Press release
7 November 2024

ENGIE 9M 2024 Results
Strong operational
and financial performance


Business highlights Financial performance

• Excellent execution in Renewables, with 2.3GW of • 9M 2024 EBIT of €7.1bn excluding Nuclear, down
new capacity and 7.2GW under construction as of 11.0% organically versus a high 2023 basis for
September 30 comparison
• Confident of achieving full-year target of 4GW • Healthy organic growth of EBIT excluding Nuclear in
additional capacity the 3rd quarter (+18%) driven by Renewables,
Networks, and GEMS
• Acceleration in batteries1 with 1.0GW added
capacity and 3.0GW under construction as of • Strong CFFO2 generation at €11.8bn
September 30 • Maintaining a solid balance sheet with economic net
• Awarded new 1,000km power transmission debt to EBITDA ratio at 3.0x
concession in Brazil • FY 2024 guidance confirmed, with NRIgs3 now
expected in the upper end of the range of €5.0-5.6bn
Governance
• Proposal by the Board of Directors for the renewal
of Catherine MacGregor's mandate as a member of
the Board to the next AGM


Key financial figures as at 30 September 2024

Δ 2024/23 Δ 2024/23
In € billion 30 Sep. 2024 30 Sep. 2023
gross organic
Revenue 52.6 61.8 -14.8% -14.9%
EBITDA (ex. Nuclear) 10.4 11.1 -6.0% -6.1%
EBITDA 12.0 11.9 +0.8% +0.9%
EBIT (ex. Nuclear) 7.1 8.0 -11.2% -11.0%
Capex4 6.9 6.3 +9.8%
Cash Flow From Operations 11.8 13.0 -8.6%
Net financial debt 30.5 +€1.0bn versus 31 December 2023
Economic net debt 45.5 -€1.0bn versus 31 December 2023
Economic net debt / EBITDA 3.0 -0.1x versus 31 December 2023


Catherine MacGregor, CEO, said: “Over the first nine months of the year, ENGIE has delivered very strong
earnings and substantial cash flow. These results are driven by a variety of our activities and demonstrate the
relevance of ENGIE’s integrated model. Our development in renewables has continued apace with 2.3GW
installed in the year to September, at which point we had 7.2GW under construction, bringing us confidence of

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N.B. Footnotes are on page 7
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achieving our annual target of 4GW. We maintain our leading position in the PPA market, with 2.6GW of signed
contracts over the first nine months. Finally, we have continued our growth in the strategic field of power
infrastructure, with the significant award of 1,000 km of transmission lines in Brazil. Building on these strong
operational and financial performances, ENGIE maintains its progress towards constructing a decarbonized,
reliable, and affordable energy system.”

2024 guidance confirmed, in the upper end of the range

Based on the strong financial performance over the first nine months of 2024 and better than expected recurring
net financial costs for the full-year, 2024 Net Recurring Income group share (NRIgs) guidance is now expected to
be in the upper end of the range of €5.0-5.6bn. EBIT excluding Nuclear is also expected to be in the upper end of
the indicative range of €8.2-9.2bn.

ENGIE continues to target a strong investment grade credit rating with an economic net debt to EBITDA ratio
below or equal to 4.0x 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 2024 to 2026 period.

Detailed guidance key assumptions can be found in appendix 3.

Successful roll-out of the strategic plan

Renewables
ENGIE added 2.3GW of renewable capacity in the first nine months of 2024, including 1.2GW in Latam, 0.7GW
in Europe as well as 0.1GW in the United States. As at 30 September 2024, the Group reported 7.2GW of capacity
under construction (67 projects).
Since beginning of the year, the Group signed a total of 2.6GW of PPAs, an increase of 27% compared to the
previous year. More than 1.5GW of these PPAs have a duration of more than five years.
The Group is confident in achieving its objective to add 4GW on average per year of renewable capacity until
2025.

Networks
In September 2024, ENGIE won one lot at the Brazilian Electric Energy Agency (ANEEL) auction and was
awarded the concession to build and operate around 1,000 kilometres of transmission lines. This contract also
includes the takeover and continued operation of 162.6 kilometres of transmission lines and 2 existing substations
serving the states of Espírito Santo and Minas Gerais. It brings ENGIE's portfolio to nearly 8,000 kilometres of
transmission lines in service, under construction or ready for development, an important step in its ambition of
rebalancing from gas to electricity.

Renewable gas
In October 2024, ENGIE further raised its biomethane production capacity in Europe with the acquisition of a new
unit in Belgium. Located in Bree, in the Flemish region, this plant will be the first in the country to be converted to
inject biomethane into the local gas network from October 2024. It will have an annual biomethane production
capacity of 68GWh, equivalent to the annual consumption of 6,000 households. Following on from recent
acquisitions in the Netherlands and England, this purchase is in line with the Group's objective of building a
European production platform to accelerate its development in biomethane.



2
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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
Battery Energy Storage Systems (BESS)
As at 30 September 2024, ENGIE had 2.3GW of installed battery capacity worldwide and 3.0GW under
construction. Since the beginning of 2024, the Group has added approximately 1.0GW of new BESS capacity to
its operating portfolio in North America, thereby, strengthening ENGIE's position as a leader of the energy
transition in the United States, where the Group already has significant presence through its renewable assets
and its energy management platform.

Energy Solutions
Energy Solutions continued its momentum in heating and cooling networks with additional orders of €600m in the
third quarter, raising the total order intake to over €4bn for the first nine months of the year. In France, the share
of renewable energy in the networks that were won is close to 90%. Additionally, 100% of expiring concessions
have been renewed, including the network for the City of Besançon, with additional heat production of +77% GWh
sold.
The development of decarbonized energy production at industrial sites continues both in France and
internationally. In Spain, for instance, ENGIE signed an agreement to implement an innovative biomass boiler at
Viscofan’s facilities in Cáseda, Navarre. In addition, ENGIE and Alier have inaugurated the largest biomass power
plant for industrial use in Catalonia, which will significantly decarbonize the mill's paper production.

Review of activities in the United States
Following supplier failures identified in certain contracts that led to construction delays and cost overruns in 2023,
the Group conducted a comprehensive review of its Energy Solutions activities in the United States, which resulted
in:
- Restructuring and refocusing of legacy decentralized energy management activities;
- And proceeding with a final reassessment of the cost of contracts related to two cogeneration units.
As a result of restructuring and cost reassessment, the Group recorded a provision of €163m at end-September
2024.
In addition, the Group has decided to divest installation, Operations and Maintenance of decentralized
infrastructure activities. A disposal process is underway.

Disciplined capital allocation
In the first nine months of 2024, gross Capex amounted to €6.9bn. Growth Capex amounted to €5.1bn, of which
80% in Renewables, Energy Solutions and Flex Gen.

Performance plan
ENGIE continued its efforts towards operational excellence, with a €158m contribution from the performance
plan in the first nine months of 2024.

EVBox

ENGIE has received an offer from the company “La Financière de Pessac” for the acquisition of EVTronic
(Bordeaux site in France). The offer will be confirmed following a consultation process with the relevant employee
representative bodies.




3
ENGIE CORPORATE HEADQUARTERS
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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
Nuclear in Belgium

Following the law of April 2024 ratifying the final agreement signed by ENGIE and the Belgian government relating
to the 10 year extension of the Tihange 3 and Doel 4 nuclear reactors as well as to all liabilities concerning nuclear
waste, the European Union opened a formal “investigation procedure”, as expected.
The Group confirms that the closing of the operation is still expected by the end of the year.

Governance

On 24 September 2024, ENGIE's Board of Directors has decided unanimously to propose the renewal of
Catherine MacGregor's mandate as a member of the Board to the next Annual General Meeting which will be
held in April 2025, with the intention of reappointing her as Chief Executive Officer. The Board thereby reaffirms
its support and confidence in Catherine MacGregor to pursue the Group's transformation strategy.


9M 2024 financial review

Revenue at €52.6bn was down 14.8% on a gross basis and down 14.9% on an organic basis.
EBITDA (ex. Nuclear) at €10.4bn, was down 6.0% on a gross basis and down 6.1% on an organic basis.
EBIT (ex. Nuclear) at €7.1bn was down 11.2% on a gross basis and down 11.0% on an organic basis.
– Foreign exchange: a net effect of -€41m mainly driven by the depreciation of the Brazilian real that was
partly offset by the appreciation of the sterling pound.
– Scope: net effect of +€2m.
– French temperatures: compared to the average, the temperature effect was a negative €85m, generating
a negative year-on-year variation of €44m compared to 9M 2023 across Networks, Retail and GEMS.


EBIT contribution by activity: decline due to GEMS and Retail partly offset by Flex Gen and Renewables

Δ 2024/23 Δ 2024/23 o/w normative temp. effect
In € million 30 Sep. 2024 30 Sep. 2023
gross organic (France) vs. 9M 2023
Renewables 1,804 1,515 +19.0% +15.4%
Networks 1,564 1,729 -9.6% -4.4% -58
Energy Solutions 153 138 +11.3% +10.8%
Flex Gen 1,315 1,066 +23.4% +25.0%
Retail 405 700 -42.2% -42.0% -20
Others 1,850 2,841 -34.9% -35.0% -7
of which GEMS 2,374 3,343 -29.0% -29.1% -7
EBIT ex. Nuclear 7,091 7,990 -11.2% -11.0% -85
Nuclear 1,073 332 +222.7% +222.7%
EBIT 8,164 8,322 -1.9% -1.5% -85




4
ENGIE CORPORATE HEADQUARTERS
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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
Renewables: strong growth despite lower power prices mainly on the back of favourable hydro conditions
in Europe and newly commissioned capacity
Renewables reported 15.4% organic EBIT growth driven by excellent hydro conditions in France and Portugal in
the first nine months of the year as well as a strong contribution from new capacity commissioned mainly in the
US, Latin America, and Europe. These positive effects offset lower prices in Europe, CNR tax in France, and non-
recurrence of the positive 2023 one-off related to the hydro concession extension of Estreito in Brazil.

Networks: lower distributed volumes in France, lower transit revenues between France and Germany and
normalization of market conditions, partly offset by the increase in tariffs in Europe and Latin America in
the third quarter
Networks EBIT was down 4.4% on an organic basis mainly due to lower revenues from capacity subscribed for
gas transit between France and Germany (down from especially high levels in 2023) and from lower distributed
volumes in France. In addition, market conditions for gas storage normalised after particularly favourable
conditions in Germany and the UK in 2023. These negatives were partially balanced by the increase in tariffs in
France, Romania, and Latin America in the third quarter, as well as by the strong performance of gas and power
assets in Latin America.

Energy Solutions: growth driven by district heating networks and energy efficiency activities, impacted
by provisions in the United States
Energy Solutions EBIT was up 10.8% on an organic basis. At-end September, €163m of provisions were recorded
relating to activities in the United States (vs. €150m in 9M 2023). Excluding these provisions, Energy Solutions
EBIT is up 20% organically, despite very mild weather in the first nine months of 2024, a decline in gas prices as
well as in margin of cogeneration units. This growth is the result of better performance driven by an improved
contribution from Local Energy Networks in France and energy performance management activities.

Flex Gen: strong increase due to positive one-offs, higher spreads captured in Europe, and favourable
market conditions in Chile
Flex Gen reported 25.0% organic EBIT growth. This increase was mainly driven by higher spreads captured in
Europe thanks to the Group’s hedging strategy and its ability to capture the value of flexibility and volatility, as
well as higher margins in Australia and in Chile due to abundant hydro and consequent lower purchase costs.
EBIT also benefited from positive net one-offs in 9M 2024. These factors more than offset the impact of the infra-
marginal tax in France and lower load factors for CCGTs in Europe due to normalizing market conditions.

Retail: decline in EBIT due to negative volume effect related to climate and sobriety
EBIT in Retail amounted to €405m, equating to an organic decline of 42.0%, due mainly to lower volumes caused
by mild temperatures and continued sobriety effect, with negative intra-year timing impact.

Others: significant contribution from GEMS albeit down year-on-year
GEMS EBIT amounted to €2,374 million, down 29.1% on an organic basis compared to a particularly high level
in 9M 2023. EBIT of GEMS - excluding non-recurring and timing elements - was underpinned by good activity in
Client Risk Management & Supply driven by the contribution from contracts signed and locked in the past when
conditions were favourable, which materialize only at delivery date. This was down compared to 9M 2023,
reflecting the normalisation of market conditions and the lower resulting volatility.




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ENGIE CORPORATE HEADQUARTERS
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companies under number 542 107 651 – Tel: +33 (0)1 44 22 00 00 engie.com
EBIT was furthermore boosted by several non-recurring and timing elements:
- Reversals of market reserves in the first and third quarters of 2024, to a lesser extent than 2023 and in
line with the accelerated normalisation of market conditions;
- A positive one-off relating to the restructuration of gas contracts in the third quarter of 2024.

The Group continues to expect underlying EBIT (i.e., excluding the impact of reversal of market reserves) of close
to €2bn for GEMS in 2024.

Nuclear: strong growth mainly due to ending of infra-marginal tax in Belgium
Nuclear reported €1,073m of EBIT compared to €332m in 9M 2023, a sharp rise due to the absence of infra-
marginal tax in Belgium, which ended in June 2023. This increase also results from a positive price effect and
improved availability rate (88.3%). These positives more than offset the closure of the Tihange 2 reactor in
February 2023.

Strong balance sheet and liquidity

Cash Flow From Operations amounted to €11.8bn, down €1.1bn compared to the especially high level of
9M 2023.

Working Capital Requirements was positive at €2.2bn, with a positive year-on-year variation of €0.3bn, the
positive impact on client receivables (€4.3bn) and margin calls (€1.2bn) offset mainly by gas and other inventories
(-€2.3bn), tariff shields (-€2.5bn) and nuclear (-€0.7bn) negative impacts.

The Group maintained a strong level of liquidity at €27.6bn as at 30 September 2024, including €18.8bn of cash5.

Net financial debt stood at €30.5bn, up €1.0bn compared to 31 December 2023. This increase was mainly driven
by:
– capital expenditure over the period of €6.9bn,
– dividends paid to ENGIE SA shareholders and to non-controlling interests of €4.1bn,
– Belgian nuclear phase-out funding and expenses of €2.4bn.

These elements were offset mainly by:
– Cash Flow From Operations of €11.8bn.

Economic net debt stood at €45.5bn, down €1.0bn compared to 31 December 2023.

Economic net debt to EBITDA ratio stood at 3.0x, slightly down compared to 31 December 2023 and in line
with the target ratio below or equal to 4.0x.
S&P: BBB+ / A-2, Stable outlook
Moody’s: Baa1 / P-2, Stable outlook
Fitch: BBB+ / F1, Stable outlook

*************************************

The presentation of the Group’s 9M 2024 financial information used during the investor conference is available to
download from ENGIE’s website: Financial results 2024 (engie.com)

6
ENGIE CORPORATE HEADQUARTERS
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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
UPCOMING EVENTS
27 February 2025 Publication of FY 2024 financial results
24 April 2025 Annual General Meeting
15 May 2025 Publication of Q1 2025 financial information
1 August 2025 Publication of H1 2025 financial information
6 November 2025 Publication of 9M 2025 financial information


Footnotes

1 Including collocated batteries (renewables) and standalone batteries (Flex Gen)
2 Cash Flow From Operations: Free Cash Flow before maintenance Capex and nuclear phase-out expenses
3 Net recurring income Group share
4 Net of sell down, US tax equity proceeds, including net debt acquired
5 Cash and cash equivalents plus liquid debt instruments held for cash investment purposes minus bank overdrafts




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companies under number 542 107 651 – Tel: +33 (0)1 44 22 00 00 engie.com
*************************************


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 7 March 2024 (under number D.24-0085. 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 2023: €82.6bn. 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: Investor relations contact:
Tel. France: +33 (0)1 44 22 24 35 Tel.: +33 (0)1 44 22 66 29
Email: engiepress@engie.com Email: ir@engie.com
ENGIEpress




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companies under number 542 107 651 – Tel: +33 (0)1 44 22 00 00 engie.com
APPENDIX 1: CONTRIBUTIVE REVENUE BY ACTIVITY



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

Revenue Gross Organic
30 Sep. 2024 30 Sep. 2023
In € million variation variation
Renewables 3,998 4,117 -4.6% -2.9%
Networks 5,026 5,000 +0.5% +1.1%
Energy Solutions 6,998 7,666 -8.7% -8.5%
Flex Gen 3,423 3,802 -10.0% -9.8%
Retail 10,101 12,261 -17.6% -17.4%
Others 23,051 28,857 -20.1% -20.3%
of which GEMS 22,463 28,336 -20.7% -20.9%
ENGIE ex. Nuclear 52,598 61,704 -14.8% -14.8%
Nuclear 51 95 -46.0% -46.0%
ENGIE 52,650 61,799 -14.8% -14.9%




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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
APPENDIX 2: EBIT MATRIX




9M 2024 Rest of Latin Northern
France AMEA Others Total
In € million Europe America America

Renewables 595 219 708 233 70 (22) 1,804
Networks 886 121 571 (3) - (11) 1,564
Energy Solutions 196 81 (1) (136) 48 (34) 153
Flex Gen 237 399 264 48 399 (31) 1,315
Retail 269 134 37 (36) 405
Others 1 4 1,845 1,850
of which GEMS 2,374 2,374
ENGIE ex. Nuclear 2,183 955 1,542 146 554 1,712 7,091

Nuclear 294 778 1,073
ENGIE 2,478 1,733 1,542 146 554 1,712 8,164




9M 2023 Rest of Latin Northern
France AMEA Others Total
In € million Europe America America

Renewables 470 193 707 151 21 (27) 1,515
Networks 906 220 613 (4) (6) 1,729
Energy Solutions 183 102 (2) (140) 33 (38) 138
Flex Gen 76 485 159 34 334 (22) 1,066
Retail 560 90 68 (18) 700
Others 9 2,831 2,841
of which GEMS 3,343 3,343
ENGIE ex. Nuclear 2,196 1,091 1,477 50 457 2,720 7,990

Nuclear 225 107 332
ENGIE 2,421 1,198 1,477 50 457 2,720 8,322




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companies under number 542 107 651 – Tel: +33 (0)1 44 22 00 00 engie.com
APPENDIX 3: 2024 GUIDANCE CONFIRMED - 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 and additional contingencies
• Taking into account 2024-27 French regulatory review (gas networks)
• Full pass through of supply costs in French B2C retail tariffs
• Average temperature in France
• Average hydro, wind, and solar production
o Average forex: €/USD: 1.09
o €/BRL: 5.80
• Belgian nuclear availability: 88% based on availability published 30 September 2024 on REMIT, excluding
LTO
• Belgian nuclear: no contingency
• Market commodity prices as at 30 September 2024
• Recurring net financial costs of €1.8-2.1bn
• Recurring effective tax rate: 27-29%




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ENGIE CORPORATE HEADQUARTERS
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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