FINANCE

ENGIE H1 2025 results

By ENGIE - 01 August 2025 - 08:00

Solid financial results and strong operational delivery.
FY 2025 guidance confirmed.

 

Business highlights

  • Robust activity in Renewables & BESS, with 52.7 GW of installed capacity at end of H1 2025 and nearly 8 GW under construction
  • Renewables and BESS project pipeline increased to 118 GW at end-June 2025
  • Final negotiations of a PPA for a 1.5 GW solar project awarded and ongoing bid for a 1.4 GW OCGT project in UAE
  • Closing of the nuclear transaction in Belgium and successful initial works on the Tihange 3 reactor


Financial performance

  • EBIT excluding Nuclear at €5.1bn, an organic decrease of 6.4% compared to a high H1 2024, in a context of lower energy prices
  • Strong cash generation with a CFFO1 at €8.4bn in H1 2025
  • Maintaining a solid balance sheet with an economic net debt/EBITDA ratio stable at 3.1x
  • Economic net debt reduced by €1.1bn to €46.8bn over H1
  • FY 2025 guidance confirmed with NRIgs2 expected in the range of €4.4-5.0bn
resultats-H1-2025-EN
over-the-years-image

ENGIE achieved a solid financial performance in the first six months of the year, marked notably by a very high cash flow generation of €8.4 billion. Our operational excellence allowed us to successfully complete large-scale projects on time and within budget. We commissioned the Red Sea Wind Energy park in Egypt, the largest wind farm in the Middle East and Africa, produced the first power from the Yeu-Noirmoutier islands offshore wind farm in France, and restarted the Tihange 3 power plant in July as part of the nuclear LTO signed with the Belgian government. Our diversified geographical footprint is a key asset that provides the necessary flexibility to achieve our goals in the current economic and geopolitical context, and also to contribute to the energy transition in the countries where we operate. We approach the coming months with confidence and confirm our annual guidance. As anticipated, EBIT excluding nuclear is reaching its low point this year, but with H2 2025 expected to be up compared to last 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