By Cristina Roca

Electricite de France SA on Wednesday said that sales grew organically by 61% in the first quarter on the back of high electricity and gas prices, but warned that its earnings will only experience a limited boost from this.

The French energy company said quarterly sales came in at 35.58 billion euros ($37.43 billion), up from EUR21.95 billion in the year-earlier period.

EDF said its nuclear output declined, and that this will have a negative effect on its earnings before interest, taxes, depreciation and amortization, due to the necessary buybacks of electricity on the wholesale markets amid sharp price increases.

The company recently guided for large hits to its Ebitda from measures to set energy purchasing prices and lower nuclear-energy production.

EDF backed its 2023 targets of a net financial debt to Ebitda ratio of around 3 times and adjusted net debt to adjusted Ebitda of 4.5 to 5 times.

Write to Cristina Roca at cristina.roca@wsj.com

(END) Dow Jones Newswires

May 04, 2022 02:06 ET (06:06 GMT)