ENGIE Q1 EBIT Excl. Nuclear Down 6.6% Organically; Confirms 2026 Guidance

ENGIE reported first-quarter EBITDA of 4.7 billion euros, down 13.6% on a gross basis and 12.3% organically. EBITDA ex. Nuclear fell to 4.6 billion euros, down 6.0% gross and 4.4% organically, indicating softer underlying operating performance. The EBIT ex. Nuclear figure was also lower, reinforcing a negative earnings read-through.

Analysis

ENGIE reported first-quarter EBITDA of 4.7 billion euros, down 13.6% on a gross basis and 12.3% organically. EBITDA ex. Nuclear fell to 4.6 billion euros, down 6.0% gross and 4.4% organically, indicating softer underlying operating performance. The EBIT ex. Nuclear figure was also lower, reinforcing a negative earnings read-through.