Strong cash generation and balance-sheet resilience
Cash flow from operations of EUR 13.6 billion in 2025 (up EUR 0.6 billion YoY) and EUR 40 billion generated over the last 3 years; economic net debt decreased by EUR 2.7 billion and economic net debt-to-EBITDA at 3.1x (below the 4.0x threshold). Net financial debt-to-EBITDA at 2.6x. Substantial free cash flow from networks and downstream activities.
EBIT (ex. nuclear) stability and medium-term growth target
EBIT excluding nuclear of EUR 8.8 billion in 2025 (described as virtually flat / ~2% organic growth) with a management target to grow EBIT excluding nuclear at a 7% CAGR over 2025–2028 and reach EUR 10.3–11.3 billion by 2028.
Record renewables & BESS additions and pipeline
Added over 6 GW of new renewables and BESS in 2025 (including 2.4 GW commissioned in the U.S. led by batteries); total renewable & BESS portfolio increased to 57 GW by end-2025 with almost 8 GW under construction. Signed 4.8 GW of PPAs in 2025 (3.6 GW corporate PPAs).
Infrastructure (networks) outperformance
Infrastructure delivered strong organic growth of 24% in 2025, driven by networks (new tariffs in France/Europe, execution and development). Networks RAV expected to grow >1/3 over 2025–2028 and power's share of Networks EBIT to rise to ~35% by 2028.
UK Power Networks acquisition—strategic and earnings accretive
Agreement to acquire UK Power Networks for an enterprise value of GBP 15.8 billion (~1.5x estimated RAV at March 2026). Transaction expected to be earnings accretive from year one, will materially increase regulated exposure, and grows group capital employed and Networks RAV (UKPN RAV to GBP 10.5 billion by March 2028).
Material performance program and commissioning contribution
Performance program delivered EUR 823 million of EBIT in 2025; commissioning of new assets contributed EUR 507 million — demonstrating execution and operational improvement (fixed legacy underperformers contributing EUR 368 million of the performance number).
Dividend policy maintained and shareholder returns
Proposed 2026 dividend of EUR 1.35 per share (payout ~67% on current share count), signaling commitment to shareholder returns and alignment with the 65–75% payout framework while keeping investment-grade rating ambition.