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Slide 2: Agenda
2 Q1 2022 May 2022 Agenda Introduction AARTI SINGHAL Group Director Investor Relations Q1 2022 Overview CATHERINE MACGREGOR Chief Executive Officer Q1 2022 Financials and Outlook PIERRE-FRANÇOIS RIOLACCI Chief Financial Officer Summary CATHERINE MACGREGOR Chief Executive Officer
Slide 3: Catherine Macgregor, CEO
3 Q1 2022 May 2022 CATHERINE MACGREGOR CEO
Slide 4: Enhancing security of gas supply in the context of the war in Ukraine
4 Q1 2022 May 2022 Enhancing security of gas supply in the context of the war in Ukraine
Slide 5: ENGIE's integrated business model in action
5 Q1 2022 May 2022 ENGIE’s integrated business model in action Among worldwide Large portfolio of flexible leaders in renewables generation and gas expertise Energy management expertise Onshore Offshore Solar PV Hydro Pumped Networks Storage Wind Wind Strong articulation orchestrated Storage by GEMS
Slide 6: ENGIE playing an active role in shaping the future of energy in Europe
6 Q1 2022 May 2022 ENGIE playing an active role in shaping the future of energy in Europe ENGIE Gas sourcing Networks Customers Preparing for the future Multiple actions Diversification from Russia Record 64 ships 1 Actions to support customer Unlocking the potential and securing volumes unloaded in
Slide 7: ENGIE's European gas hedging positions optimised to minimise risk
7 Q1 2022 May 2022 ENGIE’s European gas hedging positions optimised to minimise risk 2021 FY, volumes in Europe • Portfolio of gas purchase and supply contracts Overview of ENGIE’s annual gas volumes in Europe • ENGIE is structurally long gas in Europe Total gas procured from diversified pool of pro
Slide 8: Q1 highlights and strategic progress
8 Q1 2022 May 2022 Q1 highlights and strategic progress
Slide 9: Very strong performance in exceptional market conditions
9 Q1 2022 May 2022 Very strong performance in exceptional market conditions • Significant growth in EBIT – GEMS benefited from exceptional market environment Q1 2022 EBIT – High Nuclear availability and significant increase in captured prices – Strong increase from Renewables, Thermal and Supply €3.
Slide 10: Continued strong focus on execution of strategic plan
10 Q1 2022 May 2022 Continued strong focus on execution of strategic plan Key pillars of our strategic plan • Progress on disposals to simplify ENGIE Simplify, refocus and Step up – EQUANS disposal completion on track for H2 improve business mix renewables growth – SUEZ earn-out and sale of remainin
Slide 11: Renewables delivering growth
11 Q1 2022 May 2022 Renewables delivering growth • CNR extension granted for 18 years to 2041 • Eolia acquisition completed: – 0.9 GW installed capacity + 1.2 GW pipeline ~4 GW targeted addition • Photosol (US), acquisition of solar & storage pipeline for 2022 of projects on track • Strong progress
Slide 12: Unlocking the potential of biomethane
12 Q1 2022 May 2022 Unlocking the potential of biomethane European Commission has doubled the target to reach 380 TWh of biomethane production by 2030 1 Potential to significantly increase French biomethane production • Corresponding to c.20% of current Russian imports Ample resources available Fran
Slide 13: ENGIE at the forefront of hydrogen developments
13 Q1 2022 May 2022 ENGIE at the forefront of hydrogen developments Project purpose Capacity Reuze Large scale Recovery of CO2 from the steel Electrolyser capacity: industry to produce e-fuels exploiting up to 400 MW production industrial synergies and economies with COD in 2026 of e-fuels of scale
Slide 14: Update on Nuclear capacity in Belgium
14 Q1 2022 May 2022 Update on Nuclear capacity in Belgium • Belgian government decided to consider the extension the operational lifetime of 2 out of 7 reactors - Doel 4 and Tihange 3 - to 2035 Nuclear phase out in Belgium1 • ENGIE would engage in such project only in a balanced risk sharing Install
Slide 15: Q1 2022 Financials
15 Q1 2022 Results May 2022 Q1 2022 Financials PIERRE-FRANÇOIS RIOLACCI CFO
Slide 16: Significantly higher earnings, cash flow generation impacted by changes in WCR
16 Q1 2022 Results May 2022 Significantly higher earnings, cash flow generation impacted by changes in WCR • EBIT up 74% on a gross basis and 76% organically Q1 RESULTS €bn, unaudited figures 1 Actual ∆ Gross ∆ Organic 2 • Negative cash flow generation and higher net debt EBITDA 4.6 +49% +51% • Impr
Slide 17: EBIT up +76% organically
17 Q1 2022 Results May 2022 EBIT up +76% organically In exceptional market conditions EBIT €+1,529m organic 3,532 (€m) +536 520 3,532 (o/w 625 Others (o/w +439 GEMS) from Nuclear GEMS) 583 Nuclear Others +530 309 Supply Supply 531 Thermal Thermal +94 Energy 150 Energy Renewables +254 Solutions Solut
Slide 18: GEMS in Q1 2022
18 Q1 2022 Results May 2022 GEMS in Q1 2022 Key strengths: long gas position and net seller of volatility Extreme Q1 2022 market environment Key market drivers Q1 Q1 YoY (€/MWh) 2021 2022 delta • Consecutive new highs for prices throughout Q1 2022, along with huge volatility, and globally rising geo
Slide 19: Cash Flow From Operations
19 Q1 2022 Results May 2022 Cash Flow From Operations Temporarily down due to negative change in WCR, impacted by price effects, margin calls and French supply tariff shields, more than offsetting higher operating cash flow (€bn) Change in WCR: -3.3 Net -0.7 receivables B2C +1.7 Gas energy in -0.7 i
Slide 20: Strong liquidity, supported by dedicated management actions
20 Q1 2022 Results May 2022 Strong liquidity, supported by dedicated management actions Liquidity of €21.6bn as at 31 March 2022, incl. €15.8bn of cash Dedicated management actions to cope with pressure on liquidity, mainly caused by unprecedented levels of margin calls, securing strong levels of li
Slide 21: Net debt up in Q1 2022, strong liquidity and rating maintained
21 Q1 2022 Results May 2022 Net debt up in Q1 2022, strong liquidity and rating maintained Net Financial Debt Leverage ratios (€bn) +0.3 +0.6 +0.1 -0.8 +0.1 +0.8 27.3 4.0x +0.8 Nuclear Others 5 Capex 1 Scope 3 Dividends New rights CFFO phase-out 2 25.3 of use 4 (IFRS16) 3.6x 3.3x Dec Mar 2.4x 2.3x 2
Slide 22: FY 2022 guidance upgraded
22 Q1 2022 Results May 2022 FY 2022 guidance upgraded ENGIE’s expectations underpinned by strength of integrated model EBITDA indication Rating Key assumptions1 €11.7-12.7bn “Strong investment grade” FX: Economic Net Debt / EBITDA ≤ 4.0x over the long term • €/USD: 1.12 EBIT indication • €/BRL: 5.90
Slide 23: Summary
23 Q1 2022 May 2022 Summary Enhancing security Very strong ENGIE’s strategy Strong liquidity of gas supply and performance in and integrated and robust optimizing hedging exceptional market model more financial position positions conditions relevant than ever
Slide 24: Q1 2022 Results May 2022
24 Q1 2022 Results May 2022
Slide 25: Q1 2022 EBIT change by activity
25 Q1 2022 Results May 2022 Q1 2022 EBIT change by activity Y/Y change (€m) Gross Organic Key drivers for organic change Higher prices in Europe (mainly benefitting hydro) 2021 Texas extreme weather event Lower hydro volumes in Europe RENEWABLES +199 +197 Commissioning of new capacity High
Slide 26: EBIT breakdown
26 Q1 2022 Results May 2022 EBIT breakdown 1 Q1 2022 Rest of Latin Northern (€m) France Europe America America AMEA Others TOTAL RENEWABLES 172 91 208 15 1 (14) 472 NETWORKS 717 89 165 (1) (2) 967 ENERGY SOLUTIONS 141 47 (2) (4) 9 (40) 150 THERMAL 397 28 11 106 (10) 531 SUPPLY 338 (23) 2 (3) (5) 309
Slide 27: 2022 updated commodity forward prices assumptions
27 Q1 2022 Results May 2022 2022 updated commodity forward prices assumptions Commodity forward prices (average Q4 2021 – Q1 2022) Basis for the updated 2022 indications and guidance (€/MWh) 20221 Power Base BE 171 Power Base FR 192 CSS Peak / Base NL 27 / (3) CSS Peak / Base BE 73 / (6) CSS Peak /
Slide 28: Outright power production in Europe
28 Q1 2022 Results May 2022 Outright power production in Europe Nuclear and hydro Hedging positions and average hedged prices (% and €/MWh) 100% 86% 66% 32% 67 59 54 54 42 46 47 47 48 2021 2022 2023 2024 As of 31 March 2022 Belgium and France
Slide 29: Nuclear phase out in Belgium
29 Q1 2022 Results May 2022 Nuclear phase out in Belgium Indicative theoretical total (Belgium + France) nuclear production 47.4 TWh c.44 TWh1 c.33 TWh1 c.32 TWh1 c.23 TWh1 c.9 TWh1 2021 2022 2023 2024 2025 2026 Operated ENGIE End of capacity capacity operations / Nuclear reactors Operator @100% (MW
Slide 30: Disclaimer
30 Q1 2022 Results May 2022 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 w
Slide 31: For more information about ENGIE
31 Q1 2022 Results May 2022 For more information about ENGIE Ticker: ENGI +33 1 44 22 66 29 ir@engie.com https://www.engie.com/en/financial-results FOR MORE INFORMATION ABOUT Q1 2022 RESULTS: https://www.engie.com/en/finance/results/2022