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olivLaw · European equity research

ENGIE ENGI.PA

France · Euronext Paris · ISIN FR0010208488 · Vertical: Listed companies from France

24.01EUR−0.25% · 1 dayClose 05 Nov 2026

ENGIE is a European energy group active in electricity generation, gas, infrastructure and energy services, undergoing an accelerated shift toward renewables and green gases. Its 2025 annual report shows nuclear fleet availability of 79% at year end, down from the prior year, as several reactors were shut down and nuclear provisions were restructured.

At the close of 05 Nov 2026, ENGIE (ENGI.PA) stock was 24.01 EUR (−0.25% on the day), with market capitalisation 60.5 bn EUR, P/E 15.9 on diluted EPS of 1.51 EUR over the last 12 months, dividend yield 6.16%, beta 0.30, 52-week range 21.17–29.53 EUR.

Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
60.5 bn EUR
shares as of 31 Dec 2025
P/E (TTM)
15.9
Diluted EPS TTM 1.51 · TTM to 31 Dec 2025
E/P (TTM)
6.29%
TTM to 31 Dec 2025
Dividend yield
6.16%
DPS 12m 1.48
Beta (2y)
0.30
Volatility (1y) 22%
52-week range
21.1729.53

Price history

Loading chart…

Technical reading

RSI (14)
59.9
strong (55–70)
Bollinger (20, 2)
22.55 – 23.98
above the upper band · %B 1.02 · band width 6.2%
SMA 50 / 200
23.49 / 26.12
mixed trend
MACD (12, 26, 9)
0.08 / -0.05
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month+2.4%−0.6%+3.0 pp—
3 months−9.6%−4.2%−5.4 pp—
6 months−10.6%+4.3%−14.9 pp—
Year to date+7.1%+7.5%−0.4 pp—
1 year+14.6%+9.9%+4.7 pp−6.8%
3 years+58.6%+49.8%+8.7 pp−15.9%
5 years+88.9%+42.8%+46.1 pp—
Max drawdown (1y)
−23.7%
26 Feb 2026 → 01 Oct 2026
Max drawdown (5y)
−30.7%
10 Feb 2022 → 07 Mar 2022
Compound annual growth (5y)
+13.6%
EURO STOXX 50 +7.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 67 percentile of its own 3-quarter history (min 9.3, median 14.8, max 18.1; quarters with earnings only).

Fiscal years

Fiscal year202320242025
Revenue82.6 bn73.8 bn71.9 bn
Revenue YoYunavailable−10.6%−2.5%
Net income2.2 bn4.1 bn3.8 bn
Net income YoYunavailable+86.0%−6.8%
Diluted EPS0.881.651.51
Diluted EPS YoYunavailable+87.5%−8.5%
net %2.7%5.6%5.3%
Free cash flowunavailableunavailableunavailable

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
14.5 bn EUR
Financial debt
43.2 bn EUR
Net debt
28.7 bn EUR
Equity
40.8 bn EUR
Total assets
169.2 bn EUR
Debt / equity
1.06x
Current ratio
1.08x
ROE
9.3%
ROA
2.1%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (EUR)

Margins

Income statement · EUR

Revenue
2023
82.6 bn
2024
73.8 bn
2025
71.9 bn

esef· 18 Mar 2026verified

Operating income
2023
6.1 bn
2024
9.0 bn
2025
8.3 bn

esef· 18 Mar 2026verified

Interest expense
2023
3.3 bn
2024
3.8 bn
2025
3.0 bn

esef· 18 Mar 2026verified

Income tax
2023
1.0 bn
2024
2.2 bn
2025
1.6 bn

esef· 18 Mar 2026verified

Net income
2023
2.2 bn
2024
4.1 bn
2025
3.8 bn

esef· 18 Mar 2026verified

Diluted EPS
2023
0.88
2024
1.65
2025
1.51

esef· 18 Mar 2026verified

Dividend per share
2023
1.62
2024
1.43
2025
1.48

esef· 18 Mar 2026verified

Balance sheet · EUR

Cash
2023
16.6 bn
2024
16.9 bn
2025
14.5 bn

esef· 18 Mar 2026verified

Receivables
2023
20.1 bn
2024
16.2 bn
2025
13.6 bn

esef· 18 Mar 2026verified

Inventories
2023
5.3 bn
2024
5.1 bn
2025
2.9 bn

esef· 18 Mar 2026verified

Current assets
2023
75.6 bn
2024
79.4 bn
2025
58.4 bn

esef· 18 Mar 2026verified

Property, plant & equipment, net
2023
58.0 bn
2024
64.4 bn
2025
—

esef· 24 Sept 2025verified

Goodwill
2023
12.9 bn
2024
13.3 bn
2025
13.1 bn

esef· 18 Mar 2026verified

Intangibles (excl. goodwill)
2023
8.4 bn
2024
8.0 bn
2025
7.9 bn

esef· 18 Mar 2026verified

Total assets
2023
194.6 bn
2024
189.5 bn
2025
169.2 bn

esef· 18 Mar 2026verified

Accounts payable
2023
23.0 bn
2024
19.2 bn
2025
17.2 bn

esef· 18 Mar 2026verified

Long-term debt
2023
37.9 bn
2024
42.9 bn
2025
43.2 bn

esef· 18 Mar 2026verified

Current liabilities
2023
76.0 bn
2024
72.9 bn
2025
53.8 bn

esef· 18 Mar 2026verified

Equity
2023
35.7 bn
2024
41.5 bn
2025
40.8 bn

esef· 18 Mar 2026verified

Shares outstanding at year end
2023
2.5 bn
2024
2.5 bn
2025
2.5 bn

esef· 18 Mar 2026derived

Cash flow · EUR

Operating cash flow
2023
13.1 bn
2024
13.1 bn
2025
-1.5 bn

esef· 18 Mar 2026verified

Investing cash flow
2023
-11.8 bn
2024
-11.3 bn
2025
444.0 m

esef· 18 Mar 2026verified

Financing cash flow
2023
-218.0 m
2024
-1.5 bn
2025
-858.0 m

esef· 18 Mar 2026verified

Dividends paid
2023
4.1 bn
2024
4.1 bn
2025
4.5 bn

esef· 18 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-2.5%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
-8.2%
computed by olivLawFY 2025
Net income growth (YoY)
-6.8%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
-8.5%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
11.5%
computed by olivLawFY 2025
Net margin
5.3%
computed by olivLawFY 2025
FCF margin
unavailable
input data missing

Returns

ROE
11.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
2.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
10.2%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROCE
7.2%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
98.0%
computed by olivLawFY 2025
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
28.7 bn EUR
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
unavailable
input data missing
Debt / equity
1.3x
computed by olivLawbalance sheet at 31 Dec 2025
Interest coverage
2.8x
computed by olivLawFY 2025

Liquidity

Current ratio
1.1x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
1.0x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
0.3x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
-1.5 bn EUR
computed by olivLawFY 2025
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
75 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
60.5 bn EUR
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
89.2 bn EUR
computed by olivLawbalance sheet at 31 Dec 2025
Market cap / net income TTM
15.8x
computed by olivLawFY 2025
P/E (TTM)
15.9x
computed by olivLawFY 2025
Earnings yield
6.3%
computed by olivLawFY 2025
P/B
1.8x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
0.8x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
10.8x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/Sales
1.2x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
6.2%
computed by olivLawFY 2025
Shareholder yield (distributions)
7.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 43.8% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

24.01 EUR

05 Nov 2026Source: olivLaw, closing series

Market cap: 60.5 bn EUR

Key indicators

Market capitalisation
60.5 bn EUR
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
15.9x
computed by olivLawFY 2025
P/B
1.8x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
11.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
5.3%
computed by olivLawFY 2025
Revenue growth (YoY)
-2.5%
computed by olivLawFY 2025
Dividend yield
6.2%
computed by olivLawFY 2025

Coverage and freshness

24/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: esefpublished 18 Mar 2026
verified 75derived 4

Score by group

44% · Insufficient data

Estimated value range

Low
18.44
EUR per share
Mid
24.55
EUR per share
High
36.22
EUR per share
Price: 24.01 EUR
The price is within the range
Potential to the central value: 2.2% (value / price − 1)
Margin of safety: 2.2% (1 − price / value)
Agreement between methods: high · 2 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 16.75 – 45.00 EUR.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (EUR per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/E16.75 – 45.00 (Mid 25.87)
    20 companies used · median multiple 17.1x · quartiles 11.1x – 29.8x
    74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.PA, ALHEX.PA, ALO.PA, ALPWG.PA, ALSOG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, AURE.PA, BB.PA
  • Dividend discount (DDM)20.13 – 27.45 (Mid 23.22)

Assumptions (illustrative, editorial)

Risk-free rate
3.0%
Equity risk premium
5.5%
Beta (default)
1.00
Cost of equity
8.5%
Terminal growth
2.0%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 43.8% of at least 60%

FactorValueScoreWeight used
ROIC · Quality10.2%67 (vs peers)24%
Net margin · Quality5.3%77 (vs peers)14%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet2.8x20 (on a fixed band)14%
Current ratio · Balance sheet1.1x24 (on a fixed band)10%
P/E (TTM) · Valuation15.9x61 (vs peers)24%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returns7.5%100 (on a fixed band)14%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet21/100 · 2/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality71/100 · 2/3 factors with a value
  • Returns· partial100/100 · 1/2 factors with a value
  • Valuation· partial61/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

ENGIE (ENGI.PA). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 71.9 bn EUR in 2025; YoY growth -2.5%; net margin 5.3%; ROE 11.3%.

The estimated value range is 18.44–36.22 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 24.55 EUR, the price of 24.01 EUR leaves a potential of 2.2% (value / price − 1) and a margin of safety of 2.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Net margin: 5.3%
  • Shareholder yield (distributions): 7.5%

What contradicts it

  • Interest coverage: 2.8x
  • Current ratio: 1.1x

Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).

Versus the vertical median

Listed companies from France · same country · compared with 39 companies

Multiples and returns vs the median

P/E
15.9x
vertical median 18.3x
below median (−13.0%)
EV/EBITDA
—
vertical median 6.3x
P/S
0.8x
vertical median 0.5x
above median (+64.2%)
P/B
1.8x
vertical median 1.1x
above median (+73.8%)
ROE
11.3%
vertical median 4.2%
above median (+172.9%)
Net margin
5.3%
vertical median 1.1%
above median (+372.0%)
EBIT margin
11.5%
vertical median 3.2%
above median (+262.9%)
Revenue YoY
-2.5%
vertical median 0.6%
below median (−529.9%)
Net debt/EBITDA
—
vertical median -1.2x
Dividend yield
6.2%
vertical median 1.7%
above median (+262.2%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude109.3 bn33.212.9%12.2%−2.0%+26% / +32%
ENGI.PAEngie60.5 bn15.911.3%5.3%−2.5%+10% / +51%
AC.PAAccor13.8 bn30.79.6%8.0%+0.6%+6% / +56%
ADP.PAAeroports De Paris11.7 bn34.17.8%5.6%+12.1%−7% / +4%
AKE.PAArkema7.1 bn115.40.9%0.7%−5.0%+12% / −37%
ALO.PAAlstom5.8 bn18.33.1%1.7%+3.7%−51% / −4%
AF.PAAir France - Klm4.3 bn13.6—1.0%+4.8%+20% / +9%
ATE.PAAlten3.1 bn29.54.8%2.6%−1.1%+33% / −29%
BB.PASociete Bic2.7 bn31.35.0%4.1%−4.8%+32% / +5%
ANTIN.PAAntin Infrastructure Partners1.4 bn13.021.9%36.6%−8.1%−24% / −35%
74SW.PA74software792.7 m20.98.9%8.5%+44.8%−13% / +41%
AUB.PAAubay667.4 m17.813.6%6.3%+11.3%+3% / +45%
ASY.PAAssystem507.1 m69.92.5%1.1%+7.4%−19% / −18%
ATO.PAAtos Se483.0 m—-23,400.0%-17.5%−16.5%−45% / −94%
ARAMI.PAAramis Group298.8 m15.010.0%0.8%+6.3%−33% / −16%
ARVEN.PAArverne Group246.1 m—-14.0%-115.3%+27.0%+20% / −35%
BGO.PACompagnie Chargeurs Invest189.4 m—-8.6%-5.7%−2.9%unavailable / unavailable
ALCIS.PACatering International & Services145.0 m28.49.3%1.9%+5.8%+39% / +107%
ALCGM.PACegedim144.6 m—-2.6%-1.2%+10.9%−26% / −49%
ATEME.PAAteme144.0 m151.32.8%1.0%+2.2%+82% / +77%
ALHEX.PAHexaom144.0 m6.79.9%2.2%+13.1%−32% / +7%
ALBON.PACompagnie Lebon111.7 m16.54.2%8.8%−17.9%+6% / +8%
ALHYF.PALhyfe75.8 m—-33.4%-570.5%+287.2%unavailable / unavailable
ALFER.PASergeferrari Group61.5 m11.55.1%1.5%+7.4%−33% / −27%
ABEO.PAAbeo60.8 m7.36.9%3.0%+12.6%−13% / −54%

1- and 3-year price returns: for ENGI.PA from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (EUR)

Estimated priceBearBaseBull
1 years
13.28
Total return -40% · Per year -40%
23.56
Total return 4% · Per year 4%
35.60
Total return 56% · Per year 56%
3 years
11.13
Total return -41% · Per year -16%
22.38
Total return 11% · Per year 4%
37.38
Total return 78% · Per year 21%
5 years
9.33
Total return -42% · Per year -10%
21.26
Total return 17% · Per year 3%
39.25
Total return 102% · Per year 15%
What moves the 3-year price the most
  • Exit P/E± 5.60
  • Net margin± 3.92
  • Annual revenue growth± 3.45
  • Annual dilution± 0.33

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

ENGIE is a European energy group active in electricity generation, gas, infrastructure and energy services, undergoing an accelerated shift toward renewables and green gases. Its 2025 annual report shows nuclear fleet availability of 79% at year end, down from the prior year, as several reactors were shut down and nuclear provisions were restructured 1.

SWOT

Strengths

  • Diversified portfolio of generation, infrastructure and energy services, with long experience in gas and electricity.
  • Strong position in biomethane and green gas, with decarbonisation programmes documented and externally verified.
  • Secured nuclear provisions and transfer of waste costs to the state, reducing financial exposure.

Weaknesses

  • Availability of the Belgian nuclear fleet fell from the prior year, with an effect on performance.
  • Exposure to energy price volatility and volume risk remains significant.
  • Counterparty risk has risen, particularly in energy-intensive industries hit by trade tariffs.

Opportunities

  • Scaling biomethane and green gas could open new revenue sources in Europe.
  • Transmission and storage infrastructure for electricity could support renewables growth.
  • The role of gas as system flexibility could be valued through more favourable tariffs.

Threats

  • US restrictions on wind could slow development plans in the US.
  • Lower gas demand in buildings, driven by heating regulations, could reduce distribution volumes.
  • New market entrants could put pressure on sales margins.

Risks

  • Nuclear fleet availabilityhigh

    Unavailability of nuclear units for technical or safety reasons could affect operating performance and revenue.

  • Nuclear provisions volatilityhigh

    The value of the funds holding nuclear provisions can fluctuate, which could require additional funding.

  • Counterparty riskmedium

    Industrial customers hit by trade tariffs may delay payments or default, especially on long-term contracts.

  • Energy market riskmedium

    Swings in gas, electricity and CO2 prices could affect EBIT, even though part of the exposure is hedged through long-term contracts.

  • Pension fundinglow

    Financial market performance and interest rate levels can influence funding needs for defined-benefit pension plans.

Investment thesis

What would need to be true (bull case)

  • If the shift to biomethane and green gas accelerates, the group could see higher demand for its existing infrastructure.
  • Experience in regulated infrastructure and energy services could support more stable revenue over the long term.
  • Decarbonisation programmes and their external recognition could ease access to transition-oriented financing.

What would break the thesis

  • If nuclear fleet availability does not improve, operating performance could remain below expectations.
  • US restrictions on offshore wind could limit growth in one of the group's important markets.
  • Lower gas demand in buildings could weigh on distribution volumes over the long term.

What to watch

  • Trend in Belgian nuclear fleet availability and reactor restarts2026
  • Implementation of PPE 3 and biomethane volumes injected into the grid2026
  • Effects of US decrees on offshore and onshore wind projectsnext 10-K
  • Progress toward a 50% cut in methane emissions from gas infrastructure2030

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

ENGIE operates in electricity and gas generation and sales, gas transmission and distribution, regasification and storage terminals, and energy services for industrial and residential customers. In 2025 the group completed a significant part of its Belgian nuclear wind-down, with several reactors shut down and waste costs transferred to the state and to specialised bodies 1. Its strategy rests on combining electrons and molecules, scaling renewables and biomethane 1.

In 2025 ENGIE ran a portfolio of nuclear, gas and renewable assets; nuclear output was 18 TWh with year-end availability of 79%, excluding planned outages 1. The group targets a 50% cut in methane emissions from its gas infrastructure between 2017 and 2030 and uses carbon credits in its compensation programme 1.

Services and infrastructure are run by semi-independent subsidiaries, and internal control follows the COSO II framework and the French financial markets regulator guidance 1. The group has committed to net zero across its three scopes by 2045 1.

Segments

Nuclear in Belgium

Electrabel operates a Belgian nuclear fleet, with several reactors permanently shut down between 2022 and 2025 and extensions for other units through BE-Nucléaire. Fleet availability fell and nuclear provisions are invested in SICAV funds, alongside large lump-sum payments to the state and to Hedera 1.

Gas and infrastructure

Gas transmission, storage, distribution and regasification are tariff-regulated by French authorities through 2028, with new regasification tariffs in force from April 2025 for four years 1.

Renewable energy

The group develops solar, onshore and offshore wind, hydro and electricity storage, relying on long-term PPA contracts and on biomethane as a green gas vector 1.

Market context

European energy markets are becoming more competitive, with oil companies and digital start-ups active across the value chain 1. The publication of France's PPE 3 confirms decarbonisation of natural gas through biomethane, while the EPBD directive could reduce demand for gas boilers 1.

Market risks relate to prices of gas, electricity, CO2 and green certificates, and output from renewables and hydro depends on weather conditions 1.

Trends

  • Biomethane decarbonisation of gastailwind

    The PPE 3 publication in February 2026 supports rising biomethane output and certificate retirements by suppliers, which could open opportunities for the group 1.

  • US restrictions on offshore windheadwind

    US administration decrees from 2025 could limit investment in offshore wind through the Ocean Wind joint venture and slow other renewables development in the US 1.

  • Climate change and hydro outputmixed

    Climate change may alter hydro output and energy demand, with larger annual and intra-annual variations in production 1.

  • Trade and geopolitical tensionsheadwind

    The trade war, tariffs and conflicts in the Middle East and Ukraine raise counterparty risk and supply chain costs for equipment 1.

Competitive position

Competition is rising across all energy segments, with oil companies and digital start-ups entering the market. The group differentiates through its combined electron and molecule approach and its regulated gas infrastructure 1.

In renewables, competition comes from developers bidding for the same PPA contracts, while in infrastructure it comes from regulated operators in Europe and Latin America 1.

  • TotalEnergies

    Integrated oil company competing in electricity, gas and renewables in European markets.

  • Iberdrola

    European utility active in renewables and grids, a direct competitor in European energy markets.

  • Enel

    Italian energy group with activities in distribution, renewables and end customers.

  • RWE

    German power producer focused on offshore wind and renewables.

News & filings

In the press

Annual reports (ESEF)

Sources

  1. [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / ENGIE · 31 Dec 2025

Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.

ENGIE (ENGI.PA): stock, results, valuation and forecast · olivLaw