7 May 2026
CATHERINE MACGREGOR
2 ENGIE MAY 2026
Q1 2026
HIGHLIGHTS
3 ENGIE MAY 2026
3 ENGIE MAY 2026
Solid start to the year
compared to high
Q1 2025
Continued expansion
in Power networks and
closing of UKPN
Good momentum in renewables & BESS
Negotiation with Belgian State
on transfer of our
nuclear activities
UPDATE ON
ENERGY MARKETS
4 ENGIE MAY 2026
4 ENGIE MAY 2026
Primarily oil and LNG disruption; so far, European gas market somewhat resilient
Lowest power price sensitivity in countries invested in Renewables and Nuclear justifies electrification with grid expansion
New ENGIE model implies sharply less impact
with flexible gas procurement, limited merchant exposure
Energy security ever more crucial for customers as they need high-quality, affordable and long-term supply locked in
START OF DISCUSSIONS WITH THE BELGIAN STATE ON THE
TRANSFER OF OUR NUCLEAR ACTIVITIES
Transfer of ENGIE's nuclear assets and liabilities with no net impact on Group's financial position
Suspension of ongoing dismantling work across 5 reactors
Objective of concluding
heads of Terms by
1st October 2026
5 ENGIE MAY 2026
5 ENGIE May 2026
SOLID START TO THE YEAR,
2026 GUIDANCE CONFIRMED
EBIT ex. Nuclear
€3.4bn
vs. €3.7bn in Q1 2025
Performance
€120m
Up vs. €72m in Q1 2025
Economic net debt
€41.2bn
Down €4.0bn vs. end-2025
2026 guidance
confirmed
NRIgs
expected between
€4.6 and
€5.2bn
6 ENGIE MAY 2026
6 ENGIE MAY 2026
EXPANSION
IN POWER NETWORKS
Completion of UKPN acquisition
Transmission lines in Brazil and Peru
132 km of transmission lines
acquired in Péru
Award in Brazil
143 km
of transmission lines
5 synchronous condenser units
GOOD MOMENTUM
IN RENEWABLES & BESS
6.6 GW
under construction
93 projects
Full COD of Assu Sol,
753 MW in Brazil, ENGIE's largest solar park worldwide
Signing of a PPA for a
900 MW
onshore wind farm in Egypt
57.7GW
total capacity
of which
0.6 GW added in Q1 26
Renewables & BESS
ACCELERATION OF BESS DEVELOPMENT
IN EUROPE
More than
1GW
of BESS capacity
in Europe in 8 countries
400 MW
of new projects
FRANCE
700 MW
in operation or under
construction
the Group is starting construction of its first BESS
facility, with a capacity of
110 MW / 220 MWh
SPAIN
Engie is acquiring
2 BESS projects totaling
278 MW / 1.1 GWh
PIERRE-FRANÇOIS RIOLACCI
EVP in charge of Finance, ESG and Procurement
FINANCIAL PERFORMANCE HIGHLIGHTS
EBIT performance reflects
expected market normalization
EBIT (excluding Nuclear) at €3.4bn, demonstrating resilient performance against a high comparison basis, supported by solid operational performance
Healthy cash generation
Economic Net Debt down €4.0bn including impact from capital increase for €3.0bn
Improving credit ratios with Economic Net Debt / EBITDA at 2.9x
2026 guidance confirmed
FY RESULTS €bn, unaudited figures1 | Actual | ∆ Gross | ∆ Organic2 |
EBITDA (excl. Nuclear) | 4.6 | -6% | -4% |
EBIT (excl. Nuclear) | 3.4 | -8% | -7% |
CFFO3 | 3.0 | -1.0 | |
Net Financial Debt4 | 35.2 | -3.7 | |
Economic Net Debt4 | 41.2 | -4.0 | |
Economic Net Debt / EBITDA4 | 2.9x | -0.1x |
Unaudited figures through the presentation
Organic variation = gross variation without scope and foreign exchange effects
Cash flow from Operations = Free Cash Flow before maintenance capex and nuclear provisions funding
Variance versus 31 December 2025debt acquired
EBIT EVOLUTION ANALYSISEBIT (excl. Nuclear) (€m)
Business
strength
offsetting market normalization in Q1
-75
FX -49
Scope -25
3,411
967
1,464
1,141
-161
Supply &
Energy Management
Infrastructures
Renewable & Flex Power
3,723
3,411
-393 +135 Price -200 +102 +120 & Others Volatility Volumes Performance Commissioning | ||
-€237m organic | ||
Others
down €295m to €111m
Q1 2025 Q1 2026
EBIT EVOLUTION BY REPORTING SEGMENT
Renewable
& Flex Power
(€m)
-63
FX & Scope
+18
Renewable & BESS
-140
967
Gas Generation
1,152
Q1 2025 Q1 2026
1,464
1,456
Infrastructures
-15 +9 +14
FX & Scope
Local Energy
Networks
Infrastructures
Supply & Energy Management
Q1 2025 Q1 2026
1,141
1,299
-4 +35 -172 -18
B2B Energy
FX &
Scope
B2C
Management
Q1 2025 Q1 2026
CASH FLOW FROM OPERATIONS
(€bn)
Change in WCR: -0.1
-0.9
CFFO reflects decrease in
4.0
Operating
-0.1 -0.1
+0.1
3.0
Taxes &
EBITDA
with Nuclear phase-out
cash flow
Inventory Operating
+0.8
-0.8
Net
Working Capital
Margin
Calls
Other changes in WCR
interest
paid
Q1 2025 CFFO
Q1 2026
CFFO
IMPROVING CREDIT RATIOS, RATING MAINTAINEDEconomic Net Debt
(€bn)
Leverage ratios
4.0x
3.1x 2.9x
Cash
45.2
equation
-3.0
CFFO
-3.0
+1.3
Capital
+0.7
2.6x
2.5x
positively impacted by capital increase
Dec 2025
4.0%
Capex1
Average cost of gross financial debt
increase
Others
Mar 2026
4.0%
41.2
Dec 25 Mar 26
Net Financial Debt / EBITDA Economic Net Debt / EBITDA
Rating
1 Growth + maintenance Capex, net of sell-downs and US tax incentives, including net debt acquired
'Strong investment grade'
maintained
UKPN: SMOOTH EXECUTION OF CLOSING & FINANCING PLAN
UKPN Financing
(€bn)
Financing Plan - Status
2026 Contribution1
~12
~3
~3
~2
~4
Disposals
Senior Debt
Hybrid debt
Capital increase
Equity value
Capital increase
~12
€0.9 - 1.1bn
Executed on Feb 27, 2026 : 107 million shares issued at 28€/share
€0.6 - 0.8bn
Hybrid debt
2.1bn€ (eq.) executed on Apr. 9, 2026, in
3 tranches:
Perp. Non-Call 5.25 years of 1bn€
at 4.375%
Perp. Non-Call 8 years of 600m€
at 4.825%
Sources Uses
- Perp. Non-Call 6 years of 400m£ at 6.125%
1. FY26 contribution of UKPN in ENGIE's
financial statements
€13.8 - 14.8bn
FULL YEAR GUIDANCE CONFIRMEDRating
€8.7 - 9.7bn
"Strong investment grade"
Economic Net Debt / EBITDA
≤ 4.0x over the long term
Dividend
€4.6 - 5.2bn
65-75%
payout ratio based on NRIgs
Floor of €1.10
2026: key assumptions
FX:
€/USD: 1.16
€/BRL: 6.08
€/GBP: 0.88
Market commodity forward prices
as of 31 March 2026
Average weather conditions and hydro/wind/solar productions
UKPN contribution starting from closing in May 2026
Recurring net financial costs
€(2.3-2.5)bn
Recurring effective tax rate
~20-23%
SUMMARY
18 ENGIE MAY 2026
18 ENGIE MAY 2026
Solid start to the year
compared to high
Q1 2025
Continued expansion
in Power networks and
closing of UKPN
Good momentum in renewables & BESS
Negotiation with Belgian State
on transfer of our
nuclear activities
ADDITIONAL MATERIAL
Q1 2026 EBIT CHANGE BY ACTIVITY
(€m)
Q1 26
Gross
Variance
Organic Variance
Key drivers
Renewable & BESS | 730 | +9 | +18 | Contribution from capex, favorable price effect in Latin America, operational performance Lower power prices in Europe, FX (USD) |
Gas Generation | 237 | -194 | -140 | Disposals in the Middle-East, lower captured spread in Europe, negative one-off in Peru, gradual exit from coal-fired generation in Chili |
Networks | 1,261 | +2 | +9 | Operational performance, new assets in regulated asset based, tariffs increase in Europe Adverse weather effect |
Local Energy Infrastructures | 203 | +6 | +14 | Operational performance and contribution from growth capex Adverse weather effect |
B2C | 428 | +23 | +35 | Active management of the hedging portfolio, solid operational performance Milder weather conditions and lower consumption |
B2B | 424 | -165 | -172 | Gradual unwind of contributions from legacy contracts signed under favorable conditions, lower positive timing effect vs Q1 2025 |
Energy Management | 288 | -16 | -18 | Positive one-off on a settlement related to gas contracts in Q1 2026 Continued market normalization |
NUCLEAR | 111 | -295 | -295 | Nuclear phase-out in Belgium, lower power prices in France |
OTHERS | -161 | +24 | +17 | |
ENGIE | 3,522 | -607 | -532 |
EBIT BREAKDOWN
Q1 2026 (€m) | France | Rest of Europe | Latin America | Northern 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 | 1,464 |
Networks | 890 | 182 | 197 | (1) | 0 | (7) | 1,261 |
Local Energy Infastructures | 120 | 62 | - | - | 14 | 7 | 203 |
SUPPLY & ENERGY MANAGEMENT | 705 | 377 | 18 | 15 | 25 | (0) | 1,141 |
OTHERS | 2 | 8 | 2 | (1) | (1) | (171) | (161) |
EBIT ex. NUCLEAR | 1,839 | 869 | 618 | 153 | 111 | (178) | 3,411 |
NUCLEAR | 53 | 59 | - | - | - | - | 111 |
Q1 2025 (€m) | France | Rest of Europe | Latin America | Northern America | AMEA | Others | TOTAL |
RENEWABLE & FLEX POWER | 292 | 234 | 375 | 125 | 135 | (10) | 1,152 |
Renewable & BESS | 149 | 184 | 255 | 110 | 34 | (10) | 722 |
Gas Generation | 143 | 51 | 120 | 16 | 101 | - | 431 |
INFRASTRUCTURES | 1,023 | 216 | 211 | (2) | 16 | (7) | 1,456 |
Networks | 894 | 163 | 211 | (2) | (0) | (7) | 1,259 |
Local Energy Infastructures | 129 | 53 | - | - | 16 | (1) | 197 |
SUPPLY & ENERGY MANAGEMENT | 678 | 574 | 14 | 36 | 2 | (3) | 1,299 |
OTHERS | (4) | (2) | (1) | (16) | (1) | (161) | (185) |
EBIT ex. NUCLEAR | 1,98 8 | 1,022 | 599 | 144 | 152 | (181) | 3,723 |
NUCLEAR | 126 | 280 | - | - | - | - | 406 |
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 mark-to-market impact of the proxy hedging used for part of Belgian nuclear volumes, which is volatile and historically
unwinds to close to zero at delivery
Starting in 2026, nuclear volumes hedged are limited to French production, as Belgian nuclear production is not merchant, following the 10-year extension agreement with the Belgian government for Tihange 3 and Doel 4 nuclear reactors
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 as statements about projects, objectives and expectations regarding future operations, profits, or services, or future performance. Although ENGIE management believes that these forward-looking statements are reasonable, investors and ENGIE shareholders should be aware that such forward-looking information and statements are subject to many risks and uncertainties that are generally difficult to predict and beyond the control of ENGIE and may cause results and developments to differ significantly from those expressed, implied or predicted in the forward-looking statements or information. Such risks include those explained or identified in the public documents filed by ENGIE with the French Financial Markets Authority (AMF), including those listed in the "Risk Factors" section of the ENGIE Universal Registration Document filed with the AMF on March 12, 2026. Investors and ENGIE shareholders should note that if some or all of these risks are realized, they may have a significant unfavourable impact on 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