ENGIE

Earnings Release • Jul 28, 2023

Press release 28 July 2023

ENGIE H1 2023 results

Significant operational progress across GBUs Strong financial performance

• Fundamental de-risking of nuclear exposure through agreement on all waste liabilities and extension of Doel 4 and Tihange 3
• Expected acceleration in Renewables with 6.6 GW under construction at the end of June
• Reinforcement of ENGIE's renewables platform in South Africa following the acquisition of BTE Renewables and full consolidation of Kathu
• Commissioning of ENGIE's largest battery energy storage system Hazelwood in Australia
• Awarded a 30-year concession of 1,000 km of power lines in Brazil
• 100% renewable power generation in Brazil after Pampa Sul coal plant disposal

Business highlights Financial performance

• EBIT of €6.7bn excluding Nuclear, up 53% organically, driven mainly by GEMS and Renewables
• Strong growth in CFFO¹ driven by EBITDA growth and improvement in Working Capital Requirements
• Impact of Belgian nuclear transaction integrated in financial results at 30 June
• Solid balance sheet and improving economic net debt to EBITDA ratio at 2.7x, including impact of the agreement on nuclear liabilities
• Net financial debt decreasing to €23.0bn, down €1.1bn, economic net debt increasing to €41.4bn
• FY 2023 guidance confirmed, with NRIgs² expected in the range of €4.7-5.3bn

In € billion	30 June 2023	30 June 2022	Δ 2023/22 gross	Δ 2023/22 organic
Revenue	47.0	43.2	+8.9%	+9.5%
EBITDA (ex. Nuclear)	8.8	6.4	+37.5%	+37.6%
EBITDA	9.4	7.5	+25.2%	+25.2%
EBIT (ex. Nuclear)	6.7	4.4	+52.7%	+52.8%
Net recurring income Group share	4.0	3.2	+24.6%	+24.8%
Net income Group share	(0.8)	5.0	-	-
Capex3	3.3	3.3	+1.3%
Cash Flow From Operations	9.5	6.8 +40.2%
Net financial debt	23.0	€-1.1bn versus 31 December 2022
Economic net debt	41.4	€+2.5bn versus 31 December 2022
Economic net debt / EBITDA	2.7x	-0.2x versus 31 December 2022

Key financial figures as at 30 June 2023

------- Catherine MacGregor, CEO, said: "In the first semester, ENGIE has achieved a very strong financial performance, driven by the development of our renewable activities and the results of our energy management activities in a context still characterized by high price volatility. We have signed an agreement with the Belgian government significantly reducing the risks on the overall amount linked to the management of nuclear waste and

N.B. Footnotes are on page 10

ENGIE CORPORATE HEADQUARTERS Tour T1 – 1 place Samuel de Champlain – Faubourg de l'Arche – 92930 Paris La Défense cedex – France ENGIE – French limited liability company with capital of 2,435,285,011 EUROS – listed on the NANTERRE register of trades and companies under number 542 107 651 – Tel: +33 (0)1 44 22 00 00 engie.com

providing the necessary visibility on the 10-year extension of the two units Doel 4 and Tihange 3. ENGIE has also made significant progress across all GBUs, including the acquisition of BTE Renewables in South Africa, the commissioning of BESS Hazelwood in Australia, and the success on the tender of 1,000 km power transmission lines in Brazil. In line with our strategic plan, we keep improving our business profile while leveraging our growth platforms. We are confident in the strength of our integrated model to meet the challenges of the energy transition both in the short and long-term."

2023 guidance

Guidance is confirmed in a context of decreasing energy prices. Net Recurring Income group share (NRIgs) is expected to be in the range of €4.7 to €5.3 billion based on indicative EBIT excluding Nuclear in the range of €8.5 to €9.5 billion.

ENGIE is committed to a strong investment grade credit rating and continues to target a ratio below or equal to 4.0x economic net debt to EBITDA over the long-term. The Group reaffirms its dividend policy, with a 65% to 75% payout ratio based on NRIgs, and a floor of €0.65 per share for the 2023 to 2025 period.

Detailed guidance key assumptions are on appendix 4.

Strong operational progress across GBUs

Renewables

ENGIE added 0.7 GW of renewable capacity in H1 2023, including 0.3 GW in Latin America (mainly Punta Lomitas in Peru) and 0.3 GW in Europe (mainly in France). The Group signed a total of 1.7 GW of PPAs in H1 2023, of which 1.2 GW with a duration longer than five years.

ENGIE is on track to add 4 GW on average per year of renewable capacity until 2025. This target is fuelled by a growing pipeline that totalled 85 GW at the end of June 2023, up 5 GW compared to 31 December 2022.

As at 30 June 2023, ENGIE reported 6.6 GW of capacity under construction from 65 projects, with 3.2 GW entered under construction in the first half of 2023, including the 0.5 GW Gulf of Suez wind farm in Egypt, the 0.9 GW Moray West offshore wind farm in Scotland, two French offshore wind projects Dieppe-Le Tréport and Yeu-Noirmoutier for a capacity of 0.5 GW each, and an onshore wind project Lomas del Taltal in Chile for a capacity of 0.3 GW.

In the first semester, ENGIE acquired BTE Renewables in South Africa, representing an addition of 340 MW renewable energy capacity and a portfolio of more than 3 GW of advanced development projects. This acquisition will capitalize on the Group's industrial value in the country, where ENGIE already operates 1.3 GW of assets. ENGIE will also consolidate the Kathu project in South Africa, a 100 MW Concentrated Solar Panel (CSP) plant commissioned in January 2019 with a 20-year PPA, following the acquisition in July of a 9.2% participation of Lereko Metier REIPPP Fund Trust in the project, bringing ENGIE equity ownership post transaction to c. 58%. These transactions will reinforce ENGIE's renewables platform in South Africa.

Networks

In Brazil, ENGIE strengthened its power transmission activity by winning a 30-year concession to construct and operate 1,000 km of power transmission lines in the states of Bahia, Minas Gerais and Espirito Santo. The Group operates a total of nearly 6,000 km of power transmission networks in Brazil and Chile. Since 2017, ENGIE has installed more than 2,700 km in Brazil, including Gralha Azul (~900 km) and Novo Estado (~1,800 km) that reached full commissioning in Q1 2023.

During the months of March and April 2023 in France, national strikes related to pension reforms had an adverse impact on ENGIE's LNG terminals. Nonetheless, gas storage levels in France were filled at 64% as of 30 June 2023, compared to 61% on 30 June 2022, above the historical average.

Renewable gas

ENGIE continues to unlock the potential of biomethane with a yearly production capacity of up to 9.7 TWh connected to ENGIE's networks in France, an increase of 2.5 TWh compared to H1 2022.

In June, a consortium led by ENGIE and POSCO was awarded a land block linked to a project in Duqm to mobilize Oman's renewable energy resources through the development of green ammonia with a capacity of 1.2 million tons per year. The project will include up to 5 GW of new wind and solar capacity, battery energy storage systems and a renewable hydrogen plant.

Battery Energy Storage Systems (BESS)

ENGIE is deploying batteries as crucial assets in supporting the energy transition by providing flexibility to energy systems in a backdrop of intermittent renewables, contributing to future security of supply. ENGIE has 0.7 GW of BESS under construction, mainly in the US and Chile.

In June, ENGIE announced the commissioning in Australia of its largest battery energy storage system Hazelwood. In line with the Group's strategy to withdraw from coal-fired power generation and to provide flexibility to the grid, ENGIE has rehabilitated a former coal-fired asset with a utility-scale battery of 150 MW / 150 MWh, a concrete illustration of the country's energy transition and ENGIE's commitment to its decarbonisation pathway.

Retail

In the context of the end of regulated gas sales tariffs (TRVG), on 1 July 2023, ENGIE transferred c. 2 million clients to the switchover tariff ("offre passerelle") who had not opted out of the regulated tariff by June 30 2023. The switchover tariff was discussed with the French Energy Regulatory Commission (Commission de Régulation de l'Énergie) and is comparable to the TRVG.

Energy Solutions

Energy Solutions has achieved major wins in District Heating and Cooling (DHC), on-site generation and sustainable mobility.

In Cannes, ENGIE has been awarded a DHC contract based on thalassothermy, recovering the calorific energy of the sea to supply buildings with heat and cold and creating a network of 7 km connected to hotels, festival halls and residences. This 25-year contract is expected to reduce 6,800 tons of CO² per year.

In line with ENGIE's purpose to accelerate the transition towards a carbon-neutral economy through environmentally-friendly solutions, the Group is decarbonising the chemical industry through several projects. In Barcelona, ENGIE has been awarded a 15-year contract to supply steam in KAO's chemical plant through a

10.5 MW biomass boiler, saving more than 15,000 tons of CO² per year. In France, ENGIE has renegotiated a 9-year contract to provide Arkema with utilities such as steam and compressed air on their site in Villers-Saint-Paul.

ENGIE has launched the ENGIE Vianeo brand to develop the electric mobility system with 1,000 charge points already in operation throughout France with a target to reach 12,000 electric charge points by 2025.

In the United States, the Group has faced cost overruns in connection with the construction of cogeneration units in two separate contracts due to the failure of EPC contractors, leading to book a provision of €150 million in the first half of 2023. As an industrial company, ENGIE is monitoring these projects with a tighter management approach at the head of the GBU and has strengthened local teams with dedicated resources to finalize construction works with rigorous project management.

Disciplined capital allocation

In H1 2023, gross Capex amounted to €3.3 billion. Growth Capex amounted to €2.3 billion, of which 58% dedicated to Renewables, 14% to Networks and 14% to Energy Solutions, in line with ENGIE's strategic roadmap.

Performance plan delivery

Performance results were slightly positive during the first semester of the year, with operational excellence across GBUs partly offset by an increase in support function costs driven by an inflationary context. The Group is closely monitoring loss-making activities to accelerate their contribution to the performance plan.

Update on Belgian nuclear assets and liabilities

On 21 July 2023, ENGIE and the Belgian government signed a framework agreement⁴ on the 10-year extension of Tihange 3 and Doel 4 nuclear reactors, and on all obligations related to nuclear waste. This agreement reflects the interest of both parties to proceed with a flexible LTO and builds on the interim agreement signed on 29 June 2023, which defined the following terms:

• the commitment from both parties to use their best efforts to restart the nuclear units of Doel 4 and Tihange 3 as early as November 2025;
• the establishment of a legal structure dedicated to the two extended nuclear units, equally owned by the Belgian State and ENGIE;
• the business model of the extension with balanced risk allocation, notably through a contract for difference mechanism;
• an agreement on the fixed amount of future costs related to the treatment of nuclear waste, based on a new scenario defined by ONDRAF, covering all of ENGIE's nuclear reactors in Belgium, for a total amount of €15 billion. This amount is to be paid in two instalments, one at closing, expected in the first semester of 2024 for categories B and C, and a second payment at the start of the LTO for category A.

The project of extension of the two units has no impact on ENGIE's guidance for the medium-term. The Group recognized the increase in its commitments under the transfer of nuclear waste liabilities as an expense impacting non-recurring income for the H1 2023 fiscal year, after nuclear provisions adjustment, for an amount of €4.4 billion before tax. The impact on the economic net debt stood at €4.1 billion at 30 June 2023.

In July, ENGIE was informed on the new parameters considered by the Commission for Nuclear Provisions (CPN) for the calculation of the nuclear provision for the dismantling and spent fuel management of Belgian nuclear

power plants following the triennial revision. The CPN has revised downwards the provisions communicated in December 2022 with a decrease of €0.6bn related to dismantling provisions. This adjustment is included in the €4.4 billion mentioned above.

Progress on key ESG targets

During the first half of 2023, greenhouse gas emissions from energy production were reduced to 26 million tons vs. 30 million tons at end of June 2022, mainly due to a lower load factor on thermal generation facilities.

ENGIE also increased the share of renewables in its portfolio to 39% as at 30 June 2023 from 38% at the end of 2022, mainly by adding 0.7 GW of new renewable capacity.

Brazil has become 100% renewable power generation for ENGIE after the disposal of the Pampa Sul coal-fired power plant and is well on track to be one of our 4 Net zero countries in 2030.

H1 2023 financial review

Revenue at €47.0 billion was up 8.9% on a gross basis and 9.5% on an organic basis. EBITDA (ex. Nuclear) at €8.8 billion, was up 37.5% on a gross basis and up 37.6% on an organic basis. EBIT (ex. Nuclear) at €6.7 billion was up 52.7% on a gross basis and up 52.8% on an organic basis.

• Foreign exchange: a net effect of €+2 million driven by the appreciation of the Brazilian real and the US dollar almost totally offset by the depreciation of the UK pound sterling.
• Scope: net effect of €-1 million.
• French temperature: compared to average, the temperature effect was a negative €70 million, generating a positive year-on-year variation of €36 million compared to H1 2022 across Networks, Retail and GEMS.

In € million	30 June 2023	30 June 2022	Δ 2023/22 gross	Δ 2023/22 organic	o/w normative temp. effect (France) vs. H1 2022
Renewables	1,192	828	+43.9%	+43.1%
Networks	1,358	1,471	-7.7%	-7.8%	+21
Energy Solutions	132	228	-41.8%	-42.6%
Flex Gen	761	667	+14.2%	+15.5%
Retail	489	422	+15.7%	+16.7%	+12
Others	2,781	779	-	-	+3
of which GEMS	3,142	1,062	-	-	+3
EBIT ex. Nuclear	6,713	4,396	+52.7%	+52.8%	+36
Nuclear	239	858	-72.2%	-72.2%
EBIT	6,952	5,253	+32.3%	+32.4%	+36

EBIT contribution by activity: growth mainly driven by GEMS and Renewables

Renewables: strong growth mainly driven by higher volumes, contribution of new capacity commissioned and better captured prices in Europe

In € million	30 June 2023	30 June 2022	Δ 2023/22 gross	Δ 2023/22 organic
EBIT	1,192	828	+43.9%	+43.1%
Total Capex	1,378	1,378	-
CNR achieved prices (€/MWh)5	121	72	+68.1%
DBSO6 Margins (EBIT level)	(1)	43	-
Operational KPIs
Capacity additions (GW at 100%)	0.7	2.27
Hydro volumes France (TWh at 100%)	7.9	7.1	+0.8

Renewables reported a 43.1% organic EBIT growth, driven by a positive volume effect (€+156 million) mainly due to higher hydro volumes in France and Portugal, positive price effect (€+73 million) with higher captured prices mainly for French hydro, and the reversal of buybacks in the first half of 2022 due to low hydro volumes in Portugal and France. EBIT also benefited from the contribution of new capacity commissioned (€+90 million) mainly in the US, Europe and Latin America, as well as from a positive one-off in Brazil linked to the hydro concession extension of Estreito. These effects largely offset the absence of DBSO margins in H1 2023 (€-44 million).

Networks: lower distributed volumes in France partly offset by net positive price effects in Europe

In € million	30 June 2023	30 June 2022	Δ 2023/22 gross	Δ 2023/22 organic
EBITDA	2,292	2,382	-3.8%	-3.8%
EBIT	1,358	1,471	-7.7%	-7.8%
Total Capex	865	1,019	-15.1%
Operational KPIs
Normative temp. effect (EBIT- France)	(48)	(69)	+21
Smart meters (m)	11.1	7 10.9	+0.2

Networks EBIT was down 7.8% on an organic basis. French Infrastructure EBIT decreased €118 million due to lower distributed volumes, higher energy costs and higher staff costs driven by inflation, as well as impact of strikes. These effects were partly offset by additional revenues from capacity subscribed for gas transit between France and Germany as well as a favourable environment in storage activities mainly in the UK and Germany. Outside Europe, EBIT was positive due to a better performance of gas transmission assets in Latin America.

Energy Solutions: impacted by provisions in the US, steady progress in other operations

In € million	30 June 2023	30 June 2022	Δ 2023/22 gross	Δ 2023/22 organic
Revenue	5,779	5,546	+4.2%	+6.5%
EBIT	132	228	-41.8%	-42.6%
Total Capex	388	311	+24.6%
Operational KPIs
Distrib. Infra. installed cap. (GW)	25.4	7 24.6	+0.8
EBIT margin (excl. US one-off)	4.9%	4.1%	+78bps
Backlog - French concessions (bn€)	21.2	19.87	+1.4

Energy Solutions reported a negative €99 million organic EBIT decrease mainly due to contract provisions (€150 million) related to cost overruns in the construction of two cogeneration plants in the US. Excluding this

one-off, Energy Solutions is progressing according to plan and EBIT was up 22% organically driven by operational performance of local energy networks despite negative impacts of strikes in France, positive results of cogeneration assets in France as well as margin improvement and developments in energy performance management activities.

Flex Gen: strong performance driven by recovery in Chile and higher achieved spreads in Europe partly offset by lower ancillaries

In € million	30 June 2023	30 June 2022	Δ 2023/22 gross	Δ 2023/22 organic
EBITDA	969	891	+8.8%	+9.9%
EBIT	761	667	+14.2%	+15.5%
Operational KPIs
Average captured CSS Europe (€/MWh)	36	27	+33%
Capacity (GW at 100%)	59.3	7 59.5	-0.2

Flex Gen EBIT reported a 15.5% organic growth. This increase was mainly driven by price effects (€+85 million), including improvement in Chile with reduction of short positions and lower sourcing prices, higher spreads for European gas assets partly offset by lower market opportunities captured. The EBIT also benefited from a favourable comparison effect as the Group recognised an extraordinary tax in Italy in the first half of 2022. These effects were partially offset by a negative volume effect (€-21 million) and, as expected, a lower contribution of ancillary services in Europe, which were at very high levels in H1 2022.

Retail: positive price effect partly offset by a mild winter

In € million	30 June 2023	30 June 2022	Δ 2023/22 gross	Δ 2023/22 organic
EBITDA	614	553	+11.1%	+12.0%
EBIT	489	422	+15.7%	+16.7%
Normative temp. effect (EBIT-France)	(18)	(30)	+12

Retail EBIT amounted to €489 million. Organically, the EBIT increase was mainly driven by price effects due to higher margins in France including timing effects as well as in Romania, net of a negative volume effect mainly due to a mild winter, with reversal of long positions sold at high prices in 2022. EBIT also benefited from the new profit sharing mechanism on portfolio optimization that was put in place between GEMS and Retail.

Others: significant contribution from GEMS

GEMS EBIT amounted to €3,142 million, up €2,080 million year-on-year, driven by:

• the negative impact related to Gazprom contracts considering the risk of physical gas disruption in H1 2022, which did not repeat in 2023,
• the strong performance of energy management activities in Europe, still benefiting from good market conditions, although less favorable than in 2022,
• the gradual normalization of market conditions, leading to continuous reversal of market reserves,
• the good performance of the B2B business, in a market environment that allows full valuation of the cost of risk,
• the continued effect of deals signed in 2022 at good conditions which materialize at delivery date.

GEMS' contribution for the next semester is expected to decrease significantly due to the combination of nonreplicable impacts as well as the contribution from transactions locked in during 2022 which is expected to normalize in the future.

Nuclear: higher taxes and net impact of decommissioning partly offset by higher captured prices

In € million	30 June 2023	30 June 2022	Δ 2023/22 gross	Δ 2023/22 organic
EBITDA	574	1,089	-47.3%	-47.3%
EBIT	239	858	-72.2%	-72.2%
Total Capex	98	153	-35.8%
Operational KPIs
Output (BE + FR, @ share, TWh)	16.3	22.2	-27%
Availability (Belgium at 100%)	88.7%	84.9%	+380 bps

Nuclear reported €239 million of EBIT compared to €858 million in H1 2022. EBIT was negatively impacted by the phase-out of the reactors Doel 3 in September 2022 and Tihange 2 in February 2023 (€-621 million) and the nuclear inframarginal tax which amounted to €579 million. The increase, albeit slightly reduced, of the dismantling assets following the CPN triennial revision also lead to a higher depreciation expense. These negative effects were partly offset by higher captured prices (€+658 million) and a positive volume effect (€+129 million) mainly due to higher availability for Belgian assets at 88.7%.

Net recurring income Group share of €4.0 billion Net income Group share of €(0.8) billion

In € billion	H1 2023
NRIgs	4.0
Impairment	0.4
Restructuring costs	(0.0)
Capital gains	(0.1)
Commodities MtM	(0.4)
Others8	(4.7)
NIgs	(0.8)

Net recurring income Group share amounted to €4.0 billion compared to €3.2 billion as at 30 June 2022. The variation was mainly driven by the strong increase in EBIT.

Net income Group share amounted to €(0.8) billion. The €5.9 billion decrease compared to H1 2022 was mainly linked to the negative effect of the nuclear provisions following the agreement signed with the Belgian State. There was a positive effect of €0.4 billion related to the reversal of an impairment previously booked on nuclear. The negative MtM on commodities of €(0.4) billion was linked to decrease in gas and power prices.

Strong balance sheet and liquidity

Cash Flow From Operations amounted to €9.5 billion, up €2.7 billion compared to H1 2022. This increase was mainly supported by EBITDA growth (€+1.9 billion) and improvement in change in Working Capital Requirements (€+0.8 billion).

Working Capital Requirements was positive at €1.4 billion, with a positive year-on-year variation of €0.8 billion mainly driven by price effects (€+3.4 billion) mainly due to gas withdrawal at higher prices, the net positive timing

effect on tariff shields (€+1.0 billion) chiefly in France, partly offset by the negative impact on margin calls (€-3.1 billion).

The Group maintained a strong level of liquidity at €23.0 billion as at 30 June 2023, including €16.0 billion of cash⁹ .

Net financial debt stood at €23.0 billion down €1.1 billion compared to 31 December 2022.

This decrease was mainly driven by:

• Cash Flow From Operations of €9.5 billion,
• disposals of €0.1 billion.

These positive elements were partly offset by:

• dividends paid to ENGIE SA shareholders and to non-controlling interests of €3.6 billion,
• capital expenditure over the period of €3.3 billion,
• Belgian nuclear phase-out funding and expenses¹⁰ of €1.3 billion,
• other elements of €0.5 billion.

Economic net debt stood at €41.4 billion, up €2.5 billion compared to 31 December 2022, mainly due to the increase in Asset Retirement Obligation provisions (€+4.8 billion, mainly the increase of nuclear provisions of €+4.1 billion following the agreement reached with the Belgian State) lower financial net debt (€-1.1 billion) and additional funding related to nuclear phase-out (€-1.1 billion).

Economic net debt to EBITDA ratio stood at 2.7x, down 0.2x compared to 31 December 2022, and in line with the target ratio below or equal to 4.0x.

On 12 May 2023, S&P reaffirmed its BBB+ long-term issuer rating and short-term issuer rating at A-2, with a stable outlook.

On 13 July 2023, Moody's confirmed its Baa1/P-2 senior unsecured rating, with a stable outlook.

On 18 July 2023, Fitch reaffirmed its long-term issuer rating to A-, and short-term rating at F1, with a stable outlook.

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The presentation of the Group's H1 2023 financial results used during the investor conference is available to download from ENGIE's website: Financial results 2023 (engie.com)

UPCOMING EVENTS

November 2023 Publication of 9M 2023 financial information February 2024 Publication of FY 2023 financial results April 2024 Annual General Meeting May 2024 Publication of Q1 2024 financial information

Footnotes

⁴ Full and definitive agreements are expected to be signed in the fourth quarter of 2023; these agreements will themselves be conditional, in particular, on the approval by the European Commission under state aid and the adoption of legislative amendments relating to the Belgian nuclear legal and regulatory framework.

5 Before hydro tax on CNR

⁶ Develop, Build, Share and Operate

⁷ As of 31 December 2022

⁸ Non-recurring financial result (mainly impacted by the nuclear provision on the waste management following the agreement with the Belgian State)

⁹ Cash and cash equivalents plus liquid debt instruments held for cash investment purposes minus bank overdrafts

¹⁰ Synatom funding previously reported in gross Capex and waste/dismantling expenses previously reported in CFFO

¹ Cash Flow From Operations: Free Cash Flow before maintenance Capex and nuclear phase-out expenses

² Net recurring income Group share

³ Net of sell down, US tax equity proceeds, including net debt acquired

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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 9, 2023 (under number D.23-082). Investors and ENGIE shareholders should note that if some or all of these risks are realised they may have a significant unfavourable impact on ENGIE.

About ENGIE

Our group is a global reference in low-carbon energy and services. Together with our 96,000 employees, our customers, partners and stakeholders, we are committed to accelerate the transition towards a carbon-neutral world, through reduced energy consumption and more environmentally-friendly solutions. Inspired by our purpose ("raison d'être"), we reconcile economic performance with a positive impact on people and the planet, building on our key businesses (gas, renewable energy, services) to offer competitive solutions to our customers.

Turnover in 2022: 93.9 billion Euros. The Group is listed on the Paris and Brussels stock exchanges (ENGI) and is represented in the main financial indices (CAC 40, Euronext 100, FTSE Euro 100, MSCI Europe) and non-financial indices (DJSI World, Euronext Vigeo Eiris - Europe 120/ France 20, MSCI EMU ESG screened, MSCI EUROPE ESG Universal Select, Stoxx Europe 600 ESG-X)

ENGIE HQ Press contact: Tel. France: +33 (0)1 44 22 24 35 Email: engiepress@engie.com ENGIEpress

Investor relations contact: Tel.: +33 (0)1 44 22 66 29 Email: ir@engie.com

Statement of financial position

Assets	30 June	31 Dec.	Liabilities	30 June	31 Dec.
(€bn)	2023	2022	(€bn)	2023	2022
Total non-current assets	115.2	131.5	Shareholders' equity	29.1	34.3
			Non-controlling interests	5.6	5.0
Total current assets	76.5	104.0	Total equity	34.7	39.3
o/w cash and cash equivalents	15.7	15.6	Total non-current liabilities	75.8	102.4
			Total current liabilities	81.2	93.8
TOTAL ASSETS	191.7	235.5	TOTAL EQUITY AND LIABILITIES	191.7	235.5

(Em)	H1 2023	H1 2022
Revenue	47,028	43,167
Purchases and operating derivatives	(33,175)	(27,685)
Personnel costs	(4,140)	(3,903)
Amortization depreciation and provisions	(2,437)	(2,174)
Taxes	(1,948)	(1,520)
Other operating income	622	632
Share in net income of equity entities	540	468
Current operating income including operating MtM and share in net	6,490	8,984
income of equity method entities
Impairment, restructuring, disposals and others	(4,508)	(248)
Income/(loss) from operating activities	1,981	8,736
Financial result	(1,327)	(2,082)
o/w recurring cost of net debt	(558)	(208)
o/w cost of lease liabilities	(45)	(27)
o/w non-recurring items included in financial income/(loss)	(219)	(1,110)
o/w others	(507)	(437)
Income tax	(8/1)	(1,165)
Non-controlling interests (continuing operations)	(630)	(52)
Net income / (loss) relating to discontinued operations, Group share	0	115
NET INCOME / (LOSS) GROUP SHARE	(847)	5,012
EBITDA	9.364	7.480

Statement of cash flows

(€m)	H1 2023	H1 2022
Cash generated from operations before income tax and working capital	9,132	6,944
requirements
Tax paid	(1,026)	(517)
Change in working capital requirements	1,418	640
Cash flow from operating activities relating to continuing operations	9,524	7,067
Cash flow from operating activities relating to discontinued operations	-	12
CASH FLOW FROM OPERATING ACTIVITIES	9,524	7,079
Net tangible and intangible investments	(3,006)	(2,247)
Financial investments	(1,109)	153
Disposals and other investment flows	(49)	(791)
Cash flow from (used in) investing activities relating to continuing operations	(4,164)	(2,885)
Cash flow from (used in) investing activities relating to discontinued operations	-	(3,614)
CASH FLOW FROM (USED IN) INVESTMENT ACTIVITIES	(4,164)	(6,499)
Dividends paid	(3,573)	(2,277)
Balance of reimbursement of debt/new debt	(1,295)	(1,857)
Net interests paid on financial activities	(167)	(337)
Capital increase/hybrid issues/treasury stock	197	27
Other cash flows	(361)	533
Cash flow from financial activities relating to continuing operations	(5,199)	(3,911)
Cash flow from financial activities relating to discontinued operations	-	3,748
CASH FLOW FROM (USED IN) FINANCIAL ACTIVITIES	(5,199)	(163)
Effects of changes in exchange rates and other	(32)	944
TOTAL CASH FLOWS FOR THE PERIOD	146	889
Reclassification of cash and cash equivalent relating to discontinued activities	-	(125)
Cash and cash equivalents at beginning of period	15,570	13,890
Cash and cash equivalents at end of period	15,716	14,655

APPENDIX 2: CONTRIBUTIVE REVENUE BY ACTIVITY

Revenue at €47.0 billion was up 8.9% on a gross basis and 9.5% on an organic basis.

Contributive revenue, after elimination of intercompany operations, by activity:

Revenue In € million	30 June 2023	30 June 2022	Gross variation	Organic variation
Renewables	2,899	2,485	+16.6%	+15.8%
Networks	3,661	3,650	+0.3%	+1.7%
Energy Solutions	5,779	5,546	+4.2%	+6.5%
Flex Gen	2,724	3,222	-15.5%	-15.2%
Retail	10,363	8,169	+26.9%	+27.2%
Others of which GEMS	21,540 21,492	20,118 20,063	+7.1% +7.1%	+7.2% +7.3%
ENGIE ex. Nuclear	46,965	43,190	+8.7%	+9.3%
Nuclear	63	(23)	-	-
ENGIE	47,028	43,167	+8.9%	+9.5%

Revenue for Renewables amounted to €2,899 million, +16.6% on a gross basis and +15.8% on an organic basis. The gross increase included positive foreign exchange effects in Brazil. Organically, activity increased in France mainly due to higher achieved prices and volumes for hydro.

Revenue for Networks amounted to €3,661 million, +0.3% on a gross basis and +1.7% on an organic basis. Gross increase included positive foreign exchange effects mainly in Latin America and scope out effects in Argentina. Organically, revenue increased driven by auctions of capacities for gas transport and favourable market for storage activities in Germany and in the UK partly offset by lower distributed volumes in French distribution. In Latin America, revenue decreased mainly in Brazil reflecting the decrease in construction revenue following progressive commissioning of transmission lines.

Revenue for Energy Solutions amounted to €5,779 million, +4.2% on a gross basis and +6.5% on an organic basis. The gross increase included positive foreign exchange effects notably in the United States. Organically, activity increased in Europe mainly driven by Germany. France also experienced positive organic growth driven by distributed energy infrastructure offsetting decrease in energy efficiency.

Revenue for Flex Gen amounted to €2,724 million, -15,5% on a gross basis and -15,2% on an organic basis. Limited impact from foreign exchange due to offsetting effects in UK and Latin America. The organic performance is explained by Europe, mainly due to lower ancillaries partly offset by higher spreads captured in Latin America due to indexation of PPA contracts in Chile and higher generation and prices in Peru.

Revenue for Retail amounted to €10,363 million, +27.2% on an organic basis. Organically, the increase was mainly driven by higher commodity prices offset by lower gas and power volumes due to sobriety and decrease of regulated portfolio.

Revenue for Others amounted to €21,540 million. The increase compared to last year was mainly driven by GEMS, essentially impacted by increase in commodity prices more than offsetting lower delivered volumes.

Nuclear reported almost no external revenue post-elimination of intercompany operations.

APPENDIX 3: EBIT MATRIX

H1 2023 In € million	France	Rest of Europe	Latin America	Northern America	AMEA	Others	Total
Renewables	409	184	523	78	14	(16)	1,192
Networks	931	56	378	(3)		(5)	1,358
Energy Solutions	177	108	(2)	(150)	31	(32)	132
Flex Gen		460	79	25	213	(16)	761
Retail	323	134			48	(16)	489
Others of which GEMS		(3)		8		2,776 3,142	2,781 3,142
ENGIE ex. Nuclear	1,840	939	978	(41)	305	2,691	6,713
Nuclear		239					239
ENGIE	1,840	1,178	978	(41)	305	2,691	6,952

H1 2022 In € million	France	Rest of Europe	Latin America	Northern America	AMEA	Others	Total
Renewables	205	162	421	58	9	(26)	828
Networks	1,059	69	351	(2)		(5)	1,471
Energy Solutions	170	47	(1)	5	23	(17)	228
Flex Gen		447	(2)	21	216	(15)	667
Retail	434	(8)	3		2	(10)	422
Others of which GEMS		(3)		8		775 1,062	779 1,062
ENGIE ex. Nuclear	1,868	714	772	90	250	702	4,396
Nuclear		858					858
ENGIE	1,868	1,572	772	90	250	702	5,253

Tour T1 – 1 place Samuel de Champlain – Faubourg de l'Arche – 92930 Paris La Défense cedex – France ENGIE – French limited liability company with capital of 2,435,285,011 EUROS – listed on the NANTERRE register of trades and companies under number 542 107 651 – Tel: +33 (0)1 44 22 00 00 engie.com

APPENDIX 4: 2023 guidance - key assumptions & indications

• Guidance and indications based on continuing operations
• No change in accounting policies
• No major regulatory or macro-economic changes
• Inframarginal rent caps based on current legal texts
• Full pass through of supply costs in French B2C retail tariffs
• Average temperature in France
• Average hydro, wind, and solar productions
• Average forex:
  • o €/USD: 1.08
  • o €/BRL: 5.46
• Belgian nuclear availability: c. 90% in 2023, based on availabilities
• Contingencies on Belgian nuclear operations of €0.2 billion in 2023
• Market commodity prices as at 31 May 2023
• Recurring net financial costs of €(2.2)-(2.4) billion
• Recurring effective tax rate: 24-27%

APPENDIX 5: POWER PRODUCTION HEDGES IN EUROPE (NUCLEAR AND HYDRO)

Hedged positions and captured prices

As at 30 June 2023, Belgium and France (% and €/MWh)

Captured prices are shown

• before specific Belgian nuclear and French CNR hydro tax contributions
• before inframarginal rent cap in Belgium and France
• excluding the mark-to-market impact of the proxy hedging used for part of Belgian nuclear volumes over 2023-2025, which is volatile and historically unwinds to close to zero at delivery

APPENDIX 6: COMPARABLE BASIS ORGANIC GROWTH ANALYSIS

In € million	30 June 2023	30 June 2022	Gross/organic variation
Revenue	47,028	43,167	+8.9%
Scope effect Exchange rate effect	-43	-263 11
Comparable basis	46,985	42,915	+9.5%

In € million	30 June 2023	30 June 2022	Gross/organic variation
EBITDA	9,364	7,480	+25.2%
Scope effect Exchange rate effect	-29	-29 7
Comparable basis	9,335	7,458	+25.2%

In € million	30 June 2023	30 June 2022	Gross/organic variation
EBIT	6,952	5,253	+32.3%
Scope effect Exchange rate effect	-15	-16 2
Comparable basis	6,937	5,239	+32.4%

The calculation of organic growth aims to present comparable data both in terms of the exchange rates used to convert the financial statements of foreign companies and in terms of contributing entities (consolidation method and contribution in terms of comparable number of months). Organic growth in percentage terms represents the ratio between the data for the current year (N) and the previous year (N-1) restated as follows:

• The N-1 data is corrected by removing the contributions of entities transferred during the N-1 period or prorata temporis for the number of months after the transfer in N.
• The N-1 data is converted at the exchange rate for the period N.
• The N data is corrected with the N acquisition data or prorata temporis for the number of months prior to the N-1 acquisition.