Engie

Engie is a French energy company. It produces electricity from renewable sources, gas and nuclear power, runs gas and electricity networks, builds local energy infrastructure such as district heating and cooling networks, and supplies energy to homes and businesses. It reports the activities Renewable & Flex Power, Infrastructures, Supply & Energy Management and Nuclear. In the first nine months of 2026, Infrastructures gave €3,014 million, Renewable & Flex Power €2,576 million and Supply & Energy Management €1,832 million of EBIT of €7,074 million.

Renewable and storage capacity was 60.2 GW at September 30, 2026. In May 2026, Engie bought UK Power Networks, an electricity distribution company in the United Kingdom. The company reports in euros under IFRS, and its shares trade in Paris and Brussels. ENGIY is an ADR in the United States, and one ADS represents one share.

Engie has more than 90,000 employees in 30 countries. The head office is in La Garenne-Colombes, France. Catherine MacGregor is Chief Executive Officer.

Engie trades above the AI estimate because investors pay for its growing regulated networks, mainly UK Power Networks, its renewable projects and a dividend policy with a floor of €1.10 per share. In the first nine months of 2026, EBIT excluding nuclear rose 9.7% to €7.0 billion, and Engie now expects net recurring income Group share in the upper end of €4.9 billion to €5.5 billion for 2026. For the shares to keep this price, three things must be true. UK Power Networks must add the planned earnings, so that the ratio of economic net debt to EBITDA falls from 4.2 times to 4.0 times or less.

Engie and the Belgian State must agree on the sale of the nuclear activities at a price that does not hurt Engie, after they extended the target date to December 12, 2026. Energy prices in Europe must not fall so much that the margins of gas generation and B2B supply drop further. The FY 2026 results on February 25, 2027 are the next test. A weak nuclear deal or lower energy prices can push the shares down to the AI estimate.

AI estimate, checked by Kevin. How it is made

1. Nov 5, 2026Passed

   9M 2026 results and 2026 guidanceGrowth in EBIT excluding nuclear and confirmed 2026 guidance pass; a guidance cut fails.Outcome: EBIT excluding nuclear rose 9.7%, and Engie now expects net recurring income Group share in the upper end of its range.
2. Dec 12, 2026Pending

   Heads of terms for the sale of the nuclear activitiesSigned heads of terms at a valuation that does not hurt Engie pass; no agreement or a low price fails.
3. Feb 25, 2027Pending

   FY 2026 results and dividendNet recurring income Group share of €5.2 billion or more and a ratio of economic net debt to EBITDA of 4.0 times or less pass; a lower result fails.

Every passed and failed checkpoint across all picks

• November 5, 2026Engie reported results for the first nine months of 2026. Revenue was €54.3 billion, EBITDA excluding nuclear rose 8.9% to €10.7 billion, and EBIT excluding nuclear rose 9.7% to €7.0 billion, or 3.3% on an organic basis. UK Power Networks gave €452 million of EBIT since May 2026. Economic net debt was €62.5 billion, 4.2 times EBITDA. Engie now expects net recurring income Group share in the upper end of €4.9 billion to €5.5 billion for 2026.
• November 4, 2026Engie, Electrabel and the Belgian State extended to December 12, 2026 the target date for the heads of terms on a possible purchase of the nuclear activities by the Belgian State. Engie said that significant differences remain, mainly on the valuation.
• October 17, 2026The Tihange 3 reactor in Belgium reconnected to the grid after upgrade work for its lifetime extension. Doel 4 reconnected on November 1, 2026.

• Economic net debt rose to €62.5 billion at September 30, 2026 after the purchase of UK Power Networks, 4.2 times EBITDA. Engie targets 4.0 times or less, and a lower credit rating can raise its cost of debt.
• The talks with the Belgian State about the nuclear activities can fail or give a low price. Belgian nuclear provisions were €8.6 billion at the end of 2025, and Engie expects them to stay broadly stable at the end of 2026.
• Lower energy prices in Europe reduce the margins of gas generation and B2B supply. In the first nine months of 2026, EBIT of Gas generation fell 20.4% and EBIT of B2B fell 29.8% on an organic basis.
• Higher energy prices raise working capital needs and margin calls. Cash flow from operations fell by €4.0 billion to €7.5 billion in the first nine months of 2026.
• Regulators set the returns of gas and power networks in France, the United Kingdom and Latin America. Lower allowed returns at a new price review can reduce earnings.
• Engie reports in euros. A stronger U.S. dollar lowers the value of each ADS in U.S. dollars, because the ADS price follows the share price in Paris.

Engie funds itself with bonds, hybrid bonds, bank loans, new shares and cash flow. At September 30, 2026, net financial debt was €57.0 billion, €18.1 billion more than at December 31, 2025. Read more

Dividend yield

5.7% (last 12 months, at today’s price of $27.85)

Paid per share

$1.594 in the last 12 months (1 payment)

Current annual rate

$1.594 ($1.594 × 1 a year)

Latest ex-dividend date

May 4, 2026, $1.594 per share

Dividends per share by year

Over the last 5 years, the dividend grew by about 19.8% a year.

Source: company filings and market data, read on November 10, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.