First Read Engie Small beat on H1 26. 2026 guidance upgrade.

Research evidence excerpt

First Read Engie Small beat on H1 26. 2026 guidance upgrade.

Global Research

31 July 2026ab

First Read

EquitiesEngie

Small beat on H1 26. 2026 guidance upgrade. France

Gas Utilities

12-month rating Buy

Q: How did the results compare vs expectations?

A: Engie released H1 2026 numbers this morning. The company reported H126 EBIT 12m price target €31.00

(incl. nuclear) of €5.38bn, 2% above UBSe of €5.28bn, and net income of €2.96bn, 4%

ahead of UBSe at €2.84bn and 3% ahead of Bloomberg consensus.

Price (30 Jul 2026) €26.07

Q: What were the most noteworthy areas in the results? RIC: ENGIE.PA BBG: ENGI FP

A: (1) Infrastructure EBIT increased 13% y-y to €2,224m in H126 benefitting mainly Trading data and key metrics

from consolidation of UKPN (+€180m); (2) Supply & Energy Management EBIT 52-wk range €29.53-17.36

remained flat y-y as a better performance of B2C (driven by organic growth supported Market cap. €66.3b/US$76.4b

by effective portfolio management) was offset by a lower EBIT contribution from B2B

Shares o/s 2,542m (ORD)

(driven by normalization of margins and non-recurrence of positive one offs) and Energy

Free float 72%

Management; (3) Renewables & Flex Power EBIT declined 9% y-y mainly due to a

Avg. daily volume ('000) 3,234

weaker performance of the Gas Generation division (driven by lower captured spreads in

Europe, non-recurrence and positive one-offs and gas pipeline failure in Peru), while in Avg. daily value (m) €87.6

the Renewables & BESS division a benefit from new capacity added was largely offset by Common s/h equity (12/26E) €32.9b

lower captured prices in Europe; (4) Renewables additions: Engie added 2.4GW of P/BV (12/26E) 2.0x

renewables and storage capacity in H126 and has 6.4GW under construction. Engie Net debt to EBITDA (12/26E) 4.0x