Engie S.a. · EURONEXT:ENGI

Engie — Merger or Acquisition (February 2026)

15 slides from Engie's merger presentation, Feb 26, 2026

  1. Slide 1: UK Power Networks: acquiring the best-in-class regulated power distribution network in the UK

    UK Power Networks: acquiring the best-in-class regulated power distribution network in the UK 26 February 2026

  2. Slide 2: Agenda

    AGENDA PART 1 PART 2 PART 3 FY 2025 UK Power Networks Medium-term outlook Results 01 PERFECT 01 Strategic overview STRATEGIC FIT 02 Capital allocation 02 Valuation and and outlook financing plan 03 Concluding remarks and Q&A 2 ENGIE February FEBRUARY 2026 2026

  3. Slide 3: Perfect Strategic Fit

    PART 2 - SECTION 01 PERFECT STRATEGIC FIT PERFECT STRATEGIC FIT CATHERINE MACGREGOR 3 ENGIE FEBRUARY 2026

  4. Slide 4: Energy at top of countries' agendas

    PART 2 - SECTION 01 PERFECT STRATEGIC FIT ENERGY AT TOP OF COUNTRIES’ AGENDAS Energy Transition Geopolitical uncertainty continuing momentum on the rise Electrification is underway, molecules are here to stay More frequent political and geopolitical turbulence Flexibility to bolster system resilienc

  5. Slide 5: Decisive move towards our Best Energy Transition Utility ambition

    PART 2 - SECTION 01 PERFECT STRATEGIC FIT DECISIVE MOVE TOWARDS OUR BEST ENERGY TRANSITION UTILITY AMBITION Unique opportunity to Growing, regulated Bolstering our Earnings accretive rebalance ENGIE predictable cashflows presence in the UK, from first full-year, portfolio towards to enhance our now

  6. Slide 6: UK Power Networks, best-in class regulated power distribution network in the UK

    PART 2 - SECTION 01 PERFECT STRATEGIC FIT UK POWER NETWORKS, BEST-IN CLASS REGULATED POWER DISTRIBUTION NETWORK IN THE UK Leading DNO in UK, Track record of Mar-2024/25 key across 3 licenses (East of England, outstanding safety & indicators London and South-East of England) operational performance +

  7. Slide 7: A decade of top performance amongst UK Power DNOs

    PART 2 - SECTION 01 PERFECT STRATEGIC FIT A DECADE OF TOP PERFORMANCE AMONGST UK POWER DNOs Track record of Outstanding Performance over RIIO-ED1 & the first two years of RIIO-ED2 RoRE1 over RIIO-ED1 (2015/16-2022/23) RoRE1 over the first two years of RIIO-ED2 (2023/24-2024/25) 12.0% 11.5% 11.0% 11.

  8. Slide 8: Strong momentum for energy transition

    PART 2 - SECTION 01 PERFECT STRATEGIC FIT STRONG MOMENTUM FOR ENERGY TRANSITION Massive electrification of usage expected, boosting networks investments Energy Transition at the heart of x2 by 20501 x2 by 20502 government Clean Power 2030 Action Plan: Electricity Electricity demand generation expect

  9. Slide 9: UK regulation: stability, performance, customer-oriented

    PART 2 - SECTION 01 PERFECT STRATEGIC FIT UK REGULATION: STABILITY, PERFORMANCE, CUSTOMER- ORIENTED A regulation that brings stable and predictable cash-flows with outperformance shared with customers 01 Stability & 02 Inflation & 03 Incentives transparency volume protection mechanism Promoting inve

  10. Slide 10: Agenda

    AGENDA PART 1 PART 2 PART 3 FY 2025 UK Power Networks Medium-term outlook Results 01 Perfect 01 Strategic overview strategic fit 02 Capital allocation 02 VALUATION AND and outlook FINANCING PLAN 03 Concluding remarks and Q&A 10 ENGIE February FEBRUARY 2026 2026

  11. Slide 11: Valuation and Financing Plan

    PART 2 – SECTION 2 VALUATION AND FINANCING PLAN VALUATION AND FINANCING PLAN PIERRE-FRANÇOIS RIOLACCI 11 ENGIE FEBRUARY 2026

  12. Slide 12: Key valuation metrics

    PART 2 – SECTION 2 VALUATION AND FINANCING PLAN KEY VALUATION METRICS In £bn The transaction • UKPN for GBP 15.8bn 15.8 5.3 1.0 • Estimated 2027 EBITDA multiple of c.10x, including the contribution of unregulated assets • As part of this transaction, ENGIE will 10.5 c.1.5x own 100 % and consolidate

  13. Slide 13: UK Power Networks: solid financial results and outlook

    PART 2 – SECTION 2 VALUATION AND FINANCING PLAN UK POWER NETWORKS: SOLID FINANCIAL RESULTS AND OUTLOOK UKPN’s full-year financials (April to March) Strong outlook £bn 03/22 03/23 03/24 03/25 £2.2bn gross capex EBITDA 1.3 1.4 1.2 1.8 over April 26 to March 28 EBIT 0.9 1.0 0.7 1.4 Net Income 0.3 0.6 0

  14. Slide 14: Financing plan supported by strong balance sheet

    PART 2 – SECTION 2 VALUATION AND FINANCING PLAN FINANCING PLAN SUPPORTED BY STRONG BALANCE SHEET Financing plan Accretive from year 1 ~€12bn ~€2bn And maintain Strong ~€3bn investment grade ~€4bn Up to €3bn Financing Needs Senior Debt Hybrids Disposals Equity issue through an ABB 14 ENGIE February F

  15. Slide 15: Slide 15

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