French utility Engie has reported total revenues of €22bn for the first quarter of 2024, a slump of 24.6% compared with €29.2bn a year previously.

The Global Energy Management and Sales (GEMS) division of Engie, which manages a diverse energy portfolio, reported a 31.6% decrease in revenue, down to €9.02bn from the previous year’s €13.2bn.

The company’s retail revenue also saw a substantial decrease of 26.6% from €7.35bn to €5.4bn.

Engie’s revenue from energy solutions registered a 16.3% dip to €2.8bn from €3.4bn in the previous year.

The renewables sector also saw its revenue dropping 2.2% to €1.52bn from €1.55bn a year previously.

The networks division’s contribution also declined by 3.9% to €2.04bn from €2.12bn.

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The company’s earnings before interest, taxes, depreciation and amortisation (EBITDA) for the period was €5.4bn, a decrease of 0.1% on a gross basis and a 0.7% fall on an organic basis.

Excluding nuclear, EBITDA stood at €4.8bn, down 1.2% on a gross basis and 1.9% on an organic basis.

The earnings before interest and taxes (EBIT) (excluding nuclear) also fell by 3.2% to €3.7bn from €3.8bn.

The EBIT contribution from renewables increased by 11.5% to €712m, and the flexible generation’s EBIT contribution rose by 17.6% to €637m.

Energy Solutions saw a 5.7% increase in EBIT contribution to €219m. The nuclear division’s EBIT contribution grew by 18.7% to €461m.

Engie Catherine MacGregor CEO stated: “Engie has made an excellent start to 2024 with EBIT excluding nuclear of €3.7bn, almost at the previous year’s level despite the market context of lower prices and volatility. This robust performance reflects, once again, the strength of our integrated model as well as our capacity to adapt to a rapidly moving market environment.

“Over the first quarter, we continued to roll out our strategic plan with 7GW of renewables capacity under construction, putting us well on track towards maintaining our pace of 4GW of annual additional capacity up to 2025. We have reinforced our European footprint in biomethane, and we have started commercial operation of the largest battery storage unit in Latin America.

“We confidently reiterate our guidance for the full year 2024. The energy transition is well and truly underway, and Engie is determined to contribute to it every day, convinced that it can be affordable and desirable.”

The company has maintained its guidance for the whole year and expects its net recurring income group share to range between €4.2bn and €4.8bn, with EBIT excluding nuclear to range between €7.5bn and €8.5bn.