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UTILITIES: Engie (ENGIFP Baa3/BBB-/BBB-): 1H24 Results

UTILITIES
BulletCredit Bullets

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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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/