The logo of Engie is seen during the company's annual general shareholders meeting in Paris, France, April 26, 2023. REUTERS/Sarah Meyssonnier/File Photoreported a 24% drop in second-quarter earnings from the previous quarter, reflecting a drop in sales after a mild winter and subdued trading margins as gas and power price volatility calmed.
"These are still good conditions. We benefitted from prices that were favourable even after hedging" for the energy management, trading and optimization business, said CFO Pierre-François Riolacci. Net recurring income came in at 4 billion euros for the half-year, up from 3.2 billion euros for the first half of 2022.
The non-recurring charge caused Engie's net income to swing to a net loss of 800 million euros for 2023 so far.