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Engie (Baa1/BBB+/A-): 1Q24 Results

UTILITIES

Neutral for spreads


• EBITDA fell 2% YoY organically.

• FCF little changed at €2.5bn (+€0.1bn YoY) with working capital release offset by higher capex.

• Leverage is left at 2.9x down from 3.1x from 4Q23; up from 2.5x YoY but comfortably below the <4x long term target.

• FY24 guidance confirmed.

• Call 09.00 London Engie: 2024 First Quarter Results (media-server.com)

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