Slide 1: H1 2024 Financial Results
H1 2024 FINANCIAL RESULTS 2 August 2024
Slide 2: Catherine Macgregor, CEO
H1 2024 FINANCIAL RESULTS CATHERINE MACGREGOR CEO 2 ENGIE AUGUST 2024
Slide 3: H1 2024 Highlights
H1 2024 FINANCIAL RESULTS H1 2024 HIGHLIGHTS Robust Strong execution H1 24 financial Further progress Belgian nuclear in BESS and results and on ESG on track Renewables guidance upgraded 3 ENGIE AUGUST 2024
Slide 4: Good H1 2024 results in a back to normal environment, 2024 guidance upgraded
H1 2024 FINANCIAL RESULTS GOOD H1 2024 RESULTS IN A “BACK TO NORMAL” ENVIRONMENT, 2024 GUIDANCE UPGRADED EBIT ex. Nuclear NRIgs 2024 guidance €5.6bn €3.8bn upgraded vs. €6.7bn in H1 2023 vs. €4.0bn in H1 2023 NRIgs expected between CFF0 Economic net debt €5.0 and €5.6bn 1 €8.9bn €45.8bn vs. €9.5bn i
Slide 5: Further progress on ESG
H1 2024 FINANCIAL RESULTS FURTHER PROGRESS ON ESG Greenhouse gas emissions Renewables Coal exit GHG1 emissions Share of renewables Disconnection of 2 units in Chile in from energy production (Mt) in total power generation capacity (%) 2025 and conversion of a third one 41 41 107 38 2030 34 2030 Conv
Slide 6: 4GW additional renewable capacity in 2024 on track
H1 2024 FINANCIAL RESULTS 4GW ADDITIONAL RENEWABLE CAPACITY IN 2024 ON TRACK Global Pipeline (at 100%) 42.4 GW Ocean Winds total capacity • First turbines installed 95 GW 95 10 Latin America of which 1GW at Moray West 80 added in H1 24 • Inauguration of the substation of the Yeu- 47 47 Solar Develop
Slide 7: Valuable integrated business model of ENGIE in Texas
H1 2024 FINANCIAL RESULTS VALUABLE INTEGRATED BUSINESS MODEL OF ENGIE IN TEXAS Texas energy market is in high need of BESS are competitive and instrumental to flexible generation the Texas grid reliability by providing • Fast response ancillary services to the grid (frequency regulation, responsive
Slide 8: Strong execution in BESS year-to-date
H1 2024 FINANCIAL RESULTS STRONG EXECUTION IN BESS YEAR-TO-DATE 800MW of BRP batteries A successful integration of BRP completed in the US in H1 2024, on time • 90%+ retention rate of former BRP employees • BRP platform now used to optimize the full Engie grid-scale BESS fleet in North America Hedge
Slide 9: Pierre-François Riolacci, EVP Finance, ESG and Procurement
H1 2024 FINANCIAL RESULTS PIERRE-FRANÇOIS RIOLACCI EVP in charge of Finance, ESG and Procurement 9 ENGIE AUGUST 2024
Slide 10: Financial performance highlights
H1 2024 FINANCIAL RESULTS FINANCIAL PERFORMANCE HIGHLIGHTS EBIT down 16% vs record high H1 RESULTS €bn, unaudited figures1 Actual ∆ Gross ∆ Organic2 • EBIT (excluding Nuclear) below H1 2023 albeit less EBITDA (excluding Nuclear) 7.8 -11% -12% than expected EBIT (excluding Nuclear) 5.6 -16% -16% • Po
Slide 11: EBIT evolution by GBU
H1 2024 FINANCIAL RESULTS EBIT EVOLUTION BY GBU Organic evolution impacted by energy market normalization EBIT (excl. Nuclear) (€m) +232 -182 +68 -168 +131 -7 Flex Gen Retail 6,713 Renewables Networks Energy -1,165 FX +9 Solutions o/w -1,199 Scope -16 GEMS 5,623 Others 1,620 (o/w 1,946 OTHERS GEMS)
Slide 12: Renewables EBIT
H1 2024 RENEWABLES FINANCIAL RESULTS RENEWABLES EBIT Higher hydro volumes in Europe and contribution from new assets offsetting price decrease ACHIEVED PRICES1 HYDRO TAX +6% HYDRO CNR FRANCE (€/MWh) CNR FRANCE (€m - % tax rate2) organic growth Commissioning -11% +€50m -128 EBIT(€m) +184 +24 121 Othe
Slide 13: Networks EBIT
H1 2024 NETWORKS FINANCIAL RESULTS NETWORKS EBIT Lower sales premium for transmission, lower spreads for storage in UK & Germany, growth in Americas (power & gas) TEMPERATURE EFFECT POWER TRANSMISSION -13% IN FRANCE (€m) NETWORK LENGTH (km) organic decrease -24 EBIT(€m) -5% Gas 5,720 -50 -106 Intern
Slide 14: Energy Solutions EBIT
H1 2024 ENERGY SOLUTIONS FINANCIAL RESULTS ENERGY SOLUTIONS EBIT YoY variance boosted by 2023 one-off recovery despite climate/price headwinds €+131m EBIT MARGIN EBIT MARGIN excl. organic increase (%) one-offs (%) +300bps +27bps EBIT(€m) +€131m 5.4% 5.1% 5.4% Energy performance & 27 management Scope
Slide 15: Flex Gen EBIT
H1 2024 FLEX GEN FINANCIAL RESULTS FLEX GEN EBIT High captured spreads in Europe, favorable conditions in Chile & positive one-offs BESS commissioning in North America AVERAGE CAPTURED LOAD FACTOR INTERNAL UNPLANNED +32% SPARK SPREADS EUROPE EUROPE (%) UNAVAILABILITY (%) organic increase (€/MWh) +53
Slide 16: Retail EBIT
H1 2024 RETAIL FINANCIAL RESULTS RETAIL EBIT High comparison basis, lower volumes vs positive impact from timing effects in H1 2024 # B2C B2C SUPPLY €-182m CONTRACTS (m) VOLUMES organic variance -0.2m (TWh) 22.2 22.0 EBIT (€m) 2.3 2.4 Services 19 19 Power Price 9.2 9.2 Power 69 61 -2 -31 Gas Scope &
Slide 17: Nuclear EBIT
H1 2024 NUCLEAR FINANCIAL RESULTS NUCLEAR EBIT Positive YoY comparison with end of Belgian inframarginal tax VOLUMES BE+FR CAPTURED +€531m @SHARE (TWh) PRICES1 (€/MWh) organic growth -2% -7% 16.3 16.0 111 EBIT(€m) 104 Belgian Volumes nuclear tax excl. plant + IM shutdowns 970 -44 +29 D&A and H1 2023
Slide 18: Others EBIT
H1 2024 OTHERS FINANCIAL RESULTS OTHERS EBIT Key market drivers1 (€/MWh) H1 2023 H1 2024 Var. Decreasing result in normalizing markets Prices & Power Germany 114 67 -46 Spreads2 Gas TTF 44 30 -14 Gas Power DE-FR -€1.2bn geographical 9 -18 -28 organic decrease Gas TTF-PEG spreads2 (1.8) (0.6) +1.2 (N
Slide 19: Performance: continued improvement
H1 2024 FINANCIAL RESULTS PERFORMANCE: CONTINUED IMPROVEMENT On track to deliver €200m per year 2024 progress €87m 2024 progress • Operational excellence: PPA renegotiations, asset Period Achieved optimizations, contracts portfolio cleaning, procurement H1 2024 €0.1bn 94 • Loss-making activities: go
Slide 20: Overview of P&L from EBITDA to net income
H1 2024 FINANCIAL RESULTS OVERVIEW OF P&L FROM EBITDA TO NET INCOME From EBITDA to NRIgs From NRIgs to NIgs H1 H1 H1 (€bn) 2024 2023 Delta (€bn) 2024 EBITDA 8.9 9.4 -0.4 NRIgs (continuing activities) 3.8 D&A and others (2.5) (2.4) -0.1 Impairment2 (0.3) EBIT 6.4 7.0 -0.6 Restructuring costs (0.2) Re
Slide 21: Cash flow from operations
H1 2024 FINANCIAL RESULTS CASH FLOW FROM OPERATIONS Strong cash generation, slightly behind last year Change in WCR: -0.6 -0.2 (€bn) +0.5 Unbilled Margin -2.1 calls -0.6 Inventory +4.4 Supply -0.7 -0.2 Operating +0.6 cash flow Tariff 8.9 9.5 -2.3 shields Other Taxes & Nuclear changes interest in WCR
Slide 22: Strong credit ratios, rating maintained
H1 2024 FINANCIAL RESULTS STRONG CREDIT RATIOS, RATING MAINTAINED CFFO generation offset growth capex, nuclear funding and dividends Net Financial Debt Leverage ratios (€bn) 4.0x Capex 1 +3.6 -0.7 +1.5 Dividends Others 30.2 3.1x 29.5 -8.9 Nuclear 3.1x +5.2 funding & costs 2 CFFO 2.0x 2.1x Dec Jun 20
Slide 23: FY 2024 guidance upgraded
H1 2024 FINANCIAL RESULTS FY 2024 GUIDANCE UPGRADED Rating 2024: key assumptions “Strong investment grade” FX: Economic Net Debt / EBITDA €12.8 - 13.8bn ≤ 4.0x over the long term • €/USD: 1.08 • €/BRL: 5.64 Market commodity forward prices Dividend as of 30 June 2024 65-75% Nuclear Belgium 0.1bn cont
Slide 24: Summary
H1 2024 FINANCIAL RESULTS SUMMARY Robust Strong execution H1 24 financial Further progress Belgian nuclear in BESS and results and on ESG on track Renewables guidance upgraded 24 ENGIE AUGUST 2024
Slide 25: Additional material
ADDITIONAL MATERIAL
Slide 26: H1 2024 EBIT change by activity
H1 2024 FINANCIAL RESULTS – ADDITIONAL MATERIAL H1 2024 EBIT CHANGE BY ACTIVITY Y/Y change (€m) Gross FX / Scope Organic Key drivers for organic change Mainly scope-in AMEA Higher hydro volumes in Europe Lower prices in Europe RENEWABLES +133 (Kathu consolidation, BTE +68 Commissioning of new
Slide 27: EBIT breakdown
H1 2024 FINANCIAL RESULTS – ADDITIONAL MATERIAL EBIT BREAKDOWN H1 2024 Rest of Latin Northern (€m) France Europe America America AMEA Others TOTAL RENEWABLES 474 186 506 120 49 (11) 1,325 NETWORKS 644 125 391 (2) (7) 1,151 ENERGY SOLUTIONS 183 86 (0) (7) 29 (25) 266 FLEX GEN 238 285 186 16 252 (20)
Slide 28: Outright power production in Europe
H1 2024 FINANCIAL RESULTS – ADDITIONAL MATERIAL OUTRIGHT POWER PRODUCTION IN EUROPE NUCLEAR AND HYDRO Hedged positions and captured prices (% and €/MWh) 100% 89% 45% 31% 126 110 98 96 As of 30 June 2024 Belgium and France 2023 2024 2025 2026 Captured prices are shown: • Before specific Belgian nucle
Slide 29: Disclaimer
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
Slide 30: For more information about ENGIE
FOR MORE INFORMATION ABOUT ENGIE +33 1 44 22 66 29 ir@engie.com https://www.engie.com/en/financial-results FOR MORE INFORMATION ABOUT H1 2024 RESULTS: https://www.engie.com/en/finance/results/2024 30 ENGIE AUGUST 2024