Engie's quarterly earnings fall short of expectations due to lower gas and power sales
The third-quarter EBIT, excluding nuclear, falls 18%
Gas revenues down 12.8%
Renewables drop 6.9%
By America Hernandez
PARIS, November 6 - French utility Engie’s third-quarter results fell 18% short of analyst expectations. This was due to lower hydropower production, gas prices, and increased gas sales volumes, despite colder weather than usual. Thursday's results for the third quarter showed earnings before tax, interest and other expenses (EBIT), but excluding nuclear. This was 1.2 billion euro ($1.40 billion). This was down from the 1.47 billion euro figure in the same quarter last year, and also missed Visible Alpha's consensus analyst forecast of 1.4 billion euros.
The normalization of energy prices has penalised us in this year's performance, but we are making good progress with our new plan for improved performance," said Pierre-Francois Riolacci, finance chief.
The benchmark European gas prices for the third quarter were 9% lower than they were a year earlier, resulting in reduced trading profits.
The first nine months in 2025 saw a 12.8% drop in earnings from gas generation despite increased gas sales.
Engie's new renewables projects in North America, Latin America, and Africa were impacted by a 6.9% drop in revenue due to a lower hydropower output. Engie received a $101m arbitration award for winning a dispute with French oil giant TotalEnergies regarding undelivered LNG cargoes between 2023 and 2024.
(source: Reuters)