Engie raises 2026 profit outlook after UK Power deal

French energy company Engie raised its 2026 profit forecast on Friday after reporting higher first-half profit and citing accelerating electrification and its acquisition of UK Power Networks.

Engie revised its target for recurring net profit in 2026 to between 4.9 billion and 5.5 billion euros, up from a previous range of 4.6 billion to 5.2 billion euros.

The company said net profit rose 13.7 percent to 3.3 billion euros, or $3.8 billion, in the first half of the year. Revenue fell 3.6 percent to 36.7 billion euros.

Engie said its performance was also helped by a strong gas business in favourable market conditions. Recurring net profit, which excludes exceptional items, stood at 3 billion euros for the first six months.

The company now expects adjusted operating profit, excluding nuclear, of between 9.2 billion and 10.2 billion euros, compared with its previous forecast of 8.7 billion to 9.7 billion euros.

Chief executive Catherine MacGregor said on a conference call that electrification was accelerating wherever Engie operates and that demand for infrastructure, flexibility and low-carbon solutions continued to grow.

Engie announced in February that it was buying 100 percent of Britain's leading electricity distributor, UK Power Networks, for 10.5 billion euros.