EDF Full-Year Report 2023

2022 Financial Results:

Sales €143.5 bn
EBITDA -5.0 bn
Net income excluding non-recurring items -€12.7 bn
Net income – Group share -€17.9 bn
Net financial debt €64.5 bn

The significant rise in sales is essentially explained by the rise in prices, reflected in the increase in regulated sales tariffs to final customers from 1 February 2022, higher sale prices to business clients, an increase in the resale value of electricity subject to purchase obligations and progression in sales by aggregators and gas sales. Sales also increased as a result of the additional volumes made available under the ARENH scheme at the price of €46.2/MWh, set by the decree of 11 March 2022 detailing the regulatory measures to limit price rises in 2022. In contrast, the drop in nuclear power output, which essentially related to inspections and repairs for stress corrosion, had an estimated impact of -€29.1 billion in EBITDA because it made purchases necessary at a time of high market prices.

Also, the French government’s exceptional regulatory measures to limit the increase in sales prices to consumers in 2022 had an adverse estimated effect of -€8.2 billion in EBITDA. Before these measures, EBITDA benefited from market price rises passed on to customers for an estimated amount of €8.7 billion.

Hydropower output was lower due to very poor hydropower conditions, bringing EBITDA down by around €2.5 billion.

Finally, the impact in EBITDA of customers returning to EDF for regulated-tariff contracts was negative because the
corresponding volumes had to be purchased on the market at high prices.