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Engie raises its annual targets after a solid quarter

(AOF) – Engie achieved an Ebit of 3.5 billion euros in the first quarter of 2022, up 76.4% on an organic basis. Ebitda reached 4.6 billion, up 50.7% on an organic basis. Turnover stood at 13.8 billion, up 84.4% organically. The energy company took advantage of the volatility of energy prices. All of the group’s activities showed strong growth.

Given the very strong performance of the first quarter of 2022 and a reassessment of assumptions, relating in particular to the evolution of commodity prices, for the rest of the year, Engie now expects that the net recurring result, group share (RNRpg) for the year 2022 will be in a range of 3.8 to 4.4 billion euros, based on an indicative EBITDA range of 11.7 to 12.7 billion euros and of Ebit from 7 to 8 billion euros. Given the current context of high volatility, the guidance range has been widened.

Regarding the consequences of the war in Russia, Engie indicates that its exposure to rising prices is, by construction, limited to short-term deliveries which are fixed one month in advance.

With regard to the volumes delivered by Gazprom, direct exposure is a maximum of 15 TWh.

Engie is in discussion with Gazprom regarding the Russian request to modify the payment scheme for the supply of gas. The group has taken the necessary measures to be ready to fulfill its payment obligations, provided that this complies with the European sanctions framework and does not change the balance of risks for the company.

In addition, Engie says it is on the right track to accelerate its development in Renewables with 4 GW of additional capacity on average each year until 2025.


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