The following is a summary of the Engie SA (ENGIY) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Engie reported an 18% organic increase in EBIT to €9.5 billion in 2023, leading to a net recurring income of €5.4 billion.

• Cash flow from operations saw a notable increase, reaching €13.1 billion due to earnings boost and working capital improvements.

• Growth CapEx rose significantly in alignment with their business plan for 2023-2025.

• The company proposed a dividend of €1.43, reflecting a payout ratio of 65%.

• Expectations for 2024 foresee a net recurring income group share in the range of €4.2 billion to €4.8 billion, which surpasses previous guidance.

Business Progress:

• Engie has maintained steady growth in their renewable energy deployment and has made significant strides in batteries both organically and through acquisitions.

• Their collaboration with the Belgium government in finalizing a nuclear agreement in December de-risked the group operations.

• Engie has succeeded in reducing its greenhouse gas emissions in energy production from 60 million tons to 52 million tons and also made progress in gender equality, with a 31% representation of women in management.

• The company plans to simplify operations and improve performance to generate earnings of around €4 billion by 2026.

• Engie has an ambitious green gas business target set for 2030 and is on track to phase out coal by 2027.

• Expansion plans are ongoing in the US, with strategies in place to maximize assets productivity and handle market volatility.

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