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1 2025 Annual results 20 February 2026
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Annual results 2025 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, 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, 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 27 March 2025 (under number D.25-0183), 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 2025, 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. 2
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2025 Annual results Bernard Fontana Chairman and Chief Executive Officer 3 Annual results 2025
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4 LTIR(2) Annual results 2025 Safety, security and health, top priorities of EDF group (1) Safety events relating to the reactors in France, excluding Flamanville 3, on the International Nuclear Event Scale (INES). (2) Lost Time Incident Rate for Group employees and contractors. Number of work-related accidents with lost time of one day or more, occurring during the year, divided by one million hours worked. (3) Absenteeism includes all absences for illness and accident, regardless of the origin and duration (it also includes part-time for therapeutic reasons), in number of days per employee. Absenteeism rate of 4% for EDF group. Health and securityNuclear safety Level 1 and above significant safety events(1) 1.18 2025 2026 objective 1.6 2025 2026 Absenteeism(3) In number of days per employee, over a rolling 12-months period 8.3 2025 2026 objective -10% < 7.5 Challenge: -30% Objective: -10%
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5 Nuclear generation • 23 outages out of 43 ended ahead of schedule in 2025, thanks to the START 2025 programme(1) • 98% of the work scheduled prior to the reactor outage completed for the 1st 1,300MW 4th 10-year inspection (vs. target of 95%) EPR2: deployment of optimized monitoring in 316 suppliers’ plants with 30% gains in lead time Hydro: optimisation of industrial purchasing policy through volume commitments and standardisation efforts Customers & Energy Services: 90,000 hours saved (i.e. 9%) on processing customer requests, thanks to the automation of repetitive requests across all customers segments in the business market Annual results 2025 Quality and Lead time (1) START: Soyons Tous Acteurs de la Réussite des Arrêts de Tranche (Let’s all ensure successful reactor outages). Objective: increasing the efficiency of the nuclear fleet, in a context of a heavy maintenance programme, associated to the Grand Carénage programme. Progresses in lead time Quality Nuclear engineering: average improvement of approximately 8 points in on-time delivery rates among suppliers included in the supplier support programme Arabelle Solutions: successful ISO 9001 and ISO 19443 surveillance audits across all sites Framatome: since 2020, rate of non-conformities in delivered parts divided by 5, representing a reduction of more than 25% per year Customers & Energy Services: historical satisfaction level of 86% among residential customers and reduction in the rate of mediation referrals, already among the lowest in the market, with the objective of continuous improvement
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6 EDF focused on its strengths in 2025 Annual results 2025 Rise in French nuclear output: 373TWh allowing a record in net electricity exports from France : 92.3TWh Reinforcement of hydro in France: 42.6TWh Record level of pumped storage power stations output: 6TWh Agreement in principle reached with the European Commission on the operating regime of hydroelectric power plants Progress on nuclear projects 100% power reached at Flamanville 3 EPR2 programme forecast cost estimate presentation Continuation of preparatory work on the EPR2 site in Penly Accelerated deployment of the commercial policy 47TWh/year of medium- and long-term contracts signed at end-2025
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Annual results 2025 EDF Group, committed to industrial and energy sovereignty, supports its customers Accelerated deployment of the commercial policy Electrification of uses New call for expressions of interest launched for the installation of a datacentre, at a 4th EDF site Over 400,000 installed or managed EV charging points 7 Commissioning of a synchronous compensator in Guadeloupe, in response to the development of renewables (1) On an annualised basis. (2) By a vote on 17 Decembre 2025. Renewal of the Paris heat network concession: Paris City Council selected the Dalkia / Eiffage / RATP Solutions Ville consortium (2) Contracts signed by Dalkia in 2025 representing 1.4TWh per year of low-carbon heat for urban heat networks (excluding Paris) Strengthening heat networks Reinforcing stability in the islands’ electricity system 47TWh/year of medium- and long-term contracts signed at end-2025(1) • 18,000 medium-term contracts • 18 long-term contracts for electricity-intensive industrial entities, of which 12 nuclear power allocation contracts Stability in the customer portfolio in the G4 countries (France, UK, Italy, Belgium)
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• Carbon intensity(1) : 26.5gCO2/kWh (-10.5% vs 2024) Annual results 2025 Generation, resilience and sovereignty 95% decarbonised output 8 30 27 31 32 56 (51 in France) 46 (43 in France) 404 (362 in France) 410 (373 in France) 2024 2025 Nuclear Hydro Renewables Other excl. gas 520TWh 515TWh Resilience programme for the whole generation fleet Industrial policy serving sovereignty Reinforcement and consolidation of the supply chain and local partnerships Investments in industrial facilities Raising of the power of thirteen 900MW reactors between 2027 and 2035 Work to increase hydropower infrastructures’ availability and resilience Climate change adaptation for nuclear plants (1) The calculation includes electricity and heat generation.
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Annual results 2025 Ongoing development of low-carbon projects 9(1) Payment in return for the Hinkley Point C project expertise and the series effect that has benefited Sizewell C. Flamanville 3: 100% power reached EPR2: presentation of the forecast cost estimate of €72.8bn (in 2020 euros) Hinkley Point C: • delivery of the Unit 2 reactor vessel • schedule for the start of production by Unit 1 adjusted to 2030 and action plan for the electromechanical work Sizewell C: • final investment decision and financial closing of the project, and payment of £1.6bn(1) to HPC New nuclear projects Hydropower: • law adopted by France’s National Assembly, to implement the agreement in principle between France and the European Commission for a switch from a concession system to a permit system Renewables: 3GW gross of new capacities commissioned Renewable projects 3.2 3.0 2024 2025
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Enedis(1): connection of 11,700 points of delivery, serving 486,000 EV charging points in 2025 French oversea territories(2): connection times divided by 2 between 2022 and 2025 Enedis: over 185,000 renewable energy plants connected to the grid in 2025, representing 6.6GW 10Annual results 2025 Networks actively supportive of the energy transition (1) Enedis is an independent subsidiary of EDF as defined in the French Energy Code. (2) Managed par EDF SEI Systèmes énergétiques insulaires. Connections Enedis: 61.9 minutes of average outage time, excluding exceptional events (B HIX criterion) Network quality 71.6 min 61.9 min 2024 2025 Network resilience to weather events Goretti storm: power restored for 90% of customers within 36 hours Mobilisation of 1,850 technicians and partner firm employees Nils storm: power restored for 85% of customers within 48 hours Mobilisation of over 3,000 technicians and partner firm employees
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11 1GW in operation(2), 2.7GW of projects • 15MW battery coupled to the Blénod plant • Solar plant with a battery in French Guyana Annual results 2025 EDF meets the increasing needs for flexibility in a more complex electricity system (1) Enedis customers. (2) Excluding hydro. Increase in storage capacitiesRolling out flexibility offerings for customers +20% rise in controllable EV charging points vs. end-2024 Over 1.2 million residential customers in France have a flexibility contract New off-peak/peak hours for 1.7 million customers(1) 2027 objective: shift of 5GW of consumption, when solar power generation allows it Record 6TWh output Pumped storage hydro power stations Challenges of modulation for operation and maintenance of hydro, thermal and nuclear plants, and electricity system resilience
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12 2025 key indicators Annual results 2025 26.5gCO2/kWh Carbon intensity vs 30gCO2/kWh in 2024 €9.6bn Operational cash-flow vs €11.2bn in 2024 €29.3bn EBITDA vs €36.5bn in 2024 488TWh Carbon free output vs 490TWh in 2024 €51.5bn Net financial debt vs €54.3bn in 2024
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2025 Annual results Claude Laruelle Group Senior Executive Vice President in charge of Performance, Impact, Investment and Finance 13 Annual results 2025
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14 Strong financial results Annual results 2025 (1) Adjusted economic debt. S&P methodology. €51.5bn Net financial debt (NFD) 1.8x NFD / EBITDA ratio In billions of euros 2024 2025 Organic change Sales 118.7 113.3 -4% EBITDA 36.5 29.3 -19% EBIT 18.3 13.1 -27% Net income excl. non-recurring items 15.2 9.6 -37% Net income - Group share 11.4 8.4 -26% Operational cash flow 11.2 9.6 -14% 2.6x AED(1) / adjusted EBITDA ratio vs €54.3bn at end-2024 S&P rating upgraded on 14 January 2026: BBB+ stable
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98% 126% 96% 40% 60% 80% 100% 120% 140% 15Annual results 2025 Nuclear and hydro output in France (1) Production after pumping deduction : 42.9TWh in 2024 / 34.1TWh in 2025. 96.6 177.4 262.1 361.7 103.0 181.8 268.9 373.0 T1 H1 9M FY Nuclear out (in TWh) 2024 cumulated output 2025 cumulated output +6.7% +2.5% +2.6% +3.1% 14.8 28.5 37.8 50.6 13.1 23.9 31.4 42.6 T1 H1 9M FY Hydro output(1) (in TWh) +11.3TWh of nuclear output in France vs 2024: • good reactors availability and well managed outages, • high modulation. -8.0TWh of hydro output in France vs 2024: • exceptional good hydraulicity conditions in 2024, • still high availability of hydro plants. -11.5% -16.1% -16.9% -15.8% Normal hydro conditions level Annual hydraulicity index 2023 20252024
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16Annual results 2025 Robust EBITDA in a context of continuing declining market prices 21.0 36,6 35,6 29,4 29,4 29,4 14.6 5.6 7.5 2.2 1.4 0.4 0.5 0.1 0.3 3.5 2.3 1.8 1.3 2.0 1.5 +0.4 -1.4 -6.2 +1.7 -1.7 2024 2025 (1) This segment includes Framatome and Arabelle Solutions. However, the Arabelle Solutions’ income statement was only consolidated from 1 June 2024. (2) This segment includes both EDF Renewables and Other international segments. See note 4 of the appendix of financial consolidated statements as of 31 December2025. 36.5 29.3 (in billions of euros) Nuclear generation in France and the UK Drop in market prices in France and the UK Trading activities and others Gross margin of distribution Hydro generation Decrease of €7 .3bn France: +11.3TWh UK: -4.4TWh France: -8.8TWh net Italy: -0.9TWh Italy United Kingdom Industry and Services(1) Dalkia EDF power solutions(2) France – Regulated activities France – Generation and supply activities Others Increase in TURPE distribution tariff and lower cost of network losses purchases for Enedis
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17Annual results 2025 EBIT In billions of euros 2024 2025 Change EBITDA 36.5 29.3 -7.3 Commodities volatility 0.4 (0.6) -1.1 Net depreciation and amortisation (12.0) (12.5) -0.5 Impairments and other operating income and expenses* (6.7) (3.1) +3.6 EBIT 18.3 13.1 -5.2 * In 2025, for the Hinkley Point C project: • Impact of the £3/MWh reduction in the Contract for Difference strike price to £89.5/MWh (in 2012 sterling) following the final investment decision for Sizewell C (-€1.8bn), fully offset by the £1.6bn payment to Hinkley Point C for the project expertise and series effect that has benefited Sizewell C • Balance (-€1.8bn) mainly linked to the 12-months delay in commissioning of Unit 1 due to the electromechanical work
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18Annual results 2025 Better current financial result thanks to the decrease of the cost of financial debt In billions of euros 2024 2025 Change Cost of gross financial debt (4.1) (3.4) +0.7 Discount expenses (3.2) (3.4) -0.2 Other financial income and expenses 6.4 5.2 -1.1 o/w net change in fair value of dedicated assets 3.0 1.9 -1.1 Financial result (0.9) (1.6) -0.6 Neutralisation of non-recurring items, before tax (o/w net change in fair value of financial instruments) (2.8) (1.8) +1.0 Current financial result (3.7) (3.3) +0.4 Decrease of the cost of financial debt thanks to an active debt management 10 bps increase of the real discount rate for nuclear provisions in 2024 and 2025 Performance of the dedicated assets portfolio: 6.8% vs 10.8% in 2024, reflecting less favourable equity markets in 2025 Coverage rate of nuclear provisions by dedicated assets in France : 108.8% vs 104.7% at end-2024
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19Annual results 2025 Net income In billions of euros 2024 2025 Change EBIT 18.3 13.1 -5.2 Financial result (0.9) (1.6) -0.6 Income tax (4.9) (3.6) +1.2 Share of net income from associates and joint-ventures (0.7) 0.7 +1.4 (-) Deducting net income from minority interests (0.4) (0.2) +0.3 Net income – Group share 11.4 8.4 -3.0 Neutralisation of non-recurring items net of tax 3.8 1.2 -2.6 Net income excl. non-recurring items 15.2 9.6 -5.6 Effective tax rate: 31.6% (effective tax rate, excluding exceptional corporate tax contribution: 26.7%)
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20Annual results 2025 Growth in net investments, for the major projects NB : net investment including subsidies and assets portfolio rotation. (1) Framatome and Arabelle Solutions since June 2024. (2) Including central functions, property, gas and fuel. En 2025, almost 94% of the Group’s investments are made in accordance with its net zero emission target 5.2 6.7 1.4 5.4 0.6 2.3 0.60.2 (in billions of euros) 5.9 7.1 0.8 6.0 0.6 2.2 0.60.9 Ventes 20252024 €22.4bn €24.0bn Nuclear maintenance, including Grand Carénage Services Renewable excl. hydro Nuclear services(1) Others(2) Networks New nuclear (including Flamanville 3, HPC and EPR2) Hydro €3.1bn before disposal€2.9bn before disposal including the acquisition for €0.9bn of the nuclear activities of GE Steam Power and the 5% stake in Framatome held by Assystem
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21Annual results 2025 A positive Group cash flow enabling a decrease in net financial debt (1) Net investments including subsidies and assets portfolio rotation. (2) Of which €2bn of distribution of issues premium to the French State. (3) The announcement of the repayment on 16 December 2025 of the hybrid bonds issued on 29 January 2013 and 22 January 2014 results in their reclassification as other financial liabilities for the total outstanding amount of €0.5bn. 54.3 24 20,7 20,7 43,8 43,8 45,7 48,4 51,3 51.5 -30.3 -3.3 +24.0 -0.9 +1.9 +2.7 +3.0 0.0 31 December 2024 31 December 2025 (in billions of euros) Operational cash flow: +€9.6bn Assets disposals EBITDA Cash ∆ WCR and others Net investments(1) Net financial expenses and dedicated assets Income tax paid Dividends(2) and hybrid operations(3) Others Cash flow : +€2.9bn Change in WCR: -€2.1bn £1.6bn payment by SZC (HPC expertise and series effect)
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22Annual results 2025 Projections and targets (1) Based on scope, exchange rates and laws and regulations as at 1 January 2026 and and assuming French nuclear output (including Flamanville 3) of 350-370TWh in 2026 and 2027. (2) Applying current S&P ratio methodology. 2027 targets confirmed(1) Projection of a strong 2026 EBITDA EBITDA 2026 expected to retreat slightly ≤ 2.5x Net financial debt / EBITDA ≤ 4x Adjusted economic debt / adjusted EBITDA(2)
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Outlook 23 Bernard Fontana Chairman and Chief Executive Officer Annual results 2025
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24 Priorities (1/2) Annual results 2025 (1) Including Flamanville 3. Safety, security and health, quality and lead time 1. Providing competitive, sovereign and low-carbon electricity to our clients and accelerating electrification of uses • Further deployment of the commercial policy • New offerings for the installation of datacentres • Further development of service offerings for the electrification of uses 3. Development of renewable energies • Strategy for maintaining skills • Deployment of a deconsolidating business model with positive cash flow 2. Strengthening our generation fleet • Current estimation of nuclear output in France: 350-370TWh in 2026 and 2027 and 345-375TWh in 2028(1) • Mobilisation to exceed an ability of nuclear generation of 400TWh per year • START programme, season 2 • Increasing the operating life and power of nuclear reactors • Implementing the agreement in principle reached with the European Commission for the hydropower in France, and reviving investments • Commissioning of the bioenergy plants of Larivot in French Guyana and Ricanto in Corsica
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25 Priorities (2/2) Annual results 2025 Safety, security and health, quality and lead time 4. Ensuring industrial control of our projects • Management on electromechanical works at Hinkley Point C • Final investment decision for the EPR2 programme • Achievement of offshore wind projects in France 6. Having the necessary skills • Maintain an ambitious volume of recruitments in the coming years • Training, diversity and career path development 5. Supporting our financial trajectory • Selectivity of investments and assets rotation • 2030 target: €1bn in annual savings on overheads vs. 2024
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26Annual results 2025 Dedicated and mobilised teams (1) Source: internal survey MyEDF 2025. (2) In accordance with the law, for companies with more than 1,000 employees for the third consecutive financial year (including EDF SA), target to be achieved by 1 March 2029 (with an additional two-year period for compliance if the target is not met). Women among the Group’s executives 24% 26.7% 28.0% 40% 2023 2024 2025 2030 Recruitments and work-study trainees 14,235 recruitments at Group level in permanent contracts in 2025 9,750 work-study trainees presents at end-2025 « Proud to be part of EDF for 80 years, and committed for the coming decades » (2) Shared values to serve the Group strategy Safety and security Professionalism Performance Openness Commitment Commitment index(1): 75% Committed teams
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2025 Annual results Complementary book
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1 2025 annual results Strategic projects (p.29) Table of contents 2 Operational data (p.33) 3 Consolidated financial statements (p.40) 4 Financing & liquidity (p.48) 5 Market data (p.57) 28 Click the logo to return to the table of contents.
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Strategic projects 1 292025 annual results
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30 EPR2 programme in France (3 pairs of 1.7GW reactors) (1) See press release of 5 November 2025. (2) See press release of 18 December 2025. Progress Design Detailed design for the nuclear island of the EPR2: design maturity reviews to continue during the first half of 2026 in view of the FID Manufacturing Manufacturing of the main components: reactor pressure vessel and steam generators by Framatome, turbine, generator and heat exchangers by Arabelle Solutions New contracts signed with several companies in the nuclear industry(1) Preparatory works Public debates finalized for the 3 sites (Penly, Gravelines, Bugey) Penly preparatory worksite: earthworks for the power block, profiling of the cliff, building of the offshore platform, establishing the site access gates and parkings Grand Chantier at Penly & Gravelines with French authorities: prepare the area for the start of construction phase: development of infrastructure, park- and-ride facilities, housing, etc. and recruitment and training Schedule The target date for commissioning the first reactor at Penly is 2038, with the subsequent reactors scheduled to be commissioned at intervals of 12 to 18 months Next steps Response from the European Commission on the support package in view of taking the FID by end-2026 Submission of a comprehensive proposal regarding the potential construction of 8 additional EPR2 reactors by EDF to the French State by end-2026 Ongoing task force dedicated to reducing the construction time of a reactor down to 70 months 2025 annual results / Strategic projects Financing Forecasted cost estimate stands at €202072.8bn and will be audited during the first quarter of 2026 by the French Interministerial Delegation for New Nuclear (DINN). The Board of Directors approved a budget of €2.7bn for 2026 for the programme(2) As announced during the French nuclear policy council (Conseil de politique nucléaire) in March 2025, the agreement on the key support measures has been finalised with the French State and presented to the European Union for approval on 19 November 2025: • a subsidised State loan covering more than 50% of construction costs with 0% interest rate during construction phase and 3% during operating period • a risk-sharing mechanism that holds EDF accountable for risks under its control while providing protection against those beyond its responsibility • a contract for difference guaranteeing revenues during 40 years with an estimated strike price below €2024100/MWh
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Schedule and cost update Hinkley Point C EPR (3.3GW) (1) Excluding interim interests and at a reference exchange rate for the project of £20151 = €1.23. The cost of £201535bn corresponds to £48bn in current value (with an additional £1.4bn in case of 12-month delay). Construction progress Financing of the project Unit 1: civil works reached 94% completion (by concrete volume) at end-2025. In the second half of the year, four medium head safety injection pumps were installed, and the civil works on the pumphouse were completed. At end-January 2026, the 24 welds of the primary loop were completed Unit 2: dome lifted into position and delivery of the reactor pressure vessel MEH programme: The programme remains behind schedule. However, installation rates have trended upwards in the second half of the year supported by a range of improvement initiatives. The recent momentum provides a reasonable foundation to deliver the project schedule As project’s total financing needs exceed shareholder’s contractual commitment, HPC funding is through voluntary additional equity since Q3 2023, to which only EDF is currently contributing At end-2025: • EDF’s share: 76.69% and CGN: 23.31% • total costs: €39.3bn (including capitalized interests) Signature by EDF of a up to £4.5bn debt financing agreement with Apollo to secure a substantial part of the sterling financing of its investments in the UK, in particular Hinkley Point C. £1.5bn was issued in June 2025 Complementary alternative financing solutions are being investigated by EDF Following the final closing after the Financial Investment Decision for Sizewell C, £1.6bn paid to Hinkley Point C in return for the expertise that Sizewell C benefited from and the series effect, and decrease of the strike price of the CfD by £3/MWh at £89.5/MWh (in 2012 sterling) / Strategic projects 312025 annual results Schedule • Project organised on Unit 1 operational in 2030 • If 12-month delay, operational date of Unit 1 in 2031 Unit 2: commissioning targeted 12 months after Unit 1 Completion cost • Estimated at £201535bn(1) • If the 12-month delay materialises, this could lead to an additional cost of around £20151bn
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32 Sizewell C EPR (3.3GW) 2025 annual results (1) See press release of 22 July 2025. (2) See press release of 4 November 2025 Financing key steps Final Investment Decision in July 2025(1) • Agreement to invest up to £1.1bn in the Sizewell C project over the construction period • EDF will hold a 12.5% stake in Sizewell C alongside the UK Government (44.9%), La Caisse (20%), Centrica (15%) and Amber Infrastructure (7.6%) Financial closing in November 2025(2) • No cash injected by EDF at financial close due to reimbursement of the development costs incurred since 2015. In addition, payment in return for the Hinkley Point C project expertise that Sizewell C benefits from, as well as the series effect • £5bn in export credit financing guaranteed by Bpifrance AE and debt financing from the National Wealth Fund Estimated construction cost: £202438bn Operational progress Preparatory works • On-site work in progress in particular in relation to construction of local infrastructure, earthworks and preparation for civils ramp-up Design and Manufacturing • EDF/Edvance, Framatome and Arabelle Solutions contracts signed and effective • EDF group will contribute to the project as a supplier of engineering studies, main primary circuit including the nuclear boiler, steam generators and safety control systems and, for the conventional island, the turbo-alternator unit • Manufacturing in progress of the Unit 1 reactor pressure vessel, 8 steam generators and main coolant lines. Commencement of activities on turbo- alternator unit. Engineering delivery ongoing with a specific focus on civil works / Strategic projects
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Operational data 2 332025 annual results
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410.1 46.4 31.8 23.2 3.8 0.2 80% 9% 6% 5% 1% 0% 2025 34 Electricity output (1) Hydro output includes tidal energy for 532GWh in 2025 and 519GWh in 2024. Production after deduction of pumped volumes is 37.9TWh in 2025 and 47.8TWh in 2024. Fully consolidated entities (in TWh) Nuclear GasRenewables, excl. hydroHydro Fuel oil Coal 404.2 55.5 30.7 25.6 4.1 0.2 78% 11% 6% 5% 1% 0% 2024 520.3TWh 515.5TWh 2025 annual results / Operational data
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CO2 emissions and carbon intensity (1) Carbon intensity corresponds to CO2 emissions in relation to the Group's electricity and heat generation. The EDF group's heat generation amounts to 23.6TWh in 2025 (vs 23.8TWh in 2024). 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 40ktCO2 in 2025 and 33ktCO2 in 2024. EDF power solution, excluding Luminus, contributes to 178ktCO2 in 2025 and 2,278ktCO2 in 2024. The direct CO2 emissions from “Others” segment are not significant compared to Group total emissions and are not disclosed in this table. Heat and power generation by segment Emissions (in ktCO2) Carbon intensity(1) (in gCO2/kWh) 2024 2025 2024 2025 France – Generation and supply activities 1,315 8% 1,518 11% 3 4 France – Non-interconnected zones(2) 2,792 17% 2,458 17% 453 418 Dalkia 3,188 20% 2,712 19% 135 115 United Kingdom 0 0% 0 0% 0 0 Italy 6,053 38% 7,033 49% 262 283 Belgium 436 3% 329 2% 55 50 Others(3) 2,311 14% 218 2% 54 6 Group 16,096 100% 14,268 100% 30 26.5 Fully consolidated entities 35/ Operational data2025 annual results
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68.9 22.7 18.6 10.3 2.9 2.6 55% 18% 15% 8% 2% 2% 2025 67.8 22.7 16.8 11.6 3.2 3.0 54% 18% 13% 9% 3% 2% 2024 36 Installed capacity as of 31 December 2025 NB: for more details, click here to see our Operational pack. (1) The 2025 capacity includes Flamanville 3 for 1,600MW. (2) Including tidal energy: 0.24GW. Total net capacity of EDF group, including shares in associates and joint ventures (in GW) Nuclear(1) GasRenewables, excl. hydroHydro(2) Fuel oil Coal 124.6GW 126.0GW 87% decarbonized 86% decarbonized 2025 annual results / Operational data
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France: upstream / downstream electricity balance NB: EDF excluding French islands electrical activities. (1) Hydro output after deduction of pumped volumes represents 34.1TWh in 2025 / 42.9TWh in 2024. (2) Including hydro pumped volumes of 8.5TWh in 2025 / 7.7TWh in 2024. Output / Purchases (in TWh) Nuclear Hydro(1) Thermal LT & Structured purchases Purchase obligations 52.0 15.7 3.1 42.6 373.0 486.5 ∆ 2025 vs. 2024 +7.3 +11.3 +0.5 -0.5 -8.0 +4.0 Consumption / Sales (in TWh) 486.5 Net market sales of purchase obligations 52.0 +4.0 Structured sales and others(2) ARENH supply End-customers 222.6 50.0 122.7 Net market sales excl. purchase obligations 39.2 Market offers: 115.8 Regulated tariffs: 99.4 Others: 7.4 -4.0 -0.1 +2.3 +5.1 -1.1: Market offers -2.8: Regulated tariffs 0.0: Others 372025 annual results / Operational data
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EDF: a European leading player in renewable energies Capacity by geography 2.1GW 6.1GW 28.5GW 2.1GW 2.5GW Hydropower Leading European producer More than 400 production sites worldwide A global leader in wind and solar energy 3.0GW gross commissioned in 2025 10.8GW gross and 4.3GW net under construction (1) Installed capacity shown as net, corresponding to the consolidated data based on EDF’s participation in Group subsidiaries, including investments in affiliates and joint ventures. (2) Including tidal energy: 0.24GW. (3) Biomass and geothermal. 38 A diversified mix with 41.4GW net(1) in operation at end-2025 2025 2024 41.4GW 39.5GW 22.7GW Hydro(2) 22.7GW Hydro(2) 10.9GW Wind 10.2GW Wind 7.2GW Solar 6.1GW Solar 0.5GW Others(3) 0.5GW Others(3) 2025 annual results / Operational data
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42.4GW A portfolio of wind and solar projects of 95.5GW gross and geographically diversified 19.2GW 8.8GW 15.9GW 9.1GW 44%20% 9% 26% North America Latin America Rest of the world 95.5GW Europe Balanced between technologies 42% 31% 27% Offshore wind Solar 95.5GWOnshore wind Breakdown by development phase(1) (in GW) 96 54 22 19 Total 2026-2027 2028-2030 > 2030 Breakdown by date of start of construction(2) (in GW) 9 38 48 95.5GW Under development** Prospection phase*** Secured* NB: The portfolio of projects excludes capacities under construction. Gross data corresponding to 100% of the capacity of theproject. (1) Projects in prospection phase are included in the pipeline. (2) Not probability-based. 392025 annual results / Operational data * 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.
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Consolidated financial statements 3 402025 annual results
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41 Group EBITDA by segment (1) This segment includes both the EDF Renewables and Other International segments; see Note 4 of the appendices to the consolidated financial statements as of 31 December 2025. (2) This segment includes Framatome and Arabelle Solutions. However, Arabelle Solutions’ income statement is only consolidated asfrom 1 June 2024. 20,950 14,592 5,576 7,522 2,242 1,377 425 472 118 256 3,485 2,268 1,762 1,308 1,965 1,461 239 -6,358 +1,946 -804 +47 +192 -1,153 -407 -491 2024 Scope & forex France - Generation & supply activities France - Regulated activities EDF Power solutions Dalkia Industry & Services United Kingdow Italy Others 2025 (in millions of euros) 36,523 29,256 + Nuclear generation - Hydro output - Price effects on end customers + TURPE + Network losses purchases at lower prices + Commercial activity - Decrease in some cogeneration facilities activity - Lower nuclear generation - Higher competition in downstream markets - High asset rotation in 2024 - End of the Norte Fluminense PPA - Lower margin in gas activities - Decrease in renewable output + Higher thermal energy revenues - Sustained performance of EDF Trading in a context of lower prices and uncertain markets + Optimisation of the Dunkirk contract Organic change France – Generation & Supply activities France – Regulated activities EDF power solutions(1) Dalkia Industry & Services(2) United Kingdom Italy OthersScope & Forex 2025 annual results / Consolidated financial statements + Order intake from Sizewell C project
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Current and non-current elements of the P&L (in millions of euros) 2024 current 2024 non-current 2024 2025 current 2025 non-current 2025 EBITDA 36,523 - 36,523 29,256 - 29,256 Commodities volatility - 443 443 - (611) (611) Amortisation/depreciation expenses and provisions for renewal (11,970) - (11,970) (12,451) - (12,451) Impairments and other operating income and expenses - (6,669) (6,669) - (3,090) (3,090) EBIT 24,553 (6,226) 18,327 16,805 (3,701) 13,104 Financial result (3,710) 2,778 (932) (3,332) 1,757 (1,575) Income tax (5,520) 633 (4,887) (3,839) 198 (3,641) Share of net income from associates and joint-ventures 456 (1,139) (683) 649 21 670 Net income of discontinued operations 29 - 29 - - - - Deduction net income from minority interests 575 (127) 448 682 (491) 191 Net income – Group share 15,233 (3,827) 11,406 9,601 (1,234) 8,367 42/ Consolidated financial statements2025 annual results
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Change in net financial debt (in millions of euros) 2024 2025 EBITDA 36,523 29,256 Cancellation of non-monetary items included in EBITDA (1,522) 1,002 EBITDA Cash 35,001 30,258 Change in net WCR (1,452) 2,080 Net investments – excluding disposals (22,402) (24,026) Dividends received from associates and joint ventures 582 697 Other elements (528) 555 Operating Cash Flow 11,200 9,564 Asset disposals 9 868 Income taxes paid (3,384) (2,668) Net financial expenses (2,362) (1,797) Dedicated assets (344) (136) Dividends paid in cash (1,252) (2,965) Group Cash Flow 3,868 2,866 Rights issue, hybrids and other monetary changes(1) (2,536) 148 Change in net financial debt 1,332 3,014 Effects of change and exchange rates (240) 177 Other non-monetary changes – IFRS 16 (920) (1,165) Other non-monetary changes (137) 824 Change in net financial debt from continuing operations 35 2,850 Net Financial Debt – Opening balance 54,381 54,346 Net Financial Debt – Closing balance 54,346 51,496 43 (1) The announcement of the redemption on 16 December 2025 of the hybrid bonds, issued on 29 January 2013 and 22 January 2014, led to their reclassification as other financial debt for the total outstanding amount of €0.5bn. 2025 annual results / Consolidated financial statements
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442025 annual results CSPE: support for renewables in mainland France The compensation mechanism of public energy services charges(1) offsets the difference between the cost of support for renewables in mainland France and the revenues from the sale forward and spot of the energy at market prices. In 2022 and 2023, in the context of soaring energy prices, the sale of energy produced by renewables at market prices has exceeded on average the amount of the support by the French State to these producers, leading to a negative compensation amount. In 2025, most of the volumes were sold at forward price that havedecreased vs in 2024. In 2025, the government could owe producers €2.1bn for regularization. This has a very limited impact on EDF. (1) 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. It also covered the tariff shield in Q4 2022, 2023 and January 2024. 11.9 10.4 5.8 6.8 -3.1 -2.2 3.0 3.2 €276/MWh €97/MWh €58/MWh €61/MWh -250 -150 -50 50 150 250 350 450 550 650 -4 -2 0 2 4 6 8 10 12 14(in billions of euros) Average spot price - compensation support for renewables from the State - sales of renewable output valued at market prices Total support for renewables including: 2022 2023 2024 2025 / Consolidated financial statements 8.2 8.9 8.8 10.0
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Net investments Almost 94% of the Group's investments are made in accordance with its net zero emission target 61% of investments in development Maintenance Development Total Nuclear maintenance including Grand Carénage 5.9 - 5.9 New nuclear (including HPC, Flamanville 3 and EPR2) - 7.1 7.1 Nuclear services(1) - 0.8 0.8 Grids 2.6 3.4 6.0 Hydro 0.5 0.1 0.6 Renewables, excl. hydro - 2.2 2.2 Services - 0.6 0.6 Others(2) 0.3 0.6 0.9 Total 9.3 14.7 24.0 5.9 7.1 0.8 6.0 0.6 2.2 0.6 0.9 2025 €24.0bn In billions of euros 5.2 6.7 1.4 5.4 0.6 2.3 0.60.2 2024 €22.4bn 45 €3.1bn before disposals €2.9bn before disposals NB : Net investments including subsidies and assets portfolio rotation. (1) Framatome and Arabelle Solutions since June 2024. (2) Including central functions, property and gas. 2025 annual results / Consolidated financial statements
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46 Provisions related to nuclear generation in France and part to be covered by dedicated assets (1) Related to the operating cycle. At 31 December 2025, the regulatory coverage is 108.8% (vs 104.7% at end-2024) No allocation to dedicated assets to be made in 2026 in respect of 2025 owing to a coverage rate of over 100% at end of year,in accordance with the regulation 4.7 4.7 17.7 14.1 14.1 14.913.7 13.7 9.9 5.9 5.9 0.6 0.6 2.5 12.8 Total provisions related to nuclear generation in France Long-term provisions related to nuclear generation in France to be covered by dedicated assets Dedicated assets in realisable value (in billions of euros) 54.3 39.0 42.5 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) Provisions for long-term 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 2025 annual results / Consolidated financial statements
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472025 annual results 10-year inspections of the nuclear fleet in France NB: forecast data at end-2025. (1) Subject to decisions taken and authorisations issued. Number of 10-year inspections 0 1 2 3 4 5 6 7 8 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 TRI1 PAL4 NOG1 BEL2 FLA2 BEL1 CHO2 CHO1 BLA3 CAT4 PEN2 BLA4 SLB1 CRU1 CHB2 CRU4 GRA5 PAL2 CRU2 PAL3 SAL1 GRA6 FLA1 SAL2 CAT2 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 1,450MW 3rd 10-year inspection 900MW 4th 10-year inspection 900MW 5th 10-year inspection(1) 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) Authorisation of the ASNR to start the 4th 10-year inspections of the 1,300MW reactors. In 2026, Paluel will be the first 1,300MW to complete its 4th 10-year inspection In 2029, Tricastin 1 would be the first 900MW series reactor to realise its 5th 10-year inspection / Consolidated financial statements 5th 10-year inspection of 1,300MW reactors CHB2 CRU4 GRA5 PAL2PAL1 1,300MW 5th 10-year inspection 1,300MW 3rd 10-year inspection 1,300MW 4th 10-year inspection
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Financing & liquidity 4 482025 annual results
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Decrease of the net financial debt (1) After application of IFRS 16. (2) Including €1,250M hybrid notes redeemed on 29 January 2025 (see press release of 18 December 2024). An updated Green Financing Framework was published in April 2025, in line with the best practice in the sustainable finance market, and with the corporate strategy. It is mostly aligned with the EU Taxonomy, and it now includes nuclear power generation within the UK. (in millions of euros) 31/12/2024 31/12/2025 Gross financial debt 81,802 84,238 o/w green financial debt 19,802 17,065 Derivatives used to hedge debts and margin calls (1,872) (415) Cash and cash equivalents (7,597) (7,641) Debt and equity securities (liquid assets) (17,999) (24,700) Asset coverage derivatives 12 14 Net financial debt(1) 54,346(2) 51,496 492025 annual results / Financing & liquidity
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Gross financial debt (1) Mainly JPY, CAD, CHF and BRL. 62% 38% Breakdown by type of rate after swap Fixed rate Floating rate 31/12/2025 52%48% 31/12/2024 88% 6%3% 3% Breakdown by currency after swap EUR GBP USD Others 31/12/2025 80% 15% 2% 3% 31/12/2024 31/12/2024 31/12/2025 Change Average maturity 13.0 years 12.3 years -0.7 year Average coupon 3.85% 3.40% -0.45% (1) 502025 annual results / Financing & liquidity
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51 High level of liquidity (in billions of euros) 31/12/2024 31/12/2025 Cash and cash equivalents 7.6 7.7 Margin calls on debt derivatives - 0.9 Liquid assets 18.0 24.7 Option for bond issues in 2026 and 2027 (Apollo agreement) - 3.4 Unused credit lines (off-balance sheet) 14.3 15.6 o/w KPI-linked 10.8 12.3 Gross liquidity 39.9 52.3 Financial debt – current part (maturing within one year) (12.9) (17.7) Net liquidity 27.0 34.7 2025 annual results / Financing & liquidity
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52 Focus on bonds NB: Nominal amounts only. (1) €60.9bn vs €57.8bn in note 18 of the 2025 consolidated financial statement that includes accrued interests and depreciation. (2) Mainly AUD, HKD and BRL. 0 0,5 1 1,5 2 2,5 3 3,5 4 4,5 5 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 Repayments by currency (in billions of euros, before swaps) EUR USD GBP JPY CAD CHF Others(2) 40% 19% 33% 3% 1% 2% 2% Stock of bonds as of 31/12/2025: €60.9bn(1) 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 2025 annual results / Financing & liquidity
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53 Green financing: allocation of the proceeds (total of €28.6bn at end-2025) (1) In relation to their lifetime extension. (2) Allocation of the maximum amount issued during the year.2025 annual results / Financing & liquidity (3) €847m have financed Enedis capex, the €403m remaining are invested in SRI funds at end-2025. (4) Dedicated to refinancing of renewable power projects. Issue date Instrument Maturity Nominal amount New renewable capacities Investments in hydro facilities Biodiversity projects Distribution of electricity projects Existing French nuclear reactors(1) Hinkley Point C EPR construction 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€ 2,415 110 28 - - - Nov. 2021 Bond 12Y 1,850M€ 1,638 189 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(2) 5.5M 412M€ 36 371 5 - - - Jun. 2024 Bond 7Y-12Y-20Y 3,000M€ 750 - - 847 (3) 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 - Jan. 2025 Bond 5Y 500M$ - - - - 500 - Jan. 2025 Bond (TAP) 2.5Y 250M€ - - - - 260 - Jan. 2025 Bond (TAP) 11.5Y 130M€ 130 - - - - - Feb. 2025 Bond 10Y-30Y 750MCAD - - - - 750 - May 2025 Bond 7Y-12Y-20Y 2,250M€ 463(4) 531.2 5.8 750 500 2025 NeuMtN(2) 2Y 240M€ 52 188 - - - - Oct. 2025 Hybrid bond NC5.5 1,250M€ - - - - 1,250 - Oct 2025 Bond 20Y 100M€ - - - - 100 - Nov 2025 Bond 12Y 50M€ - - - - 50 -
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Green financing: impact reporting The detailed list of EDF Renewables projects and hydraulic investment operations by category will be published in EDF 2025 URD. (1) Sum of the impacts of each project weighted by the share of total investment funded by the corresponding Green Bond. 54 Technology Total amount (in MEUR eq.) Total net(1) capacity of financed projects (in MW) Expected net(1) avoided CO2 emissions (in Mt/year) Onshore wind projects 5,394 4,071 4.13 Offshore wind projects 1,227 399 0.58 Solar projects 3,041 2,683 1.62 Hydro facilities 1,970 1,599 0.01 Incl. biodiversity projects 61.8 N/A - Nuclear: existing French nuclear reactors in relation to their lifetime extension 13,229 N/A 9.46 Nuclear: construction of nuclear reactors in the UK (Hinkley Point C) 500 N/A 0.74 Technology Total amount (in MEUR) Renewable capacity connected (in MW) VE charging station connected New grid lines built (in km) Distribution of electricity projects 2,987 14,953 39,646 6,687 2025 annual results / Financing & liquidity
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Hybrid bonds issues Hybrid bond issues contribute to strengthening the balance sheet through their qualification as 100% 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 22 January 2014 for a nominal amount of €1,000m and on 25 January 2013 for a nominal amount of £1,250m, respectively on 22 January 2026 and 29 January 2026 These hybrid bonds were subject to tender offers launched on 10 September 2024 and 29 September 2025, leaving outstanding hybrid bonds amounting to €283m and £160m(2) at 31 December 2025 Focus on hybrids securities (1) Exchange rate as of transaction time. (2) See press release on 16 December 2025. 1,339 2,235 496 1,238 1,239 647 283 897 590183 1,380 2026 2027 2028 2029 2030 2031 2032 2033 2035 Hybrid debt maturity schedule based on first call date (in millions of euros) EUR GBP USD 71% 15% 14% Hybrids stock breakdown by currency Hybrid securities stock at 31 December 2025 Total amount: €10.1bn(1) Average tenor: 4.5 years Average cost: 5.23% 552025 annual results / Financing & liquidity (2)
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Moody’s ratings Baa1 Baa2 Baa3 BBB- BBB BBB+ S&P ratings Comparative credit ratings Sources: rating agencies as of 19/02/2026. (1) See EDF's ratings. Rating Agency Latest changes BBB Positive 14 January 2026 Upgrade to BBB+ from BBB positive Baa1 Stable 2 June 2023 Outlook revised to Stable from Negative (confirmed on 13 January 2026) BBB+ Negative 19 September 2025 Outlook revised to Stable from Negative EDF Engie Iberdrola SSE E.ON Enel EDP 56 BBB+ Stable Baa1 Stable BBB+ Stable (1) 2025 annual results / Financing & liquidity
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Market data 5 572025 annual results
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France net export balance: 92.3TWh (89.1TWh in 2024) Exports: 103.6TWh (101.3TWh in 2024) Imports: 11.3TWh (12.2TWh in 2024) +2.3TWh of exports due to higher production than demand and lower spot prices in France than in other European countries. -0.9TWh in imports. France export balance in 2025 NB: Data extracted the 10 January 2026 - source: RTE. (1) Change in export balance vs 2024. (2) Flow-based coupling mechanism since 21 May 2015 for CWE (France, Benelux, Germany). / Market data CWE(2) 7.4TWh 7.6TWh <0.1TWh 26.3TWh 3.1TWh 26.2TWh 0.1TWh 20.2TWh 20.1TWh +3.4TWh(1) 23.1TWh -4.1TWh(1) 0.6TWh 23.2TWh 22.6TWh +2.5TWh(1) 0.2TWh -2.6TWh(1) 26.3TWh +4.0TWh(1) 582025 annual results
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Electricity consumption in France well behind the pre-Covid and energy crisis levels Source: RTE (data as of 13 January 2026, subject to subsequent updates). (1) Data of 2024 adjusted from weather effect, 29 February 2024 and interruptibility. Electricity consumption in France : 445.0TWh (447.3TWh in 2024) Consumption still shows no sign of recovery after years of sobriety behaviours. 134.2 96.3 93.4 123.5 133.6 96.0 92.8 122.6 Q1 Q2 Q3 Q4 2024 2025 (In TWh)(1) 59 2024 2025 2024 2025 2024 2025 2025 annual results / Market data
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Y+2 & Y+1 electricity forward prices in France for delivery years 2022 to 2027 These curves correspond to the usual hedging strategy of energy suppliers (linear hedging over 2 years ahead of the year of delivery of electricity). 60NB: Monthly average forward prices for a given year as seen 2 years and 1 year ahead.2025 annual results / Market data (in €/MWh) 0 50 100 150 200 250 300 350 400 450 500 550 600 650 700 2022 2023 2024 2025 2026 2027
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61 France: baseload electricity daily spot prices (1) Spot electricity prices in France averaged €66.7/MWh base load in H1 2025, up by 44% vs H1 2024. Source: EPEX 2025 annual results / Market data -20 0 20 40 60 80 100 120 140 160 180 200 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1 January 2024 - 31 December 2024 1 January 2025 - 31 December 2025 Min 11 May 2025: -€5.8/MWh Max 20 January 2025: €196.7/MWh Max 13 December 2024 : €176.7/MWh Min 15 June 2024: -€5.8/MWh
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Contacts : edfirteam@edf.fr service-de-presse@edf.fr 62