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25 February 2026

ENGIE FY 2025 results

Another year of strong results

Proposed dividend of €1.35 per share for 2025

2026-2028 mid-term outlook highlighting the Group’s growth profile

Accretive acquisition of UK Power Networks, best-in-class electricity distribution network

Business highlights

Financial performance

  • Targets met across the Renewables & BESS businesses, with 57.2 GW of installed capacity at end‑December 2025 and nearly 8 GW under construction

  • Record increase in renewable and battery capacity with 6.2 GW added 

  • ENGIE remains a corporate PPA leader, with 4.8 GW signed 

  • Strong contribution from Networks 

  • Market conditions stabilization completed

  • Continued progress on our Net Zero 2045 trajectory, with Group‑wide GHG emissions from energy production down 57% to 45 Mt in 2025 vs. 2017

  • Transfer of the Tihange 3 and Doel 4 reactors into a joint venture equally owned with the Belgian State and successful reactors restart

     

  • FY2025 results at the upper end of the guidance range, with NRIgs[i] of €4.9bn

  • EBIT excluding Nuclear: €8.8bn, up +2.2% organically

  • Outstanding contribution of €823m from the performance plan

  • Strong cash generation with CFFO[ii] of €13.6bn 

  • Solid balance sheet maintained, with net economic debt / EBITDA at 3.1x, stable year‑on‑year and Net economic debt down €2.7bn to €45.2bn

  • Net financial debt up €5.7bn to €38.9bn reflecting the cash‑out related to the Belgian nuclear deal

  • Proposed dividend of €1.35 per share for 2025, corresponding to a 67% payout ratio 

  • For 2026, NRIgs expected between €4.6-5.2bn 

     

 

Catherine MacGregor, CEO, said: “2025 was another year of solid performance for ENGIE in earnings and cash generation, while energy markets are now stabilizing. 2025 was also a record year in renewables and batteries with 6.2 GW of additional capacity and in strengthening our leadership position in PPAs. 

Driven by both energy demand and environmental ambition across countries, the energy transition continues to progress at pace. 

In this context, our utility profile and integrated model—rooted in a balanced geographic footprint, the combined strength of electrons and molecules, and a growing exposure to regulated activities through critical energy‑security and flexibility infrastructure—clearly demonstrate their relevance.

The acquisition of UK Power Networks marks a major milestone in the implementation of our strategic priorities. By reinforcing our position in electricity networks, it confirms our ambition to become the best energy transition utility and will support our growth momentum while improving our risk profile.

I have full confidence in the strength of our strategy and in our ability sustainably to create value for our shareholders, our employees and our customers.”
 


[i] Net recurring income Group share

[ii] Cash Flow From Operations: Free Cash Flow before maintenance Capex and nuclear phase-out expenses

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