Report
Louis Boujard, CFA ...
  • Philippe Ourpatian

EDF : A strong performance in Q1 2022 but a limited impact on EBITDA

>Q1 2022 sales in line with forecasts - Yesterday, EDF published Q1 2022 sales in line with our forecasts. Sales were up significantly by 61% organic at € 35.58bn (vs € 34.56bn est.), driven by electricity and gas prices. Q1 2022 sales benefited from a favorable price effect (+€ 12.9bn), notably in France, Italy, the UK and Belgium, and a positive volume effect (+€ 0.5bn). However, most of the sales growth will have only a limited impact on EBITDA. Just € 3bn of sales...
Underlying
Electricite de France SA

Electricite de France is an integrated energy company with a presence in a range of electricity-related businesses: nuclear, renewable and fossil-fuel fired energy production, transmission, distribution, marketing as well as energy management and efficiency services, along with energy trading. Co. is an integrated energy company engaged in all aspects of the energy business: generation, transmission, distribution, supply and trading of energies. Co. is an electricity operator in France and abroad. The breakdown used by Co. for its activities is as follows: France; United Kingdom; Italy; Other International; and Other activities.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Louis Boujard, CFA

Philippe Ourpatian

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