Engie S.a. · EURONEXT:ENGI
Engie — FY2024 Earnings Presentation
30 slides from Engie's earnings presentation, Feb 27, 2025
Slide 1: FY 2024 Results
FY 2024 Results 27 February 2025 1 ENGIE FEBRUARY 2025
Slide 2: FY 2024 Results
FY 2024 RESULTS CATHERINE MACGREGOR 2 ENGIE FEBRUARY 2025
Slide 3: FY 2024: Further Enhanced Track Record
FY 2024: FURTHER ENHANCED TRACK RECORD Another Accelerating the Strong Fundamental solid financial deployment progress de-risking performance of our strategy in the Net Zero with the EU approval reaching the upper end with record expansion in trajectory on the Belgian nuclear of the guidance range r
Slide 4: Another Set of Strong Results in 2024 with Proposed Dividend of €1.48
ANOTHER SET OF STRONG RESULTS IN 2024 WITH PROPOSED DIVIDEND OF €1.48 EBIT ex. Nuclear NRIgs CFF0 1 Dividend €8.9bn €5.5bn €13.1bn €1.48 vs. €9.5bn in 2023 vs. €5.4bn in 2023 Stable vs. 2023 vs. €1.43 in 2023 1 Cash Flow From Operations = Free Cash Flow before Maintenance Capex and nuclear provision
Slide 5: Strong Progress in ESG
STRONG PROGRESS IN ESG Greenhouse gas emissions Renewables Gender diversity GHG1 emissions Share of renewables % of women from energy production (MtCO2e) in total power generation capacity (%) in Group managers 32 107 31 43 30 41 29 38 65 60 34 52 48 28 24 2017 2021 2022 2023 2024 2019 2021 2022 202
Slide 6: Record Year with 4.2 GW Renewables Capacity Added in 2024
RECORD YEAR WITH 4.2 GW RENEWABLES CAPACITY ADDED IN 2024 Significantly expanded capacity 4.3 GW Green PPA signed in 4.2 GW 6.8 GW 46 GW 2024 capacity under total capacity1 added construction in of which in 2024 in 2024 2024; 75 projects 3.6 GW with duration above 5 years +59% year-on-year Strong qu
Slide 7: More Than 5 GW Batteries in Operation and Under Construction at Year-End 2024
MORE THAN 5 GW BATTERIES IN OPERATION AND UNDER CONSTRUCTION AT YEAR-END 2024 • 1 GW of new capacity in North America, 2.6 GW 2.6 GW leveraging the successful integration of BRP In operation Under construction • Commercial operation of Coya Focused in (139 MW/638MWh), the largest BESS in Latin 10 co
Slide 8: EU Approval on the Belgian Nuclear Deal
UE APPROVAL ON THE BELGIAN NUCLEAR DEAL • 10-year extension of Tihange 3 and Doel 4 through Flexible LTO (until 2028), re-starting as of September and November 2025 respectively • JV dedicated to the 2 units equally owned with the Belgian State operating under a derisked contractual business model •
Slide 9: FY 2024 Results
FY 2024 RESULTS PIERRE-FRANÇOIS RIOLACCI 9 ENGIE FEBRUARY 2025
Slide 10: Financial Performance Highlights
FINANCIAL PERFORMANCE HIGHLIGHTS Another strong year confirming the FY RESULTS successful execution of our strategy and €bn, unaudited figures Actual ∆ Gross ∆ Organic1 our ability to capture value EBITDA (excl. Nuclear) 13.4 -2% -2% • NRIgs increased to €5.5bn EBIT (excl. Nuclear) 8.9 -6% -6% • Str
Slide 11: Another Strong Year
ANOTHER STRONG YEAR despite normalizing market conditions EBIT (excl. Nuclear) (€m) 9,479 Others -72 Commissioning 8,893 +231 -1,355 -157 OTHERS FX -82 Volumes +484 Performance 8,893 1,718 o/w 2,382 Scope +10 +282 GEMS Prices 695 RETAIL & Volatility 1,467 FLEX GEN -€514m organic 356 ENERGY SOLUTIONS
Slide 12: Renewables
RENEWABLES RENEWABLES +10% total growth driven by investments and excellent hydro volumes +7% organic growth ACHIEVED PRICES1 OUTRIGHT VOLUMES HYDRO CNR FRANCE HYDRO FRANCE (€/MWh) (TWh) +3.8 TWh Performance +4% Commissioning EBIT(€m) 18.4 -226 +355 +71 100 104 +315 -191 Others 2,198 1,006 Wind, sol
Slide 13: Networks
NETWORKS NETWORKS Tariff recovery in France and Romania, growth in Americas (power & gas) +15% organic growth TEMPERATURE EFFECT POWER TRANSMISSION IN FRANCE1 NETWORK LENGTH (€m) (km) Gas EBIT(€m) -115 International 5,720 -5% +63 +45 5,439 +437 NaTran Power 2,460 200 Power International & -104 Inter
Slide 14: Energy Solutions
ENERGY SOLUTIONS ENERGY SOLUTIONS Performance and investment contribution offset by lower energy prices and DBSO margins -3% organic variance EBIT MARGIN EBIT MARGIN excl. (%) one-offs (%) EBIT(€m) Energy +10bps performance & 5.3% 5.3% management 3.6% 367 +0 367 -45 +25 356 3.5% Scope & -22 +30 Ener
Slide 15: Flex Gen
FLEX GEN FLEX GEN High captured spreads in Europe, BESS development in the US -3% AVERAGE CAPTURED LOAD FACTOR organic decrease SPARK SPREADS EUROPE EUROPE (%) (€/MWh) +16% EBIT(€m) 43 Volumes Performance -410bps North America 37 1,513 -7 1,506 -26 -9 45 21.6% -14 +28 -18 1,467 Scope & Prices Others
Slide 16: Retail
RETAIL RETAIL Organic growth boosted by non-recurring timing effects +22% # B2C organic growth CONTRACTS B2C SUPPLY VOLUMES (m) (TWh) 22.5 22.1 EBIT(€m) 37 Performance 2.6 2.6 Services 36 Power -60 -54 AMEA Price +18 24 115 +235 Volumes -11 9.3 9.2 Power 106 695 Others Gas 244 Europe excl. France 56
Slide 17: Nuclear
NUCLEAR NUCLEAR Positive YoY comparison with higher prices and the end of Belgian inframarginal tax + €843m VOLUMES BE+FR CAPTURED organic growth @SHARE PRICES1 D&A and (TWh) (€/MWh) -152 Others +10% EBIT(€m) Volumes +6 1,448 excl. plant 105 +701 shutdowns -2% 96 32.0 31.5 Prices Belgian +340 nuclea
Slide 18: Others
OTHERS OTHERS Strong contribution vs record high -€1.0bn organic decrease Key Energy Management drivers FY FY Var. EBIT(€m) (€/MWh - month ahead) 20231 2024 +7 Scope & Price TTF (€/MWh) 47 35 -12 FX -1,176 Gas +126 Spread TTF/PEG (€/MWh) 1.8 0.5 -1.3 drivers 2,761 2,767 GEMS Others 2,382 GEMS Volati
Slide 19: GEMS
OTHERS GEMS Balanced EBIT contribution and positive momentum Activity Geography1 Commodity (€bn) 2023 2023 2023 58% 1.5 63% 66% 57% 6% 1.1 12% 2024 2024 2024 1.3 25% 43% 2.1 42% 28% Client Risk Management & Supply France / Belgium Gas & others Asset Management & Optimization Rest of Europe Power Res
Slide 20: Performance: Continued Improvement
PERFORMANCE: CONTINUED IMPROVEMENT Objective beaten, despite loss-making lagging behind €231m ✓ Operational excellence: ✓ PPA renegotiations 287 ✓ Asset optimizations (including new modelling €200m +15% strategy for Flex Gen) ✓ Contracts portfolio cleaning ✓ HQ reorganization ✓ Procurement actions ❖
Slide 21: Overview of P&L from EBITDA to Net Income
OVERVIEW OF P&L FROM EBITDA TO NET INCOME From EBITDA to NRIgs From NRIgs to NIgs FY FY FY (€bn) 2024 2023 Delta (€bn) 2024 EBITDA 15.6 15.0 +0.5 NRIgs (continuing activities) 5.5 D&A and others (5.1) (4.9) -0.2 Impairment (0.7) EBIT 10.3 10.1 +0.3 Restructuring costs (0.4) Recurring financial resul
Slide 22: Cash Flow from Operations
CASH FLOW FROM OPERATIONS Robust cash flow, in line with previous year (€bn) Change in WCR: +0.8 -1.0 +0.8 -1.5 Unbilled Margin +0.5 13.1 -1.3 +0.5 13.1 calls Supply -0.4 Taxes & +4.4 interest Tariff Nuclear Other Operating shields changes paid cash flow -1.9 in WCR Gas Net inventory receivables FY
Slide 23: Stable Credit Ratios, Rating Maintained
STABLE CREDIT RATIOS, RATING MAINTAINED Net Financial Debt Leverage ratios (€bn) -0.2 CFFO +4.1 4.0x Others Capex 1 +2.9 Dividends 33.2 29.5 Nuclear 3.1x 3.1x -13.1 funding & costs 2 +10.0 2.1x Dec Dec 2.0x 2023 2024 4.31% 4.59% Average cost of gross debt Dec 23 Dec 24 Economic Net Debt (€bn) Net Fi
Slide 24: Additional Materials
ADDITIONAL MATERIALS 24 ENGIE FEBRUARY 2025
Slide 25: EBIT Evolution by GBU
EBIT EVOLUTION BY GBU EBIT (excl. Nuclear) (€m) +142 +326 -11 -50 +128 -1,049 Networks Energy Flex Gen Retail o/w -1,176 9,479 -72 Renewables GEMS 8,893 Solutions Others 8,893 1,718 o/w 2,382 OTHERS GEMS 695 RETAIL 1,467 FLEX GEN FX -82 -€514m organic Scope +10 356 ENERGY SOLUTIONS 2,460 NETWORKS 2,
Slide 26: FY 2024 EBIT Change by Activity
FY 2024 EBIT CHANGE BY ACTIVITY Y/Y change (€m) Gross FX / Scope Organic Key drivers for organic change Tuck-in acquisitions in South Africa, Europe and Higher hydro volumes in Europe Lower prices in Europe RENEWABLES +193 South America. +142 Commissioning of new capacity Lower one-offs Nega
Slide 27: EBIT Breakdown
EBIT BREAKDOWN FY 2024 Rest of Latin Northern (€m) France Europe America America AMEA Others TOTAL RENEWABLES 594 279 913 352 93 -33 2,198 NETWORKS 1,520 201 761 -4 - -18 2,460 ENERGY SOLUTIONS 315 174 -2 -158 67 -40 356 FLEX GEN 366 382 294 45 419 -38 1,467 RETAIL 462 244 - - 24 -36 695 OTHERS 0 -1
Slide 28: Outright Power Production in Europe
OUTRIGHT POWER PRODUCTION IN EUROPE Nuclear and Hydro Hedged positions and captured prices (% and €/MWh) 74 77 70 59 As at 31 December 2024 Belgium and France Captured prices are shown: • before specific Belgian nuclear and French CNR hydro tax contributions • before inframarginal rent cap in France
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 FY 2024 RESULTS: https://www.engie.com/en/finance/results/2024 30 ENGIE FEBRUARY 2025