The group is maintaining its annual targets: expected net income of between €4.4bn and €5bn, and EBIT excluding nuclear of between €8bn and €9bn. As is often the case, the first quarter set the tone for Engie, with EBIT, excluding nuclear, at €3.7bn.

By division:

  • Supply & Energy Management performed well, with EBIT of €1.29bn, 78% higher than Jefferies' forecasts. Retail benefited from a colder winter and a favorable calendar effect.

  • Renewables & Flex Power disappointed: at €1.15bn, pre-tax income remained 15% below consensus, penalized by lower electricity prices in Europe and lower hydroelectric production.

  • Infrastructure, a key segment , is in line with expectations, with EBIT of €1.45bn.

  • Nuclear came as a pleasant surprise, with EBIT of €406m, 80% above forecasts.

In the United States, caution prevails.
 Management remains measured, despite solid results. JPMorgan is surprised that the group is not aiming for the top end of its target range. An upward revision could come after a good second quarter, according to them. Jefferies speaks of "cautious optimism." The CFO cites a positive "timing effect" that should reverse by the end of the year and highlights the dependence of certain projects on Chinese equipment.

Here are a few reasons for Engie's wait-and-see stance for the coming months.

Belgian nuclear power: 10-year extension.
 Engie has extended the operation of two reactors in Belgium for a decade. Its subsidiary Electrabel will continue to operate five nuclear sites in the country, which cover a third of Belgium's electricity consumption.

Engie enters the data center market.
On Tuesday, the group signed a contract, through a subsidiary, to supply green electricity to a data center. This is a first, welcomed by Jefferies, which sees it as a very encouraging sign, even though this type of contract is common in the United States.

A solid balance sheet
Engie maintains a net debt/EBITDA ratio of 3, well below its ceiling of 4. In comparison, Germany's EON SA stands at 4 and the UK's National Grid at 10.8. This ratio assesses the group's ability to repay its debt based on its operating performance. In a world without operating expenses, the group could repay its debt in three fiscal years.

This sends a clear message to investors: confidence. Engie is demonstrating transparency and control while preparing for the challenges ahead.