#1ENGIC 01 2022 17 May 2022 MEXICO NUEVA EXCALA#22 Q1 2022 May 2022 Agenda Introduction AARTI SINGHAL Group Director Investor Relations Q1 2022 Overview CATHERINE MACGREGOR Chief Executive Officer Q1 2022 Financials and Outlook PIERRE-FRANÇOIS RIOLACCI Chief Financial Officer Summary CATHERINE MACGREGOR Chief Executive Officer ENGIC#33 Q1 2022 May 2022 ENGIC CATHERINE MACGREGOR CEO#44 Q1 2022 May 2022 ENGIC Enhancing security of gas supply in the context of the war in Ukraine#55 Q1 2022 May 2022 ENGIE ENGIE's integrated business model in action Among worldwide leaders in renewables Onshore Wind Offshore Wind Solar PV Hydro Energy management expertise Strong articulation orchestrated by GEMS portfolio approach for power and gases Customers B2B & B2C Transport / mobility DHC Industry Large portfolio of flexible generation and gas expertise Pumped Storage CCGT Networks Storage Biomethane, Hydrogen#66 Q1 2022 May 2022 ENGIE ENGIE playing an active role in shaping the future of energy in Europe ENGIE Multiple actions to enhance security of supply across the gas value chain ▸ Gas sourcing Diversification from Russia and securing volumes through a portfolio of long-term contracts, notably with Norway, the Netherlands, Russia, Algeria and the United States ▸ Networks Record 64 ships unloaded in Q1 2022 ‣ Customers Actions to support customer affordability Engagement with governments & regulators Preparing for the future Unlocking the potential of biomethane and hydrogen 1 ENGIE's operated capacity GAS Expanded LNG capacity through debottlenecking +11 TWh¹ in 2022 +13 TWh¹ in 2023 Hydrogen H₂#77 Q1 2022 May 2022 ENGIE ENGIE's European gas hedging positions optimised to minimise risk • . Portfolio of gas purchase and supply contracts ENGIE is structurally long gas in Europe Risk policy and hedging strategy adapted to actively manage exposures, including from Gazprom Necessary steps taken to be ready to execute on our payment obligations - As long as compliant with European sanction's framework and does not modify balance of risks Overview of ENGIE's annual gas volumes in Europe Total gas procured from diversified pool of providers > 400 TWh Delta sold in wholesale markets Energy Market CCGTS Power generation Gas sales B2C Gas sales B2B Downstream/Sales & Generation c.400 TWh#88 Q1 2022 May 2022 ENGIC Q1 highlights and strategic progress#99 Q1 2022 May 2022 ENGIE Very strong performance in exceptional market conditions . • Significant growth in EBIT - GEMS benefited from exceptional market environment - High Nuclear availability and significant increase in captured prices Strong increase from Renewables, Thermal and Supply Robust balance sheet and liquidity supporting temporarily higher Working Capital Requirements • 2022 guidance upgraded Q1 2022 EBIT €3.5bn up 76% organically#1010 Q1 2022 May 2022 ENGIE Continued strong focus on execution of strategic plan Key pillars of our strategic plan Simplify, refocus and improve business mix Step up renewables growth Increase efficiency and capital allocation discipline Organisation and performance culture • . • Progress on disposals to simplify ENGIE - EQUANS disposal completion on track for H2 SUEZ earn-out and sale of remaining 1.8% shareholding completed - Sell-down of further 9% of GTT - ENDEL sale completed - Sale of 17 energy services companies across Africa Performance plan on track ⚫ Further progress on Renewables growth • Commercial momentum in Energy Solutions. winning contracts#1111 Q1 2022 May 2022 Renewables delivering growth ENGIE . • • • • • CNR extension granted for 18 years to 2041 Eolia acquisition completed: - 0.9 GW installed capacity + 1.2 GW pipeline Photosol (US), acquisition of solar & storage pipeline of projects Strong progress on Ocean Winds Managing rising inflation and supply chain pressures Launched TED' initiative in line with ENGIE's strong commitment to sustainable development of renewables. ~4 GW targeted addition for 2022 on track 'S~3 GW in 2021 1 "Transition Energétique Durable" or Sustainable Energy Transition#1212 Q1 2022 May 2022 ENGIE Unlocking the potential of biomethane European Commission has doubled the target to reach 380 TWh of biomethane production by 20301 • Corresponding to c.20% of current Russian imports France has the largest biomethane resource potential in Europe • . Strong appetite to decarbonise from hard to abate sectors ENGIE engaging with authorities to accelerate role of biomethane Biomethane production certificates - Large tenders organised by the authorities – Increased level of support for grid connections costs Expected ~€500m to be invested in regulated Capex for grid connections across 2022-2024 Potential to significantly increase French biomethane production Potential increase >20 TWh 40 TWh Current target 2030 Ample resources available Urban and agricultural waste, sludge from wastewater treatment Biomass residues Solid recovered fuel 1 REPowerEU, eq.35bcm Total biomethane production capacity in France#1313 Q1 2022 May 2022 ENGIE ENGIE at the forefront of hydrogen developments Project purpose Large scale production of e-fuels Reuze eNGIC Recovery of CO2 from the steel industry to produce e-fuels exploiting industrial synergies and economies of scale in Dunkirk, France Capacity Electrolyser capacity: up to 400 MW with COD in 2026 ArcelorMittal Green ammonia production Yuri eNGIC YARA Renewable hydrogen to produce green ammonia in Pilbara, Australia Electrolyser capacity: 10 MW with COD in 2023 Potential to scale-up by 2030 Mining truck powered by hydrogen RHyno ENGIC ANGLO AMERICAN Co-create in South Africa the world's first hydrogen powered mining truck ENGIE integrates and operates the production and refuelling solution Electrolyser capacity: 3.5 MW inaugurated in May 2022#1414 Q1 2022 May 2022 ENGIE Update on Nuclear capacity in Belgium • Belgian government decided to consider the extension the operational lifetime of 2 out of 7 reactors - Doel 4 and Tihange 3 - to 2035 • ENGIE would engage in such project only in a balanced risk sharing approach • Short-term priorities: - Maintain high operational availability - Prepare for the first 2 units reaching final shutdown this winter Prepare for the triennial nuclear provisions review in H2 2022 1 Please refer to slide 29 for more details Nuclear phase out in Belgium¹ Installed capacity Nuclear reactors @100% (MW) End of operations Doel 3 1,006 1 Oct 2022 Tihange 2 1,008 1 Feb 2023 Doel 1 445 15 Feb 2025 Doel 4 Tihange 3 1,038 1 July 2025 1,038 1 Sep 2025 Tihange 1 Doel 2 TOTAL 962 1 Oct 2025 445 1 Dec 2025 5,942#1515 Q1 2022 Results May 2022 ENGIC Q1 2022 Financials PIERRE-FRANÇOIS RIOLACCI CFO#1616 Q1 2022 Results May 2022 ENGIE Significantly higher earnings, cash flow generation impacted by changes in WCR • EBIT up 74% on a gross basis and 76% organically • Negative cash flow generation and higher net debt • Improving credit ratios • Strong liquidity and high cash levels • 2022 guidance upgraded EBIT CFFO³ 1 Unaudited figures throughout the presentation 2 Organic variation = gross variation without scope and foreign exchange effect 3 Cash Flow From Operations = Free Cash Flow before Maintenance Capex and nuclear phase-out expenses 4 vs. 31 December 2021 Q1 RESULTS Єbn, unaudited figures1 EBITDA Actual A Gross A Organic² 4.6 +49% +51% 3.5 +74% +76% (0.1) -1.7 Net Financial Debt 27.3 +2.04 Economic Net Debt 40.0 +1.74 I Economic Net Debt/EBITDA 3.3x -0.3x4#1717 Q1 2022 Results May 2022 EBIT up +76% organically In exceptional market conditions EBIT (Єm) ENGIE €+1,529m organic Nuclear +536 (o/w +439 from GEMS) Others 3,532 +530 Supply Thermal +94 Renewables 2,030 -27 Scope -68 +197 -94 Networks Energy Solutions +12 +254 Q1 2021 FX +41 3,532 520 (o/w 625 GEMS) Others 583 Nuclear 309 Supply 531 Thermal 150 Energy Solutions 967 Networks 472 Renewables Q1 2022#1818 Q1 2022 Results May 2022 ENGIE GEMS in Q1 2022 Key strengths: long gas position and net seller of volatility Extreme Q1 2022 market environment • Consecutive new highs for prices throughout Q1 2022, along with huge volatility, and globally rising geographical spreads Exceptional outperformance on all GEMS activities Gas optimization boosted by prices and spreads Key market drivers (€/MWh) • Higher volumes from customers risk management • Higher volatility for trades Reinforced risk control framework and adapted hedging strategies Q1 Q1 YOY 2021 2022 delta Prices & Spreads (month ahead) France baseload power 53 282 +229 Gas TTF 18 100 +82 France Clean Spark Spreads 1 49 +48 Gas TTF-THE (0.1) 1.5 +1.6 geographical (Netherlands-Germany) spreads TTF-TRF (0.1) (1.2) -1.1 (Netherlands-France) Volatility Bid-Ask spread 0.04 0.54 +0.50 Gas intraday volatility (spread low-high) 1.1 20.3 +19.1#1919 Q1 2022 Results May 2022 ENGIE Cash Flow From Operations Temporarily down due to negative change in WCR, impacted by price effects, margin calls and French supply tariff shields, more than offsetting higher operating cash flow (€bn) Change in WCR: -3.3 -0.7 Net receivables +1.7 Gas inventory -0.7 B2C energy in the meter -0.5 Margin calls 1.6 Operating cash flow French supply -0.6 tariff shields -0.5 Taxes & interest -0.3 paid (0.1) 0.0 Q1 2021 CFFO Other changes Q1 2022 CFFO in WCR#2020 Q1 2022 Results May 2022 ENGIE Strong liquidity, supported by dedicated management actions Liquidity of €21.6bn as at 31 March 2022, incl. €15.8bn of cash Dedicated management actions to cope with pressure on liquidity, mainly caused by unprecedented levels of margin calls, securing strong levels of liquidity and cash Liquidity Engie's Liquidity and Cash Evolution (€bn) • Increase of initial margins substitution through SBLCs¹ 23.0 22.9 • Constant action for limiting margin calls through liquidity swaps 21.2 21.0 21.6 20.0 • €1.5bn new credit lines Cash Liquidity Cash 15.8 14.0 13.3 13.5 • Active treasury management 12.4 11.7 1 Stand By Letter of Credit Dec. March June Sep. Dec. March 2020 2021 2021 2021 2021 2022#2121 Q1 2022 Results May 2022 ENGIE Net debt up in Q1 2022, strong liquidity and rating maintained Net Financial Debt (Єbn) +0.3 +0.1 +0.8 Capex1 CFFO Nuclear phase-out² -0.8 Scope³ +0.1 +0.8 +0.6 Others 5 27.3 Dividends New rights 25.3 of use 4 (IFRS16) Dec 2021 2.63% Mar 2022 2.47% Leverage ratios 2.4x 3.6x 2.3x 4.0x 3.3x Average cost of gross debt Economic Net Debt Dec 21 Mar 22 (€bn) +0.1 Post-employment provisions -0.3 +2.0 Net Financial 38.3 ARO 6 provisions -0.3 Nuclear provisions funding +0.2 Others Net Financial Debt / EBITDA Economic Net Debt/ EBITDA 40.0 Debt Dec 2021 Mar 2022 Rating: 'Strong investment grade' maintained 1 Growth + maintenance Capex, net of DBSO and US tax equity proceeds for Renewables (€0.7bn in Q1 2022) 2 Synatom funding previously reported in gross Capex and waste/dismantling expenses previously reported in CFFO 3 Including net scope impact from disposals & acquisitions (mainly SUEZ and GTT transactions) 4 Mainly following the renewal of the CNR hydro concession 5 Mainly FX, also including hybrid repayment, derivatives and MtM 6 Asset Retirement Obligations for dismantling, decommissioning, nuclear waste management, .#2222 22 Q1 2022 Results May 2022 ENGIE FY 2022 guidance upgraded ENGIE's expectations underpinned by strength of integrated model EBITDA indication €11.7-12.7bn EBIT indication €7.0-8.0bn Rating "Strong investment grade" Economic Net Debt / EBITDA ≤ 4.0x over the long term Dividend 65-75% NRIgs guidance €3.8-4.4bn payout ratio based on NRIgs Floor of €0.65 1 Mainly for Q2-Q4 2022, as Q1 2022 actuals are embedded in this upgrade. Guidance and indications based on continuing operations. Assumptions also include full pass through of supply costs in French B2C Supply tariffs, no major regulatory or macro-economic changes, no change in accounting policies, no stringent lockdowns due to Covid, no disruption in Russian gas supply. Key assumptions¹ FX: • €/USD: 1.12 • €/BRL: 5.90 Market commodity forward prices average Q4 2021 - Q1 2022 Nuclear Belgium c. 90% nuclear availability and €0.4bn contingencies Average weather conditions Recurring net financial costs €(1.5-1.7)bn Recurring effective tax rate ~20%#2323 Q1 2022 May 2022 Summary ENGIC Enhancing security of gas supply and optimizing hedging positions Very strong performance in exceptional market conditions Strong liquidity and robust financial position ENGIE's strategy and integrated model more relevant than ever#24Additional Material#2525 Q1 2022 Results May 2022 ENGIE Q1 2022 EBIT change by activity Y/Y change (Em) Gross Organic Key drivers for organic change 7 7 Higher prices in Europe (mainly benefitting hydro) 2021 Texas extreme weather event RENEWABLES +199 +197 7 Commissioning of new capacity 7 Higher DBSO margins 7 NETWORKS -100 -94 Latin America: Brazilian power lines construction progress and tariff increase in Mexico لا لا لا Lower hydro volumes in Europe Negative price effect, mainly on energy costs Warmer temperatures in Europe (mainly for GRDF) Lower regulated revenues in France due to RAB remuneration decrease (smoothed) ENERGY 7 Energy prices (mainly in France) لا +15 +12 7 Commercial market dynamic (mainly new customers SOLUTIONS connected to DHC networks) 7 Higher spreads in Europe THERMAL +256 +254 7 Higher ancillaries in Europe لا لا EVBox Warmer temperatures in Europe Price drop in energy margins in Chile & 7 SUPPLY +88 +94 Warmer temperatures in Europe ✓ Negative price effects (mainly prices caps in Romania) (long positions sold at higher prices) ✓ Higher Belgian nuclear taxes NUCLEAR +530 +530 7 Better achieved prices لا Lower availability (91% vs. 95%) / volumes in Belgium OTHERS +513 +536 7 Higher prices and volatility (GEMS) ENGIE +1,502 +1,529#2626 Q1 2022 Results May 2022 EBIT breakdown' Q1 2022 (€m) 1 Unaudited figures ENGIE Rest of Latin Northern France Europe America America AMEA Others TOTAL RENEWABLES 172 91 208 15 1 (14) 472 NETWORKS 717 89 165 (1) (2) 967 ENERGY SOLUTIONS 141 47 (2) (4) 9 (40) 150 THERMAL 397 28 11 106 (10) 531 SUPPLY 338 (23) 2 (3) (5) 309 NUCLEAR 583 583 OTHERS² 6 514 520 o/w GEMS 625 625 TOTAL 1,367 1,184 401 26 26 112 442 3,532 Q1 2021 (Єm) RENEWABLES France Rest of Europe Latin America 109 39 NETWORKS ENERGY SOLUTIONS THERMAL 854 80 47 (1) 120 54 SUPPLY 139 104 0 NUCLEAR 53 OTHERS² 170 273 1111111 135 7 Northern America (64) AMEA 21 Others TOTAL (1) 0 18 (2) 1,067 (6) 5 (26) 9 100 (7) (15) (7) 276 220 53 (3) 10 o/w GEMS 177 177 TOTAL 1,217 442 339 (65) 128 (32) 2,030 2 Including mainly GEMS (GEM + main Supply B2B activities), Corporate and GTT#2727 Q1 2022 Results May 2022 ENGIE 2022 updated commodity forward prices assumptions 1 Relevant for the Q2-Q4 2022 unhedged volumes Commodity forward prices (average Q4 2021 - Q1 2022) Basis for the updated 2022 indications and guidance (€/MWh) 20221 Power Base BE 171 Power Base FR 192 CSS Peak / Base NL 27/(3) CSS Peak / Base BE 73/(6) CSS Peak / Base IT 28/9 CSS Peak / Base FR 73/16 Gas TTF 73 CO2 76#2828 Q1 2022 Results May 2022 ENGIE Outright power production in Europe Nuclear and hydro Hedging positions and average hedged prices (% and €/MWh) 100% 86% 66% 32% 67 59 54 54 2021 2022 2023 2024 As of 31 March 2022 Belgium and France#2929 Q1 2022 Results May 2022 ENGIE Nuclear phase out in Belgium Indicative theoretical total (Belgium + France) nuclear production 47.4 TWh 2021 c.44 TWh¹ 2022 c.33 TWh¹ 2023 c.32 TWh¹ 2024 c.23 TWh¹ 2025.... Operated ENGIE End of capacity capacity operations / Nuclear reactors Operator @100% (MW) (MW) contracts Doel 3 ENGIE 1,006 903 1-Oct-2022 Tihange 2 ENGIE 1,008 905 1-Feb-2023 Doel 1 ENGIE 445 445 15-Feb-2025 Doel 4 ENGIE 1,038 932 1-July-2025 Tihange 3 ENGIE 1,038 932 1-Sep-2025 Tihange 1 ENGIE 962 481 1-Oct-2025 Doel 2 ENGIE 445 445 1-Dec-2025 Chooz B (swap) EDF (100) 2025 Chooz B (drawing rights)² EDF 750 2037 Tricastin (drawing rights)³ EDF 468 2031 TOTAL 6,161 1. Belgium + France. Indicative volumes @ ENGIE share assuming a theoretical 85% availability 2. Chooz: 750 MW * average availability of total EDF nuclear fleet in France (excl. Tricastin) 3. Tricastin: 468 MW * local availability of Tricastin units c.9 TWh¹ 2026#3030 Q1 2022 Results May 2022 Disclaimer ENGIE 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 (ex GDF SUEZ) Universal Registration Document filed with the AMF on March 09, 2022 (under number D.22-079). 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.#3131 Q1 2022 Results May 2022 ENGIE For more information about ENGIE +33 1 44 22 66 29 Ticker: ENGI [email protected] https://www.engie.com/en/financial-results FOR MORE INFORMATION ABOUT Q1 2022 RESULTS: https://www.engie.com/en/finance/results/2022