By America Hernandez
PARIS -French utility Engie’s third-quarter earnings fell 18%, falling short of analyst expectations, hit by lower hydropower production and gas prices despite increased gas sales volumes because of colder than normal weather.
Thursday’s third-quarter results showed earnings before interest and tax (EBIT), excluding nuclear, of 1.2 billion euros ($1.40 billion). That was down from 1.47 billion euros in the same period last year and missed the 1.4 billion euro consensus from analyst forecasts compiled by Visible Alpha.
“The normalisation of energy prices penalised us this year, but we have made good progress on our improved performance plan,” finance chief Pierre-Francois Riolacci told reporters.
The benchmark European gas price for the third quarter was 9% lower than the same period a year ago, leading to reduced trading profits.
Earnings from gas generation dropped 12.8% year on year for the first nine months of 2025 despite the increased volumes of gas sold.
Lower hydropower output in France resulted in a 6.9% decline in earnings from renewables generation even as Engie started up new projects in North America and Latin America.
Engie benefited from a $101 million arbitration award after prevailing in a dispute against French oil major TotalEnergies over undelivered liquefied natural gas cargoes in 2023 and 2024.
($1 = 0.8575 euros)
(Reporting by America Hernandez in ParisEditing by David Goodman)
