Slide 1: H1 2025 Financial results
H1 2025 Financial results 01 August 2025
Slide 2: Catherine MacGregor
H1 2025 FINANCIAL RESULTS CATHERINE MACGREGOR 2 ENGIE AUGUST 2025
Slide 3: H1 2025 Highlights
H1 2025 FINANCIAL RESULTS H1 2025 HIGHLIGHTS Good results Relentless Adapting to the Nuclear in in a turbulent execution US Belgium environment of our strategy situation completion of deal, LTO on track 3 ENGIE AUGUST 2025
Slide 4: Good financial results, 2025 guidance confirmed
H1 2025 FINANCIAL RESULTS GOOD FINANCIAL RESULTS, 2025 GUIDANCE CONFIRMED EBIT ex. Nuclear NRIgs 2025 guidance confirmed €5.1bn €3.1bn vs. €5.6bn in H1 2024 vs. €3.8bn in H1 2024 NRIgs expected between CFFO1 Economic net debt €4.4 and €5.0bn €8.4bn €46.8bn vs. €8.9bn in H1 2024 Down €1.1bn vs. end-2
Slide 5: US situation becoming clearer
H1 2025 FINANCIAL RESULTS US SITUATION BECOMING CLEARER Renewables and BESS capacity US Growth capex (in €bn) in the US (in GW) Net of sell-down • Assets under construction are largely protected against tariffs increases 4.0 • 3 projects ready for FID with risk- 2.4 11.0 sharing PPAs 8.6 • In the me
Slide 6: Relentless execution in renewables and BESS
H1 2025 FINANCIAL RESULTS RELENTLESS EXECUTION IN RENEWABLES AND BESS Global Pipeline (at 100%)1 52.7 GW Big ticket operations in total capacity our key regions 118 GW of which 1.9 GW added in H1 25 • Africa: COD of Red Sea wind 118 11 LatAm farm (650 MW) in Egypt, four months ahead of schedule 40 S
Slide 7: Simplifying and optimizing our portfolio
H1 2025 FINANCIAL RESULTS SIMPLIFYING AND OPTIMIZING OUR PORTFOLIO Main disposals in H1 2025 ESUS (USA) Uch (Pakistan) GTT ENGIE Services US Uch 1 & 2 CCGTs (0.9 GW) (CLOSED) LEI refocusing Full exit, regional refocus UCH 1&2 ESUS (CLOSED) (CLOSED) 4 CCGTs (Bahrain & Kuwait) GTT (France) Az Zour Nor
Slide 8: Belgian nuclear: closing of the deal and LTO on track
H1 2025 FINANCIAL RESULTS BELGIAN NUCLEAR CLOSING OF THE DEAL AND LTO ON TRACK Closing and Tihange 3 initial Second instalment first instalment works successfully will be paid when Doel 4 on March 14th, 2025 completed reactor restarts in with restart in July 2025 November 2025 8 8ENGIE ENGIE AUGUST
Slide 9: Pierre-François Riolacci
H1 2025 FINANCIAL RESULTS PIERRE-FRANÇOIS RIOLACCI EVP in charge of Finance, ESG and Procurement 9 ENGIE AUGUST 2025
Slide 10: Financial performance highlights
H1 2025 FINANCIAL RESULTS FINANCIAL PERFORMANCE HIGHLIGHTS EBIT down organically vs. high comparison basis H1 RESULTS • EBIT (excluding Nuclear) at €5.1bn with €-0.1bn €bn, unaudited figures1 Actual ∆ Gross ∆ Organic2 impact from FX. EBITDA (excluding Nuclear) 7.4 -5% -3% • Healthy cash generation w
Slide 11: EBIT evolution by effect
H1 2025 FINANCIAL RESULTS EBIT EVOLUTION BY EFFECT Investments & Performance offset by market normalization, lower volumes and non repeat items EBIT (excl. Nuclear) (€m) -178 5,623 -258 5,095 +246 -166 FX -98 Price -392 +221 Performance Others Scope -80 & 5,095 Supply & Volatility Volumes Commission
Slide 12: Renewable & Flex Power
H1 2025 RENEWABLE & FINANCIAL RESULTS FLEX POWER RENEWABLE & FLEX POWER Lower hydro volumes and captured spreads in Europe ACHIEVED PRICES1 OUTRIGHT VOLUMES CAPACITY -9% HYDRO CNR FRANCE (€/MWh) HYDRO FRANCE (TWh) ADDITIONS (GW) organic variance +2% 1.9 GW 10.2 0.2 M&A -104 -2.1 TWh -111 -91 107 110
Slide 13: Infrastructures
H1 2025 INFRASTRUCTURES FINANCIAL RESULTS INFRASTRUCTURES Strong organic growth driven by almost all networks' assets FRENCH RAB1 POWER TRANSMISSION +43% (€bn) NETWORK LENGTH (km) organic growth 32.0 32.1 -40 236 Local Energy Infrastructures (LEI) 4.4 4.3 Storengy Local +24 +633 Energy 10.3 10.2 NaT
Slide 14: Supply & Energy Management
H1 2025 SUPPLY & FINANCIAL RESULTS ENERGY MANAGEMENT SUPPLY & ENERGY MANAGEMENT On target, with EBIT impacted by market normalization and increased transportation tariffs -32% organic decrease Key Energy Management drivers1 H1 (€/MWh) Var. 2025 +1 -61 -220 Price TTF (€/MWh) 41 +11 B2C -438 B2B Gas d
Slide 15: Nuclear
H1 2025 NUCLEAR FINANCIAL RESULTS NUCLEAR Negative YoY comparison with lower achieved prices and fewer volumes VOLUMES BE+FR CAPTURED -35% @SHARE (TWh) PRICES1 (€/MWh) organic variance -14% -6% 16.0 EBIT(€m) 13.8 104 97 0 Scope & -149 FX Prices -71 -47 Volumes D&A and 770 770 Others H1 2024 H1 2025
Slide 16: Performance
H1 2025 FINANCIAL RESULTS PERFORMANCE On track to reach full year target 2025 progress €246m • Operational excellence: PPA renegotiations, asset 2025 progress optimizations / improved assets availability, procurement 96 Period Achieved • Culture & competitiveness: LEI paving the way with removal H1
Slide 17: Overview of P&L from EBITDA to net income
H1 2025 FINANCIAL RESULTS OVERVIEW OF P&L FROM EBITDA TO NET INCOME From EBITDA to NRIgs From NRIgs to NIgs H1 H1 H1 (€bn) 2025 2024 Delta (€bn) 2024 EBITDA 8.3 8.9 -0.7 NRIgs 3.1 D&A and others (2.7) (2.5) -0.1 Restructuring costs (0.1) EBIT 5.6 6.4 -0.8 Commodities MtM (0.2) Recurring financial re
Slide 18: Cash flow from operations
H1 2025 FINANCIAL RESULTS CASH FLOW FROM OPERATIONS Robust cash flow with limited impact from margin calls Change in WCR: -0.3 (€bn) -0.3 +0.2 -0.2 +0.1 -0.6 +0.4 Inventory Operating Taxes & Net Other interest 8.9 Operating Working Margin paid cash flow Calls changes Capital in WCR 8.4 H1 2024 H1 20
Slide 19: Stable credit ratios, rating maintained
H1 2025 FINANCIAL RESULTS STABLE CREDIT RATIOS, RATING MAINTAINED Strong cash generation funds capex, dividends and nuclear obligations Net Financial Debt Leverage ratios (€bn) 4.0x +3.8 -0.2 35.7 33.2 -8.4 +4.0 Nuclear 3.1x 3.1x Others +3.3 Dividends funding & costs 2.4x CFFO Capex 1 2.1x Dec Jun 2
Slide 20: FY 2025 guidance confirmed
H1 2025 FINANCIAL RESULTS FY 2025 GUIDANCE CONFIRMED Rating 2025: key assumptions “Strong investment grade” FX: Economic Net Debt / EBITDA €12.7 - 13.7bn ≤ 4.0x over the long term • €/USD: 1.14 • €/BRL: 6.34 Market commodity forward prices Dividend as of 30 June 2025 65-75% Average weather condition
Slide 21: Summary
H1 2025 FINANCIAL RESULTS SUMMARY Good results Relentless Adapting to the Nuclear in in a turbulent execution US Belgium environment of our strategy situation completion of deal, LTO on track 21 ENGIE AUGUST 2025
Slide 22: Additional material
ADDITIONAL MATERIAL
Slide 23: H1 2025 EBIT change by activity
H1 2025 FINANCIAL RESULTS H1 2025 EBIT CHANGE BY ACTIVITY Gross Organic (€m) H1 25 Variance Variance Key drivers Renewable & Contribution from capex, lower hydro tax in France 1,313 -151 -104 BESS Lower volumes (hydro and onshore wind), FX (BRL) no inframarginal tax in France in H1 2025, posit
Slide 24: EBIT breakdown
H1 2025 FINANCIAL RESULTS EBIT BREAKDOWN H1 2025 Rest of Latin Northern (€m) France Europe America America AMEA Others TOTAL RENEWABLE & FLEX POWER 376 348 708 305 266 -14 1 988 Renewable & BESS 249 255 483 271 55 0 1 313 Gas Generation 128 93 224 34 211 -14 676 INFRASTRUCTURES 1 345 214 403 -3 29 -
Slide 25: Outright power production in Europe
H1 2025 FINANCIAL RESULTS OUTRIGHT POWER PRODUCTION IN EUROPE NUCLEAR AND HYDRO Hedged positions and captured prices (% and €/MWh) As of 30 June 2025 Belgium and France Captured prices are shown • before specific Belgian nuclear and French CNR hydro tax contributions • before inframarginal rent cap
Slide 26: 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 27: 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 2025 FINANCIAL INFORMATION: https://www.engie.com/en/finance/results/2025 27 ENGIE AUGUST 2025