Engie Q1 EBITDA Rises; Backs FY Net Recurring Income Outlook

French natural gas and electricity supplier Engie SA (ENGQF.PK,ENGIY.PK) reported that its first-quarter EBITDA was 3.2 billion euros, up 5% on a gross basis and up 7% on an organic basis.

EBIT was 2.1 billion euros, up 8% on a gross basis and up 10% on an organic basis.

Revenues were 16.9 billion euros, up 2% on a gross basis and up 5% on an organic basis. Impact from foreign exchange was mainly from the depreciation of the US dollar and Brazilian real against the euro. On an organic basis, revenues increased primarily due to colder temperature, increase in commodity prices, recovery on Client Solutions activities and renewables assets commissioned last year.

For the full year 2021, Engie reaffirmed its net recurring income group share guidance in a range of 2.3 billion euros - 2.5 billion euros. The guidance is based on an indicative EBITDA range of 9.9 billion euros to 10.3 billion euros and EBIT range of 5.2 billion euros to 5.6 billion euros.

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