A great 9M23 overall with a standout performance attributed to GEMS during the H1. Although the Q3 results were weaker compared to 2022, Engie raised its FY23 guidance while maintaining a wide €1bn range on the EBIT reflecting a cautious view of Q4. It is likely to be affected by a 2022 base effect while the management estimates that demand for gas among European industrial customers has seen 10% to 20% volume destruction since 2022 and that this is unlikely to be recovered.
