Engie: Strong results drive guidance upgrade: the upper end becomes now the mid point. H1 26 first take

Research evidence excerpt

Engie: Strong results drive guidance upgrade: the upper end becomes now the mid point. H1 26 first take

J P M O R G A N Europe Equity Research

31 July 2026

Engie Overweight

ENGIE.PA, ENGI FP

Strong results drive guidance upgrade: the upper end Price (30 Jul 26):€26.07

becomes now the mid point. H1 26 first take Price Target (Dec-27):€32.00

Our Take: We expect the shares to perform well on the back of a robust print in European Utilities & Clean Energy

ACH1, 4.5%/1.9% ahead of JPME at the EBIT/net income level and with a guidance Javier Garrido

upgrade for FY26 where the old upper end of the EBIT ex-nuclear and net income (34-91) 516-1557

guidance ranges have become the mid-point of the new range. In fact, prevailing javier.x.garrido@jpmorgan.com

gas and power market conditions may still allow Engie to deliver at the top of the J.P. Morgan Securities plc

upgraded guidance range if sustained, in our view. Pavan Mahbubani, CFA

(44-20) 7134-3056

• Noteworthy Areas: EBIT ex-nuclear of €5,263m is up 3.3% yoy and 3.2% pavan.mahbubani@jpmorgan.com

above JPME (+4.5% vs JPME incl Nuclear). The beat was driven by Gas J.P. Morgan Securities plc

Generation, Networks (from legacy networks, as UKPN was in line) and Alejandra Botbol

Energy Management, which more than offset the shortfall in B2B (see Table (44-20) 3493-8711

alejandra.botbol@jpmorgan.com

1 for details). The performance plan made an impressive €304m contribution J.P. Morgan Securities plc

in H1 2026. The market is likely to be encouraged by and look for more detail Samanvitha Theegela

on Engie’s data center plants as the company states in the release the following: (91-22) 6157-5846

“ENGIE continued to expand its data center activities, with a pipeline of samanvitha.theegela@jpmchase.com