Engie raises 2026-2028 targets, announces 10.5 billion pound UK Power Networks deal

Feb 25 (Reuters) - French utility Engie ENGIE.PA on Wednesday set out its medium-term targets and said it would buy electricity distributor UK Power Networks for 10.5 billion pounds ($14.23 billion), a move aimed at boosting its power network and renewables footprint.

The company, which produces, trades and sells electricity and gas, expects to achieve a net recurring income group share of between 4.6  billion and 5.2  billion euros in 2026.

In its 2025 strategic update, Engie had issued mid-term guidance for recurring net income of between 4.2 billion and 4.8 billion euros.

Engie also said it expects its earnings before interest and tax (EBIT), excluding nuclear, to be in an indicative range of 8.7  billion euros to 9.7  billion euros for 2026.

By 2028, Engie expects recurring net income group share of 5.2 billion–5.8 billion euros and EBIT, excluding nuclear, of 10.3 billion–11.3 billion euros.

($1 = 0.7380 pounds)