ENGIE (ENGI) Q1 2025 earnings summary

Executive summary

• Q1 2025 delivered robust operational and financial performance, with revenue up 5.6% year-over-year to €23.3bn and EBIT (ex. nuclear) up 2.1% organically to €3.7bn, despite macro uncertainties and energy market normalization.

• Renewables and BESS expansion continued, with 8.5 GW under construction across 101 projects and major acquisitions in Brazil (612 MW hydro) and UK (157 MW renewables).

• Closed Belgian nuclear deal, transferring €12.2bn in waste obligations to the government, extending two reactors for 10 years, and improving risk profile.

• Integrated business model, geographic spread, and new business organization helped offset headwinds and delivered €72m EBIT performance impact in Q1.

• FY 2025 guidance confirmed despite market and policy uncertainties.

Financial highlights

• Revenue: €23.3bn (+5.6% year-over-year); EBITDA (ex. nuclear): €4.9bn (+2.5% organic); EBIT (ex. nuclear): €3.7bn (+2.1% organic).

• Cash flow from operations at €4.0bn, down €1.1bn year-over-year due to higher margin calls.

• Net financial debt at €34.6bn (up €1.4bn from Dec 2024); economic net debt at €46.1bn (down €1.8bn from Dec 2024).

• Economic net debt/EBITDA at 3.0x, improved by 0.1x sequentially and within ≤4.0x target.

• S&P: BBB+/A-2, Moody's: Baa1/P-2, Fitch: BBB+/F1, all with stable outlook.

Outlook and guidance

• FY 2025 guidance confirmed: Net Recurring Income group share €4.4–5.0bn; EBIT (ex. nuclear) €8.0–9.0bn.

• Dividend payout ratio set at 65–75% of NRIgs, with a floor of €1.10.

• Economic net debt/EBITDA to remain ≤4.0x over the long term; strong investment grade rating maintained.

• Targeting average annual renewables and storage additions of 7 GW from 2025 onward.

• Guidance based on stable regulatory, macro, and tax environment; assumes average weather and production.