Engie forecasts profit normalizing after 2022 growth

As a result of an extraordinary 2022, Engie has paid out a bonus of EUR 1,500 to every employee of the company.
Photo: Eric Gaillard/Reuters/Ritzau Scanpix
Photo: Eric Gaillard/Reuters/Ritzau Scanpix

French state-owned utility Engie reports double-digit growth on several posts in the 2022 financial statement closing a fiscal year marked by surging energy prices.

On the top line, Engie’s performance exceeded expectations by a wide margin, while operating earnings tallied with analysts’ expectations, according to consensus estimates compiled by Bloomberg News.

The utility also released financial guidance ahead of 2025, showing a projected bottom-line decline following an especially volatile year.

In 2022, Engie’s revenue surged to EUR 93.9bn, corresponding to year-over-year growth of 62%, and nearly 50% higher than analysts’ expectations of EUR 62.88bn.

Conversely, earnings before interest, taxes, depreciations and amortizations reached EUR 13.7bn, thus falling short of analysts’ predicted EBITDA of EUR 13.47, though this did amount to 29% growth for the full year.

Net recurring income rose by 79% to EUR 5.2bn

Owing to these exceptional results, Engie has paid out a bonus of EUR 1,500 to each employee of the company. Shareholders are also in line to receive dividend per share of EUR 1.40, which was higher than analysts’ projections of EUR 1.25 per share.

Engie’s forecast towards 2025 also shows an expected decline in recurring income.

For 2023, Engie projects recurring income of EUR 3.4-4.0bn, growing to EUR 3.8-4.4bn in 2024 and EUR 4.1-4.7bn in 2025.

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Foto: Enel

Enel exceeds 2022 guidance