SALES AND HIGHLIGHTS 2017 THIRD QUARTER

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1 SALES AND HIGHLIGHTS 2017 THIRD QUARTER

2 DISCLAIMER This presentation does not constitute an offer to sell securities in the United States or any other jurisdiction. No reliance should be placed on the accuracy, completeness or correctness of the information or opinions contained in this presentation, and none of EDF representatives shall bear any liability for any loss arising from any use of this presentation or its contents. The present document may contain forward-looking statements and targets concerning the Group s strategy, financial position or results. EDF considers that these forward-looking statements and targets are based on reasonable assumptions as of the present document publication, which can be however inaccurate and are subject to numerous risks and uncertainties. There is no assurance that expected events will occur and that expected results will actually be achieved. Important factors that could cause actual results, performance or achievements of the Group to differ materially from those contemplated in this document include in particular the successful implementation of EDF strategic, financial and operational initiatives based on its current business model as an integrated operator, changes in the competitive and regulatory framework of the energy markets, as well as risk and uncertainties relating to the Group s activities, its international scope, the climatic environment, the volatility of raw materials prices and currency exchange rates, technological changes, and changes in the economy. Detailed information regarding these uncertainties and potential risks are available in the reference document (Document de référence) of EDF filed with the Autorité des marchés financiers on 6 March 2017, which is available on the AMF's website at and on EDF s website at EDF does not undertake nor does it have any obligation to update forward-looking information contained in this presentation to reflect any unexpected events or circumstances arising after the date of this presentation. 9M 2017 SALES 2

3 GROUP SALES BY SEGMENT In m 9M M 2017 org. (1) % org. (1) % org. (1) Excluding 2014 tariff adjustment (2) France Generation & supply activities 26,303 25,364 (939) France Regulated activities (3) 11,269 11, United Kingdom 6,841 6,189 (156) Italy 8,066 7,215 (848) Other activities (4) 5,155 5, Other international 3,811 3,607 (29) Inter-segment eliminations (9,479) (9,287) Group total 51,966 49,720 (1,667) (1) Organic change at constant scope and exchange rates; sales before inter-segment eliminations (2) Tariff adjustment in France for the period from 1 August 2014 to 31 July 2015 following the French State Council s decision of 15 June 2016 (3) Regulated activities: Enedis (independant subsidiary of EDF as defined by the French Energy Code), ÉS and EDF s islands activities (4) Other activities including EDF EN, Dalkia and EDF Trading 9M 2017 SALES 3

4 INSTITUTIONAL ENVIRONMENT: KEY DECISIONS AT NATIONAL AND EUROPEAN LEVEL Review on 7 November 2017 by the Council of Ministers of the French Republic of the trajectory of the electric energy development, in particular with regard to the scenarios presented by RTE for 2035 On this basis, the French government noted the significant difficulties associated with the goal of reducing the share of nuclear power in electricity generation to 50% by 2025; a new trajectory will be presented by mid-2018 as part of the French multiannual energy programme (PPE) Additionally, in parallel with the PPE review, the government will prepare during the first quarter of 2018 an action plan to accelerate the development of renewable energies Landmark agreement reached on 9 November 2017 by European institutions to revise the EU Emissions Trading System (EU ETS) for the period after This agreement provides with significant changes to the system in order to speed up emissions reduction, in particular the strengthening of the Market Stability Reserve to support the decrease in the current oversupply of allowances on the carbon market 9M 2017 SALES 4

5 FURTHER DEVELOPMENT OF RENEWABLE ENERGIES New developments in renewable energies, especially in solar and in growing economies Brazil: commissioning on 8 November 2017 of 350MW, corresponding on the one hand to the main part of the Brazilian photovoltaic project of Pirapora (nearly 400MWp), in partnership (80%) with Canadian Solar, and on the other to the commissioning of the 66MW Ventos da Bahia wind farm Egypt: entry onto the Egyptian renewable energy market, with the signing on 26 October 2017 of a partnership project with Elsewedy Electric Group for the design, building and operation of two solar power plants (100MW AC ) India: commissioning on 6 November 2017 of solar and wind plants (87MWc in solar, 164MW in wind), bringing the total installed solar and wind capacity in the country to nearly 371MW Offshore: completion of installation on 5 October 2017 of 5 offshore turbines (41.5MW) off the coast of Blyth in the UK; leading-edge innovation around the foundation, the turbine and the cables Futuren Simplified Public Tender Offer: buying up of the majority of the securities available in the market, upgrading EDF Énergies Nouvelles part to 87.5% of Futuren s share capital 9M 2017 SALES 5

6 CUSTOMERS SOLUTIONS: DEVELOPMENT AND INNOVATION Launch on 16 October 2017 of Vert électrique, a range of offers relating to renewable energy supply for French residential customers Extension of the Sowee offer announced on 11 October 2017: green energy supply and remote control of electric heating, room by room Binding agreements signed (1) on 13 October 2017 for the acquisition by Edison of Gas Natural Vendita Italia (~500,000 customers), representing a 50% increase in Edison customer base Creation on 19 September 2017 of EDF Nouveaux Business, dedicated investment arm aimed at developing new solutions along with innovative and competitive services Launch of Agregio, an aggregator to help renewable electricity producers and businesses who consume electricity (1) Subject to the European Competition clearance 9M 2017 SALES 6

7 DISPOSAL PLAN ON TRACK Completion of operations signed over H1 2017, in line with target of the Performance plan Finalisation on 13 November 2017 of the sale of EDF Polska s assets to PGE, for an amount of 1.0bn (1) Finalisation on 31 October 2017 of the disposal of c.200 office real estate and business assets to Tikehau Capital Finalisation on 13 October 2017 of Edison assets gas disposals Target: At least 10bn between 2015 and 2020 ~ 8bn (1) disposals finalised i.e. ~80% (1) Impact on Group net financial debt 9M 2017 SALES 7

8 GROUP SALES In m 51, ,030 Scope, forex and inter-segment operations (2) 2014 tariff France - France - adjustment +49 Generation & supply activities Organic change: -3.2% (1) i.e. -1.3% excluding 2014 tariff adjustment Regulated activities United Kingdom Italy +19 Other 49,720 Mainly UK forex Generation & supply activities: - 988m Regulated activities: - 42m Other activities: + 48m Other international: - 29m 9M M 2017 (1) Organic change at constant scope and exchange rates, including -1.9% from the tariff adjustment in France for the period from 1 August 2014 to 31 July 2015 following the French State Council s decision of 15 June 2016 financial information reflecting the new segmental reporting since 31/12/2016 (2) As of 2016, breakdown of sales across the segment, before inter-segment sales eliminations 9M 2017 SALES 8

9 FRANCE GENERATION & SUPPLY ACTIVITIES In m 26, tariff adjustment Organic change: -3.6% (1) i.e. +0.2% excluding 2014 tariff adjustment ,578-2, Weather & 2016 leap year (2) Tariffs (2)(3) Net sales on Capacity Downstream ARENH markets competition & sales (2)(5) mechanism (4) price conditions +428 Other 25,364 Mainly ARENH volumes and lower generation O/w resale of purchase obligations (+ 262m) 9M M 2017 (1) Organic change at constant scope and exchange rates, including -3.8% from the tariff adjustment in France for the period from 1 August 2014 to 31 July 2015 financial information reflecting the new segmental reporting since 31/12/2016 (2) Estimated figures (3) Tariffs excluding effect of factoring the cost of capacity obligation in tariff stacking (4) Impact of the capacity mechanism implementation as of 1 January 2017, included in tariffs, net sales/purchases on markets and market price offerings (5) Excluding additional required energy purchases on markets 9M 2017 SALES 9

10 FRANCE: UPSTREAM/DOWNSTREAM BALANCE In TWh OUTPUT/PURCHASES Purchases obligations 33 LT & structured sales 4 Fossil-fired 11 Hydropower (1) M 2017 vs. 9M CONSUMPTION/SALES Net market sales ARENH supply Structured sales and other (2) M 2017 vs. 9M Nuclear End-customers NB: EDF excluding island activities (1) Hydro output after deduction of pumped volumes: 24TWh (2) Including hydro pumped volumes of 5TWh 9M 2017 SALES 10

11 FRANCE NUCLEAR OUTPUT In TWh 2016 cumulated output 2017 cumulated output -3.9% % % Q1 H1 Revised (1) 2017 nuclear output: TWh 9M (1) Please refer to press releases of 28 September and 27 October M 2017 SALES 11

12 FRANCE HYDRO OUTPUT In TWh 2016 cumulated output (1) 2017 cumulated output (1) -16.4% 180% Normal hydro productibility levels Seasonal mins. and maxs. between 2007 and % 34.2 (2) 28.6 (2) 140% % % % Q1 H1 9M 20% 1 March 1 June Minimum level in 10 years Sept. 1 Dec. Hydro conditions at their lowest level since 2011 (1) Hydropower excluding EDF s island activities, before deduction of pumped volumes (2) Output after deduction of pumped volumes: 29.3TWh in 9M 2016 and 23.5TWh in 9M M 2017 SALES 12

13 FRANCE REGULATED ACTIVITIES In m Organic change: +0.6% (1) i.e. +0.9% excluding 2014 tariff adjustment 11, , tariff adjustment (2) Weather & 2016 leap year (3) Tariffs (3) (TURPE) Other 9M M 2017 (1) Organic change at constant scope and exchange rates, including -0.3% from the tariff adjustment in France for the period from 1 August 2014 to 31 July 2015 financial information reflecting the new segmental reporting since 31/12/2016 (2) Impact of tariff adjustment on island activities and ÉS subsidiary (3) Estimated figures 9M 2017 SALES 13

14 UNITED KINGDOM In m 9M M 2017 % % Org. (1) SALES 6,841 6, Negative impact of lower nuclear realised prices Higher nuclear output at 48.7TWh (+0.7TWh vs. 9M 2016) thanks to favourable scheduling of refuelling operations during H and to the good availability of nuclear fleet Number of residential customer accounts almost stable, decline in demand due to weather effect and development of the energy efficiency solutions (1) Organic change at constant scope and exchange rates financial information reflecting the new segmental reporting since 31/12/2016 9M 2017 SALES 14

15 ITALY In m 9M M 2017 % % Org. (1) SALES 8,066 7, Hydrocarbons activity Unfavourable impact of long term hedging derivatives of gas prices, with no impact on margin Lower gas volumes sold, despite higher thermal generation and industrial consumption Electricity activity Lower sales volumes, partially offset by strong increase in power sales prices (1) Organic change at constant scope and exchange rates financial information reflecting the new segmental reporting since 31/12/2016 9M 2017 SALES 15

16 EDF ÉNERGIES NOUVELLES In m 9M M 2017 % % Org. (1) SALES Higher generation (+3%), mainly in wind with a 5% increase compared to September 2016 Increase in net installed capacities: +0.9GW vs. September 2016 Portfolio of projects under construction: 2.4GW gross vs. 1.8GW at end-2016 Decrease in volume of Operation & Maintenance business (1) Organic change at constant scope and exchange rates financial information reflecting the new segmental reporting since 31/12/2016 9M 2017 SALES 16

17 DALKIA In m 9M M 2017 % % Org. (1) SALES 2,338 2, Commercial expansion, with the signing and renewal of many contracts, like the contract signed with Hérault Regional Council (South of France) for global performance management of buildings, or the partnership with Toyota for achieving its target of «zero CO 2 by 2050» Favourable evolution of services contracts indexations, and positive effect of fuel price increase Integration of Imtech (1) Organic change at constant scope and exchange rates financial information reflecting the new segmental reporting since 31/12/2016 9M 2017 SALES 17

18 OTHER ACTIVITIES In m 9M M , % (1) 2,338 2, % (1) 5,298 EDF Énergies Nouvelles Dalkia % % Org. (1) SALES 5,155 5, EDF Trading Low volatility and unfavourable price environment in Europe due to mild weather, compared to 2016 which had been lifted by favourable conditions during Q3 Lower gas prices in Canada and power prices in the USA EDF Energy Services in the USA performing steadily throughout 2017 and above % (1) % (1) 1,360 1,311 9M M 2017 EDF Trading Other (Gas business, etc.) Gas business Commercial commissioning of Dunkerque LNG terminal (1) Organic change at constant scope and exchange rates financial information reflecting the new segmental reporting since 31/12/2016 9M 2017 SALES 18

19 OTHER INTERNATIONAL In m 9M M ,811 3,607 2, % (1) -5.4%(1) 2, (2) -11.9% (1) 468 9M M 2017 % Belgium Poland (3) Other (Brazil, Asia, etc.) % Org. (1) SALES 3,811 3, Belgium Increase in wind capacities to nearly 330MW (+12% vs. end-2016) Ongoing commercial development of service business Gas: decrease in prices and volumes Electricity: increase in B2B volumes sold, lower prices Other Brazil: lower sales ( 344m, i.e. - 60m in organic terms or -16.7%) penalised by the negative impact of annual PPAprice review occured end-2016 (1) Organic change at constant scope and exchange rates financial information reflecting the new segmental reporting since 31/12/2016 (2) Including EDF Démasz sales in 2016, with no equivalent in 2017 considering the sale of the subsidiary on 31 January 2017 (3) Polish activities of EDF Énergies Nouvelles and Dalkia part of the Other activities segment 9M 2017 SALES 19

20 2017 & 2018 TARGETS (1) NUCLEAR OUTPUT EBITDA (2) 2017 NET FINANCIAL DEBT/EBITDA (2)(3) PAYOUT RATIO OF NET INCOME EXCLUDING NON- RECURRING ITEMS (4) TWh 13.4bn 14.0bn ~2.5x 55% to 65% OPEX (5) NET INVESTMENTS EXCLUDING LINKY, NEW DEVELOPMENTS AND ASSET DISPOSALS EBITDA (2) - 0.8bn vs ~ 11bn 14.6bn 15.3bn 2018 CASH FLOW (2)(6) NET FINANCIAL DEBT/EBITDA (2)(3) ASSET DISPOSALS PLAN ~0 2.7x 10bn nearly complete at end-2018 PAYOUT RATIO OF NET INCOME EXCLUDING NON- RECURRING ITEMS (4) (1) Please refer to the press releases «2017 targets update» of 27 October 2017 and «2018 targets update» of 13 November 2017 (2) At 2016 exchange rate (3) At an assumed discount rate on nuclear provisions of 4.1% in 2017 and 3.9% in 2018 (4) Adjusted for the remuneration of hybrid bonds accounted for in equity (5) Sum of personnel expenses and other external expenses. At comparable scope and exchange rates. At constant pensions discount rate. Excluding change in operating expenses of service activities (6) Cash flow excluding Linky, new developments and asset disposals, with an assumed discount rate on nuclear provisions of 4.1% in 2017 and 3.9% in 2018, excluding interim dividend for fiscal year 2018, which will be decided in H2 2018; the 2018 cash flow target aims for a slightly positive result or close to balance 9M 2017 SALES 20 50%

21 TARGETS BEYOND 2018 CONFIRMED (1) OPEX REDUCTION (2) IN 2019 VS Md At least 1bn ASSET DISPOSALS OVER At least 10bn 45 % à 50 % PAYOUT RATIO OF NET INCOME EXCLUDING NON- RECURRING ITEMS (3) 45% to 50% (1) Please refer to the press release of 28 July 2017 (2) At comparable scope and exchange rates. At constant pensions discount rate. Excluding change in operating expenses of service activities (3) Adjusted for the remuneration of hybrid bonds accounted for in equity 9M 2017 SALES 21

22 SALES AND HIGHLIGHTS 2017 THIRD QUARTER

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