August 02, 2024 07:20 GMT
UTILITIES: Engie (ENGIFP Baa3/BBB-/BBB-): 1H24 Results
UTILITIES
Good results, but not credit moving.
- EBITDA ex-nuclear fell 12% YoY. Normalising energy markets caused lower premiums in Networks, lower volumes in retail and lower trading spreads. Tough comparable, 1H23 EBITDA was up 25% YoY for context.
- CFO fell 6% YoY.
- Net debt fell slightly from FY23 levels with leverage unchanged at 3.1x. Long term policy ceiling is 4x.
- FY24 EBITDA guidance upgraded 5% at midpoint.
- Webcast 09.00 BST https://edge.media-server.com/mmc/p/nsphoao3/
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