French utility EDF reported a sharp 19% decline in core profit for 2025 as weaker power prices weighed heavily on returns from its nuclear and hydropower fleet. The state-owned company's EBITDA fell to €29.3 billion from €36.5 billion a year earlier, despite nuclear output reaching its highest level in six years at 373 terawatt hours.

Revenue declined to €113.3 billion from €118.7 billion, while operating profit dropped to €13.1 billion from €18.3 billion. EDF continues to face pressure from an oversupplied electricity market, with benchmark year-ahead power prices falling to their lowest levels since the early phase of the COVID-19 pandemic. The decline reflects growing renewable capacity and still-muted industrial demand across Europe.

The company warned that EBITDA is expected to decline "slightly" in 2026 as power prices continue to soften. EDF forecasts French nuclear output of 350-370 TWh in both 2026 and 2027, and 345-375 TWh in 2028. The results highlight the challenges facing traditional utilities as Europe's power market undergoes significant structural changes driven by the energy transition.