(BFM Stock Exchange) – The energetician delivered results slightly increased and superior to certain analysts forecasts in the first quarter. The group thus treats its outperformance compared to the CAC 40 over the whole of 2025.

Since the beginning of the year, Engie outpens the CAC 40, taking 20% ​​when the Parisian index has been 6% over the same period.

More broadly, the entire “Utilities” sector is doing well in Europe. This term, quite difficult to translate, brings together companies ensuring communities services, such as gas, energy distribution, waste treatment or heat networks. In France, Engie and Veolia are part of this sector where we also find the Spaniard Iberdrola, the Italian Enel or the Germans Rwe and E.ON. The Stoxx Europe 600 Utilities index has won 11.25% since the start of the year.

“The ‘Utilities’ have outperformed most sectors in recent months, as part of a ‘leak towards quality’ (a withdrawal to refuge values, editor’s note) motivated by uncertainty linked to global customs duties”, explained AlphaValue in a recent note.

“However, we believe that this increase in their courses has limits, because the fall in energy prices and the weakness of renewable energy production since the second half of 2024 are risking risks,” warned the independent design office.

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Fewer showers, less electricity production

For the time being, Engie is held in any case its stock market outperformance with its first quarter results. The action of the company led by Catherine Macgregor occupies the head of the CAC 40, winning 4.1% at the end of the session, this Thursday, May 15.

Over the first three months of the year, Engie has released income of 23.3 billion euros, up 5.6% in comparable data (excluding exchange effects and perimeter). By excluding the company’s nuclear activities in Belgium, Engie generated a gross operating profit (EBITDA) of 4.9 billion euros, up 1.4% in comparable data, while the operating result was 3.72 billion euros, up 2.1% over a year on these same bases.

This last figure clearly exceeds the forecasts of UBS and Oddo BHF, which tabbed respectively on 3.29 billion euros and 3.40 billion euros.

ODDO BHF evokes “solid” figures, brought above all by the “infrastructure” division of Engie (development and maintenance of gas and electrical networks). This division generated a operating profit of 1.45 billion euros, up 43.5% over one year and greater than the broker’s forecast (1.26 billion).

Within this division, the “Networks” activity (electrical networks and gas infrastructure) saw its operating profit increase by 69% to 1.26 billion euros. Engie explains that the results of this activity were supported by “the increase in prices in 2024 in Europe” and “the increase in volumes distributed in France due to a more favorable climate than the previous year”.

Among the other divisions, “Renewables & Flex Power”, which brings together renewable energies, electricity storage assets, such as batteries, and thermal assets, saw its operating profit fall by 13.4% in comparable data.

This decrease is explained in particular by “a lesser hydrology in France and in Portugal” compared to the first quarter of 2024. To simplify, the precipitation was less important in these two countries, and the dams carried out by the company thus produced less electricity.

At the end of this publication, the company confirmed its 2025 objectives, namely a recurring net profit part of the group between 4.4 and 5 billion euros and an operating profit outside the nuclear located between 8 and 9 billion euros.

Oddo BHF confirmed his opinion to “outperformance” on the title and its price of courses at 20 euros. “We appreciate the fact that an important part of the performance (of the first quarter, editor’s note) is due to the ‘networks’, which provides good support for the generation of long -term cash flows,” explains the broker.