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15 May 2025 Q1 2025 Financial Information
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2 ENGIE MAY 2025 CATHERINE MACGREGOR Q1 2025 FINANCIAL INFORMATION
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3 ENGIE MAY 2025 Q1 2025 HIGHLIGHTS Steady expansion in renewables, BESS and power networks Closing of nuclear deal in Belgium Strong financial results in a challenging market environment Q1 2025 FINANCIAL INFORMATION 3 ENGIE MAY 2025 Agility in the current US context
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4 ENGIE MAY 2025 STRONG FINANCIAL RESULTS, 2025 GUIDANCE CONFIRMED Q1 2025 FINANCIAL INFORMATION 2025 guidance confirmed NRIgs expected between €4.4 and €5.0bn 1 Cash Flow From Operations = Free Cash Flow before Maintenance Capex and nuclear provisions funding Economic net debt €46.1bn Down €1.8bn vs. end-2024 EBIT ex. Nuclear €3.7bn Up 2.1% vs. Q1 2024 CFFO 1 €4.0bn vs. €5.1bn in Q1 2024 4 ENGIE MAY 2025
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5 ENGIE MAY 2025 Q1 2025 FINANCIAL INFORMATION STEADY EXPANSION OF OUR STRATEGY Power networksRenewables & BESS ENGIE Chile has won the tender for the development for a new substation, located in the municipality of Tiltil, 50 km north of Santiago 8.5 GW under construction 101 projects Average of 7 GW per year of added capacity on track Acquisitions • 2 hydropower plants with total capacity of 612 MW in Brazil • 157 MW renewable operating portfolio in UK 51.6GW total capacity of which 0.6 GW added in Q1 25
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6 ENGIE MAY 2025 CLOSING OF THE BELGIAN NUCLEAR DEAL Q1 2025 FINANCIAL INFORMATION 6 ENGIE May 2025 Second instalment will be paid when the reactors restart in November 2025 ENGIE will no longer be exposed to the evolution of costs related to waste management Closing and first instalment on March 14th, 2025
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7 ENGIE MAY 2025 PIERRE-FRANÇOIS RIOLACCI EVP in charge of Finance, ESG and Procurement Q1 2025 FINANCIAL INFORMATION
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8 ENGIE MAY 2025 Q1 RESULTS €bn, unaudited figures1 Actual ∆ Gross ∆ Organic2 EBITDA (excluding Nuclear) 4.9 +1% +2% EBIT (excluding Nuclear) 3.7 +0% +2% CFFO 3 4.0 -1.1 Net Financial Debt4 34.6 +1.4 Economic Net Debt4 46.1 -1.8 Economic Net Debt/ EBITDA4 3.0x -0.1x FINANCIAL PERFORMANCE HIGHLIGHTS EBIT +2% organically vs. high comparison basis • EBIT (excluding Nuclear) at €3.7bn, thanks to higher contribution from Networks and favorable timing effects • Healthy cash generation with CFFO at €4.0bn • Net financial debt up €1.4bn including impact from nuclear agreement in Belgium for €2.6bn • Improving Economic Net Debt and credit ratios 2025 guidance confirmed 1. Unaudited figures through the presentation 2. Organic variation = gross variation without scope and foreign exchange effects 3. Cash flow from Operations = Free Cash Flow before Maintenance Capex and nuclear provisions funding 4. Variance versus 31 December 2024 Q1 2025 FINANCIAL INFORMATION
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9 ENGIE MAY 2025 EBIT EVOLUTION BY EFFECT Strong performance supported by investments, performance and climate -59 -74 +92 +82 +72 --95 Q1 2024 Q1 2025 VolumesPrice & Volatility Others EBIT (excl. Nuclear) (€m) FX -29 Scope -31 3,723 3,705 +€77m organic Performance Renewable & Flex Power Infrastructures Others down €55m to €406m 3,723 Q1 2025 FINANCIAL INFORMATION 1,152 1,453 1,291 -173 Supply & Energy Management Commissioning
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10 ENGIE MAY 2025 EBIT EVOLUTION BY REPORTING SEGMENT Q1 2025 FINANCIAL INFORMATION -26 -59 -117 Q1 2024 Q1 2025 -28 +513 -44 Q1 2024 Q1 2025 +5 +323 -349 -219 Q1 2024 Q1 2025 Infrastructures FX & Scope FX & Scope FX & Scope Renewable & BESS Gas Generation 1,354 1,152 1,012 1,530 Networks Local Energy Infrastructures 1,453 B2C B2B Energy Management 1,530 1,291 Supply & Energy Management Renewable & Flex Power (€m)
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11 ENGIE MAY 2025 CASH FLOW FROM OPERATIONS Robust cash flow, lower than the previous year due to significant release of NWC in Q1 24 5.1 4.0 +0.9 +0.5 -1.5 -0.8 -0.3 +0.1 Q1 2025 CFFO Q1 2024 CFFO Taxes & interest paid Operating cash flow Other changes in WCR Margin Calls Inventory Operating Net Working Capital Change in WCR: -2.0 (€bn) Q1 2025 FINANCIAL INFORMATION
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12 ENGIE MAY 2025 8.7 -12.2 8.7 15.7 3.6 Q1 2025 FINANCIAL INFORMATION BELGIAN NUCLEAR AGREEMENT Impacts from transaction closing March 2025 – Remaining exposure Dismantling & back-end fuel provisions A-category waste to be paid at LTO restart (Q4 2025) ENGIE remaining liabilities Other (including unwinding) Payment for waste liability transfer (cat B & C) Mar 2025 Total & in-scope provisions Dec 2024 Total & in-scope provisions (€bn) (€bn) Q1 2025 Waste liability (paid at LTO restart) 3.6 Dismantling provisions 8.7 Total provisions & liabilities 12.3 Outstanding balance of partners’ share in provisions & liabilities 0.6 Synatom assets (including uranium inventory) 4.2 Total nuclear assets 4.8 0.1 Waste liabilities (in-scope) -0.8 -0.6 Financed through: • Monetization of dedicated financial assets: €9.5bn • Use of cash: €2.6bn Outstanding balance of partners’ shares in provisions + dissynergies (1) (1): 0.2bn € of dissynergies induced by 10-year extension and paid by BeGov at closing
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13 ENGIE MAY 2025 STABLE CREDIT RATIOS, RATING MAINTAINED Balanced cash equation impacted by the funding of our nuclear obligations in Q1 25 2.1x 2.2x 3.1x 3.0x Net Financial Debt / EBITDA Economic Net Debt / EBITDA Dec 24 Mar 25 4.0x Rating: ‘Strong investment grade’ maintained 33.2 34.6 -4.0 +1.5 +3.3 +0.6 Others CFFO Capex1 Net Financial Debt (€bn) Average cost of gross debt 47.9 46.1 +1.4 -3.0 -0.2 Change in nuclear funding & costs2 Net Financial Debt Dec 2024 Mar 2025 1 Growth + maintenance Capex, net of sell-downs and US tax incentives, including net debt acquired 2 Change in nuclear provision & assets funding 3 Change in provisions (excluding nuclear, net of tax) & liability Leverage ratios Economic Net Debt (€bn) Dec 2024 4.3%4.6% Mar 2025 Nuclear funding & costs Change in provisions & liabilities3 Q1 2025 FINANCIAL INFORMATION
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14 ENGIE MAY 2025 FY 2025 GUIDANCE CONFIRMED Dividend 65-75% payout ratio based on NRIgs Floor of €1.10 Rating “Strong investment grade” Economic Net Debt / EBITDA ≤ 4.0x over the long term 2025: key assumptions FX: • €/USD: 1.13 • €/BRL: 6.22 Market commodity forward prices as of 31 March 2025 Nuclear Belgium €0.15bn contingency for 2025 Average weather conditions Recurring net financial costs €(2.1-2.3)bn Recurring effective tax rate ~22-24% €12.7 - 13.7bn €8.0 - 9.0bn €4.4 - 5.0bn Q1 2025 FINANCIAL INFORMATION
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15 ENGIE MAY 2025 SUMMARY Steady expansion in renewables, BESS and power networks Closing of nuclear deal in Belgium Strong financial results in a challenging market environment Q1 2025 FINANCIAL INFORMATION 15 ENGIE MAY 2025 Agility in the current US context
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ADDITIONAL MATERIAL
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17 ENGIE MAY 2025 Q1 2025 EBIT CHANGE BY ACTIVITY Q1 2025 FINANCIAL INFORMATION (€m) Renewable & BESS 733 -74 -59 Contribution from capex Lower hydro volumes / Lower power prices in Europe / FX (BRL) Gas Generation 419 -128 -117 Intraday volatility in Europe / no inframarginal tax in France in Q1 2025 Lower hedged prices / positive one-offs and strong margins in Chile in Q1 2024 Networks 1,259 +485 +513 Colder climate, increase in tariffs in Europe, contribution from investments Local Energy Infrastructures 194 -44 -44 Colder climate supporting heat sales of district heating networks, margin improvements of energy efficiency services Lower captured spreads on cogenerations B2C 400 +324 +323 Favorable timing effect, low comparison base (customer retention actions in Q1 2024), colder climate B2B 582 -348 -349 Lower positive timing effect in Q1 2025 vs. Q1 2024 Energy Management 309 -215 -219 Reduction in market reserve reversal in Q1 2025 vs. Q1 2024, continued market normalization NUCLEAR 406 -55 -55 Good availability rate Volume down with the shutdown of Doel 1 in February 2025 OTHERS -173 +19 +29 ENGIE 4,129 -37 +22 Q1 25 Key driversGross Variance Organic Variance
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18 ENGIE MAY 2025 EBIT BREAKDOWN Q1 2025 (€m) France Rest of Europe Latin America Northern America AMEA Others TOTAL RENEWABLE & FLEX POWER 292 234 375 125 135 -10 1,152 INFRASTRUCTURES 1,023 216 211 -2 16 -11 1,453 SUPPLY & ENERGY MANAGEMENT 176 227 0 0 -3 891 1,291 OTHERS 0 0 -1 -16 -1 -154 -173 EBIT ex. NUCLEAR 1,491 676 585 108 147 716 3,723 NUCLEAR 126 280 0 0 0 0 406 Q1 2025 FINANCIAL INFORMATION Q1 2024 (€m) France Rest of Europe Latin America Northern America AMEA Others TOTAL RENEWABLE & FLEX POWER 529 311 353 37 141 -16 1,354 INFRASTRUCTURES 606 202 205 -2 18 -17 1,012 SUPPLY & ENERGY MANAGEMENT -71 160 0 0 -5 1,447 1,530 OTHERS 0 -1 -1 -13 0 -177 -191 EBIT ex. NUCLEAR 1,063 672 557 21 153 1,238 3,705 NUCLEAR 137 324 0 0 0 0 461
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19 ENGIE MAY 2025 OUTRIGHT POWER PRODUCTION IN EUROPE NUCLEAR AND HYDRO Q1 2025 FINANCIAL INFORMATION As of 31 March 2025 Belgium and France Captured prices are shown • before specific Belgian nuclear and French CNR hydro tax contributions • Over 2024-2025, excluding the mark-to-market impact of the proxy hedging used for part of Belgian nuclear volumes, which is volatile and historically unwinds to close to zero at delivery Hedged positions and captured prices (% and €/MWh) 2024 2025 2026 2027 111 104 64 85 100% 81% 51% 26%
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20 ENGIE MAY 2025 DISCLAIMER Important Notice The figures presented here are those customarily used and communicated to the markets by ENGIE. This message includes forward- looking information and statements. Such statements include financial projections and estimates, the assumptions on which they are based, as well as statements about projects, objectives and expectations regarding future operations, profits, or services, or future performance. Although ENGIE management believes that these forward-looking statements are reasonable, investors and ENGIE shareholders should be aware that such forward-looking information and statements are subject to many risks and uncertainties that are generally difficult to predict and beyond the control of ENGIE and may cause results and developments to differ significantly from those expressed, implied or predicted in the forward-looking statements or information. Such risks include those explained or identified in the public documents filed by ENGIE with the French Financial Markets Authority (AMF), including those listed in the “Risk Factors” section of the ENGIE Universal Registration Document filed with the AMF on March 13, 2025 (under number D.25-0091). Investors and ENGIE shareholders should note that if some or all of these risks are realized, they may have a significant unfavourable impact on ENGIE.
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21 ENGIE MAY 2025 FOR MORE INFORMATION ABOUT ENGIE FOR MORE INFORMATION ABOUT Q1 2025 FINANCIAL INFORMATION: https://www.engie.com/en/finance/results/2025 +33 1 44 22 66 29 ir@engie.com https://www.engie.com/en/financial-results