EDF's 2025 core profit falls 19% on lower power prices

EDF reported a 19% drop in 2025 core profit to €29.3 billion as lower power prices reduced income, and the group took a €2.5 billion impairment on the Hinkley Point C project.

French power utility EDF reported a 19% fall in core profit for 2025 and said lower power prices reduced income from its nuclear and hydropower plants. The state-owned group reported earnings before interest, tax, depreciation and amortisation (EBITDA) of €29.3 billion, down from €36.5 billion a year earlier. The result came despite France recording its highest nuclear output in six years at 373 terawatt hours. EDF said year-ahead power prices had fallen to their lowest since early 2020 as more renewable generation came online and industrial electricity demand remained sluggish. Key facts: - Core profit (EBITDA) was €29.3 billion in 2025, down from €36.5 billion a year earlier, a 19% decline. - Nuclear output rose to 373 TWh from almost 362 TWh, marking the highest output in six years. - Year-ahead power prices hit their lowest levels since early 2020 as renewable supply grew and industrial demand stayed weak. - EDF said core profit is expected to decline slightly this year if electricity prices continue to fall. - The company plans major capital spending, citing about €70 billion for six new reactors and more than €100 billion for maintenance on its 56 ageing reactors. - EDF booked a €2.5 billion impairment on the Hinkley Point C project, reducing net income on a group share basis to €8.4 billion from €11.4 billion. Summary: The results reflect weaker market prices weighing on earnings even as nuclear output increased. EDF has signalled a slight decline in core profit for the coming year and has set out large investment and maintenance needs for its reactor fleet and grid over the next decade.