Core Insights - Engie expects its 2025 net recurring income to reach the upper end of its €4.4–€5.0 billion target range, driven by strong cash generation and operational progress in the first nine months of the year [1] - The company reported a revenue of €52.8 billion, reflecting a 1.8% organic increase, while EBITDA excluding nuclear operations was €9.8 billion, down 3.9% on an organic basis [2] - Engie continues to expand its renewables and energy storage portfolio, with 55 GW of installed capacity and 6 GW under construction as of September 30 [3] Financial Performance - Cash flow from operations rose to €11.4 billion, with EBIT excluding nuclear activities at €6.3 billion, a 7.3% organic decline due to lower power prices and weaker hydrology [1] - Economic net debt stood at €46.4 billion at the end of September, a decrease of €1.4 billion compared to the end of 2024, maintaining a net debt-to-EBITDA ratio of 3.2x [2] - The group's performance program delivered €477 million in recurring benefits year-to-date, supporting cash flow despite a normalized trading environment [2] Renewable Energy Initiatives - Engie signed 3.1 GW of new power purchase agreements during the period, including contracts with major technology companies such as Meta and Apple [3] - In the Middle East, Engie signed a PPA for the 1.5 GW Khazna standalone solar project in Abu Dhabi, which will be one of the world's largest single-site solar facilities upon completion [3] Infrastructure Developments - In Europe, Engie advanced its battery and flexible generation assets, increasing its Italian battery fleet to 250 MW and adding an 85 MW/170 MWh battery storage system in Romania [4] - The company completed the first firing of the Flémalle gas plant in Belgium and received authorization for commissioning the brownfield section of the Graúna transmission project in Brazil [4] - In France, biomethane capacity connected to Engie's networks rose to 14.2 TWh, reflecting progress in the company's low-carbon gas strategy [4] Nuclear Operations - Engie's Belgian nuclear operations achieved key milestones with the restart of Doel 4 and Tihange 3 reactors, following an extension agreement with the Belgian State [5] - The restarts triggered the final payment under the nuclear waste liability transfer, and the extended units will now be held in a 50/50 joint venture with the government [5]