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1. Company Snapshot

1.a. Company Description

ENGIE SA engages in the power, natural gas, and energy services businesses.It operates through Renewables, Networks, Energy Solutions, Thermal, Supply, Nuclear, and Others segments.The Renewables segment comprises renewable energy generation activities, including financing, construction, operation, and maintenance of renewable energy facilities using various energy sources, such as hydroelectric, onshore wind, photovoltaic solar, biomass, offshore wind, and geothermal.


The Networks segment comprises the electricity and gas infrastructure activities and projects, including the management and development of gas and electricity transportation networks and natural gas distribution networks in and outside of Europe, natural gas underground storage in Europe, and regasification infrastructure in France and Chile.The Energy Solutions encompasses the construction and management of decentralized energy networks to produce low-carbon energy and related services.The Thermal segment encompasses power generation activities using thermal assets; operation of power plants fueled mainly by gas or coal, as well as pump -operated storage plants; and financing, construction, and operation of desalination plants, as well as the development of hydrogen production.


The Supply segment engages in the sale of gas and electricity to professional, individual, and residential clients.The Nuclear segment engages in the nuclear power generation activities.The company was formerly known as GDF SUEZ S.A. and changed its name to ENGIE SA in April 2015.


The company was founded in 1880 and is headquartered in Courbevoie, France.

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1.b. Last Insights on ENGI

ENGIE SA's recent performance was driven by its strong presence in the renewable energy market, with 4.3 GW of power purchase agreement deals globally in 2024, up from 2.7 GW in 2023. The company is also expanding its reach into new markets, including Saudi Arabia and the United Arab Emirates, with a focus on wind and solar farms. Furthermore, ENGIE's exit from Kuwait and Bahrain through the sale of its assets to ACWA Power for $693 million is expected to enhance its financial health and focus on core markets. Additionally, the company's Executive Vice President, Edouard Neviaski, has stated that the US remains a key market for ENGIE's renewable energy business.

1.c. Company Highlights

2. ENGIE's 9M 2025 Results: Resilient Performance in a Choppy Economic Environment

ENGIE's nine-month 2025 results demonstrate a robust financial performance, with net recurring income group share on track to achieve the upper end of the guidance range of EUR 4.4 billion to EUR 5 billion. EBIT excluding nuclear was EUR 6.3 billion, down 7.3% on an organic basis, due to a high basis of comparison in energy pricing and hydro volumes. The company's EPS came out at EUR 1.18, significantly higher than the estimated EUR 0.33. Cash flow from operations stands at EUR 11.4 billion, with a solid balance sheet and economic net debt equating to 3.2x of EBITDA.

Publication Date: Nov -07

📋 Highlights
  • Net Recurring Income Guidance: On track for EUR 4.4-5 billion, targeting upper end of range
  • EBIT Excluding Nuclear: EUR 6.3 billion (-7.3% organic), offset by EUR 477 million from performance actions
  • Cash Flow & Debt: EUR 11.4 billion cash flow from operations, net financial debt at EUR 36 billion (3.2x EBITDA)
  • Renewables Growth: Added 4 GW capacity (9M25), signed 5 GW green PPAs, including 3.1 GW in Q3
  • Nuclear Liability Transfer: Tihange 3 and Doel 4 restarts removed EUR 2.7 billion nuclear debt burden

Renewable Energy Growth

In renewables, ENGIE added over 2 gigawatts of capacity in Q3, making 4 gigawatts for the first 9 months. The company signed 3.1 gigawatts of green PPAs in Q3, with a cumulative volume of over 5 gigawatts. This growth is expected to continue, driven by the company's pipeline of renewables and BESS, and expertise in energy management. As the company mentioned, "the data center opportunity is supportive of the quality of the company's gigawatts and its renewable developments."

Nuclear Update

In nuclear, the restart of the Tihange 3 and Doel 4 reactors triggered the transfer of waste liability off the balance sheet, a significant step for ENGIE. The company's liabilities are now limited to dismantling and low-category nuclear waste, and its exposure to merchant will end from the start of December.

Valuation and Outlook

ENGIE's valuation metrics indicate a relatively attractive dividend yield of 6.92%. The company's P/E ratio stands at 14.86, while the EV/EBITDA ratio is 8.0. With a net debt-to-EBITDA ratio of 3.37, ENGIE's credit ratios remain stable. Analysts estimate next year's revenue growth at -0.9%, but the company's guidance remains unchanged, expecting to reach the upper half of the range for EBIT excluding nuclear and the upper end for net recurring income.

Data Center Opportunity

ENGIE is well-positioned to capture opportunities from the data center boom, leveraging its portfolio of generation and flexibility sites, pipeline of renewables and BESS, and expertise in energy management. The company has signed a cumulative volume of over 5 gigawatts of renewable PPAs with tech and hyperscalers, and expects to benefit from the growing demand for data centers, particularly in the US.

3. NewsRoom

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Engie (ENXTPA:ENGI): Assessing Valuation After a Strong Multi‑Year Share Price Rally

Dec -04

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AI Is Powering Utility Stocks Beyond the U.S. 3 Ideas to Play the Trend.

Dec -03

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Ocean Winds finalises $2.31bn financing for Polish offshore project

Dec -02

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POWER DIGEST [December 2025]

Dec -01

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ENGIE enters India’s utility scale energy storage market

Nov -27

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Is Engie’s Recent 40% Share Price Surge Backed by Fair Value in 2025?

Nov -27

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Buy These 5 Low-Leverage Stocks as Market Moves Up

Nov -26

Source: zacks.com

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Netherlands Power Industry Outlook Report 2025-2035: Market Trends, Regulations, and Competitive Landscape Featuring RWE, Vattenfall, Engie, Energeticky a Prumyslovy, Mitsubishi, Uniper

Nov -25

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (1.24%)

6. Segments

Others

Expected Growth: 1.0%

Engie SA's 'Others' segment growth is driven by increasing demand for renewable energy, diversification into new markets, and strategic investments in sustainable technologies, contributing to a 1.0 growth rate. This aligns with the company's shift towards a low-carbon economy and commitment to sustainable development.

Retail

Expected Growth: 1.2%

Engie SA's retail segment growth of 1.2 is driven by increasing demand for renewable energy, government incentives, and expanding customer base. The company's strategic focus on customer-centric approach, digitalization, and diversification of services also contribute to this growth. Additionally, Engie SA's strong brand reputation and existing market presence enable it to capitalize on emerging trends and opportunities.

Networks

Expected Growth: 0.9%

The 0.9 growth in Networks from Engie SA is driven by increasing demand for renewable energy, government incentives for clean energy projects, and the company's strategic focus on grid expansion and modernization. Additionally, Engie's expertise in energy distribution and strong market position contribute to the segment's growth.

Energy Solutions

Expected Growth: 1.1%

Engie SA's energy solutions segment growth is driven by increasing demand for renewable energy, government incentives, and declining technology costs. The company's diversified portfolio, including solar, wind, and hydro power, positions it for long-term growth. Additionally, Engie's expertise in energy efficiency and storage solutions supports its expansion in the rapidly evolving energy landscape.

Flex Gen

Expected Growth: 1.3%

Flex Gen's growth is driven by Engie SA's strategic focus on renewable energy and flexibility. The 1.3 growth level is likely due to increasing demand for adaptable power generation and storage solutions, as well as government policies supporting the transition to cleaner energy sources. This aligns with Engie SA's goal to expand its low-carbon energy offerings.

Renewables

Expected Growth: 1.5%

Engie SA's renewables segment is driven by increasing demand for clean energy, government incentives, and declining technology costs. The company's growth is fueled by its strategic focus on solar and wind power, with a 1.5 growth rate reflecting its successful execution of renewable energy projects and expansion into new markets.

Nuclear

Expected Growth: 0.6%

The nuclear segment growth of Engie SA is driven by low operating costs, long-term contracts, and increasing demand for clean energy. With a growth rate of 0.6, the segment benefits from stable cash flows and a favorable regulatory environment, supporting Engie's strategic focus on nuclear energy as a key contributor to its growth and profitability.

Elimination of Internal Transactions

Expected Growth: 0.0%

The elimination of internal transactions from Engie SA with 0.0% growth is driven by consolidation adjustments, removing intercompany revenues and expenses to reflect only external transactions, resulting in a neutral impact on growth.

7. Detailed Products

Electricity Generation and Supply

ENGIE generates electricity from various sources, including nuclear, thermal, and renewable energy sources. The company supplies electricity to residential, commercial, and industrial customers.

Natural Gas Exploration and Production

ENGIE explores, produces, and supplies natural gas from various sources, including conventional and unconventional resources.

Energy Services

ENGIE provides energy services, including energy efficiency, energy management, and facility management solutions to various customers.

Renewable Energy

ENGIE develops, constructs, and operates renewable energy projects, including solar, wind, and hydroelectric power plants.

Nuclear Energy

ENGIE operates nuclear power plants in France and other countries, generating electricity from nuclear energy.

Global Energy Solutions

ENGIE provides global energy solutions, including LNG, gas trading, and power trading, to various customers.

8. ENGIE SA's Porter Forces

Forces Ranking

Threat Of Substitutes

Engie SA operates in the energy sector, which is experiencing a transition towards renewable energy sources. While traditional energy sources are still dominant, the increasing adoption of renewable energy sources and alternative technologies poses a moderate threat of substitutes. However, the company's diversified portfolio and investments in renewable energy mitigate this threat.

Bargaining Power Of Customers

Engie SA serves a large customer base across various sectors, including residential, commercial, and industrial. The company's diversified customer base and long-term contracts reduce the bargaining power of individual customers. Additionally, the essential nature of energy services limits customers' ability to negotiate prices.

Bargaining Power Of Suppliers

Engie SA relies on various suppliers for equipment, fuel, and services. While the company has long-term contracts with some suppliers, the increasing demand for renewable energy technologies and equipment may give suppliers some bargaining power. However, Engie's scale and diversification mitigate this risk.

Threat Of New Entrants

The energy sector is highly regulated and requires significant investments in infrastructure, technology, and expertise. These barriers to entry limit the threat of new entrants, and Engie SA's established position and reputation further reduce this risk.

Intensity Of Rivalry

The energy sector is highly competitive, with several major players operating globally. Engie SA competes with companies like EDF, Total, and Shell, among others. The competition is intense, with companies vying for market share, customers, and investments in renewable energy and digital technologies.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 60.08%
Debt Cost 8.25%
Equity Weight 39.92%
Equity Cost 7.86%
WACC 8.09%
Leverage 150.50%

11. Quality Control: ENGIE SA passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
ENGIE

A-Score: 7.2/10

Value: 7.0

Growth: 5.6

Quality: 3.6

Yield: 10.0

Momentum: 7.0

Volatility: 10.0

1-Year Total Return ->

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Stock-Card
Enel

A-Score: 6.6/10

Value: 5.4

Growth: 5.1

Quality: 4.8

Yield: 8.1

Momentum: 6.5

Volatility: 10.0

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Stock-Card
E.ON

A-Score: 6.6/10

Value: 7.3

Growth: 4.8

Quality: 3.2

Yield: 6.9

Momentum: 8.0

Volatility: 9.3

1-Year Total Return ->

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RWE

A-Score: 6.6/10

Value: 8.1

Growth: 5.4

Quality: 3.8

Yield: 5.0

Momentum: 8.0

Volatility: 9.0

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Iberdrola

A-Score: 6.2/10

Value: 3.7

Growth: 5.4

Quality: 4.6

Yield: 6.2

Momentum: 7.0

Volatility: 10.0

1-Year Total Return ->

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Stock-Card
SSE

A-Score: 5.8/10

Value: 5.9

Growth: 4.9

Quality: 4.5

Yield: 6.9

Momentum: 3.5

Volatility: 9.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

21.41$

Current Price

21.41$

Potential

-0.00%

Expected Cash-Flows