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ENGIE H1 2026 Results

Finance

Published on July 31, 2026

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PR ENGIE H1 2026 results

31/07/2026

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Strong financial performance driven by good operational execution

First contribution from UK Power Networks

2026 guidance upgraded

Business highlights

Financial performance 

  • Solid Renewables & BESS activity, with 59.5 GW of installed capacity at the end of H1 2026 and 6.4 GW under construction 

  • Strong commercial activity, with 2.4 GW of PPAs signed in H1 2026, twice the level recorded in the first half of last year

  • Expansion in power networks, with the award of a tender in Peru covering more than 400 km of power transmission lines 

  • Contribution from UK Power Networks since May 2026

  • EBIT excluding Nuclear of €5.3bn, up 1.2% organically, driven by investments and despite a high comparison basis

  • Strong contribution of €304m from the performance plan

  • Solid cash generation with CFFO[1] at €6.9bn

  • Economic net debt up €15.1bn, and economic net debt/EBITDA ratio at 4.2x, with only 2 months of consolidation of UK Power Networks 

  • FY 2026 guidance upgraded with NRIgs[2] now expected between €4.9bn and €5.5bn


Catherine MacGregor, CEO, said: “ENGIE delivered a very strong first half, once again demonstrating its ability to create value in various market conditions. We continued to execute our growth strategy, driven by our renewables and flexibility businesses as well as power infrastructure. 

The growing focus on energy sovereignty, competitiveness and decarbonisation is reinforcing the central role of electrification in the transformation of energy systems. As governments, industries and consumers accelerate this shift, the need for resilient low-carbon power, networks and flexibility continues to grow. ENGIE is instrumental to support this affordable transition and uniquely positioned to capture the opportunities it creates through its balanced portfolio of generation, infrastructure and supply.

Strengthened by these results and confident in our outlook for the second half of the year, we are raising our 2026 guidance for net recurring income Group share.”
 

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

[2] Net recurring income Group share

Our expert

Catherine MacGregor

Chief Executive Officer

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