FINANCE

ENGIE 9M 2025 results

By ENGIE - 06 November 2025 - 08:00

Good earnings performance and solid cash generation.
FY 2025 guidance confirmed, at the upper end of the range.

 

Business highlights

  • Solid execution in Renewables & BESS with 55GW of installed capacity and 6 GW under construction as of September 30
  • Acceleration in PPAs in the 3rd quarter with more than 3 GW of PPAs signed since the start of the year
  • Expansion in flexible assets across Italy, Romania, and Belgium
  • Restart of the Doel 4 reactor and final payment made allowing the final closing of the transfer of nuclear waste liabilities in Belgium

 

Financial performance

  • EBIT excluding Nuclear at €6.3bn, an organic decrease of 7.3%, in a context of lower energy prices and a strong decline in hydro volumes
  • High contribution of €477m from the performance plan, securing good earnings momentum for year-end
  • Strong cash generation with a CFFO1 at €11.4bn
  • Maintaining a solid balance sheet with economic net debt/EBITDA at 3.2x and economic net debt reduced by €1.4bn to €46.4bn
  • FY 2025 guidance confirmed with NRIgs2 expected in the upper end of the range of €4.4-5.0bn
resultats-9M-2025-EN
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ENGIE has posted a robust performance over the first nine months of the year, despite a market environment characterized by weakening energy prices. Our cash flow generation remains very high, at €11.4 billion, which demonstrates the strength of our utility model and the quality of our earnings. Our performance plan has got off to a strong start, with a positive contribution of nearly €500 million over nine months. We have continued our development in renewables and flexible assets in Europe, which are essential to supporting the energy transition. The commercial momentum around PPAs continues, driven by the exponential needs of data centers, particularly in the United States. ENGIE is very well positioned, having signed more than 3 GW of PPAs during the period, with clients such as Meta. In Belgium, Tihange 3 and Doel 4 reactors restarted respectively in July and in October, following a period of work for its ten-year extension. This marks a critical step in the nuclear extension program, as well as the achievement of the major objective of the agreements signed with the Belgian State, now completed. Finally, we are confident in achieving the upper end of our guidance range for the year.

Catherine MacGregor – CEO

1 Cash Flow From Operations: Free Cash Flow before maintenance Capex and nuclear phase-out expenses
2 Net recurring income Group share