ENGIE (ENGI) Q1 2025 earnings summary

Executive summary

• EBIT increased versus last year despite energy market normalization and macro uncertainties, with revenue up 5.6% year-over-year to €23.3bn and EBITDA (ex. Nuclear) up 1.3% to €4.9bn.

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

• Closure of the Belgian nuclear deal transferred €12.2 billion of nuclear waste provisions, reducing financial uncertainty and improving risk profile.

• Integrated business model and geographic spread helped offset headwinds in some areas, with networks and B2C segments outperforming.

• FY 2025 guidance confirmed despite uncertain macroeconomic conditions.

Financial highlights

• EBIT excluding nuclear up 2.1% to €3.7bn compared to Q1 2024; EBITDA excluding nuclear at €4.9bn (+1.3%).

• Revenue rose 5.6% year-over-year to €23.3bn.

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

• Net financial debt increased by €1.4bn to €34.6bn, mainly due to nuclear payment; economic net debt at €46.1bn, down €1.8bn from Dec 2024.

• Economic net debt/EBITDA improved to 3.0x, down 0.1x sequentially; net financial debt/EBITDA at 2.1–2.2x.

Outlook and guidance

• Full-year 2025 guidance confirmed: net recurring income group share €4.4–5.0bn, EBIT (ex-nuclear) €8–9bn, EBITDA ex Nuclear €12.7–13.7bn.

• Dividend policy maintained: 65–75% payout ratio, floor at €1.10.

• Economic net debt to EBITDA target at or below 4x in the long term; strong investment grade rating maintained.

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

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