Engie posts lower results but maintains 2024 targets

Engie announces a drop in its first-quarter results, but maintains its targets for 2024, despite lower energy prices and a mild winter.

Share:

Engie Résultats Objectifs

Engie, the French energy giant, reported a 3.2% fall in operating profit (Ebit) excluding nuclear activities, to 3.7 billion euros. This decline is attributed to the normalization of market conditions and lower energy prices, following exceptional years of increases due to the war in Ukraine. Pierre-François Riolacci, Executive Vice President Finance, reported that sales fell by 24.6% to 22 billion euros, mainly due to market volatility and milder weather in Europe, reducing heating demand.

Contrasting sector performances

Despite this overall decline, Engie recorded an 11.5% increase in operating income in the renewable energies sector and a 17.6% increase in its FlexGen division, which includes dams, electrical storage and gas-fired power plants. However, the energy supply and trading sectors saw significant declines of 18.3% and 9.2% respectively.

Strategy and future objectives

Engie remains optimistic about its outlook for 2024, targeting recurring net income attributable to the Group of between 4.2 and 4.8 billion euros. The company continues to disengage from nuclear power and coal to focus on renewable energies and battery power storage. Catherine MacGregor, Managing Director, underlined the continuation of their strategic plan, with 7 GW of renewable capacity under construction and a target of 4 GW of additional capacity per year until 2025.

Energy transition and gas retention

Engie, like its competitor TotalEnergies, advocates maintaining gas as a transitional energy source, while seeking to green this source with biomethane. The company is also committed to developing infrastructures for solar and wind power, consolidating its position in the renewable energies sector.
Despite lower first-quarter results, Engie is maintaining its targets for 2024, relying on a strategy focused on renewable energies and electricity storage. The normalization of energy markets, after a period of extreme volatility, presents both challenges and opportunities for the Group.

Offshore drilling company Borr Drilling Limited announced the completion of an initial tranche issuance of 30 million ordinary shares out of the planned 50 million, raising $61.5mn towards the total goal of $102.5mn.
EDF announces a new internal organization with key executive appointments to enhance decision-making efficiency and expedite the revival of nuclear and hydroelectric projects central to its industrial strategy.
Rubis announces half-year results of its liquidity agreement managed by Exane BNP Paribas, totalling 241,328 shares exchanged for an aggregate amount of €6.5mn in the first half of 2025.
Chinese oil giant CNOOC Limited appoints Zhang Chuanjiang as chairman, entrusting this experienced engineer to head the group's board of directors, strategic committee, and sustainability committee from July 8.
PTT Oil and Retail Business announces a 46% increase in net profit for the first quarter of 2025, driven by regional expansion in its energy and non-energy activities, alongside an integrated ESG strategy.
Shell revises downward its forecasts for the second quarter of 2025, anticipating notably a decline in Integrated Gas and Upstream segments, impacted by reduced volumes and lower profitability in several major activities.
The Luxembourg-based group will handle engineering, procurement, commissioning and installation of flexible pipelines and umbilicals to link a new field to Egypt’s existing offshore infrastructure, with offshore work scheduled for 2026.
British firm Octopus Energy is considering a £10 billion spin-off of Kraken Technologies, involving an upcoming minority stake sale, and has initiated preliminary discussions with banks to oversee the strategic operation within the next year.
TotalEnergies acquires 50% of AES' renewable portfolio in the Dominican Republic following a previous purchase of 30% of similar assets in Puerto Rico, consolidating 1.5 GW of solar, wind, and battery storage capacities in the Caribbean.
Q ENERGY France secures a bank financing of €109 million arranged by BPCE Energeco to build four new energy production facilities, totalling 55 MW of wind and solar capacity by the end of 2024.
Shell announces amendment of two annual reports after notification by Ernst & Young of non-compliance with SEC auditor partner rotation rules; however, financial statements remain unchanged.
The Financial Superintendency of Colombia approves an amendment to Ecopetrol’s local bonds and commercial paper program, enabling issuance of sustainable, indexed, or in-kind repayable instruments.
ABO Energy is selling its subsidiary ABO Energy Hellas and an energy project portfolio of approximately 1.5 gigawatts to HELLENiQ ENERGY Holdings, thus refocusing its strategic resources towards other markets, notably Germany, without major financial impact anticipated for 2025.
Iberdrola announces a supplementary dividend of €0.409 per share for 2024 under the "Iberdrola Retribución Flexible" programme, bringing the total annual remuneration to €0.645 per share, representing a year-on-year increase of 15.6%.
BHP has signed contracts with COSCO Shipping to charter two ammonia-powered Newcastlemax bulk carriers, primarily for transporting iron ore between Western Australia and Northeast Asia starting from 2028.
CBAK Energy and Anker Innovations jointly launch a battery cell manufacturing facility in Malaysia, with a commercial potential estimated at $357 million, further strengthening their strategic partnership in the lithium-ion battery sector.
German energy group Badenova plans to invest $4.64 billion in its energy networks and capacity by 2050, including $232 million committed from 2025, according to the company's recently published annual financial results.
ORIX announces the sale of the majority of its stake in Greenko to AM Green Power and commits a new USD 731mn investment in the Luxembourg-based AMG holding, confirming its strategic repositioning in next-generation energy.
Invenergy seals four further contracts with Meta to supply nearly eight hundred megawatts of solar and wind power to the group’s data centres, lifting total cooperation between the two companies to one point eight gigawatts.
Pedro Azagra leaves his role as CEO of Avangrid to become CEO of Iberdrola, while Jose Antonio Miranda and Kimberly Harriman succeed him as CEO and Deputy CEO respectively of the American subsidiary.