#1June 2022 Investor Presentation elia group Advertisement 1#2Investor Presentation elia group 2#3Warning (1/2) You must read the following before continuing Prospectus The prospectus as approved by the FSMA is available on the website of Elia Group (https://investor.eliagroup.eu/offering). Investing in shares and trading in preferential subscription rights involves economic and financial risks, as it is the case for every investment in shares. Before investing in the offered shares or trading in preferential subscription rights, investors are invited to read all the information provided in the prospectus approved by the FSMA and available on the website of Elia Group (https://investor.eliagroup.eu/offering), and in particular the risk factors described therein and summarised in section 4 of this presentation. Specifically, potential investors should be aware that the Group is subject to an extensive set of regulations and its income is in large part dependent on the applicable tariff methodology in its core markets, which is subject to potential changes and periodic revisions. In addition, failure by the Group to maintain a balance between energy demand and supply on the grid may lead to load shedding and have significant adverse consequences. Moreover, a downgrade in Elia Group's, Elia Transmission Belgium's and/or Eurogrid's credit rating could affect their ability to access capital markets and impact their financial position. Any decision to invest in securities in the framework of the offering must be based on all information provided in the prospectus, and any supplements thereto, as the case may be. The approval of the prospectus by the FSMA should not be understood as an endorsement of the new shares offered. Information on costs and taxation in relation to the offering can be found in the press release dated 15 June 2022 which is available on the above-mentioned website of Elia Group. Subject to exemptions and/or reduced rates, a Belgian withholding tax of 30 percent is in principle levied on dividends paid on the shares. This presentation has been prepared by the management of Elia Group SA/NV (the "Company"), solely for your information and background and is subject to updating, completion, revision and amendment and such information may change materially. No person is under any obligation to update or keep current the information contained in this document and any opinions expressed in relation thereto are subject to change without notice. "Presentation" means this document, any oral presentation and the question and answer session during the "road show presentation". The presentation comprises written material/slides which provide information on the Company and its shareholders, subsidiaries and affiliates, and any of their respective directors, officers, employees or agents (jointly, the "Group"). The information contained in this presentation has not been independently verified by the Joint Global Coordinators or the Joint Bookrunners, or by any independent third party. Save where otherwise indicated, the Company is the source of the content of this presentation. elia group 3#4Warning (2/2) You must read the following before continuing Certain statements in this presentation are not historical facts and are forward-looking statements. From time to time, the Company may make written or oral forward- looking statements in reports to shareholders and in other communications. Forward-looking statements include statements concerning the Company's plans, objectives, goals, strategies, future events, future revenues or performance, capital expenditure, financing needs, plans or intentions relating to acquisitions, competitive strengths and weaknesses, business strategy and the trends the Company anticipates in the industries and the political and legal environment in which it operates, and other information that is not historical information. Words such as "believe", "anticipate", "estimate", “expect”, “intend”, “predict", "project", "could”, “may”, “will”, “plan” and similar expressions are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that the predictions, forecasts, projections and other forward-looking statements will not be achieved. Investors should be aware that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. When relying on forward-looking statements, investors should carefully consider the foregoing factors and other uncertainties and events, especially in light of the political, economic, social, industry and legal environment in which the Company operates. Such forward-looking statements speak only as of the date on which they are made. Accordingly, the Company does not undertake any obligation to update or revise any of them, whether as a result of new information, future events or otherwise, other than as required by applicable laws, rules or regulations. The Company makes no representation, warranty or prediction that the results anticipated by such forward- looking statements will be achieved, and such forward-looking statements represent, in each case, only one of many possible scenarios. This presentation does not constitute an offer or invitation to proceed to an acquisition of or subscription for the Company's securities, nor an offer or invitation to proceed to an acquisition of or subscription for the Company's securities in the United States of America or in any other jurisdiction where such offer or invitation is not allowed without registration or qualification under the applicable legislation of the relevant jurisdiction, or where such offer or invitation does not meet the required conditions under the applicable legislation of the relevant jurisdiction. This presentation is not directed to, or intended for distribution to or use by, any person located in the United States (as defined in Regulation S under the US Securities Act of 1933, as amended (the "Securities Act")) or any person or entity that is a citizen or resident of or located in any other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. Any failure to comply with these restrictions may constitute a violation of the laws or regulations of the United States of America or any other jurisdiction. The distribution of the presentation in other jurisdictions than Belgium, may be restricted by laws or regulations applicable in such jurisdictions. All persons in possession of this presentation must inform themselves about, and comply with, any such restrictions. The Company's securities have not been, and will not be, registered under the Securities Act, or with any other securities regulatory authority of any state or other jurisdiction of the United States of America, and may not be offered or sold in the United States of America without prior registration under the Securities Act, or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any applicable state securities laws. elia group 4#5Today's presenters elia group Elia Group CEO: Chris Peeters Joined Elia Group as CEO in July 2015 Redefined the Group's strategy as an international energy company with an increased focus on non-regulated activities to capture growing opportunities and accelerate the energy transition Leads political and regulatory negotiations and drives internal transformation programmes to face new (digital) challenges Significant experience in the energy sector, gained in high-profile positions at Schlumberger (3 years SVP EMEA) and McKinsey (14 years of which 7 as partner) Trends Manager of the Year 2021 Elia Group CFO: Catherine Vandenborre • CFO of Elia Group since September 2013 Has been with the Group for 20 years in a number of roles, including Chief Corporate Affairs Officer and CEO of the affiliate Belpex Previously held various roles in the audit and banking sectors Independent member of the Board of Directors of Proximus Trends CFO of the Year 2019 5 LO#6Agenda 01. Elia Group at a glance 02. Key investment highlights 03. Transaction highlights 04. Key risk factors 05. Conclusion elia group CO 6#701. Elia Group at a glance elia group 7#801. Elia Group at a glance REGULATED ACTIVITIES Grid management 100 System operations 50hertz • Northern/Eastern Germany TSO operator • . On- and offshore transmission systems 80% owned by Elia Group (20% KfW) Monopolistic position in Northeast Germany elia group elia • National TSO On- and offshore transmission systems nemolink • 99.99% owned by Elia Group • Monopolistic position in Belgium Market facilitation N nemolink • 50/50 JV between Elia and National Grid (UK) Trusteeship • Grid interconnection between BE and UK • 50% owned by Elia Group elia BELGIUM 50hertz elia group NON-REGULATED ACTIVITIES . • GERMANY egi Elia Grid International International energy market consultancy and engineering services . realto European market platform Exchange and valorization of data and digital services 100% owned by Elia Group WindGrid • Elia Group 100% subsidiary of Elia Group . Focusing on international offshore developments 80#901. Elia Group in a rapidly evolving environment Key industry megatrends Decarbonisation Decentralised generation & new players elia group Supranational coordination Digital Revolution elia group The Green Deal & "Fit for 55" as our sustainable compass Become climate-neutral by 2050 Green Deal & "Fit for 55" Protect human life, animals and plants, by cutting pollution Help companies become world leaders in clean products and technologies Help ensure a just and inclusive transition 9#1001. Our Strategy embraces sustainability and is aligned with various dimensions of the Green deal Our Strategy Grow beyond current perimeter to deliver societal value Develop new services creating value for customers in the energy system elia group Connecting our activities to the UN's Sustainable ACT NOW FOR A SUSTAINABLE WORLD Development Goals ESG هسا ACT NOW FOR A SUSTAINABLE WORLD Ensure sustainability in the way we operate our business 448 Deliver the infrastructure of the future and develop and operate a sustainable power system 7 1 Climate Action Environment & 2 Circular Economy AFFORDABLE AND CLEAN ENERGY 13 CLIMATE ACTION INDUSTRY, INNOVATION 9 AND INFRASTRUCTURE 15 LIFE ON LAND 8 DECENT WORK AND ECONOMIC GROWTH Health & 3 Safety Diversity, 10 REDUCED INEQUALITIES 4 Equity & Inclusion Governance, 16 AND STRONG PEACE, JUSTICE INSTITUTIONS 5 Ethics & Compliance 12 RESPONSIBLE CONSUMPTION AND PRODUCTION QO LIFE 14 BELOW WATER Environment Social ਪੰਜਾ Governance 10#1102. Key investment highlights elia group 11#1202. Elia Group's investment case 4 3 2 1 5 elia group Reliable, sustainable international TSO group Predictable regulated earnings Strong organic growth underpinned by sustainability trends At the forefront of the energy transition Robust financial track record 12#13Reliable, sustainable international TSO group elia group 2.1 13#142.1 Elia Group: A strong, reliable and sustainable partner Central position in Europe makes Elia Group a pillar of the European transmission network HT 19,192km Operational 30m+ end users of high voltage lines elia group 99.99% Grid reliability Nemo Link® elia incl. egi 50hertz incl. Segi== Sources: Elia Group's 2021 FY Results Presentation. 2021 Elia Group Integrated Activity Report, all figures relating to FY2021. Financial (FY 2021) €10.3bn RAB €1.75 DPS Climate action 363km of lines commissioned Q Bod 99.9% EU Taxonomy eligible CAPEX Inlo €328.3m Adjusted Net Profit SF6 0.12% SF6 leakage rate Social AYHD 2,902 employees 22.2% Women in total workforce 37 Nationalities 14#152.1 We go beyond our own emissions Power sector emissions (BE/DE) OUR SOCIETAL CHALLENGE ktCO2eq 222.900 1.1081 Own emissions OUR CORPORATE CHALLENGE IN LINE WITH SBTI How do we decarbonize the power grid? Grid development Market development & system operations Electrification 1. Own emissions includes scope 1 and scope 2 for ETB and 50Hertz scope 3 not included. Scope 3 data maturity being improved to reach 60% physical data by 2023. elia group 15#162.1 Leader on climate and environmental action, with clearly defined short- and mid-term goals Climate Action elia group Environment & Circular Economy Ecosystems and biodiversity 2040: carbon neutrality in system operation Reduce CO2 footprint of grid losses by 28% vs 2019 by 2030 Ensure security of supply 00 2030: carbon neutrality in own activities 50% share of SF6 free solutions in new assets by 2030 SF6 leakage well below 0.25% Reduce mobility emissions² by 90% vs 2019 by 2030 Towards a carbon neutral value chain 90% forest corridors managed ecologically by 2030 60% Emissions from purchases reported based on physical data by 2023 Carbon reduction target to be defined once data maturity reached 100% high-voltage lines in critical bird areas equipped with anti- collision devices by 2030 1. Using direct emissions only 2. Excludes commuting 16#172.1 ESG at the forefront of the company's strategy, with special focus on safety and inclusion Health & Safety Zero accidents Diversity, Equity & Inclusion Inclusive leadership elia group Governance, Ethics & Compliance ESG Group TRIR1 of 7.5 by 2025 (6.5 by 2030) Putting special emphasis on the health & safety of our subcontractors Proportion of women in the total workforce to reach a fair share of the market by 2025 ESG governance index³ target 12/12 by 2024 Compliance Health Rate² Keep our health rate above 95% Nationalities 49% 48% Other 3% 37 Nationalities Compliance index target 12/12 by 2024 Community engagement public info-dialogue sessions on grid projects 1. Number of work related accidents x 1,000,000 /number of hours worked 2. Corresponds to absentee rate (1-x) 3. Composition of the index available on our website 17#18Predictable regulated earnings INTETETETE elia group 2.2 18#192.2 Mature and transparent regulations allow sustainable returns elia group Current Framework New Framework RAB Regulatory (FY21) framework Drivers Period Visibility Period Visibility Draft tariff elia €5.4bn Cost+ model Investment Incentives 2020-2023 2y 2024-2027 methodology published 50hertz €4.9bn1 Revenue cap (Onshore), Cost+ model (Offshore) Regulatory Investment Efficiency return on 2019-2023 2y 2024-2028 equity published N nemolink n.a.2 Revenue- based (cap & floor) UK/BE market price difference x volume 2019-2044 23y n.a. n.a. 1. Represents 80% of 50Hertz. 2. RAB for Nemo Link amounts to €292m, but asset is not subject to RAB regulatory model. 19 19#20Belgium: 2.2 Cost+ model 2020-2023 Average RoE ~6% Key principles next tariff methodology elia group 2024-2027 Average RoE ~5.7%² Fair remuneration Net return: 4.68% + Incentives: ~1.3% Elia Transmission Net Profit O Cost+ model • No volume risk > Embedded debt principle Regulatory gearing: 40% Additional incentives for interconnection and sustainability > Risk Premium MOG II1 Fair remuneration Net return: ~4.10%³ + Risk premium MOG I & II: ~0.2% + Incentives: ~1.4% Elia Transmission Net Profit 1. MOG II refers to the Energy Island in the North Sea. 23 2. Based on the parameters described in the draft methodology published on 21 April 2022, average RoE is based on BEGAAP figures. The value of the risk free rate of 1.6% may be revised upwards by the CREG by 30 June 2022 up to a maximum of 1.68% based on the arithmetic average of the latest forecasts published by the Federal Planning Bureau on 29 June 2022 on the average arithmetic yield of 10-year linear bonds (OLO) issued by the Belgian authorities during each year of the relevant regulatory period, i.e. 2024-2027. 20 20#21Germany: 2.2 Revenue cap (Onshore), Cost+ model (Offshore) Revenue cap & Cost+ Model Key principles next tariff methodology REVENUE COSTS Levies (Neutral) Pass- through costs Offshore surcharge All other costs Non- influenceable costs Influenceable costs RoE elia group Onshore · • · RoE set at 4.13% on 40% of the RAB Investment measures phasing out to CCA1 model Annual update of the RAB • All capex treated equally . • Cost of debt compared with a generic interest rate Cost assessment based on base year² Xind³ and Xgen³ Offshore Net Profit • RoE set at 4.13% on 40% of the RAB Offshore opex remain cost+ . Average RoE 2019-2023 ~9%-11% Average RoE 2024-2028: decrease of ~2% compared to 2019-2023 123 CCA 2. 3. Capital Cost Allocation model. 2021 is the base year for 4th regulatory period 20204-2028 and approval of cost report expected in 2022. Determination of efficiency value and sector productivity expected in 2023. 21#222.2 REVENUES Nemo Link UK/BE: Revenue-based (cap & floor) elia group Payments to GB/BEL system operator +/- 2% availability incentive Fixed for 25 years split in 5 periods of 5 years Profitability driven by: • Availability of the interconnector Market spread between UK and BE Contributed around 14% to the net result in 2021 Payments from GB/BEL system operator (subject to being at least 80% available) 22 222#23Strong organic growth underpinned by sustainability trends 187 elia group 2.3 23#242.3 Organic growth driving value creation Substantial capex historically and going forward Strong organic RAB growth Total investment of €6.9 billion 1,212 1,127 1,128 1,053 967 489 491 851 481 716 Planned investment of €9.6 billion Elia Belgium: €4.0 billion 50Hertz: €5.6 billion 9.7 9.1 8.3 elia group +6.19% 10.3 4.9 4.6 4.3 4.9 4.1 4.8 4.3 4.3 637 724 486 337 377 2018 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Adj. opening RAB 2019 (*) 50Hz Elia Belgium RAB 50Hz (80%) (*) Composition of the RAB 50Hertz has been changed in 2019 to exclude the EEG and similar surcharges from the RAB. (**) RAB for Nemo link amounts to €292 million. 2019 57 5.4 5.1 2020 2021 RAB Elia Belgium (excl. Nemo Link**) 24#252.3 Belgium: Investment programme 2022-2026 €4.0 Billion¹ 2022-2026 elia group Project Budget est. [m€]² Planned Commis- sioning A Ventilus -850 2027 ## Boucle B ~550 2028-2030 du Hainaut Energy Island ~2,100 2027-2029 D Nautilus ~300 2029 B 2 Leading to 9.5% annual RAB growth over the next 5 years 1. €4bn Capex plan includes key new projects, ongoing projects, maintenance capex and smaller discretionary projects. 2. Total budgeted cost exceeding the 5-year CAPEX plan. 25#262.3 Belgium's Investment programme Increase offshore wind capacity to decarbonize society elia group Belgium's energy island as a future energy hub on the North Sea allowing for additionally interconnections with countries with excess RES Triton Link: future interconnection with DK to integrate excess renewable energy and reduce energy prices Interconnection with UK to further support the security of supply Energy Island PRINCESS ELISABETH ZONE increased capacity from 2.2GW to 3.5 GW UK NL DK Triton Link DE Nautilus: 2nd interconnector #BE between UK-BE FR Towards an integrated offshore grid, underlining Belgium's status as pioneer in offshore electricity 26#272.3 Germany: Grid expansion plan 2022-2026 €5.6 Billion¹ 2022-2026 Planned Budget Project Commis- est. [m€]² sioning Ostwind 2 2023/ A ~1,200 (CWA 2) 2024 B Kabeldiagonale -300 2028 Berlin SuedOstLink ~1,900 2028 Hansa D -300 2027 PowerBridge E Ostwind 3 (CWA 3) -600 2026 F SuedOstLink+ -2,900 2032 B Gennaker ~1,200 2028 Leading to close to 10% annual RAB growth over the next 5 years 1. €5.6bn Capex plan includes key new projects, ongoing projects, maintenance capex and smaller discretionary projects. Elia Group owns 80% of 50Hertz, numbers represent 100% of 50Hertz. 2. Total budgeted cost exceeding the 5-year CAPEX plan. elia group 27#282.3 Germany's investment programme Further offshore developments on Baltic and North Sea Total electricity consumption within 50Hertz grid area with 100% renewable energy by 2032 First German TSO with access on both the Baltic and North Sea Evolution towards a European interconnected grid with interconnections with Denmark and Sweden in the zone controlled by 50Hertz Nordsee Cluster 3: 2,000 MW DK Land to land lines under constructions/planning Land to land lines operational Gennaker 900 MW SE Kriegers Flak Hansa Power Bridge Baltic 2 288 MW Ostwind 2 750 MW Ostwind 3 300 MW Kontek Cable Offshore Testfield DE Baltic 1 48 MW elia group Ostwind 1 735 MW Bornholm Energy Island 2,000 MW PL Evolution towards European interconnected grid including an offshore grid Offshore lines under constructions/planning Offshore lines operational 28#29At the forefront of the energy transition elia group 2.4 29#302.4 Energy transition requires a paradigm shift We need a paradigm shift From: Generation follows inflexible demand RP-centric Supplier/BRP- Dat Market design centered around Suppliers - BRPS To: demand follows intermittent generation Supported by digitalisation and enhanced market design elia group What is preventing us today from delivering consumer- oriented services? Today, consumers cannot easily energy services which are tailored to their ne The benefits remain largely inaccessible under the cant market organisation TOWARDS A CONSUMER- CENTRIC AND SUSTAINABLE ELECTRICITY SYSTEM elia group Elia Group's consumer centric focus to unlock and integrate new sources of flexibility Discover and embed consumer needs and expectations Anticipate increased electrification and intermittent energy production Provide digital tools, services, and enablers 30#312.4 Elia Group well positioned for offshore growth elia group Current and targeted offshore capacity in Europe (based on EU commission and UK CCC1 plans), GW 18 Today 5-6x 16-19x 100 30 300-350 2050 Current situation with Russia will only accelerate the need for renewables / integration of offshore wind in Europe Elia Group is well positioned to capture the opportunities of this growing market: • We are a leader in offshore grid connections with >10- year track record and cross-nationally active TSOs in Europe Set-up of Wind Grid to roll-out our expertise to regions beyond our current perimeter WindGrid Ela Group Rationale: expertise, offshore technology, further decarbonisation Business Model: develop, build and (partially) sell after commissioning Revenues: partial or full sell-off of asset, rental revenues Offshore capacity to grow significantly in Europe requiring the build-up in offshore grid infrastructure 1. Commitee for Climate Change 31#32Robust financial track record elia group 2.5 32#332.5 Robust financial position with predictable shareholders' return and strong credit rating Solid earnings performance (€/share) Full year 2021 financial position 4.52 3.76 3.91 4.02 3.64 Net debt² 2.95 €4,886.3m 2016 2017 2018 2019 2020 2021 elia group Cash €3,049.4m Avg. cost of debt 1.67% Leverage 1.6 x Elia Group, Eurogrid GmbH an Elia Transmission Belgium are BBB+ rated with a stable outlook by S&P Growing dividend €/share Pay-out ratio¹ 180 Elia Group's dividend growth increasing with CPI Index in Belgium. 160 Elia Group STOXX 600 140 BEL 20 Stoxx Utilities 120 1.75 1.71 100 1.69 1.66 80 1.62 1.58 60 46% 47% 46% 40 46% 37% 20 57% 0 2016 2017 2018 2019 2020 2021 2010 2011 2012 2013 2014 2015 1. 2. Based on IFRS Normalised results for 2014-2017. Based on IFRS result attributable to equity holders of ordinary shares for 2018 onwards Net debt excluding hybrid 2016 2017 2018 2019 2020 2021 2022 33 33#342.5 Evolution ESG at the heart of our strategy - recognized by strong ESG ratings elia group 70 WA U O 40 60 50 30 20 10 22 50 36 42 41 AAA ADVANCED AA 51 ROBUST A LIMITED BBB BBB BBB BBB BB B WEAK CCC O 2014 2016 2018 2020 2021 Score vigeo 51 rating ROBUST 2020 Scale 1 to 100 ELIA GROUP 100 22 21.5 LEADER HIGH AA AA AA 21 20 19 18.6 18 17 18.3 16 Aug-16 Aug-17 Aug-18 Aug-19 Jul-20 Jul-21 2019 2020 2021 MSCI AA LEADER Scale CCC to AAA ELIA GROUP 50/100 1 2020 AAA SUSTAINALYTICS 18.3 Scale 100 to 1 LOW RISK ELIA GROUP AA 2020 CCC MEDIUM LOW NEGLIGIBLE 21.5/100 100 34#3503. Transaction highlights 35 55 elia group#3603. Key terms of the transaction Offer size Transaction structure Key shareholder commitment Distribution Lock-up/Standstill Use of Proceeds Dividends Applicable Law Costs and taxation Syndicate Subscription price and ratio Documentation Target: €591 million (no minimum amount has been set for the Offering) elia group Rights issue with extra-legal preferential subscription rights, that are freely and separately tradable on the regulated market of Euronext Brussels during the subscription period. Preferential subscription rights that are not exercised during the subscription period will be offered for sale in a private placement to institutional investors. Publi-T and Publipart committed to subscribe for their full pro-rata share of the capital increase. Belgium and Germany: Public offer to retail and institutional investors. International offering / for US institutional investors, only existing shareholders can participate (rule 4(a)2) Except in case of prior consent of the Underwriters: 90 day lock-up for Publi-T 180 day standstill for Elia Group €300 million to finance the regulated activities in Belgium, mainly the realization of the Capex program (via an increase of the equity portion in ETB) in accordance with the gearing ratio defined in the regulatory framework applicable in Belgium. €200 million to finance the regulated activities in Germany, primarily the execution of the capex program in Germany (via increase of equity portion in Eurogrid GmbH, holding company above 50Hertz) to strengthen the balance sheet. Remaining proceeds allocated to general corporate purposes. New shares are entitled to dividends as of 1 January 2022 (as and when decided by the relevant governing bodies and procedures). Preferential subscription rights and new shares are subject to Belgian Law. Holders of dematerialized preferential rights can subscribe for new shares at the counters of the Joint Bookrunners. Subscribers should inform themselves about any costs that these financial intermediaries might charge and which they will need to pay themselves. Subject to exemptions and/or reduced rates, a Belgian withholding tax of 30 per cent, in principle levied on dividend paid on the shares. Joint Global Coordinators: BNP Paribas Fortis and KBC Securities Joint Bookrunners: BNP Paribas Fortis, KBC Securities, Belfius Bank and Goldman Sachs Subscription price: €124.50, corresponding to a discount to TERP of 12.20% Ratio: 2/29 Prospectus as approved by the FSMA is available on the Elia Group Website (link: https://investor.eliagroup.eu/offering) 36#3703. Key dates of the transaction 15 June 16 June Announcement of the transaction terms Detachment of coupon nr. 20, after closing of trading on Euronext Brussels Publication of the Prospectus Start of the subscription period (as of 9:00 CET) 23 June End of subscription period (at 16:00 CET) 24 June Private placement of unexercised subscription rights 28 June Realization of the capital increase elia group 57 37#3804. Key risk factors elia group 38#3904. Key risk factors (1/2) The following is a selection of key risks that, alone or in combination with other events or circumstances, could have a material adverse effect on the Company's business, financial condition, results of operations and prospects. In general, the Company is subject to three categories of risks: (i) Risks related to the regulatory environment in which the Group operates: - The Group is subject to an extensive set of regulations and its income is in large part dependent on the applicable tariff methodology in its core markets, which is subject to potential changes and periodic revisions; · The TSO permits and certifications which are necessary for the Group's operations may be revoked or modified; and - Through its two TSOs, the Group is subject to certain trustee obligations which may negatively impact its working capital. (ii) Risks related to the activities of the Group and the continuity of supply: - Failure by the Group to maintain a balance between energy demand and supply on the grid may lead to load shedding and have significant adverse consequences; - The Group's reputation may be damaged in various circumstances, including in case of a shortage of energy supply or as a result of a slower than expected energy transition; - The Group's future profit will in part depend on its ability to realize its contemplated projects and organic growth (capex contributing to the RAB) which, in turn, depends on its ability to obtain the necessary permits without incurring significant costs and/or delays; 39 39 elia group#4004. Key risk factors (2/2) The Group depends on a limited number of suppliers and their ability to deliver good quality infrastructure works in a timely manner; - Contingency events and business continuity disruptions, including as a result of acts of terrorism or sabotage, may adversely affect the Group's results of operation; - Failure of information and communication technology (ICT), cyber-attacks, data security and protection issues may adversely affect the Group's results of operation; and - The Group is subject to environmental and zoning laws, as well as increased public expectations and concerns, which may impair its ability to obtain relevant permits and realize its anticipated investment program or result in additional costs. (iii) Financial and other risks: - A downgrade in the Company's, ETB's and/or Eurogrid's credit rating could affect their ability to access capital markets and impact their financial position; and - Various circumstances could affect the ability of the Company to pay out dividends or meet the objectives of its dividend policy. (iv) Risks related to the New Shares, Preferential Rights and Scrips: - The market price of the Company's shares may be volatile and may decline below the Issue Price; - The capital increase may be lower than the contemplated Issue Amount if the Offering is not fully subscribed and no minimum amount has been set for the Offering; and - Certain significant shareholders of the Company after the Offering may have interests that differ from those of the Company and may be able to control the Company, including the outcome of shareholder votes. elia group 40#4105. Conclusion elia group 41#4205. FY 2022 guidance update Elia Group Belgium Germany ROE (Adj.)1 lower end of 6.25% - 7.25% ROE ROE 5% -6% 8% -10% elia group Non-regulated & Nemo Link Contribution between RAB2 CAPEX CAPEX €10 - €15 million €11.2 billion €425 million €850 million Contribution of Non-regulated & Nemo Link segment highly dependent on Nemo Link's performance 1. Determined as the result attributable to ordinary shareholder/equity attributable to owners of ordinary shares adjusted for the value of the future contracts (hedging reserve). 2. 80% RAB 50Hertz, does not include Nemo Link. 42#43Annex Full-year 2021 results elia group 43#442021 Elia Group results Revenues Key figures Adjusted net profit (€m) +6.6% elia group 328.3 EBIT 308.1 6. (27.2) 41.2 € 2,859.7 million +15.6% yoy € 540.1 million (6.6%) yoy 165.4 192.6 131.0 124.8 Adjusted Net Profit € 328.3 million +6.6% yoy Net Profit Elia Share € 276.0 million +10.4% yoy 31.9 (9.3) FY 2020 Elia 50Hertz NR & Nemo Link FY 2021 ROE(adj.)1 7.56% +36 bps (0.3) Adjusted items (0.0) (38.5) Non-controlling interests (33.1) (19.3) Hybrid securities (19.3) 250.1 Net profit Elia share Attributable to the owners of ordinary shares 276.0 (1) Determined as the result attributable to ordinary shareholder/equity attributable to owners of ordinary shares adjusted for the value of the future contracts (hedging reserve). 44#45Delivered on CAPEX and RAB guidance €376.7 CAPEX €1,227.6M 9.7 9.2 9.1 8.3 +6.19% elia group 10.3 4.9 4.6 4.3 4.9 4.1 4.8 5.1 5.4 €850.9 4.3 4.3 50Hertz Elia 2018 Adj. opening 2019 2020 2021 RAB 2019 (*) RAB RAB Elia 50Hertz (80%) (Exl. Nemo Link*) Grid investments essential for the energy transition, continuity of supply and reduction of cost for consumers (*) RAB for Nemo Link amounts to €292 million 45#462021 Elia Group Net debt evolution Key figures Net debt € 4,886.3 million (34.5%) yoy Fixed debt ratio 100% Calculated on gross debt Leverage 1.6 x Debt/Equity (incl. NCI & hybrid) Avg. Cost of Debt 1.67% (22bps) 7,465 403 (2,919) 3,757 3,306 Net debt (Єm) (34.5%) elia group 142 (63) 80 208 4,886 430 (1,243) 1,217 1,015 3,441 Elia Group is rated BBB+/ Stable outlook by S&P FY 2020 EEG Operating Net Grants & CF Capex EEG Cash Flow Net interest paid & income Dividend Proceeds Other paid FY 2021 from associates tax Net debt decrease fully attributable to EEG deficit settlement 46 46#472021 Elia Transmission Adjusted net profit evolution Key figures Revenues elia group Adjusted net profit evolution (€m) +5.0% Adjusted Net Profit 131.0 1.6 3.7 (8.8) 124.8 5.1 (3.8) 2.3 6.2 0.4 30.9 25.8 1,199.5million +19.4% yoy Net Profit € 131.0 million € 131.0 million +5.0% yoy ROE¹ 5.36% +5.0% yoy (14bps) yoy 98.5 104.7 FY 2020 Fair remuneration Incentives Elia RE Software & Hardware Employee Cap. benefits & Borrowings other provision Others -(4.5)- FY 2021 Other Incentives Fair remuneration +0.0 Adjusted items +0.0 Solid performance by realisation of investments and incentives (1) Determined as the net profit/equity. 47#482021 Elia Transmission Financial Position Equity (€m) Liquidity 2,265 +8.0% elia group €1,078 million Maturity Profile (€m) Weighted debt duration - 6.4 years 2,446 240 128 650 FY 2020 FY 2021 Unused CP Committed undrawn credit lines Cash Equity aligned to tariff methodology Solid liquidity position €60 million of CP drawn at year end | Solid financial position to finance the energy transition 550 500 500 800 410 350 200 250 1.8% 100 210 1.4% 2024 1.1% 1.4% 1.4% 2025 2026 2027 3.2% 3.0% 0.9% 3.5% 2028 2029 2030 2033 Bonds EIB Loan Amortising Loan Average cost of debt 1.91% (1.93% in 2020) ETB is rated BBB+/ Stable outlook by S&P 48#492021 50Hertz Transmission Adjusted net profit evolution Key figures Revenues elia group Adjusted net profit evolution (€m) € 1,716.9 million +18.0% yoy Adjusted Net Profit (14.1%) € 165.4 million (14.1%) yoy ROE¹ 192.6 (35.3) 165.4 19.5 (14.0) (10.6) 9.6 3.6 Net Profit € 165.4 million (14.1%) yoy 9.85% (195bps) yoy FY 2020 Opex & other Personnel Depreciation Regulatory Investment Financial result (Net) FY 2021 settlementsRemuneration +0.0 Adjusted items +0.0 Lower operational efficiency due to peak in maintenance, rise in personnel & IT costs (1) Determined as the net profit/equity adjusted for the value of the future contracts (hedging reserve). 49#502021 50Hertz Transmission Financial Position Equity (€m) Liquidity 1,631 +18.2% €3,757 million 1,929 250 150 750 750 1,631 1,679 2,857 FY 2020 FY 2021 Hedge reserve Equity Overdraft Facility Revolving Facility Cash elia group Maturity Profile (€m) Weighted debt duration: 6.4 years 500 750 750 500 Illu 150 140 200 50 1.6% 2023 1.9% 0.9% 1.5% 2.6% 1.1% 0.7% 0.9% 3.0% 2025 2026 2028 2030 2032 2033 2040 2044 Bonds Private placement Increase linked to hedge accounting Comfortable liquidity position S&P rating: BBB+/ Stable outlook Average cost of debt 1.40% (1.88% in 2020) | 50 Hertz' solid and sustainable profile allowed it to raise financing at attractive levels 50#512021 Non-regulated & Nemo Link Key figures Revenues € 36.8 million +6.1% yoy Adjusted net profit evolution (€m) 39.7 elia group 31.9 2.2 0.4 (1.0) (0.1) Adjusted Net profit € 31.9 million Net profit € 31.9 million (9.3) FY 2020 Nemo Link Regulatory settlement 700 2.75% 2023 re.alto Holding Other FY 2021 Maturity profile (Єm) 367 67 133 300 1.50% 2028 1.56% 2044 Nemo Link bond Hybrid bond Senior bond Very strong operational & financial performance of the Nemo Link interconnector 51#52Glossary Leverage Net debt Ratio between financial debt and total equity (including Hybrid and Non-controlling interest) Difference between Elia Group debt (long and short term) and cash & cash equivalents Hybrid is not included in the net debt as accounted under equity according to IFRS requirements Net profit Elia share Net profit attributable to the ordinary shareholders elia group Elia | 50Hertz | EGI Adjusted items Adjusted net profit RAB Elia Group ROE (adj.) Hence this is post deduction of NCI and coupon attributable to hybrid securities holders Adjusted items are those items that are considered by management not to relate to items in the ordinary course of activities of the Group. They are presented separately as they are important for the understanding of users of the consolidated financial statements of the performance of the Group and this compared to the returns defined in the regulatory frame-works applicable to the Group and its subsidiaries. Adjusted items relate to: • • Income and expenses resulting from a single material transaction not linked to current business activities (e.g. change in control in a subsidiary) changes to the measurement of contingent considerations in the context of business combinations Restructuring costs linked to the corporate reorganisation of the Group (i.e. reorganisation project to isolate and ring- fence the regulated activities of Elia in Belgium from the non-regulated activities and regulated activities outside Belgium Adjusted net profit is defined as net profit excluding the adjusted items Includes both the RAB of Elia Transmission and 50Hertz Transmission. RAB Germany presented at 80% Ratio between Net profit attributable to ordinary shareholders and equity attributable to ordinary shareholdersadjusted for the value of the future contracts (hedging reserve). The return on equity is adjusted to exclude the accounting impact of hybrid securities in IFRS (i.e. exclude the hybrid security from equity and consider the interest costs as part of comprehensive income). As from 2021, it also excludes the effect of hedge accounting related to the future contracts entered into by 50Hertz to hedge the risk of fluctuations in the expected amount of grid losses. The RoE provides an indication of the ability of the Group to generate profits relative to its invested equity#53Thank You! elia group Investor Relations Yannick Dekoninck [email protected] T +3225467076 Stéphanie Luyten [email protected] T +3225467429 53