French energy group EDF has published its 2025 annual results, reporting a 20% decrease in EBITDA to EUR29.3bn amid falling market prices and a nearly 27% drop in net income (EDF press release, 20 February 2026). Net investments reached EUR24bn in 2025, up EUR1.6bn from the previous year. This includes EUR7.1bn dedicated to the development of new nuclear reactors, mainly allocated to the Hinkley Point C project in the United Kingdom.
In 2025, EDF's installed power capacity grew by 1.4 GW to 126 GW, of which 87% was carbon free (69 GW of nuclear (+1.1 GW), 22.7 GW of hydropower, 18.6 GW of renewables (+1.8 GW)) and 13% thermal (10.3 GW gas (-1.3 GW), 2.9 GW oil and 2.6 GW coal). Of this, 91 GW were located in France, including 63 GW of nuclear, 21 GW of hydropower, 2.5 GW of gas, 1.3 GW of fuel oil and 0.9 GW of renewables.
EDF's power generation remained broadly stable at 515 TWh (520 TWh in 2024).
- 410 TWh came from nuclear (+1.5%), including 373 TWh generated in France (+3%), reflecting strong reactor availability, well-managed scheduled outages, and continued high modulation.
- Hydropower's generation decreased by 18% to 46 TWh (including 43 TWh in France -16%), following exceptionally favorable hydraulic conditions in 2024. The decline was limited by high plant availability.
- Renewable power generation was stable at 32 TWh (31 TWh in 2024) over new installed capacity, despite less favorable wind conditions, while production from other sources (including gas) dipped by 10% to 27 TWh.
For 2026, EDF expects its EBITDA to remain strong but to retreat slightly due to a downturn in market prices and given its reliance on French market prices for about half of its revenue. The group forecasts that nuclear power output in France will range between 350 TWh and 370 TWh in both 2026 and 2027, with output expected to remain broadly stable between 345 TWh and 375 TWh in 2028.
The French state-owned energy company also provided an update on the Hinkley Point C project in Somerset, United Kingdom. EDF announced that the first of the two reactors at the 3.2 GW plant is now expected to begin operating in 2030. This represents a further delay compared with the previous “best-case” target of 2029, itself already two years behind the earlier schedule. When the project was approved in 2016, Hinkley Point C was initially expected to come online in 2025. In addition to Hinkley Point C and the planned Sizewell C project, EDF confirmed its plans to build at least six new reactors in France starting from 2038.
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