French electric utility firm EDF Group SA (EDFEF.PK) reported Friday that its first-half consolidated net income climbed to 7.35 billion euros from last year's 5.90 billion euros.
EDF net income improved to 7.04 billion euros from prior year's 5.81 billion euros.
Adjusted net income was 8.4 billion euros, a 2.1 billion euros increase from last year, primarily reflecting the significant growth in EBITDA, less the tax expense.
Group total EBITDA climbed 15.7 percent to 16.11 billion euros from last year's 18.69 billion euros, driven by a good operational performance, leading to an increase in nuclear and hydropower output in France, despite a rapid market price downturn that has begun.
Sales for the period, meanwhile, declined to 60.20 billion euros from 75.50 billion euros a year ago.
Looking ahead, the company noted that the declining market prices will result in a significantly lower EBITDA in the second half of the year than in 2023.
For fiscal 2024, EBITDA is expected to be down from 2023 due to the rapid drop in market prices.
Nuclear power output in France is expected to be in the upper end of the 315-345TWh range.
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