on ENGIE (EPA:ENGI)
ENGIE's Nine-Month 2024 Results Show Resilience Amidst Challenges
ENGIE reports steady operational and financial outcomes for the first nine months of 2024. The company achieved a notable 2.3GW in new renewable capacity and maintains its target of 4GW by year's end. However, EBIT excluding nuclear fell to €7.1bn, an 11.0% drop compared to 2023.
Despite the decline, ENGIE saw 18% organic growth in EBIT in Q3, driven by its Renewables, Networks, and Global Energy Management (GEMS) segments. This brings the group's net financial debt to €30.5bn with a maintained economic net debt to EBITDA ratio of 3.0x.
Looking ahead, ENGIE anticipates its fiscal year guidance to be at the upper end of the €5.0-5.6bn range for NRIgs, sustaining a strong credit outlook. Strategic moves in Brazil's power transmission and enhanced biomass production positions underline ENGIE's continuing commitment to energy transition.
R. E.
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