ENGIE (ENGI) Q1 2026 earnings summary

Executive summary

• Q1 2026 marked by robust operational performance, the early completion of the UK Power Networks acquisition, and strengthened regulated activities and utility profile.

• Maintained strong momentum in renewables and battery energy storage systems (BESS), with 6.6 GW under construction and over 1 GW BESS capacity in Europe.

• Entered negotiations with the Belgian State for the transfer of all nuclear assets and liabilities, aiming for a complete exit from nuclear in Belgium and suspension of dismantling works.

• Managed geopolitical risks, especially in the Middle East, with minimal business impact.

• Strategic divestments in gas generation and new concessions in Brazil and Peru support growth and portfolio optimization.

Financial highlights

• Revenue at €20.6bn, down 11.6% gross and 9.5% organic year-over-year.

• EBIT excluding nuclear at €3.4bn, down 7% organically year-over-year from a high 2025 base.

• Performance improvements contributed €120m, up strongly year-over-year.

• Economic net debt decreased to €41.2bn (2.9x EBITDA), down €4.0bn from end-2025, mainly due to a €3.0bn capital increase.

• Cash flow from operations at €3.0bn, €1.0bn lower than Q1 2025 due to lower EBITDA and nuclear phase-out.

Outlook and guidance

• 2026 guidance confirmed: Net recurring income group share expected at €4.6–5.2bn; EBIT (ex-nuclear) at €8.7–9.7bn; EBITDA (ex-nuclear) at €13.8–14.8bn.

• UK Power Networks expected to contribute €0.6–0.8bn to 2026 EBIT and €0.9–1.1bn to EBITDA.

• Disposals expected to remain within the usual €500–1,500m range for 2026.

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

• CapEx profile for 2026 lower than the €12bn annual average guided for 2026–2028, excluding the UK Power Networks acquisition.