Engie S.a. · EURONEXT:ENGI
Engie — Q1 2026 Earnings Presentation
24 slides from Engie's earnings presentation, May 7, 2026
Slide 1: Q1 2026 Financial Information
Q1 2026 Financial Information 7 May 2026
Slide 2: Catherine Macgregor
Q1 2026 FINANCIAL INFORMATION CATHERINE MACGREGOR 2 ENGIE MAY 2026
Slide 3: Q1 2026 Highlights
Q1 2026 FINANCIAL INFORMATION Q1 2026 HIGHLIGHTS Solid start Continued Good Negotiation with to the year expansion momentum Belgian State compared to high in Power networks and in renewables & on transfer of our Q1 2025 closing of UKPN BESS nuclear activities 3 ENGIE MAY 2026
Slide 4: Update on Energy Markets
Q1 2026 FINANCIAL INFORMATION UPDATE ON ENERGY MARKETS Primarily oil and Lowest power price New ENGIE model Energy security ever LNG disruption; so sensitivity in countries implies sharply less more crucial for far, European gas invested in Renewables and impact customers as they need market somewha
Slide 5: Start of discussions with the Belgian State on the transfer of our nuclear activities
Q1 2026 FINANCIAL INFORMATION START OF DISCUSSIONS WITH THE BELGIAN STATE ON THE TRANSFER OF OUR NUCLEAR ACTIVITIES Transfer of ENGIE’s nuclear Suspension of Objective of concluding assets and liabilities with ongoing dismantling heads of Terms by no net impact on Group’s work across 5 reactors 1st
Slide 6: Solid start to the year, 2026 guidance confirmed
Q1 2026 FINANCIAL INFORMATION SOLID START TO THE YEAR, 2026 GUIDANCE CONFIRMED EBIT ex. Nuclear Performance Economic net debt 2026 guidance confirmed €3.4bn €120m €41.2bn vs. €3.7bn in Q1 2025 Up vs. €72m in Q1 2025 Down €4.0bn vs. end-2025 NRIgs expected between €4.6 and €5.2bn 6 ENGIE MAY 2026
Slide 7: Expansion in Power Networks
Q1 2026 FINANCIAL INFORMATION EXPANSION IN POWER NETWORKS Completion of Transmission lines in Brazil UKPN acquisition and Peru Award in Brazil 143 km of transmission lines 5 synchronous condenser units 132 km of transmission lines acquired in Péru 7 ENGIE MAY 2026
Slide 8: Good momentum in Renewables & BESS
Q1 2026 FINANCIAL INFORMATION GOOD MOMENTUM IN RENEWABLES & BESS Renewables & BESS 57.7 GW • Full COD of Assu Sol, 753 MW in Brazil, ENGIE’s total capacity largest solar park of which worldwide 0.6 GW added in Q1 26 • Signing of a PPA for a 900 MW onshore wind farm in Egypt 6.6 GW under construction
Slide 9: Acceleration of BESS development in Europe
Q1 2026 FINANCIAL INFORMATION ACCELERATION OF BESS DEVELOPMENT IN EUROPE More than 400 MW of new projects 1 GW of BESS capacity in Europe in 8 countries FRANCE the Group is starting construction of its first BESS facility, with a capacity of 700 MW 110 MW / 220 MWh in operation or under construction
Slide 10: Pierre-François Riolacci
Q1 2026 FINANCIAL INFORMATION PIERRE-FRANÇOIS RIOLACCI EVP in charge of Finance, ESG and Procurement 10 ENGIE MAY 2026
Slide 11: Financial Performance Highlights
Q1 2026 FINANCIAL INFORMATION FINANCIAL PERFORMANCE HIGHLIGHTS EBIT performance reflects Q1 RESULTS ∆ ∆ €bn, unaudited figures1 Actual Gross Organic2 expected market normalization EBITDA (excl. 4.6 -6% -4% • EBIT (excluding Nuclear) at €3.4bn, demonstrating Nuclear) resilient performance against a h
Slide 12: EBIT Evolution Analysis
Q1 2026 FINANCIAL INFORMATION EBIT EVOLUTION ANALYSIS EBIT (excl. Nuclear) (€m) -75 3,411 Business 3,723 FX -49 -393 +135 -200 +120 strength Scope -25 Price & +102 Others 3,411 1,141 Supply & Energy Management Volumes Performance offsetting Volatility Commissioning market 1,464 Infrastructures norma
Slide 13: EBIT Evolution by Reporting Segment
Q1 2026 FINANCIAL INFORMATION EBIT EVOLUTION BY REPORTING SEGMENT (€m) -63 1,152 -140 Renewable +18 FX & & Flex Power Scope Renewable Gas 967 & BESS Generation Q1 2025 Q1 2026 Infrastructures 1,456 -15 +9 +14 1,464 FX & Local Energy Scope Networks Infrastructures Q1 2025 Q1 2026 Supply & -4 +35 -172
Slide 14: Cash Flow from Operations
Q1 2026 FINANCIAL INFORMATION CASH FLOW FROM OPERATIONS (€bn) Change in WCR: -0.1 -0.9 CFFO reflects +0.1 4.0 decrease in Operating cash flow -0.8 +0.8 -0.1 -0.1 Taxes & Margin interest EBITDA Inventory Operating Calls Other changes paid 3.0 Net with Nuclear Working in WCR phase-out Capital Q1 2025
Slide 15: Improving Credit Ratios, Rating Maintained
Q1 2026 FINANCIAL INFORMATION IMPROVING CREDIT RATIOS, RATING MAINTAINED Leverage ratios Economic Net Debt (€bn) 4.0x 3.1x 2.9x 2.6x 2.5x Cash 45.2 -3.0 -3.0 equation CFFO +1.3 Capital +0.7 41.2 positively Capex 1 increase Others impacted by Dec 25 Mar 26 capital Dec Mar Net Financial Debt / EBITDA
Slide 16: UKPN: Smooth Execution of Closing & Financing Plan
Q1 2026 FINANCIAL INFORMATION UKPN: SMOOTH EXECUTION OF CLOSING & FINANCING PLAN UKPN Financing Financing Plan - Status 2026 Contribution1 (€bn) Equity ~12 value Capital increase Executed on Feb 27, 2026 : 107 million shares issued at 28€/share ~4 Disposals €0.9 - 1.1bn Hybrid debt ~2 Senior ~12 2.1
Slide 17: Full Year Guidance Confirmed
Q1 2026 FINANCIAL INFORMATION FULL YEAR GUIDANCE CONFIRMED 2026: key assumptions FX: €13.8 - 14.8bn Rating • €/USD: 1.16 • €/BRL: 6.08 “Strong investment grade” • €/GBP: 0.88 Economic Net Debt / EBITDA Market commodity forward prices ≤ 4.0x over the long term as of 31 March 2026 Average weather cond
Slide 18: Summary
Q1 2026 FINANCIAL INFORMATION SUMMARY Solid start Continued Good Negotiation with to the year expansion momentum Belgian State compared to high in Power networks and in renewables & on transfer of our Q1 2025 closing of UKPN BESS nuclear activities 18 ENGIE MAY 2026
Slide 19: Additional Material
ADDITIONAL MATERIAL
Slide 20: Q1 2026 EBIT Change by Activity
Q1 2026 FINANCIAL INFORMATION Q1 2026 EBIT CHANGE BY ACTIVITY Gross Organic (€m) Q1 26 Variance Variance Key drivers Renewable & Contribution from capex, favorable price effect in Latin America, operational performance 730 +9 +18 BESS Lower power prices in Europe, FX (USD) Disposals in the Mid
Slide 21: EBIT Breakdown
Q1 2026 FINANCIAL INFORMATION EBIT BREAKDOWN Q1 2026 Rest of Latin Northern (€m) France Europe America America AMEA Others TOTAL RENEWABLE & FLEX POWER 121 241 400 139 73 (7) 967 Renewable & BESS 114 155 322 118 29 (7) 730 Gas Generation 7 86 79 21 44 (0) 237 INFRASTRUCTURES 1,011 243 197 (1) 14 0 1
Slide 22: Outright Power Production in Europe
Q1 2026 FINANCIAL INFORMATION OUTRIGHT POWER PRODUCTION IN EUROPE NUCLEAR AND HYDRO Hedged positions and captured prices (% and €/MWh) As of 31 March 2026 Belgium and France Captured prices are shown • before specific Belgian nuclear and French CNR hydro tax contributions • Over 2025, excluding the
Slide 23: 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 24: 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 Q1 2026 FINANCIAL INFORMATION: https://www.engie.com/en/finance/results/2026 24 ENGIE MAY 2026