(Editor's note: We republished this article on Nov. 20, 2024, for clarification on regulated EBITDA.) By 2026, we forecast the group's regulated and strongly protected activities to contribute more than 50% to its EBITDA, supporting its strong business profile. However, we observe a declining share of strongly regulated activities, mainly French gas networks, to about 29% compared to the historical level of about 35%. In addition, we think that Engie S.A.'s high gas exposure in France, transitioning to a low-carbon economy, will lead to subdued growth from regulated EBITDA in the medium to long term compared with key peers Enel SpA and Iberdrola S.A. that are more exposed to the electricity grid. Therefore, we apply the standard volatility table to
