Slides
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31 July 2026 H1 2026 Financial results
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2 ENGIE JULY 2026 CATHERINE MACGREGOR H1 2026 FINANCIAL RESULTS
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3 ENGIE JULY 2026 H1 2026 HIGHLIGHTS H1 2026 FINANCIAL RESULTS 3 ENGIE JULY 2026 Sustained delivery in Renewables & BESS Further expansion in power networks Strong H1 results, 2026 guidance upgraded Continued development in data centers
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4 ENGIE JULY 2026 H1 2026 FINANCIAL RESULTS ENGIE JULY 20264 UPDATE ON ENERGY MARKETS • Geopolitical situation continues to impact energy markets • Electrification increasingly seen by policymakers as a key lever to strengthen energy sovereignty • Volatile energy markets and climate events further reinforce the value of flexibility from BESS and CCGTs • Operations in Middle East as well as diversified gas supply portfolio resilient to the situation • ENGIE has built an industrial model ideally positioned to thrive in many market conditions
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5 ENGIE JULY 2026 STRONG FINANCIAL RESULTS, 2026 GUIDANCE UPGRADED H1 2026 FINANCIAL RESULTS 2026 guidance upgraded NRIgs expected between €4.9 and €5.5bn 5 ENGIE JULY 2026 EBIT ex. Nuclear €5.3bn Vs. €5.1bn in H1 2025 Performance €304m vs. €246m in H1 2025 NRIgs €3.0bn vs. €3.1bn in H1 2025 Economic net debt €60.3bn Vs. €45.2bn vs. end-2025
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6 ENGIE JULY 2026 SUSTAINED DELIVERY IN RENEWABLES AND BESS H1 2026 FINANCIAL RESULTS • France: ‒ COD of Ile d’Yeu / Noirmoutier offshore wind farm (500 MW) ‒ 325 MW onshore wind projects won, o/w 209 MW repowering • Belgium: Launch of construction of Drogenbos BESS (80 MW / 320 MWh) • Chile: COD of Tocopilla BESS (116 MW / 660 MWh) at former coal plant 59.5 GW total capacity of which 2.4 GW added in H1 26 6.4 GW under construction 2.4 GW of PPAs signed X2 vs. H1 25 6 ENGIE JULY 2026 30 June 2026 Development Advanced development Secured & in execution Offshore wind Onshore wind Solar Pipeline breakdown Amea LatAm Noram Europe Storage 26 29 56 11 11 26 38 47 122 17 53 52 Global Pipeline 122 GW
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7 ENGIE JULY 2026 H1 2026 FINANCIAL RESULTS From 6 to 7 GW data center load pipeline1 with greater maturity MATURITY REGION Early Stage Advanced RoW EU NORAM ~1GW of PPAs contracted with tech and data sector in H1 2026, bringing total to 7GW (1) gross total load 7 ENGIE JULY 2026 CONTINUED DEVELOPMENT IN TECH AND DATA CENTERS 31 December 2025 MATURITY REGION Early Stage Advanced RoW EU NORAM 30 June 2026 47 % of 50 TWh 2030 target from PPA and supply contracts secured
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8 ENGIE JULY 2026 FURTHER EXPANSION IN POWER NETWORKS H1 2026 FINANCIAL RESULTS ENGIE JULY 2026 PERU – awarded in Q2 400 km of new transmission lines, plus 6 new substations and 11 existing substations expanded BRAZIL – awarded in Q1 143 km of lines and 5 synchronous condenser units In line with our GROUP AMBITION 10,000 km of transmission lines targeted in operation by 2030 8 Closing of UKPN transaction in May €180m Contribution at end-June 2026 €11.4bn RAV at end-June 2026
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9 ENGIE JULY 2026 PIERRE-FRANÇOIS RIOLACCI EVP in charge of Finance, ESG and Procurement H1 2026 FINANCIAL RESULTS
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10 ENGIE JULY 2026 Strong investments and execution offset market normalization • EBITDA and EBIT (excluding Nuclear) growth supported by the acquisition of UK Power Networks and by organic growth despite a high comparison basis • NRIgs at €3.0bn, down €0.1bn VLY • Healthy cash generation with CFFO at €6.9bn • Capex, Economic Net Debt and Credit ratios impacted by the acquisition of UK Power Networks 2026 guidance upgraded 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. Including maintenance capex. Growth capex: net of DBSO and US tax equity proceeds, including net debt acquired. With acquisition of UK Power Networks for €19bn. 5. Variance versus 31 December 2025 FINANCIAL PERFORMANCE HIGHLIGHTS H1 2026 FINANCIAL RESULTS H1 RESULTS €bn, unaudited figures1 Actual ∆ Gross ∆ Organic2 EBITDA (excl. Nuclear) 7.7 +4% +2% EBIT (excl. Nuclear) 5.3 +3% +1% NRIgs 3.0 -0.1 NIgs 3.3 +0.4 CFFO 3 6.9 -1.5 Capex 4 22.9 +19.4 Net Financial Debt5 54.9 +16.0 Economic Net Debt5 60.3 +15.1 Economic Net Debt/ EBITDA5 4.2x +1.1x
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11 ENGIE JULY 2026 Strong contribution from growth drivers H1 EBIT EVOLUTION -78 +180 -338 -160 +262 +304 -2 H1 2025 H1 2026 Volumes Price & Volatility Others EBIT (excl. Nuclear) (€m) FX -36 Scope1 -42 5,263 5,095 +€66m organic Performance Renewable & Flex Power Infrastructures Others down €382m to €121m 5,263 1,819 2,224 1,549 -329 Supply & Energy Management Commissioning H1 2026 FINANCIAL RESULTS UK Power Networks 1. Scope excluding UK Power Networks
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12 ENGIE JULY 2026 RENEWABLE & FLEX POWER Renewables & BESS mitigating gas generation headwinds 110 74 H1 2025 H1 2026 -32% ACHIEVED PRICES1 HYDRO CNR FRANCE (€/MWh) 1.9 2.4 0.0 H1 2025 H1 2026 CAPACITY ADDITIONS2 (GW) Organic M&A 1. Before hydro tax 2. Capacity additions for Renewable & BESS -5% organic variance 3.7% 3.6% H1 2025 H1 2026 GAS GEN EUROPE LOAD FACTOR (%) GAS GEN - UNPLANNED UNAVAILABILITY (%) 24% 24% H1 2025 H1 2026 GAS GEN EUROPE AVERAGE CAPTURED SPARK SPREADS (€/MWh) 29 16 H1 2025 H1 2026 -46% 1,989 1,920 1,819 1,342 -69 +36 -137 477 H1 2025 H1 2026 Scope & FX Renewable & BESS Gas Generation Renewable & BESS Gas Generation 8.1 8.0 H1 2025 H1 2026 -0.1 TWh OUTRIGHT VOLUMES HYDRO FRANCE (TWh) 2.4 EBIT(€m) Scope & FX: negative impact on USD, and geographical refocus for gas generation. Renewables & BESS: disciplined execution with significant contribution from commissioning and performance partly offset by lower captured prices in Europe, net of hydro tax Gas Generation: lower captured spread in Europe and positive one-offs in H1 2025 and gas pipeline failure in Peru, partly offset by positive price effect in Chile and the contribution of Flémalle H1 2026 FINANCIAL RESULTS
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13 ENGIE JULY 2026 INFRASTRUCTURES 13% EBIT growth underpinned by the acquisition of UK Power Networks 1,963 2,138 2,224 1,656 -5 +180 +46 +22 +18 320 248 H1 2025 H1 2026 Scope & FX Gas Networks Local Energy Infrastructures Gas Networks Local Energy Infrastructures EBIT(€m) Scope and FX: mostly negative impact from AED on district cooling networks UK Power Networks : EBIT contribution starting from closing in May 2026 Gas Networks: solid operational performance, including tariff increases in France & Romania, partially offset by unfavorable weather conditions Power Networks: strong performance with 19% organic growth, supported by inflation-linked indexation in Brazil LEI: District Networks and EV charging delivered strong growth, driven by operational performance, rising EV adoption, network developments and positive indexation effects, partly offset by adverse weather. +4% organic variance H1 2026 FINANCIAL RESULTS NETWORKS REGULATED ASSET BASE (€bn) 31.9 31.5 11.44.8 5.2 2025 2026 UK Power networks2 French Gas Networks1 5,892 5,915 Dec. 25 Jun. 26 POWER TRANSMISSION LENGTH (km) LEI EBIT MARGIN (EBIT/Revenue) 5.3% 5.7% H1 2025 H1 2026 +35bps BIOMETHANE PROD. CAPACITY CONNECTED TO FRENCH NETWORKS (TWh/y) 14.5 15.1 Dec. 25 Jun. 26 +4% 1. RAB as of January 1st, with 2026 RAB still provisional 2. RAV as of June 2026 3. Average capital employed Power Networks Power Networks UK Power Networks Others3
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14 ENGIE JULY 2026 SUPPLY & ENERGY MANAGEMENT Solid execution in B2C and EM, expected normalization in B2B 1,543 1,541 1,549 461 -2 +202 -353 +158 558 530 H1 2025 H1 2026 Scope & FX B2C B2B B2B Energy ManagementEnergy Management B2C EBIT(€m) +0% organic variance B2C: organic growth supported by effective portfolio management, operational discipline combined with activity refocus, and negative timing effects in H1 2025. This was partly offset by milder weather and lower gas volumes in France. B2B: EBIT evolution reflects strong commercial momentum and the gradual normalization of margins on legacy contracts, a lower positive seasonality effect, and 2025 positive one-offs that do not repeat in 2026 Energy Management: good performance in gas & LNG activities, supported by positive one-off on contract renegotiations and favorable market conditions. This was partly mitigated by a weaker performance in power, in a context of challenging trading conditions Key Energy Management drivers1 (€/MWh) H1 2026 Var. Gas drivers Price TTF (€/MWh) 43 +2 Spread PEG-TTF (€/MWh) -0.9 -0.1 Volatility TTF (€/day) 2.7 +1.2 Power drivers Price Germany (€/MWh) 89 +1 Spread France / Germany (€/MWh) -35 -12 Volatility Germany (€/day) 1.1 -0.2 1 Average monthly value (Month Ahead for Gas and Year Ahead for Power) H1 2026 FINANCIAL RESULTS
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15 ENGIE JULY 2026 €304m H1 2026 progress 88 77 138 Loss-making activities Operational excellence Culture & competitiveness Operational excellence • Renewables : asset efficiency in Brazil, South Africa and other countries • LEI : contract portfolio cleaning, pricing improvements • Others: cost optimization in Networks, energy margin optimization for B2C, deployment of real estate master plan, procurement, … Culture & Competitiveness (C2) • Frugality actions focusing on travel, consulting and events • Efficiency in support functions (mainly IT & digital) and other support functions • Improving layers & span of control, notably in LEI Loss-making activities • Turnaround & disposal plan progressing according to plan • Progress in Supply & Energy Management with full recovery expected by Q4 OUTSTANDING PERFORMANCE CONTRIBUTION All performance engines at work H1 2026 FINANCIAL RESULTS
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16 ENGIE JULY 2026 OVERVIEW OF P&L FROM EBITDA TO NET INCOME (€bn) H1 2026 NRIgs 3.0 Restructuring costs (0.1) Commodities MtM 0.6 Others (0.2) NIgs 3.3 From NRIgs to NIgsFrom EBITDA to NRIgs (€bn) H1 2026 H1 2025 Delta EBITDA 7.9 8.3 -0.4 D&A and others (2.5) (2.7) +0.2 EBIT 5.4 5.6 -0.2 Recurring financial result1 (1.1) (1.0) -0.2 Recurring income tax (0.8) (1.1) +0.2 Minorities & Others (0.5) (0.5) +0.0 NRIgs 3.0 3.1 -0.1 1. Mainly cost of net debt + unwinding of discount on long-term provisions H1 2026 FINANCIAL RESULTS
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17 ENGIE JULY 2026 CASH FLOW FROM OPERATIONS CFFO reflects decrease in EBITDA with Nuclear phase-out & WCR evolution 8.4 6.9 -0.5 -0.5 -0.5 +0.1 +0.2 -0.3 H1 2026 CFFO H1 2025 CFFO Taxes & interest paid Operating cash flow Other changes in WCRMargin Calls Inventory Operating Net Working Capital Change in WCR: -0.8(€bn) H1 2026 FINANCIAL RESULTS
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18 ENGIE JULY 2026 STRATEGIC INVESTMENT DRIVES NET DEBT INCREASE WHILE CREDIT PROFILE REMAINS STRONG 2.6x 3.8x 3.1x 4.2x Net Financial Debt / EBITDA Economic Net Debt / EBITDA Dec 25 Jun 26 4.0x Rating ‘Strong investment grade’ maintained 1 Growth + maintenance Capex, net of sell-downs and US tax incentives, including net debt acquired 2 Includes dividends paid to non controlling interests Leverage ratios 45.2 60.3 -6.9 +22.9 -3.0 -2.3 +3.8 +0.6 Others CFFO Capex1 Economic Net Debt (€bn) Average cost of gross financial debt Dec 2025 4.2%4.0% June 2026 Capital increase Net debt evolution reflecting strategic investment in UK Power Networks H1 2026 FINANCIAL RESULTS Dividends paid2 Hybrid debt issued
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19 ENGIE JULY 2026 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 2026: key assumptions FX: • €/USD: 1.16 • €/BRL: 5.96 • €/GBP: 0.87 Market commodity forward prices as of 30 June 2026 Average weather conditions and hydro/wind/solar productions UKPN contribution starting from closing in May 2026 Recurring net financial costs €(2.3-2.5)bn Recurring effective tax rate ~18-22% €14.3 - 15.3bn €9.2 - 10.2bn €4.9 - 5.5bn FULL YEAR GUIDANCE UPGRADED H1 2026 FINANCIAL RESULTS
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20 ENGIE JULY 2026 SUMMARY H1 2026 FINANCIAL RESULTS 20 ENGIE JULY 2026 Sustained delivery in Renewables & BESS Further expansion in power networks Strong H1 results, 2026 guidance upgraded Continued development in data centers
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ADDITIONAL MATERIAL
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22 ENGIE JULY 2026 Q2 EBIT EVOLUTION +22% organic growth (excluding Nuclear) +177 +16 +5 +36 +23 +4 +167 -181 +183 +48 Q2 2025 Q2 2026 Gas Networks Gas Generation Renewable & BESS B2B EBIT (excl. Nuclear) (€m) Power NetworksFX +14 Scope1 +163 1,852 1,372 €+302m organic B2C down €87m to €10m Local Energy Infrastructures Energy Management Others 1. Including UK Power Networks for €+180m H1 2026 FINANCIAL RESULTS
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23 ENGIE JULY 2026 H1 2026 EBIT CHANGE BY ACTIVITY (€m) Renewable & BESS 1,342 +43 +36 Contribution from capex, operational performance Lower power prices in Europe, lower hydro volumes, FX (USD) Gas Generation 477 -213 -137 Contribution of Flémalle, pricing in Chile Geographical refocus, lower captured spread in Europe, pipe failure in Peru, positive one-offs in H1 2025 Gas Networks 1,656 +48 +46 Operational performance, new assets in regulated asset based, tariffs increase in Europe Adverse weather effect Power Networks 320 +206 +22 Acquisition of UK Power Networks, inflation-linked indexation in Brazil, positive one-off in Chile Local Energy Infrastructures 248 +7 +18 Operational performance, District Heating and EV charging developments, tariff indexations Adverse weather effect B2C 461 +188 +202 Active management of the hedging portfolio, solid operational performance, negative timing effects in Q2 25 Milder weather conditions and lower consumption B2B 558 -344 -353 Gradual unwind of contributions from legacy contracts signed under favorable conditions, lower positive seasonality effect, positive one-offs in H1 25 Energy Management 530 +162 +158 Good performance of gas trading activities, positive one-offs on gas contracts settlements in H1 26 Challenging trading conditions and low volatility in our power markets NUCLEAR 121 -382 -382 Nuclear phase-out in Belgium, lower power prices in France OTHERS -329 +71 +66 ENGIE 5,384 -215 -323 H1 26 Key driversGross Variance Organic Variance H1 2026 FINANCIAL RESULTS
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24 ENGIE JULY 2026 H1 2026 FINANCIAL RESULTS H1 2026 (€m) France Rest of Europe Latin America North America AMEA Others TOTAL RENEWABLE & FLEX POWER 161 443 730 333 177 (25) 1,819 Renewables & BESS 173 283 564 295 51 (25) 1,342 Gas Generation (12) 160 166 38 126 477 INFRASTRUCTURES 1,372 443 395 (1) 25 (7) 2,224 Gas Networks 1,226 193 252 (1) (13) 1,656 Power Networks 180 143 (2) 320 Local Energy Infrastructures 145 70 25 8 248 SUPPLY & ENERGY MANAGEMENT 811 603 39 39 58 (2) 1,549 OTHERS 12 9 7 (8) (349) (329) EBIT ex. NUCLEAR 2,356 1,498 1,171 362 260 (383) 5,263 NUCLEAR 96 25 121 H1 2025 (€m) France Rest of Europe Latin America North America AMEA Others TOTAL RENEWABLE & FLEX POWER 376 349 708 305 266 (14) 1,989 Renewables & BESS 249 255 483 271 55 (14) 1,299 Gas Generation 128 93 224 34 211 690 INFRASTRUCTURES 1,345 214 403 (3) 29 (24) 1,963 Gas Networks 1,189 149 288 (3) (1) (15) 1,608 Power Networks 114 114 Local Energy Infrastructures 156 65 30 (9) 241 SUPPLY & ENERGY MANAGEMENT 624 853 32 45 (4) (7) 1,543 OTHERS (6) 2 (2) (24) 2 (372) (400) EBIT ex. NUCLEAR 2,340 1,418 1,140 323 293 (418) 5,095 NUCLEAR 206 297 503 EBIT BREAKDOWN BY GEOGRAPHY
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25 ENGIE JULY 2026 OUTRIGHT POWER PRODUCTION IN EUROPE NUCLEAR AND HYDRO As of 30 June 2026 France & Belgium Starting in 2026, nuclear volumes hedged are limited to French production, as Belgian nuclear production is not merchant, following the 10-year extension agreement with the Belgian government for Tihange 3 and Doel 4 nuclear reactors. Captured prices are shown before specific Belgian nuclear and French CNR hydro tax contributions Hedged positions and captured prices (% and €/MWh) 2025 2026 2027 2028 78 100 5861 100% 88% 57% 31% H1 2026 FINANCIAL RESULTS
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26 ENGIE JULY 2026 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 12, 2026. 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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27 ENGIE JULY 2026 FOR MORE INFORMATION ABOUT ENGIE +33 1 44 22 66 29 ir@engie.com https://www.engie.com/en/financial-results