The company, which sells and trades electricity and gas, said earnings before interest and tax (EBIT), excluding nuclear, totalled 5.6 billion euros ($6.05 billion), down 16.3% on an organic basis.

However, Engie raised its guidance for annual net recurring income on a group share basis to between 5 billion and 5.6 billion euros, up from 4.2 billion to 4.8 billion.

The improved outlook is a result of higher-than-expected volumes of rain in Europe, which have boosted hydropower volumes by 30%, as well as rising volatility from more renewable energy capacity which creates demand for Engie's flexible generation unit, Pierre-François Riolacci, chief financial officer, told reporters.

The company is also benefitting from lower than expected financial costs, he said.