French energy group Engie has confirmed its full-year guidance for 2025, despite a market environment marked by lower energy prices and a sharp drop in hydroelectric output. The company is relying on the solid launch of its performance plan, which has already generated nearly EUR500mn ($536mn) in savings over the first nine months of the year.
During this period, Engie’s revenue remained stable at EUR52.8bn ($56.6bn), reflecting a modest increase of 0.2 %. Operating income excluding nuclear activities fell by 10.5 % to EUR6.3bn ($6.76bn). On a like-for-like basis, revenue rose by 1.8 %, while earnings before interest and tax dropped 7.3 %.
Fourth-quarter growth expected
Chief Executive Officer Catherine MacGregor described the results as “solid”, noting that they were achieved despite unfavourable market conditions. She stated that the company remains confident in reaching the upper range of its guidance, particularly due to a projected stronger fourth quarter.
Engie continues to expect net recurring income, Group share, in the upper range of EUR4.4bn ($4.71bn) to EUR5.0bn ($5.36bn). Operating income excluding nuclear is forecasted between EUR8.0bn ($8.58bn) and EUR9.0bn ($9.65bn), with increased likelihood of reaching the upper half of the range.
Acceleration in power purchase agreements
The company has increased the pace of signing Power Purchase Agreements (PPAs), reaching 3.1 gigawatts (GW) since the beginning of the year. These deals, mostly exceeding five years in duration, reflect growing demand, particularly from data centre operators.
A major PPA was signed with Meta for the Swenson Ranch Solar plant in Texas, with a capacity of 600 megawatts (MW). Engie’s total contracted capacity with the American group now stands at 1.3 GW. A separate 15-year agreement was also concluded with Apple for electricity supply in Italy.
Expansion of installed capacity
As of September 30, Engie’s installed capacity in renewable energy and storage reached 55 GW, an increase of 4 GW compared to the end of the previous year. This growth supports the company’s strategy focused on long-term energy solutions and meeting emerging industrial needs.
“The commercial momentum around PPAs continues, driven by the exponential needs of data centres, particularly in the United States,” stated Catherine MacGregor.
