ENGIE (ENGI FP): Hold: Upside from management action?

Research evidence excerpt

ENGIE (ENGI FP): Hold: Upside from management action?

Equities ● Gas Utilities

6 July 2026

◆ COVID-19 disruptions impacting Engie’s business: This phase covers the 2020-21

period in which Engie’s share price declined more than c20% primarily driven by the

negative impact on its earnings from the pandemic, mainly in Engie’s supply and service

business.

◆ Energy crisis & commodity price upside, nuclear risk reduction, and shift away from

services: During 2022-24, Engie’s share price improved steadily, mainly driven by the

energy crisis that resulted in significant pricing upside as well as the reduction of nuclear

risk with the Belgian state assuming liabilities. Engie also significantly reduced its exposure

to services and sold assets while renewables continued to grow.

◆ Use of energy crisis windfall for electricity network acquisition: Since the middle of

2024, Engie share price has increased by c80% with the market repricing the shift in risk

profile away from nuclear and non-utility-like services to renewables and electricity networks

with growth driven by steady cashflows from other business segments.

Since the middle of 2024, the market has repriced the shift in risk with nuclear and a non-

utility-like services business replaced by renewables and electricity networks

30 Engie share price evolution, in EUR/share

25 Covid impacting Energy crisis

Strategic transformation on demand and volatility boosting

track but offset by overhang other services Engie's 20 risk and commodity price impacting Engie's commodity

volatility earnings business Strong 15

performances from

regulated business

10 and UKPN

acquisition

Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23 Jun-24 Jun-25 Jun-26

Source: LSEG Workspace

ENGIE presented its strategic plan on 26 February 2026.