French utility Engie reported that group profit for the first six months of 2025 dropped 19%, hurt by weaker wholesale energy prices, subdued market volatility and reduced nuclear and hydropower generation. Earnings before interest and tax excluding nuclear operations fell 9.4% year on year to €5.1 billion, reflecting a 2.1-terawatt-hour decline in hydro output and a 2.2-TWh reduction in Belgian nuclear production following the retirement of the Doel 1 reactor and maintenance at Tihange 3. Despite the earnings slide, Engie generated €8.4 billion in cash flow from operations and cut economic net debt by €1.1 billion to €46.8 billion, keeping its debt-to-EBITDA ratio at 3.1 times. Management said current results represent a trough for EBIT excluding nuclear and reaffirmed full-year 2025 net recurring income group share guidance of €4.4 billion to €5.0 billion. Chief Executive Officer Catherine MacGregor said the company is pressing ahead with three U.S. wind and solar projects that have already secured final investment decisions, while exercising greater caution on early-stage U.S. developments after recent changes to federal tax incentives. Engie also highlighted progress on large-scale renewables such as the Red Sea Wind Energy Park in Egypt and the offshore Yeu-Noirmoutier project in France, underscoring a strategy to pivot away from nuclear and toward gas networks and clean energy.