from ENGIE (EPA:ENGI)
ENGIE 9M 2026 results
ENGIE 9M 2026 Results
Strong financial performance driven by good operational execution
Full-year 2026 results expected in the upper end of the guidance range
Business highlights
- Strong Renewables & BESS activity, with 60.2 GW of installed capacity and 6.6 GW under construction at end of September 2026
- Over 3 GW of PPAs signed in the first nine months
- More than 10 GW of storage capacity in operation and under construction worldwide
- EBIT contribution of €452m from UK Power Networks since May 2026
- Deadline extended to 12 December 2026 to conclude the Heads of Terms regarding the potential acquisition of the nuclear activities by the Belgian State
Financial performance
- EBIT excluding Nuclear of €7.0bn, up 9.7 % on a published basis including UKPN and up 3.3% organically
- In the 3rd quarter, EBIT excluding Nuclear increased by 10.9% organically
- Strong contribution of c.€400m from the performance plan
- Solid cash generation with CFFO1 at €7.5bn
- Economic net debt of €62.5bn and economic net debt/EBITDA ratio at 4.2x, with only five months of consolidation of UK Power Networks
- FY 2026 NRIgs2 now expected in the upper end of the range of €4.9 - €5.5bn
Key figures as of 30 September 2026
| In € billion | 30 September 2026 | 30 September 2025 | Δ 2026/25 gross | Δ 2026/25 organic |
|---|---|---|---|---|
| Revenue | 54.3 | 52.8 | +2.9% | +2.5% |
| EBITDA (ex. Nuclear) | 10.7 | 9.8 | +8.9% | +3.3% |
| EBITDA | 10.9 | 10.8 | +0.5% | -4.6% |
| EBIT (ex. Nuclear) | 7.0 | 6.3 | +9.7% | +3.3% |
| Capex3 | 26.2 | 5.9 | N/A | |
| Cash Flow From Operations | 7.5 | 11.4 | N/A | |
| Net financial debt | 57.0 | +€18.1bn versus 31 December 2025 | ||
| Economic net debt | 62.5 | +€17.3bn versus 31 December 2025 | ||
| Economic net debt / EBITDA | 4.2 | +1.2x versus 31 December 2025 |
Catherine MacGregor, CEO, said: “ENGIE delivered solid results in the first nine months of the year, with significant organic growth in the last two quarters, now further supported by the contribution from UK Power Networks. At a time when energy is more than ever central to sovereignty and competitiveness, we contribute to the energy security of our customers and of many of the countries in which we operate, drawing on the complementary strengths of our businesses, our infrastructure and our energy supplies.
N.B. Footnotes are on page 7
We continue to deliver our renewable energy and storage projects with the same discipline, and have accelerated the development of our European battery portfolio. Our commercial momentum remains strong, with more than 3 GW of PPAs signed since the beginning of the year.
Despite a volatile macroeconomic environment, the strength of our business model, the quality of our results, the continued disciplined deployment of capital at pace and the strong contribution from our performance plan enable us to keep delivering short term and long term our agenda of growth and value creation.”
2026 guidance confirmed, in the upper end of the range
Based on the strong results over the first nine months of the year, Net Recurring Income Group share is now expected to be in the upper end of the range of €4.9 - €5.5 billion in 2026. EBIT excluding nuclear is also expected to be in upper end of the indicative range of €9.2 - €10.2 billion.
Detailed guidance key assumptions can be found in appendix 3.
Further progress in delivering the strategic plan
Renewables & BESS
ENGIE’s total renewable and storage capacity amounted to 60.2 GW at the end of September 2026, up 3.0 GW from the end of 2025. As of 30 September 2026, projects under construction represented a total capacity of 6.6 GW. The Group also signed 3.2 GW of Power Purchase Agreements (PPAs).
In Australia, the Group commissioned Goorambat East (250 MW), its first large-scale solar farm in the country, located in the state of Victoria. Part of its output is covered by a ten-year PPA with Microsoft. In India, the Group commissioned the Khavda and Khaba solar power plants, with capacities of 200 MW and 250 MW respectively.
In Saudi Arabia, ENGIE signed an agreement for the Al Khushaybi battery energy storage system (BESS), its largest battery project worldwide to date. With a capacity of 500 MW / 2,000 MWh, the project will strengthen grid reliability and support the integration of renewable energy. Developed under a build-own-operate model, it forms part of the Kingdom’s first independent battery storage programme.
During the third quarter of 2026, the Group entered the BESS Polish market through the acquisition of a 758 MW / 2.2 GWh portfolio. The Group also acquired projects in Romania and Spain and began construction of storage facilities in Belgium and Portugal. It also commissioned its first two systems in the United Kingdom, representing a total capacity of 100 MW / 200 MWh. ENGIE’s worldwide storage capacity reached more than 10 GW in operation and under construction, combining BESS and pumped-storage hydropower.
Gas generation
On 7 September, ENGIE officially inaugurated the new Flémalle CCGT power plant in Belgium, with a capacity of 875 MW and an efficiency of 63%. Selected in 2021 under Belgium’s Capacity Remuneration Mechanism (CRM), the plant enables ENGIE to make a concrete contribution to the country’s electricity security of supply, while supporting the growing integration of wind and solar energy into the electricity system. Thanks to its high modulation capacity, it can quickly adjust its output to the needs of the grid.
Networks
ENGIE completed the acquisition of UK Power Networks (UKPN) in May 2026, two months ahead of the initially announced timetable, and integration continues to progress successfully. In addition, UKPN continues to build on its outstanding operational track record, having delivered a RoRE (Return on Regulated Equity) of 11.2% over the 2023–2026 period.
In the first nine months of 2026, ENGIE continued to expand its power transmission activities in Latin America, with the award of new concessions in Peru and Brazil. In Peru, the Group was awarded four projects covering the construction of more than 400 kilometres of transmission lines and six new electrical substations, as well as the extension of 11 existing substations. In Brazil, ENGIE was awarded two concessions covering 143 kilometres of transmission lines and five synchronous condensers.
As of 30 September 2026, gas storage capacity in France was 89% full, above the French regulatory reference threshold of 85%, thereby contributing to security of supply for winter 2026-2027.
In October 2026, ENGIE and CMA CGM signed a framework agreement to develop a biomethane production unit in the industrial port area of Le Havre. From 2029, the unit, developed by ENGIE, will supply 100 GWh of biomethane annually to CMA CGM’s fleet. ENGIE will develop the project and, subject to a final investment decision, build and operate the facility. CMA CGM will participate as a minority shareholder.
Local Energy Infrastructures
In the third quarter of 2026, Local Energy Infrastructures (LEI) continued its growth trajectory in its core businesses.
At the end of September 2026, the Group operated 631 district heating and cooling networks and energy plants at industrial sites, an increase of 62 assets since the beginning of the year, in line with its ambition to reach 800 assets by 2030. LEI was awarded the contract for the Toulouse Le Mirail district heating and cooling network in France (327 GWh of heat and 65 GWh of cooling per year) and acquired the Bialogard district heating network in Poland (22 GWh of heat and 20 GWh of electricity per year). Against a backdrop of climate change adaptation, LEI recorded strong growth in its district cooling activities, with volumes sold up 30% in the third quarter compared with the same period in 2025.
LEI is accelerating the electrification of end uses. In industry, ENGIE signed the first FlexEbrid contract with Goodyear, combining hybrid gas and electricity solutions, power flexibility and decarbonisation to support industrial competitiveness. In mobility, usage of the public charging infrastructure operated by ENGIE Vianeo in France and Belgium increased by approximately 60% in the third quarter of 2026 compared with the same period in 2025, against a backdrop of sustained growth in electric vehicle sales in both markets.
Supply and Energy Management
In the first nine months of the year, ENGIE’s B2B supply activities continued to develop their 24/7 renewable electricity offerings. In France, the Group signed a contract with Legrand covering all of its operations in the country over the 2029-2031 period, targeting 70% hourly matching between renewable generation and consumption. In the United States, ENGIE entered into an agreement with Aker BioMarine for its industrial site in Houston, providing for approximately 90% hourly matching of its consumption with local renewable generation.
In Germany, the Group extended its partnership with Return by signing a virtual flexibility purchase agreement covering an additional 300 MW of battery storage, bringing the total capacity contracted between the two partners in the country to 400 MW. The agreement strengthens ENGIE’s access to flexibility capacity and supports the growing integration of renewable energy and the development of its 24/7 carbon-free electricity offerings.
In France, ENGIE committed €54 million in exceptional financial support to help the most vulnerable households cope with rising energy prices. This measure covers 720,000 customers and builds on the Group’s ongoing efforts to improve energy affordability.
Data centers
In the United States, ENGIE entered into an agreement with Oracle to supply renewable electricity from its wind portfolio in Texas, for a capacity of up to 568 MW. The agreement contributes to Oracle’s objective of matching 100% of the electricity consumption of its AI data centers with carbon-free electricity by 2035, while avoiding additional costs for its customers.
Capital allocation
Total capex amounted to €26.2bn in the first nine months of 2026. Net growth capex excluding the UKPN acquisition amounted to €4.8bn. More than 90% was allocated to Renewable & Flex Power and Infrastructures activities. Growth capex related to the acquisition of UK Power Networks amounted to €19.1bn.
Performance plan
ENGIE maintained its operational excellence momentum in the first nine months of 2026, with a contribution of c.€400m from the performance plan.
Nuclear in Belgium
Deadline extended to 12 December 2026 for the conclusion of the Heads of Terms
On 4 November 2026, the Belgian State, ENGIE S.A. and Electrabel NV/SA have agreed to extend until 12 December 2026 the target date for concluding the Heads of Terms ("HoT") provided for in the Letter of Intent of 29 April 2026, in connection with the potential acquisition of the nuclear activities by the Belgian State.
Given the current circumstances and the complexity and scale of the contemplated transaction, the parties have agreed to allow additional time to continue their discussions.
Indeed, the in-depth discussions held over recent months between ENGIE and the Belgian State have led to progress and strengthened mutual understanding of the issues involved. However, significant differences remain, notably regarding the valuation of the transaction, and the parties wish to take the time needed to try to reconcile their positions.
The parties have therefore agreed to a maximum extension of one additional month.
Restart of the Tihange 3 and Doel 4 reactors
On 17 October 2026, Tihange 3 reactor was reconnected to the grid and reached full power the same day, while Doel 4 was reconnected to the grid on 1 November, as initially planned.
Nuclear provisions
In accordance with IFRS, ENGIE will update, as part of the closing of its 2026 annual accounts, its best estimate of the nuclear obligations remaining under its responsibility following the Phoenix agreements. This assessment will be based, notably, on cost estimates broadly in line with those resulting from the review process conducted with ONDRAF and the CPN. However, for the key parameters of this assessment, it will incorporate the assumptions that the Group considers most appropriate to reflect the economic reality of its obligations and to establish the best estimate, notably regarding the level of margin for uncertainties and contingencies in light of the risks already reflected in the underlying cost estimates, as well as the discount rate, which will reflect market conditions.
Taken together, these various elements should lead ENGIE to record, in its consolidated accounts at end-2026, a level of Belgian nuclear provisions broadly stable compared with the €8.6 billion recognized at end-2025. This amount is without prejudice to any opinion that the CPN may issue in the context of the 2025 triennial review, which would be fully applicable to Synatom, without, however, calling into question the above-mentioned estimate that will be retained in the Group’s consolidated accounts.
9M 2026 financial review
Revenue at €54.3bn was up 2.9% on a gross basis and +2.5% on an organic basis.
EBITDA at €10.9bn was up 0.5% on a gross basis and down 4.6% on an organic basis.
EBITDA (ex. Nuclear) at €10.7bn was up 8.9% on a gross basis and 3.3% on an organic basis.
EBIT (ex. Nuclear) stood at €7.0bn, up 9.7% on a gross basis and 3.3% organically.
– Foreign exchange: an overall positive impact of €2m, with impact of the appreciation of the Brazilian real offset by the depreciation of the US dollar.
– Scope: a net positive impact of €407m, reflecting the €452m contribution from the acquisition of UK Power Networks, partly offset by a negative impact of €45m, mainly related to the exit of Bahrain and Kuwait.
– French temperatures: the temperature-related impact resulted in a negative year-on-year variation of €87m compared with the first nine months of 2025 across Networks, B2C and B2B activities in France.
EBIT contribution by activity
| In €m | 9M 2026 | 9M 2025 | Δ 2026/25 gross | Δ 2026/25 organic |
|---|---|---|---|---|
| Renewable & Flex Power | 2,576 | 2,708 | -4.9% | -2.6% |
| Renewables & BESS | 1,928 | 1,802 | +7.0% | +5.5% |
| Gas generation | 647 | 906 | -28.6% | -20.4% |
| Infrastructures | 3,014 | 2,451 | +22.9% | +4.3% |
| Gas Networks | 2,084 | 2,030 | +2.7% | +2.0% |
| Power Networks | 636 | 161 | +296.3% | +9.6% |
| Local Energy Infrastructures | 293 | 261 | +12.4% | +19.7% |
| Supply & Energy Management | 1,832 | 1,754 | +4.4% | +3.8% |
| B2C | 444 | 306 | +45.4% | +47.5% |
| B2B | 681 | 957 | -28.8% | -29.8% |
| Energy Management | 706 | 491 | +43.8% | +41.0% |
| Others | -461 | -567 | +18.7% | +17.5% |
| EBIT ex. Nuclear | 6,961 | 6,346 | +9.7% | +3.3% |
| Nuclear | 113 | 496 | -77.2% | -77.2% |
| EBIT | 7,074 | 6,842 | +3.4% | -2.6% |
Renewable & Flex Power
EBIT from Renewables & BESS increased organically by 5.5% in the first nine months of 2026, mainly driven by the contribution of newly commissioned assets in North America and Latin America and improved operational performance. These positive effects were partly offset by low hydropower generation in Europe in the third quarter and the anticipated decline in captured prices in Europe, the impact of which in France was mitigated by the reduction in the hydropower tax.
EBIT from Gas Generation declined organically by 20.4% in the first nine months of 2026. This was mainly due to the expected decrease in captured spreads in Europe and the unplanned outage of a gas pipeline in Peru in March 2026. These effects were partly offset by positive price effects in Latin America and, in Belgium, by the contribution from Capacity Remuneration Mechanism (CRM) revenues and from the Flémalle power plant, despite outages in August.
Infrastructures
EBIT from Gas Networks increased by 2.0% organically in the first nine months of 2026, driven by strong operational performance and tariff increases in Europe. These positive effects were partly offset in France by an adverse temperature effect due to warmer weather, as well as by lower consumption volumes.
EBIT from Power Networks increased by 9.6% organically, benefiting from the new infrastructure under construction and tariff indexation mechanisms in Latin America, particularly in Brazil. In addition to this organic growth, the acquisition of UK Power Networks contributed €452m to Power Networks EBIT over the five months of consolidation since completion of the acquisition in May 2026.
EBIT from Local Energy Infrastructures increased by 19.7% organically, with the margin increasing by 61 basis points to 4.7% compared with the first nine months of 2025. This growth was mainly driven by strong operational performance, as well as positive volume effects, supported by the development of district heating and cooling networks in France and electric vehicle charging infrastructure, despite an adverse temperature effect.
Supply and Energy Management
EBIT from B2C activities increased by 47.5% organically compared with the first nine months of 2025, reflecting a favourable comparison basis as 2025 was impacted by a negative timing effect. Growth was also driven by active management of the hedging portfolio and strong operational performance. These positive effects were partly offset by milder weather and lower gas consumption in France, as well as commercial measures to support the most vulnerable French customers facing price increases in the third quarter.
EBIT from B2B activities decreased by 29.8% organically in the first nine months of 2026. This decline was mainly due to the expected gradual normalisation of margins on contracts historically signed in favourable market conditions, as well as an unfavourable comparison basis resulting from positive one-offs recorded in 2025. Commercial momentum remained strong, with margin levels in line with expectations.
EBIT from Energy Management increased organically by 41.0%, driven by a strong performance in gas activities, supported by good market conditions and the positive impact of gas contract renegotiations in the first half of 2026, as well as a favourable comparison basis, as the first half of 2025 was impacted by a negative one-off related to gas transmission costs in Austria and the Netherlands. These positive effects were partly offset by unfavourable conditions in power markets.
Nuclear
EBIT from the Nuclear activity recorded an organic decline of 77.2% in the first nine months of 2026. This was due to the shutdown of the Doel 1, Tihange 1 and Doel 2 reactors in 2025, as well as the transfer of Tihange 3 and Doel 4 to the joint venture equally owned by ENGIE and the Belgian State. Both reactors were closed from April for upgrade works as part of their lifetime extension. This decrease also reflects lower captured prices in France.
Maintaining a solid balance sheet
Cash Flow From Operations amounted to €7.5bn, down €4.0bn compared with the first nine months of 2025. This development notably reflected an adverse change in working capital requirements linked to higher energy prices.
Working Capital Requirements had a negative impact of €0.7bn, representing a year-on-year decrease of €3.6bn compared with the first nine months of 2025. This development was mainly due to the adverse impact of margin calls (-€1.5bn), a lower contribution from operational working capital (-€1.1bn) and the adverse impact of gas inventories (-€1.1bn), notably reflecting higher prices and higher gas injections.
The Group maintained a strong level of liquidity at €19.9bn as at 30 September 2026, including €12.9bn of cash4. All capital markets transactions that were supporting the UKPN acquisition have been executed.
Net financial debt stood at €57.0bn, up €18.1bn compared with 31 December 2025. This increase was mainly due to capital expenditure of €26.2bn over the period, including €19.1bn related to the acquisition of UK Power Networks, as well as €4.2bn in dividends paid to ENGIE SA shareholders and non-controlling interests. These effects were partly offset by CFFO of €7.5bn, the €3.0bn capital increase through an accelerated bookbuild (ABB) and the issuance of €3.1bn in hybrid debt.
Economic net debt stood at €62.5bn at 30 September 2026, up €17.3bn compared to end-December 2025.
Economic net debt to EBITDA ratio stood at 4.2x, up 1.2x compared to 31 December 2025 with five months of consolidation of UK Power Networks, and with a target of no more than 4.0x after taking into account UK Power Networks’ full-year contribution.
S&P: BBB+ / A-2, Stable outlook
Moody’s: Baa1 / P-2, Stable outlook
Fitch: BBB+ / F1, Stable outlook
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The presentation of the Group’s 9M 2026 financial information used during the investor conference is available to download from ENGIE’s website: Financial results 2026
UPCOMING EVENTS
- 25 February 2027 Publication of FY 2026 financial results
- 29 April 2027 Annual General Meeting
- 7 May 2027 Publication of Q1 2027 financial information
- 30 July 2027 Publication of H1 2027 financial information
- 5 November 2027 Publication of 9M 2027 financial information
Footnotes
- Cash Flow From Operations: Free Cash Flow before maintenance Capex and nuclear phase-out expenses
- Net recurring income Group share
- Growth and maintenance Capex, net of sell-downs and US tax incentives, including net debt acquired
- Cash and cash equivalents plus liquid debt instruments held for cash investment purposes minus bank overdrafts
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Important notice
The figures presented here are those customarily used and communicated to the markets by ENGIE. This message includes forward-looking information and statements. Such statements include financial projections and estimates, the assumptions on which they are based, as well as statements about projects, objectives and expectations regarding future operations, profits, or services, or future performance. Although ENGIE management believes that these forward-looking statements are reasonable, investors and ENGIE shareholders should be aware that such forward-looking information and statements are subject to many risks and uncertainties that are generally difficult to predict and beyond the control of ENGIE, and may cause results and developments to differ significantly from those expressed, implied, or predicted in the forward-looking statements or information. Such risks include those explained or identified in the public documents filed by ENGIE with the French Financial Markets Authority (AMF), including those listed in the “Risk Factors” section of the ENGIE Universal Registration Document filed with the AMF on 12 March 2026 under number D.26-0085. Investors and ENGIE shareholders should note that if some or all of these risks are realised they may have a significant unfavourable impact on ENGIE.
About ENGIE
ENGIE is a major player in the energy transition, whose purpose is to accelerate the transition towards a carbon-neutral economy. With more than 90,000 employees in 30 countries, the Group covers the entire energy value chain, from production to infrastructures and sales. ENGIE combines complementary activities: renewable electricity and green gas production, flexibility assets (notably batteries), gas and electricity transmission and distribution networks, local energy infrastructures (heating and cooling networks) and the supply of energy to individuals, local authorities and businesses. Every year, ENGIE invests on average €12 billion to drive forward the energy transition and achieve its net-zero carbon goal by 2045.
Turnover in 2025: €71.9 billion. Listed in Paris and Brussels (ENGI), the Group is included in the leading financial indices (CAC 40, Euro Stoxx 50, Euronext 100, FTSE Euro 100, MSCI Europe) and sustainability indices (DJSI World, Euronext Sustainable - Europe 120 / France 20, CAC 40 ESG, MSCI EMU ESG screened, MSCI EUROPE ESG Universal Select, Stoxx Europe 600 ESG-X).
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Email: engiepress@engie.com
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APPENDIX 1: REVENUE CONTRIBUTION BY ACTIVITY
Revenue stood at €54.3bn, up 2.9% on a gross basis and 2.5% on an organic basis.
Revenue contribution by activity, after elimination of intercompany transactions:
| In €m | 9M 2026 | 9M 2025 | Δ 2026/25 gross | Δ 2026/25 organic |
|---|---|---|---|---|
| Renewable & Flex Power | 7,311 | 7,243 | +0.9% | +1.9% |
| Infrastructures | 13,077 | 12,170 | +7.5% | +0.2% |
| Supply & Energy Management | 31,628 | 31,452 | +0.6% | +1.4% |
| Others | 1,269 | 1,585 | -19.9% | +2.0% |
| Revenue ex. Nuclear | 53,285 | 52,450 | +1.6% | +1.2% |
| Nuclear | 985 | 311 | +217.1% | +217.1% |
| Revenue | 54,270 | 52,761 | +2.9% | +2.5% |
APPENDIX 2: EBIT MATRIX
| €m | France | Rest of Europe | Latin America | Northern America | AMEA | Others | TOTAL |
|---|---|---|---|---|---|---|---|
| RENEWABLE & FLEX POWER | 147 | 528 | 1,114 | 583 | 235 | -32 | 2,576 |
| Renewable & BESS | 165 | 361 | 842 | 527 | 94 | -31 | 1,928 |
| Gas Generation | -18 | 167 | 272 | 56 | 171 | -1 | 647 |
| INFRASTRUCTURES | 1,738 | 681 | 574 | 2 | 33 | -13 | 3,014 |
| Gas Networks | 1,565 | 154 | 386 | -2 | 0 | -18 | 2,084 |
| Power Networks | 0 | 452 | 186 | 0 | -2 | 0 | 636 |
| Local Energy Infrastructures | 173 | 75 | 2 | 4 | 35 | 5 | 293 |
| SUPPLY & ENERGY MANAGEMENT | 825 | 785 | 61 | 87 | 77 | -3 | 1,832 |
| OTHERS | 13 | 6 | 9 | 18 | 0 | -507 | -461 |
| EBIT ex. NUCLEAR | 2,723 | 2,000 | 1,757 | 651 | 345 | -515 | 6,961 |
| NUCLEAR | 102 | 12 | - | - | - | - | 113 |
| €m | France | Rest of Europe | Latin America | Northern America | AMEA | Others | TOTAL |
|---|---|---|---|---|---|---|---|
| RENEWABLE & FLEX POWER | 425 | 598 | 418 | 1,007 | 530 | 372 | 2,708 |
| Renewable & BESS | 299 | 287 | 704 | 476 | 498 | -43 | 1,802 |
| Gas Generation | 126 | 311 | -286 | 532 | 32 | 415 | 906 |
| INFRASTRUCTURES | 1,688 | 177 | 588 | 4 | 40 | -43 | 2,451 |
| Gas Networks | 1,566 | 117 | 420 | 4 | 31 | -6 | 2,031 |
| Power Networks | 0 | 12 | 149 | - | 0 | 0 | 161 |
| Local Energy Infrastructures | 123 | 48 | 18 | 0 | 9 | -36 | 261 |
| SUPPLY & ENERGY MANAGEMENT | 508 | 1,032 | 45 | 168 | 18 | -17 | 1,754 |
| OTHERS | -7 | -3 | -2 | -67 | 2 | -491 | -567 |
| EBIT ex. NUCLEAR | 2,614 | 1,624 | 1,636 | 628 | 431 | -588 | 6,346 |
| NUCLEAR | 253 | 243 | - | - | - | - | 496 |
APPENDIX 3: 2026 GUIDANCE - KEY ASSUMPTIONS & INDICATIONS
- Guidance and indications based on continuing operations
- No change in accounting policies
- No major regulatory or macro-economic changes
- Tax based on current legal texts and additional contingencies
- Full pass through of supply costs in French B2C retail tariffs
- Average temperature in France
- Average hydro, wind, and solar production
- Average forex:
- €/USD: 1.16
- €/BRL: 5.96
- €/GBP: 0.87
- Market commodity prices as of September 30, 2026
- Recurring net financial costs of €(2.3)-(2.5)bn
- Recurring effective tax rate (including special tax in France): c.18-22%
- UKPN contribution starting from closing in May 2026