tidal energy for 519GWh in 2024 and 504GWh in 2023. Production after deduction of pumped volumes is 47.8TWh in 2024 and 37.0TWh in 2023. 2024 Annual results Fully consolidated entities (in TWh) 2023 2024 Nuclear 363.4 78% 404.2 78% Total Renewables 70.8 15% 86.1 17% Hydro(1) 42.8 60% 55.5 64% Wind 23.5 33% 23.7 28% Solar 3.2 5% 4.8 6% Biomass 1.4 2% 2.2 3% Gas 28.5 6% 25.6 5% Fuel oil 4.6 1% 4.1 0.8% Coal 0.2 0.05% 0.2 0.04% Group 467.6 100% 520.3 100% 33
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Operational data Consolidated financial statementsCustomers (France) Financing & Liquidity ESG Market dataStrategic projects Operational data Consolidated financial statementsCustomers (France) Financing & Liquidity ESG Market dataStrategic projects (1) Including direct CO2 emissions (excluding life cycle analysis of fuel, production means and other CO2 -equivalent gas emissions). The other CO2-equivalent gas emissions are included in the scope 1 calculation. (2) Power generation in non-interconnected zones corresponding to overseas departments and Corsica - (mainly island territories) and Electricité de Strasbourg (ES). (3) Framatome and Arabelle Solutions contribute to 33ktCO2 in 2024 and 29ktCO2 in 2023, The direct CO2 emissions from “Other activities” segment are not significant compared to Group total emissions and are not disclosed in this table. (4) Carbon intensity corresponds to CO2 emissions in relation to the Group's electricity and heat generation. The EDF Group's heat generation amounts to 23.8TWh in 2024 (vs 23.7TWh in 2023). CO2 EMISSIONS AND CARBON INTENSITY(1) 2024 Annual results Fully consolidated entities Heat and power generation by segment Emissions (in kt CO2) Carbon intensity (in gCO2/kWh(4)) 2023 2024 2023 2024 France – Generation and supply activities 2,901 16% 1,315 8% 8 3 France – Regulated activities(2) 2,917 16% 2,792 17% 469 453 Dalkia 3,588 20% 3,188 20% 147 135 United Kingdom 4 0% 0 0% 0 0 Italy 6,263 34% 6,053 38% 302 262 Other international 2,547 14% 2,714 17% 182 198 Group(3) 18,249 100% 16,096 100% 37 30 34
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Operational data Consolidated financial statementsCustomers (France) Financing & Liquidity ESG Market dataStrategic projects Operational data Consolidated financial statementsCustomers (France) Financing & Liquidity ESG Market dataStrategic projects (1) This capacity does not include the EPR reactor of Flamanville 3 (2) Including sea energy: 0.24GW in 2024. (3) Including wind, solar, biomass and geothermal. INSTALLED CAPACITY AT END-2024 2024 Annual results (in GW) Total net capacity of EDF Group, including shares in associates and joint ventures Consolidated capacity of EDF Group Nuclear(1) 67.8 67.9 57% Hydro(2) 22.7 21.6 18% Other renewables(3) 16.8 13.3 11% Gas 11.6 11.8 10% Fuel oil 3.2 3.1 3% Coal 3.0 1.2 1% Total 125.0 118.8 100% 35
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Operational data Consolidated financial statementsCustomers (France) Financing & Liquidity ESG Market dataStrategic projects Operational data Consolidated financial statementsCustomers (France) Financing & Liquidity ESG Market dataStrategic projects 36 FRANCE: UPSTREAM / DOWNSTREAM ELECTRICITY BALANCE NB: EDF excluding French islands electrical activities. (1) Hydro output after deduction of pumped volumes represents 42.9TWh in 2024 / 33.0TWh in 2023. (2) Including hydro pumped volumes of 7.7TWh in 2024 / 5.7TWh in 2023. 2024 Annual results In TWh ∆ 2024 vs. 2023 OUTPUT / PURCHASE CONSUMPTION / SALES ∆ 2024 vs. 2023 +48 +48 In TWh 479.2 +41.3 -4.1 +0.6 +11.9 -1.7 479.2 Nuclear Hydro(1) Thermal LT & Structured purchases Purchase obligations Structured sales and others(2) ARENH supply End-customers 48.0 16.2 2.7 50.6 361.7 -5.2 -3.7 226.5 47.7 122.9 +4.2 Net market sales excl. purchase obligations 34.1 +54.4 Market offers: 117.0 Regulated tariffs: 102.1 Others: 7.4 -1.7: Market offers -3.5: Regulated tariffs 0.0: Others Net market sales of purchase obligations 48.0 -1.7
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Operational data Consolidated financial statementsCustomers (France) Financing & Liquidity ESG Market dataStrategic projects Operational data Consolidated financial statementsCustomers (France) Financing & Liquidity ESG Market dataStrategic projects 40% 60% 80% 100% 120% 140% 160% 180% 200% FRANCE HYDRO OUTPUT (1) Hydropower excluding electrical activities on French islands, before deduction of pumping consumption. (2) Production after deduction of pumped volume consumption: 33.0TWh in 2023 / 42.9TWh in 2024 2024 Annual results (in TWh) 37 Normal hydro conditions level Monthly mins and max between 2014 and 2023 9.2 19.4 26.7 38.8 14.8 28.5 37.8 50.6 Q1 H1 9M FY 2023 cumulative output 2024 cumulative output (2) +61.7% +41.7% +47.2% +30.5% Favourable hydro conditions in 2024 contrast with the past two years: hydraulic conditions index of 1.26 in 2024 vs 0.98 in 2023 and 0.71 in 2022 Hydraulic reservoirs filling rate in France at 68.8%at end-2024: +5.8% above historical average (63.0%) (1) (1) 2023 2022 2024 March Dec.Sept.June
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Operational data Consolidated financial statementsCustomers (France) Financing & Liquidity ESG Market dataStrategic projects Operational data Consolidated financial statementsCustomers (France) Financing & Liquidity ESG Market dataStrategic projects EDF: A EUROPEAN LEADING PLAYER IN RENEWABLE ENERGIES NB: data at end-2024. (1) Installed capacity shown as net, corresponding to the consolidated data based on EDF’s participation in Group companies, including investments in affiliates and joint ventures. (2) Biomass and geothermal. (3) Including sea energy: 0.24GW. 2024 Annual results Installed capacity: 39.5GW net(1) A diversified mix with 39.5GW in operation • 22.7GW of hydropower • 16.3GW of wind and solar • 0.5GW others (biomass and geothermal) • Leading European producer of hydropower • More than 400 production sites worldwide • 3.2GW gross commissioned in 2024 • 8.6GW gross under construction (1.9GW in onshore wind, 0.7GW in offshore wind, 6.0GW in solar) A global leader in wind and solar energy Hydropower Capacity by sector: 1.6GW 5.9GW 28.1GW 1.8GW Capacity by geography: 10.2GW Wind 6.1GW Solar 0.5GW(2) Others 39.5 GW (net) 22.7GW(3) Hydro 38 2.3GW
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Operational data Consolidated financial statementsCustomers (France) Financing & Liquidity ESG Market dataStrategic projects Operational data Consolidated financial statementsCustomers (France) Financing & Liquidity ESG Market dataStrategic projects RENEWABLES: INSTALLED CAPACITY AND CAPACITY UNDER CONSTRUCTION (1) Gross capacity: total capacity of the facilities in which EDF has a stake. (2) Net capacity: capacity corresponding to EDF’s stake. 2024 Annual results (in MW) Gross(1) Net(2) 31/12/2023 31/12/2024 31/12/2023 31/12/2024 Wind 2,685 2,538 1,591 1,528 Solar 3,728 6,039 2,617 2,595 Capacity under construction 6,413 8,577 4,209 4,123 Onshore wind 13,244 13,169 9,342 9,404 Offshore wind 1,621 2,148 581 807 Solar 9,425 11,444 4,734 6,066 Wind & Solar installed capacity 24,289 26,762 14,657 16,277 Biomass and geothermal - - 440 481 Renewable (excl. hydro) installed capacity - - 15,097 16,758 Hydro - - 22,571 22,740 Renewable installed capacity - - 37,668 39,498 39
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Operational data Consolidated financial statementsCustomers (France) Financing & Liquidity ESG Market dataStrategic projects Operational data Consolidated financial statementsCustomers (France) Financing & Liquidity ESG Market dataStrategic projects 40 A PORTFOLIO OF WIND AND SOLAR PROJECTS OF 114GW GROSS(1) NB: data at end-2024. (1) Excluding capacities under construction. Gross data corresponding to 100% of the capacity of the project. (2) Projects in prospection phase are included in the pipeline. (3) Not probability-based. 2024 Annual results A geographically diversified portfolio Balanced between wind and solar Offshore wind 23% Solar 50% 114 GW Onshore wind 27% 40.1GW 37.3GW 7.8GW 16.9GW 11.6GW 35% North America 7% Latam 25% Rest of the world114 GW 33% Europe Breakdown by development phase (2) (in GW) * Securing a power purchase agreement (following call for tenders, auction, OTC negotiation) ** Sufficient land securisation and start of technical studies *** Start of land identification and preliminary studies 114 50 23 41 Total 2025-2026 2027-2029 > 2029 Breakdown by date of start of construction (in GW)(3) 11 61 42Secured * Under development ** Prospection phase *** 114
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2024 Annual results 41 Customers (France)
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Operational data Consolidated financial statementsCustomers (France) Financing & Liquidity ESG Market dataStrategic projects 36.8TWh Long-term contracts 42 FRANCE: DISTRIBUTION OF ELECTRICITY SALES(1) ACCORDING TO THEIR MARKET PRICE EXPOSURE 2024 Annual results Volumes sold at ARENH price following the cost-stacking formula in the regulated sales tariffs (essentially blue residential and non-residential tariffs) and to EDF final customers under market-based contracts(2) Volumes sold at ARENH price(3), which include: • the ARENH volumes of 100TWh that can be requested by alternative suppliers • The purchase of losses by network operators for 22.9TWh … or at market price if such price is lower than the ARENH arbitration threshold (ARENH price - capacity price) – not applicable in 2024 Volumes sold at market price, whatever the price, which include: • Part of the volumes sold to EDF final customers: “market complement supply” in the regulated tariffs(4), balance of the volumes sold to clients under market-based contracts • Volumes sold on wholesale power markets Contracts at negotiated prices that do not follow a market-indexed structure of 36.8TWh ~44TWh at ARENH price after cropping 122.9TWh at ARENH price: 100TWh to alternative suppliers 22.9TWh for network losses ~51TWh at market price 378.9 TWh 2024 ~61% ~66TWh at ARENH price after cropping ~58TWh at market price (1) See “France: upstream / downstream electricity balance” p.12. Estimated distribution based on the situation in 2024, in particular in terms of EDF downstream market shares. (2) Related to the replication of the sourcing cost structure of alternative suppliers: shares of the volumes corresponding to the "ARENH rights” including replication of additional volumes to the alternative suppliers. (3) EDF is subject to the arbitrage between the two prices and its date of exercise is variable depending on the volumes (it takes place at the latest at the time of the ARENH end of year subscription window for a delivery the following year). (4) Related to the replication of the sourcing cost structure of alternative suppliers: the balancing volumes sourced on the market which exceed the “ARENH rights”. 117.0TWh Market offers 102.2TWh Regulated tariffs ~29% ~10% ARENH driven Market prices driven Long term contracts
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Operational data Consolidated financial statementsCustomers (France) Financing & Liquidity ESG Market dataStrategic projects 16.4 15.5 3.6 -5.5 94 110.6 124.9 78.8 8.9 8.9 5.3 2.5 17.2 16.9 16.1 18.7 143.2 126.4 01/02/2023 01/08/2023 01/02/2024 01/02/2025 Energy + fees Capacity Cost to serve and margin(5) Catch-up(6) (1) Data based on an average calculation on customers portfolio at Regulated Tariffs the end of the year before. (2) Calculation made by the CRE in January 2024 with the data available at that time (3) See decree of 25/01/2024 and decree of 20/12/2024 on the Excise tax (4) The tariff shield in 2023 was compensated by the CSPE mechanism and was not subject to a catch- up in 2024. (5) Including cost of Energy Efficiency Certificates. (6) Remaining tariff increase decided in Year-1 but invoiced in Year+1 and for 2025, catch-up of the TURPE increase from 01/11/2024 to 31/01/2025 not invoiced to end costumer 43 CHANGE IN Regulated sales tariffs in France TICFE / Excise tax(3) TURPE VAT + CTA taxes Procurement and commercial costs, net of State compensation(4) 2024 Annual results 136.5 151.9 149.8 94.5 57.1 61.2 62.6 69.8 1 1 21 33.7 40 44 47.9 41 01/02/2023 01/08/2023 01/02/2024 01/02/2025 239.0234.6 +15.0% +31.0€/MWh +9.5%(2) +24.4€/MWh 258.1 281.2 +10.0% +23.5€/MWh -15.0% -42.2€/MWh 136.5 151.9 149.8 94.5 Tariff shield financed by the State and refunded to EDF (4) 278.3279.7 Composition of the average bill including VAT (in €/MWh) (1) Focus on procurement and commercial costs (in €/MWh) 149.8 94.5 EDF’s revenues as supplier
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2024 Annual results 44 Consolidated financial statements
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Operational data Consolidated financial statementsCustomers (France) Financing & Liquidity ESG Market dataStrategic projects 24,677 39 877 36 150 36 150 38 019 38 475 38 490 37 895 37 819 37 792 36 523 20,950 3,707 5,576 932 1,387 407 425 255 118 3,967 3,485 1,855 1,762 872 835 3,255 1,985 -50 -3,727 +1,869 +456 +19 -4 -595 -76 -27 -1,269 2023 2024 Other international Italy United Kingdom Industrie & services Dalkia EDF Renewables France – Regulated activities France – Generation and supply activities 45 GROUP EBITDA BY SEGMENT In millions of euros 45 Other activities Other international ItalyUnited Kingdom DalkiaEDF Renewables France – Regulated activities France – Generation & supply activities Scope & forex Industry & services Other activities 39,927 36,523 + Nuclear generation - Price effects on end customers + Price effects on market net purchases + Network losses purchases at lower prices + Increase in asset rotation + Increase in generation EBITDA + Commercial activity - Lower sales of electricity - Lower downstream margins linked to decrease in prices + Higher realised nuclear prices - Lower performance of EDF Trading in a context of falling prices & volatility + Higher margins in gas activities - Lower margin in gas activities + Better hydro contribution + Portfolio growth in sales activities In Belgium : - Negative price effect + Positive volume effect in hydro (1) This segment includes Framatome and Arabelle Solutions. However, Arabelle Solutions’s P&L is integrated only as from 1 June 2024.2024 Annual results Organic change
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Operational data Consolidated financial statementsCustomers (France) Financing & Liquidity ESG Market dataStrategic projects In millions of euros 2023 current 2023 non-current 2023 2024 current 2024 non-current 2024 EBITDA 39,927 - 39,927 36,523 - 36,523 Commodities volatility - 363 363 - 443 443 Amortisation/depreciation expenses and provisions for renewal (11,161) - (11,161) (11,970) - (11,970) Impairments and other operating income and expenses - (15,955) (15,955) - (6,669) (6,669) EBIT 28,766 (15,592) 13,174 24,553 (6,226) 18,327 Financial result (5,574) 2,225 (3,349) (3,710) 2,778 (932) Income tax (4,783) 2,313 (2,470) (5,520) 633 (4,887) Share of net income from associates and joint-ventures 497 (240) 257 456 (1,139) (683) Net income of discontinued operations - - - 29 - 29 - Deduction net income from minority interests 425 (2,829) (2,404) 575 (127) 448 Net income – Group share 18,481 (8,465) 10,016 15,233 (3,827) 11,406 46 CURRENT AND NON-CURRENT ELEMENTS OF THE P&L 2024 Annual results
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Operational data Consolidated financial statementsCustomers (France) Financing & Liquidity ESG Market dataStrategic projects CHANGE IN NET FINANCIAL DEBT 2024 Annual results In millions of euros 2023 2024 EBITDA 39,927 36,523 Cancellation of non-monetary items included in EBITDA 3,939 (1,522) EBITDA Cash 43,866 35,001 Change in net WCR (7,785) (1,452) Net investments – excluding disposals (19,100) (22,402) Dividends received from associates and joint ventures 702 582 Other elements (755) (528) Operating Cash Flow 16,928 11,200 Assets disposals 80 9 Income taxes paid (3,695) (3,384) Net financial expenses (1) (2,241) (2,362) Dedicated assets (378) (344) Dividends paid in cash (1,113) (1,252) Group Cash Flow 9,581 3,868 Rights issue, hybrids and other monetary changes (1) (357) (2,536) Change in net financial debt 9,224 1,332 Effects of change and exchange rates (162) (240) Other non-monetary changes – IFRS 16 (815) (920) Other non-monetary changes 1,872 (137) Change in net financial debt from continuing operations 10,119 35 Net Financial Debt – Opening balance 64,500 54,381 Net Financial Debt – Closing balance 54,381 54,346 47(1) Proforma 2023: reclassification of cash and cash equivalent interests in other financial costs
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Operational data Consolidated financial statementsCustomers (France) Financing & Liquidity ESG Market dataStrategic projects €5.0bn €11.9bn €10.4bn €5.8bn €3.3bn -€3.1bn -€2.2bn €3.0bn 2021 2022 2023 2024 €109/MWh €276/MWh €97/MWh €58MWh 48 CSPE: CHANGE IN SUPPORT FOR RENEWABLES IN MAINLAND FRANCE FOR EDF (1) EDF SA excluding island activities. (2) The compensation mechanism of public energy services charges also covers the charges relating to the gas and electricity tariff cap, the tariff equalisation costs in the non-interconnected zones, and the solidarity programmes. 2024 Annual results In 2022 and 2023, in the context of soaring energy prices, the valuation of energy produced by renewables has exceeded on average the amount of the support by the French State, leading to a negative compensation amount. The compensation mechanism of public energy services charges(2) offsets the difference between the cost of support for renewables in mainland France and market prices. In 2023 and January 2024, the tariff shield was financed by the CSPE mechanism Amount of compensation for support for renewables(1) Amount of the support for renewables valued at market prices based on CRE methodology Amount of the support for renewables Average spot price €8.3bn €8.8bn €8.2bn €8.9bn
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Operational data Consolidated financial statementsCustomers (France) Financing & Liquidity ESG Market dataStrategic projects 26.4 22.4 +1.6 (0.6) (3.8) +0.3 Gross operating investments Gross investments Net investments INVESTMENTS: FROM GROSS TO NET(1) 2024 Annual results Gross financial investments Of which acquisition of GE Steam Power’s nuclear activities (Arabelle Solutions), Assystem’s minority stake in Framatome Disposals Including EDF Renewables Minority shares: including EDF Energy and Sizewell C project Subsidies and minority shares Others (1) (in billions of euros) (1) Investments in intangible assets and property, plant and equipment in cash flow statement (2) Net investments in the change in net financial debt statement Net investments (2) 49 24.8
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Operational data Consolidated financial statementsCustomers (France) Financing & Liquidity ESG Market dataStrategic projects 0.9 4.9 0.4 4.5 5.3 2.5 0.6 0.4 5.4 1.4 6.7 5.2 2.7 0.6 22.4bn 50 NET INVESTMENTS (1) Mainly central functions, property, gas and fuel. 2024 Annual results 2024 In billions of euros Maintenance Development Total Nuclear maintenance (France, UK and Belgium) including Grand Carénage 5.2 - 5.2 New nuclear (including HPC, Flamanville 3 and EPR2) - 6.7 6.7 Enedis, SEI and ES 2.2 3.3 5.4 Renewables 0.5 2.3 2.7 Nuclear services 0.2 1.2 1.4 Services - 0.6 0.6 Others(1) 0.2 0.1 0.4 TOTAL 8.3 14.1 22.4 2023 Including investments aligned with the green financing framework 19.1bn Almost 94% of the Group's investments are made in accordance with its net zero emission target 63% of investments in development
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Operational data Consolidated financial statementsCustomers (France) Financing & Liquidity ESG Market dataStrategic projects 4.5 4.5 14.2 14.2 13.5 13.5 5.7 5.7 0.6 0.6 2.4 13.0 51 PROVISIONS RELATED TO NUCLEAR GENERATION IN FRANCE AND PART TO BE COVERED BY DEDICATED ASSETS 2024 Annual results 53.8 38.5 In billions of euros 14.2 16.6 9.5 Dedicated assets in realisable value Provisions for LT management of radioactive waste Provisions for dismantling of nuclear plants Provisions for last cores (back-end of the nuclear cycle) Yield assets Growth assets Fixed-income assets 40.3 ▪ At 31 December 2024, the regulatory coverage is 104,7% (vs 108.5% at 31 December 2023) ▪ No allocation to dedicated assets to be made in 2025 in respect of 2024 owing to a coverage rate of over 100% at end of year, in accordance with the regulation (1) Related to the operating cycle. Decommissioning of nuclear plants in operation Decommissioning of permanently shut-down nuclear plants Long-term management of radioactive waste Last core back-end part Management of nuclear fuel (Non-recyclable in existing installation’s part) Last core front-end part Management of nuclear fuel(1) (Recyclable in existing installations part) Long-term provisions related to nuclear generation in France to be covered by dedicated assets Total provisions related to nuclear generation in France
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Operational data Consolidated financial statementsCustomers (France) Financing & Liquidity ESG Market dataStrategic projects 52 10-YEAR INSPECTIONS OF THE NUCLEAR FLEET IN FRANCE 2024 Annual results In 2029, Tricastin 1 would be the first 900MW series reactor to realise its 5th 10-year inspection 1,450MW 1,300MW Number of 10-year inspections 4th 10-year inspection of 900MW reactors 3rd 10-year inspection of 1,300MW reactors 4th 10-year inspection of 1,300MW reactors 3rd 10-year inspection of 1,450MW reactors 5th 10-year inspection of 900MW reactors(1) CAT4 NB: forecast data at end-2024. (1) Subject to decisions taken and authorisations issued. 900MW 4th 10-year inspection 900MW 5th 10-year inspection(1) 0 1 2 3 4 5 6 7 8 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 TRI1 PAL4 NOG1 BEL2 FLA2 BEL1 CHO2 CHO1 DAM4 TRI4 GRA4 BLA3 CRU3 CAT4 PEN2 BLA4 SLB1 CRU1 CHB2 CRU4 GRA5 PAL2 CRU2 PAL3 SAL1 GRA6 FLA1 SAL2 CAT2 PAL2 BUG2 NOG2 BUG5 DAM1 GRA1 TRI2 CAT3 PEN1 CIV1 DAM2 TRI3 GRA3 GOL1 CIV2 BLA1 BUG3 GRA2 DAM3 BLA2 CHB1 CAT4 DAM4 TRI4 GRA4 BLA3 CRU3 PEN2 CHB4 GOL2 BLA4 SLB1 CRU1 GOL2 PAL1 CAT1 CHB3 BUG4 CIV1 SLB2
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2024 Annual results Financing and liquidity 53
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Operational data Consolidated financial statementsCustomers (France) Financing & Liquidity ESG Market dataStrategic projects STABILISATION OF THE NET FINANCIAL DEBT 2024 Annual results In millions of euros 31/12/2023 31/12/2024 Financial debt 86,647 81,802 Derivatives used to hedge debts (1,379) (1,872) Cash and cash equivalents (10,775) (7,597) Debt and equity securities (liquid assets) (20,077) (17,999) Asset coverage derivatives (35) 12 Net financial debt(1) o/w green financial debt 54,381 9,322 54,346 19,802 (1) After application of IFRS 16. (2) Including €539M ($596M) hybrid notes announced to be redeemed on 22/01/2024 (see press release of 14/12/2023). (3) Including €1,250M hybrid notes announced to be redeemed on 29/01/2025 (see press release of 18/12/2024) 54 (2) (3)
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Operational data Consolidated financial statementsCustomers (France) Financing & Liquidity ESG Market dataStrategic projects 55 GROSS DEBT 2024 Annual results 31/12/2023 31/12/2024 ∆ Average maturity of gross debt Average coupon 11.0 years 4.11% 13.0 years 3.85% +2.0 years -0.26% (1) Mainly JPY, CAD, CHF and BRL. Floating rate 48% Fixed rate 52% 31/12/2024 Breakdown by type of rate after swaps Breakdown by currency after swaps 31/12/2023 41% 59% USD 2% EUR 80% 31/12/2024 31/12/2023 GBP 15% Others(1) 3% 18% 74%3% 5%
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Operational data Consolidated financial statementsCustomers (France) Financing & Liquidity ESG Market dataStrategic projects HIGH LEVEL OF LIQUIDITY 2024 Annual results In billions of euros 31/12/2023 31/12/2024 Cash and cash equivalents 10.8 7.6 Liquid assets 20.1 18.0 Unused credit lines (off-balance sheet) 15.8 14.3 Gross liquidity 46.7 39.9 Financial debt – current part (maturing within one year) (18.9) (12.9) Net liquidity 27.8 27.0 56
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Operational data Consolidated financial statementsCustomers (France) Financing & Liquidity ESG Market dataStrategic projects 0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 4,0 4,5 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056 2057 2064 2069 2114 EUR GBP USD JPY CHF CAD Others(3) In billions of euros, before swaps 57 FOCUS ON BONDS(1) 2024 Annual results Stock of bonds as of 31/12/2024: €56.9bn(2) Repayments by currency (1) Nominal amounts only. (2) €56.9bn vs €54.1bn in note 18 of the 2024 consolidated financial statement that includes accrued interests and depreciation. (3) Mainly HKD, NOK and BRL. 2% JPY 38% USD 38% EUR 18% GBP 1% Others(3) 1.5% CHF 1.5% CAD 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5
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Operational data Consolidated financial statementsCustomers (France) Financing & Liquidity ESG Market dataStrategic projects 58 Green financing: allocation of the proceeds 2024 Annual results Issue date Instrument Maturity Nominal amount New renewable capacities Investments in hydro facilities Biodiversity projects Distribution of electricity projects(1) Existing French nuclear reactors(2) Nov. 2013 Bond 7.5Y 1,400M€ 1,400 - - - - Oct. 2015 Bond 10Y 1,250M$ 1,250 - - - - Oct. 2016 Bond 10Y 1,750M€ 1,248 502 - - - Jan. 2017 Bond 12Y–15Y 26,000M¥ 14,021 11,979 - - - Sept. 2020 Bond 4Y 2,400M€ 2,421 110 28 - - Nov. 2021 Bond 12Y 1,850M€ 1,594 189 23 - - Oct. 2022 Bond 12 1,250M€ - - - 1,250 - Jul-2023 REPO Evergreen 565M€ - - - 565 - Aug-2023 Bond 4Y–8Y 325MCHF - - - 325 - Nov. 2023 Bond 3.5Y 1,000M€ - - - - 1,000 May-July 2024 Bank loans 3Y-5Y 6,185M€ - - - - 6,185 2024 NeuCP (3) 5,5M 412M€ 36 371 5 - - Jun. 2024 Bond 7Y - 12Y - 20Y 3,000M€ 750 - - 97 (4) 1,000 Sept. 2024 Bond 5Y-8Y 310MCHF 310 - - - - Sept. 2024 Hybrid bond NC5-NC8 1,150M€ - - - - 1,150 Sept. 2024 Hybrid bond NC11 500M£ - - - - 500 (1) Connection of renewable capacity & of smart meters, new grid lines built. (2) In relation to their lifetime extension (3) Allocation of the maximum amount issued during 2024 (4) 97M€ have financed 2023 Enedis capex, the 1,153M€ remaining are invested in SRI funds at end-2024
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Operational data Consolidated financial statementsCustomers (France) Financing & Liquidity ESG Market dataStrategic projects 5959 Green financing: proceeds allocation and impact reporting 2024 Annual results 59 The detailed list of EDF Renewables projects and hydraulic investment operations by category will be published in EDF 2024 URD. (1) Sum of the impacts of each project weighted by the share of total investment funded by the corresponding Green Bond. (2) Impact reporting based on KPIs of Enedis on 2021 to 2023 Technology Total amount (in EUR eq.) Total net (1) capacity of financed projects (in MW) Expected net (1) avoided CO2 emissions (in Mt/year) Onshore wind projects 4,751 3,587 4.31 Offshore wind projects 1,227 399 0.58 Solar projects 2,953 2,602 1.75 Hydro facilities 1,245 1,599 0.0 Incl. biodiversity projects 56 N/A - Nuclear: Existing French nuclear reactors in relation to their lifetime extension 9,927 N/A 6.05 Technology Total amount (in EUR) Renewable capacity connected (in MW) VE charging station connected New grid lines built (in km) Distribution of electricity projects (2) 2,210 12,419 32,126 5,907
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Operational data Consolidated financial statementsCustomers (France) Financing & Liquidity ESG Market dataStrategic projects FOCUS ON HYBRIDS SECURITIES 2024 Annual results Hybrid bond issues contribute to strengthening the balance sheet through their qualification as equity under IFRS and 50/50 as debt and equity by rating agencies EDF has exercised its option to redeem the hybrid notes issued on 4 October 2018 for a nominal amount of €1,250m on 5 July 2024. The equity content resulting from the conversion of the Oceane bonds in 2023 was used to avoid refinancing half of its nominal amount(1) On 18 December 2024, EDF announced its intention to exercise its option to redeem the hybrid notes issued on 29 January 2013 for a nominal amount of €1,250m and to use the equity content resulting from the conversion of the Oceane bonds in 2023 to avoid having to refinance half of the nominal amount(2). 60 Hybrid debt maturity schedule based on first call date Hybrids stock breakdown by currency Total amount: €10.0bn(1) Average tenor: 4.87 years Average cost: 5.38% Hybrid bond issues Hybrid securities stock at 31 December 2024 1,245(1) USD 14% EUR 64% GBP 22% (in millions of euros) 1,250 (2) 496 1,338 2,235 496 1,238 647 730 897 590 1,380 2025 2026 2027 2028 2029 2030 2031 2032 2033 2035 (1) Exchange rate as of transaction time (2) See press release on 18 December 2024. (2)
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Operational data Consolidated financial statementsCustomers (France) Financing & Liquidity ESG Market dataStrategic projects COMPARATIVE CREDIT RATINGS(1) Sources: rating agencies as of 20/02/2025. (1) See EDF's ratings 2024 Annual results Rating Agency Latest changes BBB Positive 5 June 2024 Outlook revised to Positive from Stable Baa1 Stable 1 June 2023 Outlook revised to Stable from Negative (confirmed on 16 December 2024) BBB+ Negative 28 October 2024 Outlook revised to Negative from Stable 61 Baa3 Baa2 Baa1 A3 A2 A1 Aa3 A+BBB+ A- ABBBBBB- Moody’s ratings S&P ratings EDF EDP Enel Iberdrola E.ON Engie SSE TotalEnergies
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2024 Annual results ESG 62 ESG
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Operational data Consolidated financial statementsCustomers (France) Financing & Liquidity ESG Market dataStrategic projects 63 Direction Impact Climate Change ESG Risk Rating MAIN INTERNATIONAL COALITIONS of EDF Worldwide average rating *: Sector average rating 2024 RESULTS A AA 75 Range between 45-65 Top 4% 77 68* N°1/61 22.9 31.8* Top 16% **The Moody’s ESG score obtained in 2024 is valid for 2 years. NON-FINANCIAL RATINGS 2024 ANNUAL RESULTS 63
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Operational data Consolidated financial statementsCustomers (France) Financing & Liquidity ESG Market dataStrategic projects 64 ENVIRONMENTAL AND SOCIAL PERFORMANCE 2024 Annual results EDF’s Trajectory 1.5°C validated by Moody’s Moody’s Net Zero Assessment evaluates EDF’s emission reduction targets to be consistent with the most ambitious Paris Agreement goals and scores its ambition to 1.5 degree EDF, sustainable company recognised worldwide EDF ranked: • In the top 10 among 300 companies in WBA's 2024 Urban Benchmark, which assesses how major companies are helping to make cities more inclusive, sustainable and resilient. • 6th at World’s Best Companies of 2024 by Time newspaper. This benchmark identifies the best companies changing the world (over 1,000 companies) • EDF is the preferred company of young professionals with 2/3 years of higher education, and ranks 5th among students with 2/3 years of higher education (Universum) EDF committed to responsible climate advocacy EDF is one of 41 corporate climate policy engagement 2024 leaders according to InfluenceMap EDF’s nature strategy EDF's nature strategy has been validated within the "It's Now for Nature" framework managed by Business for Nature.
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2024 Annual results Market data 65 Market data
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Operational data Consolidated financial statementsCustomers (France) Financing & Liquidity ESG Market dataStrategic projects 66 FRANCE EXPORT BALANCE IN 2024 (1) Variation export balance vs 2023 (2) Flow-based coupling mechanism since 21.05.2015 for CWE (France, Benelux, Germany) 2024 Annual results CWE(2) 0.8TWh 20.9TWh 6.6TWh 9.4TWh 0.1TWh 22.4TWh 4.1TWh 31.3TWh 0.7TWh 17.4TWh Export balance France: 89.0TWh (balance in 2023: 50.3TWh) Exports: 101.2TWh (74.8TWh in 2023) Imports: 12.2TWh (24.5TWh in 2023) 16.6TWh +0.2TWh(1) 27.2TWh +24.7TWh(1) 20.1TWh +6.8TWh (1) 2.8TWh +4.7TWh (1) 22.3TWh +2.3TWh(1) NB: Data extracted the 02/01/2025 – source: RTE. The rise in electricity generation to 536.5TWh and the level in demand at 437.2TWh led to higher exports (+35% vs 2023) and lower imports (-50% vs 2023)
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Operational data Consolidated financial statementsCustomers (France) Financing & Liquidity ESG Market dataStrategic projects (In TWh) 67 ELECTRICITY CONSUMPTION IN FRANCE(1) WELL BEHIND THE PRE-COVID CRISIS LEVEL 2024 Annual results 2023 2024 (1) Data unadjusted from weather effect, 29th February and interruptibility. (2) Source: RTE (data as of 21 January 2025 subject to subsequent updates) 128.8 96.9 93.2 116.4 127.7 97.1 94.1 119.4 Q1 Q2 Q3 Q4 Electricity consumption in France in 2024: 438.3TWh (vs 435.2 in 2023)
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Operational data Consolidated financial statementsCustomers (France) Financing & Liquidity ESG Market dataStrategic projects 68 Y+2 & Y+1 ELECTRICITY FORWARD PRICES IN FRANCE FOR DELIVERY YEARS 2022 TO 2026 2024 Annual results (in €/MWh) Y+2 Y+1 0 100 200 300 400 500 600 700 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2023 2022 2024 2025 2026 Monthly average forward prices for a given year as seen 2 years and 1 year ahead. These curves correspond to the usual hedging strategy of energy suppliers (linear hedging over 2 years ahead of the year of delivery of electricity)
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Operational data Consolidated financial statementsCustomers (France) Financing & Liquidity ESG Market dataStrategic projects -50 0 50 100 150 200 250 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 69 FRANCE: BASELOAD ELECTRICITY DAILY SPOT PRICES 2024 Annual results Source: EPEX Spot electricity prices in France averaged €57.7/MWh base load, down by 40.4% vs 2023 explained by the increase by 13% of nuclear output and by 27% of hydropower output. (daily average in €/MWh) Min 2 July 2023: -€1.2/MWh Max 23 January 2023: €204.9/MWh Max 13 December 2024: €176.7/MWh Min 15 June 2024: -€5.8/MWh 2024 2023
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2024 Annual results