Engie Sa Ord (ENGQF) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you and good morning, everyone. It's my pleasure to welcome you to NG's Q1 conference call. Shortly, Catherine and Pierre-Francois will present our first quarter performance, following which we will open the lines to Q&A. And with my polite request of limiting your questions to one or two only, please. And with that, over to Catherine. All right, thank you, Delphine, and good morning, everyone. I am pleased to report an excellent first quarter of 2025. with EBIT up versus last year, despite normalization of energy markets over the last quarters, and despite the uncertain geopolitical and economic environment. There's been no let up in our renewables expansion, both organically and via acquisition, and we've had the landmark moment of the closing of the nuclear deal in Belgium, enabling the transfer of our balance sheet of 12 billion euros of nuclear waste storage provisions. It's been really great. It's been great to see how resilient and solid ENGIE has become, our integrated balanced model and our geographical spread, enabling us to maintain earnings by offsetting headwinds and declines in some areas with progress elsewhere. Now, before detailing our Q1 business performance, let's talk a little bit about how we are dealing with the situation in the U.S., which I would summarize as follows. Things are dynamic, but in the case of tariffs, we were already moving before the current administration's action, and we were quite quick to move, so we have largely erased our exposure. To go into some details, our operating fleet, that is to say around 8.5 gigawatts of onshore wind, solar, and base battery storage is unaffected. For the 2.0 gigawatts that is under construction, of which we have 1.3 of batteries, about half a gigawatt of solar, the remainder onshore wind,...