May 17, 2024 06:35 GMT
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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