ENGIE Posts €4.9 Billion Recurring Profit in 2025

Core Insights - ENGIE reported solid performance in 2025, achieving results at the upper end of its guidance range and proposing a dividend increase, indicating a new growth phase supported by network expansion and record renewable additions [1] Financial Performance - Net recurring income group share (NRIgs) was €4.9 billion, while net income group share reached €3.8 billion [2] - Revenue totaled €71.9 billion, reflecting a 2.5% year-on-year decline on a gross basis and a 0.7% decline organically [2] - EBITDA excluding nuclear was stable at €13.4 billion, up 2.8% organically, and EBIT excluding nuclear stood at €8.8 billion, up 2.2% on an organic basis [2] Cash Flow and Debt - Cash flow from operations increased to €13.6 billion from €13.1 billion a year earlier [3] - Net financial debt rose by €5.7 billion year-on-year to €38.9 billion, influenced by cash out related to the Belgian nuclear agreement, while economic net debt declined by €2.7 billion to €45.2 billion [3] - The economic net debt to EBITDA ratio remained stable at 3.1x [3] Dividend Proposal - The board proposed a dividend of €1.35 per share for 2025, corresponding to a 67% payout ratio of net recurring income group share [3] Operational Highlights - ENGIE added 6.2 GW of renewable and battery storage capacity in 2025, bringing total installed capacity to 57.2 GW, with nearly 8 GW under construction [4] - The group signed 4.8 GW of corporate power purchase agreements during the year [4] - EBIT from Networks increased by 28.8% organically, driven by new tariffs in France and Europe, improved operational performance, and tariff indexation in Latin America [4] Future Outlook - ENGIE expects 2026 net recurring income group share to range between €4.6 billion and €5.2 billion [5] - For the 2026–2028 period, recurring net income group share is projected to reach between €5.2 billion and €5.8 billion by 2028, with EBIT excluding nuclear expected in a range of €10.3 billion to €11.3 billion [5] Capital Expenditure Plans - Over 2026–2028, ENGIE plans between €34 billion and €38 billion in gross capex, with around 90% allocated to renewables, batteries, and infrastructure [6] - The company targets 67% of EBIT to be regulated or contracted long-term by 2028 [6] - ENGIE announced the acquisition of 100% of UK Power Networks, enhancing its position in regulated electricity networks and making the UK its second-largest country by EBIT contribution [6]