FX.co ★ EDF Group H1 Profit Climbs, Sales Down; Warns On H2, FY24 EBITDA Due To Weak Market Prices

French electric utility firm, EDF Group SA (EDFEF.PK), announced on Friday that its first-half consolidated net income rose to 7.35 billion euros, up from 5.90 billion euros in the previous year.

Net income increased to 7.04 billion euros compared to 5.81 billion euros from last year.

The adjusted net income reached 8.4 billion euros, marking a 2.1 billion euro rise from the previous year, primarily driven by substantial growth in EBITDA, offset by tax expenses.

Group total EBITDA grew by 15.7 percent to 16.11 billion euros, from last year's figure of 13.92 billion euros. This growth was propelled by strong operational performance, which led to increased nuclear and hydropower output in France. However, this was in spite of a rapid downturn in market prices.

Sales for the period fell to 60.20 billion euros, compared to 75.50 billion euros a year ago.

Looking forward, the company indicated that the ongoing decline in market prices will result in a significantly lower EBITDA for the second half of the year compared to 2023.

For the fiscal year 2024, EBITDA is projected to be lower than in 2023 due to the continued rapid decline in market prices.

Additionally, nuclear power output in France is expected to be at the upper end of the 315-345 TWh range.