Engie raises 2026 guidance following half-year EBIT excluding nuclear of €5.3 billion
Engie raised its 2026 annual guidance for recurring net income attributable to the Group on July 31, 2026, following a solid first half and the initial contribution of UK Power Networks.
The group reported EBIT excluding nuclear of €5.3 billion, up 1.2% on an organic basis, while the consolidation of UK Power Networks since May brings the net economic debt to EBITDA ratio to 4.2x, a level reflecting only two months of activity from the new subsidiary.
EBIT and operating cash flow support confidence
EBIT excluding nuclear reached €5.3 billion in the first half of 2026, up 1.2% on an organic basis despite a high comparison base, driven by the group's investments. The performance plan contributed €304 million to this aggregate, while operating cash flow (CFFO) stood at €6.9 billion, confirming a solid liquidity level.
This operational strength is based on the group's investments in its core businesses, particularly renewable energies and flexibility infrastructure. EBIT also includes the initial contribution of UK Power Networks, a regulated electricity distributor in the United Kingdom, consolidated since May 2026, representing two months of activity during the half-year period.
Renewables accelerates: PPA signatures doubled, portfolio expanding
The Renewables & BESS portfolio reached 59.5 GW of installed capacity at end of June 2026, supported by approximately 6.4 GW of projects under construction. Commercial activity is accelerating with the signing of 2.4 GW of power purchase agreements (PPAs) during the first half, double the volume achieved in the first half of 2025.
The group is also expanding its presence in electricity networks: it won a tender in Peru for the development and operation of over 400 km of electricity transmission lines. These successes reflect Engie's strategy to capture opportunities from the energy transition, in a context where energy sovereignty and decarbonization are establishing themselves as public priorities.
Guidance raised to finance growth
Engie raised its 2026 guidance for recurring net income attributable to the Group (RNRpg) to a range of €4.9 to €5.5 billion, compared with €4.6 to €5.2 billion previously, representing an upward revision of €300 million at the midpoint reflecting management's confidence in the trajectory for the second half.
Net economic debt increased by €15.1 billion during the half-year, bringing the net economic debt to EBITDA ratio to 4.2x. Engie notes that this ratio accounts for only two months of consolidation of UK Power Networks, suggesting a normalization as this subsidiary contributes to EBITDA on a full-year basis.
