Engie: sales jump by 85% in nine months, annual targets raised

Engie has raised its targets for the year 2022 after its third quarter results rose, buoyed by high energy prices.

Share:

Engie has raised its targets for 2022 after third-quarter results rose, driven by high energy prices and growth in most of its businesses.

The group’s recurring net income (excluding exceptional items) for the year should now be in the range of 4.9 to 5.5 billion euros (compared to a range of 3.8 to 4.4 billion euros previously forecast), the energy company said.

Engie saw its revenues jump by more than 85% over nine months, to €69.3 billion. Its operating profit (Ebit) is 7.3 billion, up 84.4%.

The main gas supplier in France also said it was “confident” in its ability to supply next winter without Russian gas.

Engie, in which the French state holds nearly 24%, has continued to reduce its exposure to volumes previously purchased from Gazprom, to what Pierre-François Riolacci, Executive Vice President Finance, CSR and Procurement, calls “epsilonically low”.

“For the winter of 2023-24, the group remains confident that additional volumes contracted through new supply sources including liquefied natural gas, as well as an expected decrease in demand, will help replace the need for gas from Russia and achieve the required storage levels,” the statement said.

“Engie achieved its results in unprecedented market conditions and continues to play a major role in security of supply,” commented its CEO, Catherine MacGregor.

“Our financial situation allows us to contribute to crisis management through the mobilization of our cash, government profit-sharing mechanisms, as well as support mechanisms for our customers,” she added. The company’s staff should receive a one-time bonus of 1,500 euros, the group announced.

Eni announces a sharp decline in quarterly net profit, the result of lower oil prices and a weaker dollar, while maintaining a strengthened dividend policy and a development trajectory in renewables.
EDF is reassessing its industrial priorities and streamlining investments, as net profit falls to €5.47bn ($5.94bn) in the first half of 2025 due to a weakening electricity market.
Energy group Edison posts increased sales and investments despite a less favourable market environment, advancing its renewables development and strengthening its positions in Italy.
SEGULA Technologies opens an office in Cape Town, strengthening its presence in the African market and targeting expansion in energy, rail, and automotive sectors, in partnership with South African industrial firm AllWeld.
GE Vernova's revenue rose by 11% in the second quarter, driven by momentum in its Power activities, as the US group raised its financial targets for 2025.
The Allrig group is expanding its operations in Saudi Arabia, supported by AstroLabs, to boost energy efficiency and address the growing needs of the local oil sector.
Saipem and Subsea7 formalise their merger agreement, resulting in the creation of Saipem7, an international energy services player with consolidated revenue of €21bn and an order backlog of €43bn.
TotalEnergies reports a significant decrease in net profit and revenue for the second quarter, while relying on growth in its hydrocarbon and electricity production to sustain profitability and global ambitions.
Exus Renewables North America finalizes $308.2 million financing for two major solar portfolios in New Mexico and wind projects in Pennsylvania, showcasing the expansion of large-scale renewable assets across multiple U.S. markets.
Baker Hughes posted attributable net income of $701 mn in the second quarter, while executing several strategic transactions and strengthening its position in industrial technologies and oilfield services markets.
Equinor announces a 13% decline in adjusted profit for Q2 2025, driven by falling oil prices, despite rising gas prices and production.
Iberdrola launches a EUR5 billion (USD5.87 billion) capital increase to fund the expansion and modernization of its power grids in the UK and the US, while announcing a decline in its half-year profit.
Halliburton reports a 50% drop in net income and nearly a 6% reduction in revenue for Q2, with demand in North America remaining particularly weak.
The growth of data centres and artificial intelligence is putting unprecedented pressure on global electricity grids, prompting major tech companies to rethink their energy supply to address capacity and competitiveness challenges.
BP announces the appointment of Albert Manifold as chairman, succeeding Helge Lund. Manifold, former CEO of CRH, will join the board on September 1, before officially taking over the role on October 1.
Romanian company Electrica raised €500 million through the country's first green bond issuance, with participation from the European Investment Bank (EIB), to finance its renewable energy and storage projects.
Kem One and EDF signed a protocol agreement for a 10-year electricity supply contract, covering seven French industrial sites. The contract is expected to be finalised by the end of September 2025.
The Canadian energy solutions provider has received approval from the Toronto Stock Exchange to repurchase up to 10% of its float by July 2026.
The Marseille Commercial Court has validated Bourbon Group’s accelerated safeguard plans, paving the way for a debt reduction and shareholder transition by the end of 2025.
Legrand now expects annual revenue growth of 10 to 12%, driven by data centre momentum, with an immediate impact on its share price in Paris.