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Earnings Release • Aug 1, 2025
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Earnings Release
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Press release 1 August 2025
ENGIE H1 2025 results
Solid financial results and strong operational delivery FY 2025 guidance confirmed
- Robust activity in Renewables & BESS, with 52.7 GW of installed capacity at end of H1 2025 and nearly 8 GW under construction
- Renewables and BESS project pipeline increased to 118 GW at end-June 2025
- Final negotiations of a PPA for a 1.5 GW solar project awarded and ongoing bid for a 1.4 GW OCGT project in UAE
- Closing of the nuclear transaction in Belgium and successful initial works on the Tihange 3 reactor
Business highlights Financial performance
- EBIT excluding Nuclear at €5.1bn, an organic decrease of 6.4% compared to a high H1 2024, in a context of lower energy prices
- Strong cash generation with a CFFO1 at €8.4bn in H1 2025
- Maintaining a solid balance sheet with an economic net debt/EBITDA ratio stable at 3.1x
- Economic net debt reduced by €1.1bn to €46.8bn over H1
- FY 2025 guidance confirmed with NRIgs2 expected in the range of €4.4-5.0bn
| In € billion | 30 June 2025 | 30 June 2024 | Δ 2025/24 gross |
Δ 2025/24 organic |
|
|---|---|---|---|---|---|
| Revenue | 38.1 | 37.5 | +1.4% | +2.9% | |
| EBITDA (ex. Nuclear) | 7.4 | 7.8 | -5.2% | -2.9% | |
| EBITDA | 8.3 | 8.9 | -7.4% | -5.5% | |
| EBIT (ex. Nuclear) | 5.1 | 5.6 | -9.4% | -6.4% | |
| Net Recurring Income, Group share | 3.1 | 3.8 | -18.8% | -15.9% | |
| Net Income, Group share | 2.9 | 1.9 | +50.5% | ||
| Capex3 | 3.3 | 5.2 | -35.8% | ||
| Cash Flow From Operations | 8.4 | 8.9 | -5.5% | ||
| Net financial debt | 35.7 | +€2.4bn versus 31 December 2024 | |||
| Economic net debt | 46.8 | -€1.1bn versus 31 December 2024 | |||
| Economic net debt / EBITDA | 3.1x | stable versus 31 December 2024 |
Key figures as of 30 June 2025
Catherine MacGregor, CEO, said: "ENGIE achieved a solid financial performance in the first six months of the year, marked notably by a very high cash flow generation of €8.4 billion. Our operational excellence allowed us to successfully complete large-scale projects on time and within budget. We commissioned the Red Sea Wind Energy park in Egypt, the largest wind farm in the Middle East and Africa, produced the first power from the Yeu-Noirmoutier islands offshore wind farm in France, and restarted the Tihange 3 power plant in July as part of the nuclear LTO signed with the Belgian government. Our diversified geographical footprint is a key asset that provides the necessary flexibility to achieve our goals in the current economic and geopolitical context, and also to contribute to the energy transition in the countries where we operate. We approach the coming months with
N.B. Footnotes are on page 7
confidence and confirm our annual guidance. As anticipated, EBIT excluding nuclear is reaching its low point this year, but with H2 2025 expected to be up compared to last year."
FY 2025 guidance confirmed
In an uncertain economic environment and amid adverse foreign exchange movements, and based on strong results and cash generation in the first half, the Group confirms its 2025 guidance. Net Recurring Income group share is expected in a range of €4.4-5.0bn, with EBIT excluding nuclear in an indicative range of €8.0-9.0bn.
Detailed guidance key assumptions can be found in appendix 4.
Strong operational execution
Renewable & Flex
ENGIE's total installed renewables and storage capacity amounted to 52.7 GW at end-June 2025, an increase of 1.9 GW compared to end-2024. As at 30 June 2025, the 95 projects under construction represent a total capacity of nearly 8 GW. The Group also signed 1.2 GW of PPAs (Power Purchase Agreements), the vast majority of which have a duration of more than five years. The Group has a growing project pipeline, reaching 118 GW at end-June 2025, up by 3 GW compared to end-December 2024. ENGIE is on track to add 7 GW on average of renewables and storage capacity per year starting in 2025.
In the first half of the year, ENGIE completed the full commissioning of the Red Sea Wind Energy park (650 MW) located in Ras Ghareb, Egypt, four months ahead of the initial schedule, making it the largest operational wind farm in the Middle East and Africa. In the United Arab Emirates, the Group is in final negotiations for a PPA of a 1.5 GW solar project awarded and has bid for a new flexible 1.4GW open cycle gas turbine (OCGT). ENGIE, through its joint venture Ocean Winds, also announced the first electricity production from the offshore wind farm in the Île d'Yeu and Noirmoutier, marking a key milestone towards its full commissioning expected by the end of 2025.
Finally, ENGIE launched the construction of its new 100 MW battery park with a total storage capacity of 400 MWh at its Kallo site in the port of Antwerp.
Networks
Over the first half of 2025, the utilization rate of ENGIE's French LNG terminals reached 87% versus 62% in H1 2024. This level reflects the growing role of these infrastructures in securing France's gas supply.
ENGIE has also continued to make progress in the field of biomethane, with an annual production capacity connected to ENGIE's networks in France reaching 13.8 TWh, a year-on-year increase of 2.2 TWh.
The H2Med hydrogen project has reached a major milestone with the creation of the BarMar joint venture, following the signing of a shareholders' agreement between Enagás, NaTran, and Teréga. This JV will develop a subsea pipeline to transport low-carbon hydrogen from Barcelona (Spain) to Marseille (France), forming a central link in the European H2Med corridor.
Local Energy Infrastructure
In the first half of the year, driven by commercial momentum in line with expectations, ENGIE was selected by Airbus to contribute to its decarbonization roadmap. Through this framework agreement, the Group will deploy customized solutions at each of the 22 sites of the European aerospace manufacturer.
Additionally, Tabreed, 40% owned by ENGIE, announced the acquisition of the local company PAL Cooling in Abu Dhabi as part of a joint venture with CVC DIF, for approximately one billion dollars USD. This operation strengthens its presence in the district cooling market in the region.
Finally, ENGIE is strengthening its commitment to geothermal energy with the launch of a new drilling project in Île-de-France, bringing the number of plants in operation or under construction in the country to 27.
Capital allocation
In H1 2025, gross capex amounted to €3.3bn. Net growth capex amounted to €2.2bn, down compared to last year, mainly due to timing of acquisitions and higher sell-downs in the US. 75% was allocated to Renewable & Flex Power and Networks.
During the first half, the Group signed or closed several disposals, notably within the Renewable & Flex Power activities in Pakistan, Bahrain, Kuwait, and Morocco, as well as in the context of the strategic review of LEI activities in the United States. ENGIE also sold its remaining 5% stake in GTT.
Performance plan
ENGIE maintained its operational excellence momentum in H1 2025 with a contribution of €246m from the performance plan.
Nuclear in Belgium
On March 14, 2025, ENGIE and the Belgian government closed the transaction covering the 10-year extension of the Tihange 3 and Doel 4 nuclear reactors and the transfer of responsibility related to nuclear waste.
The Group also successfully completed the initial works for 2025 on the Tihange 3 reactor, which restarted on July 10, 2025.
Successful employee shareholding operation "Link 2025"
ENGIE has successfully completed its employee shareholding operation with a record number of employees subscribing to LINK 2025. Total subscriptions amounted to €70m, representing nearly 5 million shares. 42% of eligible employees across the Group took part in the plan, with more than 33,000 subscribers in about twenty countries. Following the transaction, employees now hold over 4% of ENGIE's capital, making them the Group's fourth-largest shareholder.
H1 2025 financial review
Revenue at €38.1bn was up 1.4% on a gross basis and up 2.9% on an organic basis.
EBITDA at €8.3bn was down 7.4% on a gross basis and down 5.5% on an organic basis.
EBITDA (ex. Nuclear) at €7.4bn was down 5.2% on a gross basis and down 2.9% on an organic basis. EBIT (ex. Nuclear) stood at €5.1bn, down 9.4% on a gross basis and down 6.4% organically.
- Foreign exchange: negative net impact of €98m, mainly due to the depreciation of the Brazilian real.
- Scope: a negative net effect of €80m notably due to the disposal of 15.66% in Safi (Morocco), as well as the disposal of Senoko (Singapore) and Uch (Pakistan).
- French temperatures: the temperature effect provide a generating a positive year-on-year variation of €55m across Networks,B2C and B2B
EBIT contribution by activity
| In €m | 30 June 2025 | 30 June 2024 | Δ 2025/24 gross |
Δ 2025/24 organic |
|---|---|---|---|---|
| Renewable & Flex Power | 1,988 | 2,295 | -13.4% | -9.0% |
| Renewables & BESS | 1,313 | 1,463 | -10.3% | -7.4% |
| Gas generation | 676 | 832 | -18.8% | -12.0% |
| Infrastructures | 1,959 | 1,417 | +38.2% | +43.4% |
| Networks | 1,722 | 1,137 | +51.4% | +58.1% |
| Local Energy Infrastructures | 236 | 280 | -15.5% | -14.5% |
| Supply & Energy Management | 1,536 | 2,254 | -31.9% | -31.9% |
| B2C | 272 | 331 | -17.9% | -18.3% |
| B2B | 888 | 1,108 | -19.8% | -19.8% |
| Energy Management | 375 | 814 | -53.9% | -53.9% |
| Others | -387 | -343 | -12.9% | -7.5% |
| EBIT ex. Nuclear | 5,095 | 5,623 | -9.4% | -6.4% |
| Nuclear | 503 | 770 | -34.6% | -34.6% |
| EBIT | 5,598 | 6,392 | -12.4% | -9.9% |
Renewable & Flex Power
| In €m | 30 June 2025 | 30 June 2024 | Δ 2025/24 | Δ 2025/24 | ||
|---|---|---|---|---|---|---|
| gross | organic | |||||
| EBITDA | 2,650 | 2,885 | -8.2% | -4.7% | ||
| EBIT | 1,988 | 2,295 | -13.4% | -9.0% | ||
| Renewables & BESS | 1,313 | 1,463 | -10.3% | -7.4% | ||
| Gas generation | 676 | 832 | -18.8% | -12.0% | ||
| Operational KPIs | ||||||
| Renewable & BESS | ||||||
| Capacity additions (GW at 100 %) | 1.9 | 1.6 | ||||
| Hydro volumes - France (TWh at 100 %) | 8.1 | 10.2 | -2.1 | |||
| CNR – achieved prices (€/MWh)4 | 110 | 107 | +2.2% | |||
| Generation | ||||||
| Average captured CSS Europe (€/MWh) | 29 | 54 | -46.3% | |||
| Load factor Europe (%) | 23.9 | 20.2 | +370bps | |||
| Internal unplanned unavailability (%) | 3.7 | 3.1 | +60bps |
EBIT from Renewables & BESS activities recorded an organic decrease of 7.4%, mainly due to lower volumes resulting from reduced hydrology in France compared to the exceptionally favorable conditions in first half of 2024. These elements were partially offset by the commissioning in North and Latin America, the improved operational performance in North America, and a lower hydro tax in France.
EBIT from Gas generation activities decreased organically by 12.0%, mainly reflecting the continued decline in captured spreads in Europe as well as a high comparison base, as the Group had benefited from positive oneoffs in the first half of 2024. This was partially offset by the end of the inframarginal tax in France in 2025. Internationally, EBIT benefited from a positive one-off in Chile, and a favorable price effect in Australia.
Infrastructures
| In €m | 30 June 2025 | 30 June 2024 | Δ 2025/24 gross |
Δ 2025/24 organic |
|
|---|---|---|---|---|---|
| EBITDA | 3,139 | 2,593 | +21.0% | +23.6% | |
| EBIT | 1,959 | 1,417 | +38.2% | +43.4% | |
| Networks | 1,722 | 1,137 | +51.4% | +58.1% | |
| Local Energy Infrastructures | 236 | 280 | -15.5% | -14.5% | |
| Operational KPIs | |||||
| Networks | |||||
| French RAB (€bn) vs. Dec. 2024 | 32.1 | 32.0 | +0.1 | ||
| Power transmission network length (km) vs. Dec. 2024 | 5,463 | 5,439 | +24 | ||
| LEI | |||||
| EBIT margin | 6.2% | 5.2% | -104pb |
EBIT from Networks increased organically by 58.1%, mainly driven by the increase in transport tariffs from April 2024 and distribution tariffs from July 2024, as well as colder temperatures compared to last year. In Latin America, performance remained strong, supported by the construction of power lines in Brazil and tariff indexation in both Brazil and Mexico.
EBIT from Local Energy Infrastructures declined organically by 14.5% in H1 2025 year-on-year, reflecting an improvement versus Q1 2025. The decrease was mainly driven by the expected normalization of market prices which continued to weigh on the spreads captured by cogeneration assets. This was partially offset by a positive impact from colder temperatures in 2025 which supported district heating sales, and by continued margin improvement in energy efficiency activities driven by greater project selectivity.
| In €m | 30 June 2025 | 30 June 2024 | Δ 2025/24 gross |
Δ 2025/24 organic |
|---|---|---|---|---|
| EBITDA | 1,767 | 2,500 | -29.3% | -29.3% |
| EBIT | 1,536 | 2,254 | -31.9% | -31.9% |
| B2C | 272 | 331 | -17.9% | -18.3% |
| B2B | 888 | 1,108 | -19.8% | -19.8% |
| Energy Management | 375 | 814 | -53.9% | -53.9% |
| Operational KPIs | ||||
| Number of B2C contracts (in thousands) | 19,436 | 19,632 | -196 |
Supply and Energy Management
EBIT in B2C activities decreased organically by 18.3% compared to the first half of 2024, mainly due to a negative timing effect in the second quarter, whereas it had been particularly positive in the first half of 2024. These elements were partially offset by good margins in Europe in a market environment that allows for full valuation of risk costs.
B2B EBIT decreased organically by 19.8%, mainly due to the significant decrease in timing effects that had positively impacted EBIT in the first half of 2024. The activity also benefited from good commercial momentum in the first half of 2025, with margin levels in line with expectations.
EBIT in Energy Management decreased organically by 53.9%. This decrease mainly reflects the continued normalization of market conditions, lower market reserve releases compared to the first half of 2024, a negative one-off related to gas transportation tariffs in Austria and the Netherlands, and softer activity in Q2 2025 due to geopolitical and economic uncertainty.
Nuclear
| In €m | 30 June 2025 | 30 June 2024 | Δ 2025/24 gross |
Δ 2025/24 organic |
||
|---|---|---|---|---|---|---|
| EBITDA | 863 | 1,121 | -23.0% | -23.0% | ||
| EBIT | 503 | 770 | -34.6% | -34.6% | ||
| Operational KPIs | ||||||
| Output (BE + FR, ENGIE share, TWh) | 13.8 | 16.0 | -13.7% | |||
| Availability (Belgium at 100 %) | 81.2% | 88.0% | -680bps |
EBIT in Nuclear declined organically by 34.6% due to lower captured prices in the first half of 2025, as well as a negative volume effect linked to the permanent shutdown of Doel 1 in February 2025 and the conformity outage of Tihange 3 in the second quarter. EBIT was also impacted by a higher level of depreciation, reflecting investments made in 2024 and 2025 which were depreciated over a shorter period due to the legal end-of-life of the assets.
Net recurring income, Group share of €3.1bn Net income, Group share of €2.9bn
| In €bn | H1 2025 |
|---|---|
| NRIgs | 3.1 |
| Restructuring costs | (0.1) |
| Commodities MtM, net of tax | (0.2) |
| Others | +0.1 |
| NIgs | 2.9 |
Net recurring income group share amounted to €3.1bn in H1 2025 compared to €3.8bn in H1 2024.
Net income group share amounted to €2.9bn, an improvement of €1.0bn compared to H1 2024 mainly due to lower impact of the commodity contracts mark-to-market.
Maintaining a solid balance sheet
Cash Flow From Operations amounted to €8.4bn, down €0.5bn compared to a particularly high first half 2024.
Working Capital Requirement was positive at €1.4bn, with a negative year-on-year variation of €0.3bn due to the impact of margin calls (-€0.6bn) and despite a high comparison base.
The Group maintained a strong level of liquidity at €23.2bn as at 30 June 2025, including €15.8bn of cash5 .
Net financial debt stood at €35.7bn, up €2.4bn compared to 31 December 2024. This increase was mainly driven by:
- capital expenditure over the period of €3.3bn,
- dividends paid to ENGIE SA shareholders and to non-controlling interests of €4.0bn,
- funding and expenses related to nuclear in Belgium totaling €3.8bn.
This was partially offset by CFFO of €8.4bn.
Economic net debt stood at €46.8bn, down €1.1bn compared to 31 December 2024.
Economic net debt to EBITDA ratio stood at 3.1x, stable compared to 31 December 2024 and in line with the target ratio below or equal to 4.0x.
S&P: BBB+ / A-2, Stable outlook Moody's: Baa1 / P-2, Stable outlook Fitch: BBB+ / F1, Stable outlook
*************************************
The presentation of the Group's H1 2025 financial information used during the investor conference is available to download from ENGIE's website: Financial results 2025
UPCOMING EVENTS
| 6 November 2025 | Publication of 9M 2025 financial information |
|---|---|
| 26 February 2026 | Publication of FY 2025 financial information |
Footnotes
- 1 Cash Flow From Operations: Free Cash Flow before maintenance Capex and nuclear phase-out expenses
- 2 Net recurring income Group share
- 3 Net of sell down, US tax incentives, including net debt acquired
- 4 Before hydro tax on CNR
- 5 Cash and cash equivalents plus liquid debt instruments held for cash investment purposes minus bank overdrafts
*************************************
Important notice
The figures presented here are those customarily used and communicated to the markets by ENGIE. This message includes forward-looking information and statements. Such statements include financial projections and estimates, the assumptions on which they are based, as well as statements about projects, objectives and expectations regarding future operations, profits, or services, or future performance. Although ENGIE management believes that these forward-looking statements are reasonable, investors and ENGIE shareholders should be aware that such forward-looking information and statements are subject to many risks and uncertainties that are generally difficult to predict and beyond the control of ENGIE, and may cause results and developments to differ significantly from those expressed, implied, or predicted in the forward-looking statements or information. Such risks include those explained or identified in the public documents filed by ENGIE with the French Financial Markets Authority (AMF), including those listed in the "Risk Factors" section of the ENGIE (ex GDF SUEZ) Universal Registration Document filed with the AMF on 13 March 2025 under number D.24-0091. Investors and ENGIE shareholders should note that if some or all of these risks are realised they may have a significant unfavourable impact on ENGIE.
About ENGIE
ENGIE is a major player in the energy transition, whose purpose is to accelerate the transition towards a carbon-neutral economy. With 98,000 employees in 30 countries, the Group covers the entire energy value chain, from production to infrastructures and sales. ENGIE combines complementary activities: renewable electricity and green gas production, flexibility assets (notably batteries), gas and electricity transmission and distribution networks, local energy infrastructures (heating and cooling networks) and the supply of energy to individuals, local authorities and businesses. Every year, ENGIE invests more than €10 billion to drive forward the energy transition and achieve its net-zero carbon goal by 2045.
Turnover in 2024: €73.8 billion. The Group is listed on the Paris and Brussels stock exchanges (ENGI) and is represented in the main financial indices (DJSI World, Euronext Sustainable - Europe 120 / France 20, CAC 40 ESG, MSCI EMU ESG screened, MSCI EUROPE ESG Universal Select, Stoxx Europe 600 ESG-X).
ENGIE HQ Press contact:
Tel. France: +33 (0)1 44 22 24 35 Email: [email protected] ENGIEpress
Investor relations contact: Tel.: +33 (0)1 44 22 66 29 Email: [email protected]
APPENDIX 1: FINANCIAL STATEMENTS
BALANCE SHEET
| ASSETS(in millions of euros) | June 30, 2025 | Dec. 31, 2024 |
|---|---|---|
| Non-current assets | ||
| Goodwill | 13,169 | 13,291 |
| Intangible assets, net | 7,882 | 7,964 |
| Property, plant and equipment, net | 63,101 | 64,388 |
| Other financial assets | 8,833 | 7,722 |
| Derivative instruments | 4,518 | 6,689 |
| Assets from contracts with customers | 3 | 3 |
| Investments in equity method entities | 7,902 | 8,373 |
| Other non-current assets | 980 | 908 |
| Deferred tax assets | 746 | 847 |
| TOTAL NON-CURRENT ASSETS | 107,133 | 110,185 |
| Current assets | ||
| Other financial assets | 2,587 | 11,959 |
| Derivative instruments | 5,882 | 6,366 |
| Trade and other receivables, net | 13,218 | 16,173 |
| Assets from contracts with customers | 7,292 | 9,229 |
| Inventories | 3,162 | 5,061 |
| Other current assets | 10,195 | 12,395 |
| Cash and cash equivalents | 14,996 | 16,928 |
| Assets classified as held for sale | 264 | 1,248 |
| TOTAL CURRENT ASSETS | 57,595 | 79,359 |
| TOTAL ASSETS | 164,729 | 189,544 |
| EQUITY AND LIABILITIES (in millions of euros) | June 30, 2025 | Dec. 31, 2024 |
|---|---|---|
| Shareholders' equity | 30,924 | 34,556 |
| Non-controlling interests | 7,397 | 6,902 |
| TOTAL EQUITY | 38,322 | 41,458 |
| Non-current liabilities | ||
| Provisions | 15,791 | 15,909 |
| Long-term borrowings | 41,835 | 42,880 |
| Derivative instruments | 5,673 | 7,695 |
| Other financial liabilities | 93 | 97 |
| Liabilities from contracts with customers | 434 | 153 |
| Other non-current liabilities | 2,647 | 2,591 |
| Deferred tax liabilities | 5,566 | 5,875 |
| TOTAL NON-CURRENT LIABILITIES | 72,038 | 75,201 |
| Current liabilities | ||
| Provisions | 2,512 | 17,712 |
| Short-term borrowings | 10,366 | 9,127 |
| Derivative instruments | 4,815 | 5,951 |
| Trade and other payables | 15,679 | 19,153 |
| Liabilities from contracts with customers | 3,077 | 3,818 |
| Other current liabilities | 17,920 | 16,565 |
| Liabilities directly associated with assets classified as held for sale | ‐ | 560 |
| TOTAL CURRENT LIABILITIES | 54,369 | 72,884 |
| TOTAL EQUITY AND LIABILITIES | 164,729 | 189,544 |
INCOME STATEMENT
| In millions of euros | June 30, 2025 | June 30, 2024 |
|---|---|---|
| REVENUES | 38,066 | 37,525 |
| Purchases and operating derivatives | (25,652) | (26,452) |
| Personnel costs | (4,462) | (4,315) |
| Depreciation, amortization and provisions | (2,564) | (2,481) |
| Taxes | (1,168) | (1,324) |
| Other operating income | 645 | 616 |
| Current operating income including operating MtM | 4,866 | 3,569 |
| Share in net income of equity method entities | 516 | 580 |
| Current operating income including operating MtM and share in net income of equity method | ||
| entities | 5,382 | 4,149 |
| Impairment losses | (28) | (293) |
| Restructuring costs | (62) | (155) |
| Changes in scope of consolidation | 190 | 544 |
| Other non-recurring items | (46) | (24) |
| NET INCOME/(LOSS) FROM OPERATING ACTIVITIES | 5,436 | 4,221 |
| Financial expenses | (1,759) | (1,825) |
| Financial income | 752 | 803 |
| NET FINANCIAL INCOME/(LOSS) | (1,007) | (1,022) |
| Income tax benefit/(expense) | (1,010) | (802) |
| NET INCOME/(LOSS) | 3,419 | 2,397 |
| Net income/(loss) Group share | 2,923 | 1,942 |
| Non-controlling interests | 497 | 455 |
| BASIC EARNINGS/(LOSS) PER SHARE (EUROS) | 1.16 | 0.78 |
| DILUTED EARNINGS/(LOSS) PER SHARE (EUROS) | 1.16 | 0.78 |
CASH FLOW STATEMENT
| In millions of euros | June 30, 2025 | June 30, 2024 |
|---|---|---|
| NET INCOME/(LOSS) | 3,419 | 2,397 |
| - Share in net income/(loss) of equity method entities | (516) | (580) |
| + Dividends received from equity method entities | 625 | 602 |
| - Net depreciation, amortization, impairment and provisions | 2,267 | 2,816 |
| - Impact of changes in scope of consolidation and other non-recurring items | (145) | (514) |
| - Mark-to-market on commodity contracts other than trading instruments | (48) | 1,449 |
| - Other items with no cash impact | (165) | (256) |
| - Income tax expense | 1,010 | 802 |
| - Net financial income/(loss) | 1,007 | 1,022 |
| Cash generated from operations before income tax and working capital requirements | 7,454 | 7,737 |
| + Tax paid | (423) | (420) |
| Change in working capital requirements | (10,505) | 1,657 |
| CASH FLOW FROM OPERATING ACTIVITIES | (3,475) | 8,974 |
| Acquisitions of property, plant and equipment and intangible assets | (3,432) | (4,028) |
| Acquisitions of controlling interests in entities, net of cash and cash equivalents acquired | (221) | (761) |
| Acquisitions of investments in equity method entities and joint operations | (182) | (2) |
| Acquisitions of equity and debt instruments | (843) | 2,063 |
| Disposals of property, plant and equipment, and intangible assets | 51 | 29 |
| Loss of controlling interests in entities, net of cash and cash equivalents sold | 102 | 7 |
| Disposals of investments in equity method entities and joint operations | 441 | 419 |
| Disposals of equity and debt instruments | 3 | 22 |
| Interests received on financial assets | 215 | 237 |
| Dividends received on equity instruments | (5) | (16) |
| Change in loans and receivables originated by the Group and other | 8,964 | (3,387) |
| CASH FLOW FROM (USED IN) INVESTING ACTIVITIES | 5,093 | (5,418) |
| Dividends paid | (3,984) | (3,632) |
| Repayment of borrowings and debt | (1,418) | (3,887) |
| Change in financial assets held for investment and financing purposes | 254 | (153) |
| Interests paid | (663) | (862) |
| Interests received on cash and cash equivalents | 256 | 398 |
| Cash flow on derivatives qualifying as net investment hedges and compensation payments on | ||
| derivatives and on early buyback of borrowings | 57 | 27 |
| Increase in borrowings | 2,294 | 4,343 |
| Increase/decrease in capital | (438) | 996 |
| Purchase and/or sale of treasury stock | (55) | (9) |
| Changes in ownership interests in controlled entities | 609 | ‐ |
| CASH FLOW FROM (USED IN) FINANCING ACTIVITIES | (3,088) | (2,779) |
| Effects of changes in exchange rates and other | (462) | 19 |
| TOTAL CASH FLOW FOR THE PERIOD | (1,932) | 796 |
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 16,928 | 16,578 |
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | 14,996 | 17,374 |
APPENDIX 2: REVENUE CONTRIBUTION BY ACTIVITY
Revenue at €38.1bn, was up 1.4% on a gross basis and up 2.9% on an organic basis.
Contributive revenue, after elimination of intercompany operations, by activity:
| In €m | 30 June 2025 | 30 June 2024 | Δ 2025/24 gross |
Δ 2025/24 organic |
|---|---|---|---|---|
| Renewable & Flex Power | 4,920 | 5,007 | -1.7% | +1.8% |
| Infrastructures | 8,722 | 8,038 | +8.5% | +10.3% |
| Supply & Energy Management | 23,121 | 23,243 | -0.5% | -0.3% |
| Others | 1,149 | 1,200 | -4.3% | +12.7% |
| Revenue ex. Nuclear | 37,912 | 37,487 | +1.1% | +2.6% |
| Nuclear | 154 | 38 | +306.8% | +306.8% |
| Revenue | 38,066 | 37,525 | +1.4% | +2.9% |
APPENDIX 3: EBIT MATRIX
| H1 2025 (€m) |
France | Rest of Europe |
Latin America |
Northern America |
AMEA | Others | TOTAL |
|---|---|---|---|---|---|---|---|
| RENEWABLE & FLEX POWER | 376 | 348 | 708 | 305 | 266 | (14) | 1,988 |
| Renewable & BESS | 249 | 255 | 483 | 271 | 55 | 1,313 | |
| Gas Generation | 128 | તે 3 | 224 | 34 | 211 | (14) | 676 |
| INFRASTRUCTURES | 1,345 | 214 | 403 | (3) | 29 | (29) | 1,959 |
| Networks | 1,189 | 149 | 403 | (3) | (1) | (15) | 1,722 |
| Local Energy Infastructures | 156 | 65 | 30 | (14) | 236 | ||
| SUPPLY & ENERGY MANAGEMENT | 48 | 221 | 3 | 1,263 | 1,536 | ||
| OTHERS | (6) | 3 | (2) | (24) | 2 | (360) | (387) |
| EBIT ex. NUCLEAR | 1,763 | 786 | 1.108 | 278 | 300 | 860 | 5,095 |
| NUCLEAR | 206 | 297 | 503 | ||||
| H1 2024 (€m) |
France | Rest of Europe |
Latin America |
Northern America |
AMEA | Others | TOTAL |
| RENEWABLE & FLEX POWER | 713 | 473 | 692 | 139 | 302 | (24) | 2,295 |
| Renewable & BESS | 474 | 323 | 506 | 110 | 50 | 1,463 | |
| Gas Generation | 238 | 150 | 186 | 29 | 252 | (24) | 832 |
| INFRASTRUCTURES | 830 | 205 | 391 | (5) | 30 | (35) | 1,417 |
| Networks | 644 | 122 | 391 | (5) | (1) | (13) | 1,137 |
| Local Energy Infastructures | 186 | 84 | 31 | (21) | 280 | ||
| SUPPLY & ENERGY MANAGEMENT | 195 | 141 | 1,911 | 2,254 | |||
| OTHERS | (6) | (4) | (2) | (331) | (343) | ||
| EBIT ex. NUCLEAR | 1,732 | 819 | 1,083 | 130 | 337 | 1,521 | 5,623 |
| NUCLEAR | 220 | 550 | 770 |
APPENDIX 4: 2025 GUIDANCE - KEY ASSUMPTIONS & INDICATIONS
- Guidance and indications based on continuing operations
- No change in accounting policies
- No major regulatory or macro-economic changes
- Tax based on current legal texts
- Taking into account updated regulatory framework for 2024-2028 on French networks
- Full pass through of supply costs in French B2C retail tariffs
- Average temperature in France
- Average hydro, wind, and solar production
- Average forex:
- o €/USD: 1.14
- o €/BRL: 6.34
- Nuclear phase-out: Doel 1 (February 2025), Doel 2 (December 2025), Tihange 1 (October 2025) ; LTO conformity outage: Doel 4 (July-October 2025); Tihange 3 (restart in July 2025)
- Market commodity prices as of June 30, 2025
- Recurring net financial costs of €2.0-2.2bn
- Recurring effective tax rate (including special tax in France): 23-25%