ENGIE reported net profit of $2.09 billion in H1 2024. Results were supported by strong contributions from renewables and flexible-generation segments.

“In the face of a market returning to normal conditions, ENGIE has once more delivered very strong H1 results, enabling us to raise our full-year 2024 guidance. This financial performance demonstrates the power of our integrated model and showcases our operational capabilities. The first half was marked by the completion of 800MW of new battery capacity in the US thanks to the successful integration of Broad Reach Power. In renewables, we have moved forward at pace with another 1GW of additional capacity during the first half plus almost 7GW of projects ongoing at the end of June. More than ever, ENGIE reiterates its commitment of an energy transition affordable to all,” said CEO Catherine MacGregor.

Due to the strong financial performance in the first half of 2024 and lower than expected recurring net financial costs for the full-year, ENGIE upgrades its 2024 Net Recurring Income group share (NRIgs) guidance which is now expected to be in the range of $5.46 to $6.12 billion, compared to the previously announced range of $4.59 to $5.24 billion.

ENGIE is committed to a strong investment grade credit rating and continues to target a ratio below or equal to 4.0x economic net debt to EBITDA over the long-term. The Group reaffirms its dividend policy, with a 65% to 75% payout ratio based on NRIgs, and a floor of $0.71 per share for the 2024 to 2026 period.

During H1 2024, greenhouse gas emissions from energy production were reduced to 23 metric tons vs. 26 metric tons in H1 2023.