EDF and Orano report solid 2025 results, slightly down from 2024

The major French nuclear industry players, EDF and Orano, have released their annual results for 2025. In both cases, industrial and financial performance remained solid, although results were lower than in 2024, which had been an exceptionally strong year.

EDF: lower net income, strong generation, dividend to the State and adjustment at Hinkley Point C

EDF reported net income attributable to the Group of €8.4 billion for 2025, down 26.3% from €11.4 billion in 2024. Revenue declined 4.5% to €113.3 billion, in a context of lower electricity market prices, despite high levels of generation.

Total Group electricity generation reached 515 TWh, including 373 TWh of nuclear generation in France, a high level compared with recent historical standards. The carbon intensity of electricity generation in 2025 was only 26.5 gCO₂/kWh, a decrease of around 10%.

“Nuclear generation in France reached its highest level in six years at 373 TWh thanks to improved control of reactor maintenance outages. Flamanville 3 reached full power at the end of the year,” explained Bernard Fontana, Chairman and CEO of EDF.

Net investments remained strong at €24 billion, particularly for nuclear projects, while net financial debt decreased to €51.5 billion. At the same time, EDF announced the payment of a €1 billion dividend to the French State, confirming its capacity to combine financial recovery with contributions to public finances.

At the Hinkley Point C nuclear power station project in the United Kingdom, EDF adjusted its assumptions, postponing the commissioning of the first unit to 2030 instead of 2029 and recording a €2.5 billion accounting impairment, linked to updated assumptions regarding electricity prices and the project timeline.

In an interview with journalists, Bernard Fontana referred to “a schedule adjustment and a more realistic planning (…) within a range that itself has not changed.”

Beyond this project, EDF also highlighted the growing challenges related to the flexibility and modulation of the power system. The company expects nuclear generation of around 350–370 TWh for 2026 and 2027, while “teams are committed to ensuring a production capability above 400 TWh per year,” the CEO said.

Orano: strong fundamentals

Orano also reported robust results for 2025, although lower than in 2024, a year marked by particularly favorable one-off factors.

Revenue reached €5.14 billion, compared with €5.87 billion in 2024, the latter having benefited from exceptional contributions, notably in certain fuel cycle activities.

Net income attributable to the Group amounted to €404 million, down from €633 million in 2024, while adjusted net income was close to break-even, notably due to provisions related to back-end fuel cycle activities.

“Our order backlog of slightly more than €34.2 billion – equivalent to nearly seven years of revenue – demonstrates the confidence of our customers in France and internationally,” said Nicolas Maes, Chief Executive Officer of Orano, in a statement on LinkedIn.

He added that the Group’s ability to carry out its major projects “in compliance with cost and schedule commitments”is a key factor of credibility, citing the extension of the Georges Besse II enrichment plant and the Aval du Futur programme. ■