2026 is also off to a strong start. The group's revenue and operating profit have returned to satisfactory levels, both of which they had not seen for at least 15 years.
The picture could be dulled somewhat by noting that this catch-up does not take inflation into account; nor debt, which is also returning to its old levels; while the number of shares outstanding has increased significantly over the period.
The party could be well and truly spoiled by pointing out that over the past three years, it was not cash flows from the group's operating activities that enabled it to pay out €13.5bn to shareholders-including €12.5bn in dividends and €1bn in share buybacks.
In fact, this providential windfall was instead funded by asset disposals, which net of acquisitions generated €3.7bn; and, above all, by the release of a massive provision linked to nuclear activities in Belgium, enabling the group to distribute almost an additional €9bn.
It should also be noted that over the period, debt rose very sharply. As a result, in light of these different factors, the continuation of Engie's spectacular stockmarket rally raises questions, particularly with a market valuation that has now reached double shareholders' equity-also a record high and a very potential overheating zone for the energy group.
