Q1 Results & Strategic Update

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Q1 Results & Strategic Update 18 May 2021 Putting strategy into action A simpler, industrial ENGIE Committing to Net Zero Key pillars of the medium-term plan Renewables, a strong growth platform Energy Solutions, Networks and Thermal Future energy systems Capital allocation and financial outlook Concluding remarks

Strategic Update | May 2021 2 A simpler, industrial ENGIE

Catherine MACGREGOR CEO

Putting strategy into action | May 2021 3 Increasing climate commitments and robust energy demand

Renewables facing Security, flexibility Momentum in unprecedented and reliability, key energy systems of growth for an affordable the future transition

Putting strategy into action | May 2021 4 Renewables Energy Solutions

Generating clean Developing low power carbon distributed energy infrastructure

Networks Thermal & Supply

Delivering affordable Providing balanced, energy for customers flexible power generation

Putting strategy into action | May 2021 5 Focus on Renewables Energy Solutions Growth Growth with largely Growth through contracted earnings long-term infrastructure-like contracts

Focus on Networks Thermal & Supply Yield Stability, visibility and Thermal: Contracted / strong free cash flow merchant optionality generation Supply: Capex light and cash generative

Putting strategy into action | May 2021 6 concentrated on focused streamlined organization with core activities geographic footprint clear accountability

<30 countries by 2023 down from 70 in 2018

Putting strategy into action | May 2021 7 from 25 BUs before… …to 4 GBUs with P&L accountability…

Benelux UK North, South & Eastern Europe France (9 BUs) Renewables Energy North America Generation Europe Solutions China MESCAT P. ALMIRANTE C. PREVIEU

Latin America Africa Asia-Pacific Networks Thermal & Brazil Supply

E. SAUVAGE S. ARBOLA

GEM Hydrogen GTT Tractebel Engineering Nuclear

Putting strategy into action | May 2021 8 Client Solutions

Energy Solutions ‘BRIGHT’1

Leader of low carbon A new leader in distributed energy multi-technical infrastructures and services related services

C. PREVIEU J. STUBLER

1. ‘BRIGHT’ is the temporary name for the new leader in multi-technical services

Putting strategy into action | May 2021 9 Employee representative consultation progressing on track Current focus on: • Ensuring ‘BRIGHT’ is managed as a full-fledged entity within ENGIE by July 1st • Followed by marketing immediately after • Performance focus under newly appointed management team

Next steps1 Q3 Q4 Q1 Q2 Q3 -Q4 2020 2020 2021 2021 2021

Launch of Phase 1 of review Employee representatives Creation of an independently Strategic Review complete with consultation on organization design managed entity preliminary scope defined Marketing

1. Subject to stakeholder feedback

Putting strategy into action | May 2021 10 Performance plan Group simplification to deliver Operational excellence Support functions €1bn+ • Sharp execution focus • Increased shared services Gross improvement • Deep industrial expertise • Higher efficiency through standard processes and €0.6bn • Strong cash management systems Net EBIT Data and Digital

Putting strategy into action | May 2021 11 Deep expertise in Digital and Data Origination / Engineering & Operations & • 2,000 data specialists of which Business Development Construction Maintenance 350 data scientists DataWind NEMO Darwin • 1,000 developers building our global digital platforms • 7 proprietary platforms to unlock performance and increase competitiveness • Site identification for Renewables Software suite for Wind Proprietary simulation, Asset Management: Farm development: for design and operations production & projects prospection, design, software for DHC forecasting • Construction Capex optimization yield assessment and networks optimization, proactive noise curtailment maintenance • Enhanced asset management & production • O&M cost decrease

Putting strategy into action | May 2021 12 ENGIE’s engaged and talented people are a key competitive differentiation • ENGIE prioritizes people − care, equality, development, engagement • A workforce highly motivated to contribute to decarbonization

Enhancing the performance culture 83% 90% • Sharp execution focus through industrial KPIs engaged proud to work • Increased accountability (+3pts versus 2019) for ENGIE (+10pts versus 2019) • Incentives aligned to financial and ESG criteria

800,000 CVs received in 2020

Sources: Engie&Me survey 2020 – Panel: 70,000 answers

Putting strategy into action | May 2021 13 ENGIE commits to Net Zero by 2045

Putting strategy into action | May 2021 14 Path to Net Carbon intensity Greenhouse gas emissions Zero of energy production (gCO2e / kWh) on use of sold products (MtCO2e) • Coal exit

3481 • Capex alignment: investments Corresponds to target of 43 Mt in projects and regions compatible with our targets 230 791 • Carbon budgets assignment 60 158 52 & carbon price integration Net Net • Carbon objectives to top Zero Zero management incentives 2017 2025 2030 2045 2017 2025 2030 2045

1. 2017 being the reference for existing SBT 2°C trajectory certified 2030 targets

Putting strategy into action | May 2021 15 Merit order for a ‘just transition’ that Coal power generation Coal power generation benefits all stakeholders (GW@100%1) (# plants1,2)

1. Closing Closing 15.1 10 2. Conversion 4 3. Disposal, -72% Conversion only when necessary 4 Disposal 4.3 no no 0.8 1.8 COAL 2 COAL 2015 2020 2023 2025 2027 2020 20270

1. As of 31 December 2. Base case of the coal exit route

Putting strategy into action | May 2021 16 Transformation of the ENGIE’s generation portfolio

2018 2025 1% 8% 59% Renewables Diesel Renewables 2.0 GW + Renewables 58% 3.4GW 1.9GW Coal 0.8 GW Installed Coal closure Installed 10% capacity capacity Biomass 1 33% 0.7 GW Conversion Gas 29% 2% Gas Diesel

1. Conversion also includes the coal asset commissioned in 2019

Putting strategy into action | May 2021 17 Key pillars of the medium-term plan

Putting strategy into action | May 2021 18 …to drive earnings growth …with rigour in execution and shareholder returns through industrial expertise

€9-10bn €15-16bn • Improved investment process of disposals of growth Capex1 • Clear financial and ESG criteria • Delivery and execution through industrial expertise 65-75% dividend payout ratio on annually growing NRIgs

≤ 4X Economic net debt to EBITDA

1. Net of sell down and tax equity proceeds in Renewables

Putting strategy into action | May 2021 19 1

Short-term incentives Long-term incentives

% 35% 20 25% ESG and 32.5% ESG Criteria non-financial NRIgs criteria Profitability - NRIgs 50% - EBIT Based on relative growth to peers

30% 25% ROCE Total % ESG criteria 32.5 Shareholder Return • CO2 emissions Cash and balance sheet • Renewables growth - Free Cash Flow • Gender diversity • Injury rate - Economic net debt • CSR rating

1. Submitted for approval to the AGM

Putting strategy into action | May 2021 20 Net income growth expected throughout the period driven by investment and performance improvements

Current ENGIE 2021 New ENGIE 2023

NRIgs guidance NRIgs guidance1 €2.3bn to €2.5bn €2.7bn to €2.9bn

2021 guidance reaffirmed Key guidance assumption: ‘BRIGHT’ fully contributing No contribution from ‘BRIGHT’ in 2023

Dividend policy: 65-75% payout + €0.65 floor for 2021-23

Maintain commitment to “Strong investment grade” rating

1. Main assumptions for these targets and indications: average weather in France, full pass through of supply costs in French regulated gas tariffs, no major regulatory or macro-economic changes, no change in Group accounting policies, market commodity prices as of 12/31/2020, average forex rates as follows: €/$: 1.23 for 2021, 1.25 for 2022 and 1.26 for 2023; €/BRL: 6.27 for 2021-2023. No additional stringent lockdowns and a gradual easing of restrictions over 2021.

Putting strategy into action | May 2021 21 New ENGIE 2025 Thermal & Supply, Post ‘BRIGHT’ Nuclear, Others ambition to deliver high single digit Energy Solutions Renewables earnings growth Capital Renewables Employed1 capital employed x2 over 2019-2025

Networks

1. Indicative split

Putting strategy into action | May 2021 22 Renewables, a strong growth platform

Paulo ALMIRANTE Senior EVP in charge of renewable activities, energy management and nuclear production

Putting strategy into action | May 2021 23 Renewables

LCOE1 of Renewables technologies 2020-25 forecast capacity growth World average LCOE evolution 2020-2030 (GW) ($/MWh) North Latin down Europe America America AMEA2 40% Onshore wind 102 65 23 61

down Offshore down wind 21 7 - 12 35% 30%

Solar 34 63 13 230

Utility Onshore Offshore 330GW new build expected scale PV wind wind in ENGIE’s key geographies by 2025 (Europe, North America, Latin America)

Source: BNEF

1. Levelized Cost Of Energy 2. Asia, Middle-East and Africa. The capacity forecast in AMEA does not include China.

Putting strategy into action | May 2021 24 Renewables

Strong platform of 31 GW 1 (GW at 100%) • 31 GW portfolio, 22 GW consolidated • Highly contracted ~70% 2 to 2030 14.1 12.2 • Strong hydro position, 57% of portfolio • Wind and solar 43% of portfolio • Young wind and solar assets 3.0 1.9 − onshore wind < 6 years Europe Latin North AMEA − solar PV < 4 years America America Kristal, Belgium

1. As of 31 December 2020 2. Weighted-average volume over 10 years, at conso share

Putting strategy into action | May 2021 25 Renewables

Large portfolio in key geographies1 • Flexible portfolio with high level (GW at 100%) of cash generation • Europe merchant position 12.1 provides significant opportunities • Latin America portfolio largely 5.6 contracted • Pump storage, a strong complement for Renewables Latin Europe America Baixo Sabor, Portugal

1. As of 31 December 2020

Putting strategy into action | May 2021 26 Renewables

Strong track record in renewables growth Renewables capacity addition (GW at 100%)

GW acquired GW commissioned 3.0 3.0 3.0

2.0

1.0

0.1 0.3 2016-18 average 2019 2020 2021

On track to commission 9 GW by 2021 Umburanas, Brazil

Putting strategy into action | May 2021 27 Renewables

Total pipeline1 of 56 GW Development 30 9 AMEA 16 Solar 10 Latin America Advanced Offshore 17 North development wind 12.914 America

Under 19 construction Onshore 23 Europe and secured 23 wind 7 Prairie Hill, USA

1. As of 1 March 2021

Putting strategy into action | May 2021 28 Renewables

(GW at 100%) 16 GW 56 GW 2 AMEA

3 Latin America

32 GW 5 North America Cover ratio 16 GW x2 6 Europe

Total Pipeline with 2022-25 capacity pipeline delivery across addition target 2022-25 Bollène, France

Putting strategy into action | May 2021 29 Renewables

Strong business Deep experience in energy development capabilities management

• #1 in Wind and Solar in France • Corporate PPAs and B2B supply and leader in Brazil (supporting the development of upstream assets) • Fast ramp up in North America • Strong customer approach and Chile – 3.3 GW corporate PPAs (2019-20) – #2 in the US, Europe • ~4,000 employees dedicated to and Latin America (2019-20)1 Renewables • Optimize contracted • Recognized expertise across the and merchant positions full value chain

1. Source: BNEF and company data

Putting strategy into action | May 2021 30 Renewables

Example of LCOE split of Industrial roadmap… …to reduce production onshore wind farm1 costs (LCOE)

• New organization to capture • Short-term LCOE reduction of 29% scale benefits in procurement, 2-4% through: O&M construction and O&M – Increased production from • Scale-up construction best better availability and O&M 50% savings Capex practices – Capex reduction 6% • Optimize O&M and outsourcing Taxes model • Equivalent to 50 bps reduction in average cost of capital 15% • Leverage data analytics Other Opex2 • Translated into either higher IRR or better bid competitiveness

1. Based on the LCOE of a French onshore wind farm 2. Mainly including land leases and local taxes

Putting strategy into action | May 2021 31 Renewables

Key Increased investment market priorities • > €2bn annual average Capex1 to 2023 • > €3bn annual average Capex starting 2024 • 80% focused on the key market priorities North America (US) • WACC +150/250 bps investment criteria Europe (France) Latin America (Brazil, Chile) Business ~70%3 ~40%2 Offshore wind model with a wider ‘Develop-to-own’ geographic footprint model in mature geographies 2018-20 2025 Porette de Nérone, France

1. Net of sell down and tax equity proceeds 2. Onshore wind and solar capacity, including capacity for which sell-down was completed after the related period 3. Onshore wind and solar capacity

Putting strategy into action | May 2021 32 Renewables

ENGIE installed capacity to be multiplied by Average annual wind 2.6x 80GW2 and solar by 2030 8 commissioning GW at 100% 22 6 GW

50GW1 4 32 3 GW GW 31GW 18 2019-21 2022-25 2026-30 2020 2025 2030 Ras Ghareb, Egypt Offshore wind Solar Onshore wind Hydro

1. Breakdown per technology provided in the additional materials 2. Split provided for indicative purpose. It might evolve depending on market evolution and in line with our ambition to get the higher returns Putting strategy into action | May 2021 33 Renewables

Solid portfolio Differentiation Growth ambition

~70% contracted portfolio • Through operations and energy management 4GW / year 6GW / year to 2030 2022-2025 2026-2030 hydro, wind and solar • Industrial plan to reduce LCOE by 2-4% Young fleet of wind and 50GW 80GW solar assets 2025 2030

(GW@100%)

Putting strategy into action | May 2021 34 Energy Solutions Growing demand for low carbon distributed infrastructure Catherine MACGREGOR CEO

Putting strategy into action | May 2021 35 Energy Solutions

Business Strong EBIT model leadership positions

Long-term infrastructure-like #1 in district cooling worldwide 75% Distributed energy infrastructures contracts with stable and recurring revenues #3 private player in district • District Heating & Cooling heating worldwide • Distributed generation: solar and on-site utilities Resilient and predictable business model, providing • Low carbon mobility: EV1, biogas, hydrogen #2 distributed solar asset strong returns owner worldwide • Low carbon cities & public lighting #1 asset-based on-site utilities in Europe Related energy efficiency services 25% • Decarbonization advisory Limited Capex with high cash conversion #2 low carbon mobility (EV, • Energy efficiency NGV 2, hydrogen) - excl. China Strong backlog and recurring customers These activities help decarbonize our clients by reducing their energy consumption and greening their energy mix

1. Electric Vehicle 2. Natural Gas Vehicle Putting strategy into action | May 2021 36 Energy Solutions

Policy makers, cities and corporates adopting …which translate into ambitious carbon neutrality goals… solid growth prospects

• Corporates & Cities commitment to carbon neutrality • Growing customers demand for third party investments for Market CAGR 2020-30 carbon neutrality transition District Low • Booming policy support with green recovery and On-site Distributed Heating carbon infrastructures plans utilities solar & Cooling mobility US: ‘Biden’ Green deal EUROPE: Green deal +4% +5% +15% +22% $2,000bn €1,000bn Sources: IEA , Navigant, BNEF, Transparency Market Research, Oxford Economics over 4 years by 2030

FRANCE: Plan de relance €100bn by 2030

Putting strategy into action | May 2021 37 Energy Solutions

Competitive Performance advantages improvement Ambition 2025 • Highly experienced operations teams • Strong, secured organic pipeline and targeted M&A, allowing to be 32 GW 1 • Unique expertise in integrated selective decarbonization projects distributed energy infrastructures • Activities & geographies 55% • Territorial anchorage fostering strong rationalization relationship with Corporates & Cities DHC

• Prioritizing EBIT margin 1 • Investment capabilities allowing long- improvement +8GW term commitment 8% by 2025 • Strict cash management • Proven development platform Low carbon on-site utilities 37% Distributed solar Helping clients reduce their carbon emissions: €11bn ~45Mt CO2e / year avoided for clients by 2030 pipeline of projects / opportunities

1. At 100% Putting strategy into action | May 2021 38 Energy Solutions

Singapore’s Punggol digital district

KEY METRICS

30 years contract tenure

105 MWth target capacity

€600m contract value

110,000 tons On-site Data Energy Green Microgrid CO2 avoided solar centers efficiency mobility 30% reduction of energy Energy Solutions synergies consumption

Putting strategy into action | May 2021 39 Networks and Thermal enabling affordability, flexibility and resilience

Putting strategy into action | May 2021 40 Networks

Networks

Gas Key role of gas globally, stable at c. 25% supports energy transition’s affordability in the primary energy mix over 2020-50 Renewable gases demand is critical for energy system EU Sustainable Development Scenario (TWh) flexibility and security 616 Hydrogen contributes to energy decarbonization x3

116 Biogas & 23 x3 407 221 Biomethane 93 Source: IEA, World Energy 2019 2030 2050 Outlook 2020

Putting strategy into action | May 2021 41 Networks

• ENGIE, the leading player in gas networks in France RAB evolution as of 1 January 2 • Stable regulatory frameworks, largely neutral to volume c. +2% p.a. to 2023 and inflation risks (€bn) • Returns range: 4.10% to 6.25% until 2023 30.3 28.3 0.9 0.9 4.2 • Strong operational performance and high HSE standards 3.7

16.1 2021 2022 2023 14.9 Additional gas smart meters 2.5m 1.7m 0.3m Smart meters investment €0.24bn €0.16bn €0.04bn 8.8 9.0 Renewable gases investment1 €0.16bn €0.19bn €0.19bn 2020 2023 GRTgaz GRDF Storengy 3 Elengy

1. Networks adaptation Capex, excl. renewable gases production Capex 2. As per regulator (CRE) disclosure 3. Including 50% of Geomethane

Putting strategy into action | May 2021 42 Networks

Strong performance 2020 average Capital Employed • Stable regulatory / long-term contractual frameworks ‘Quasi-RAB’ • Attractive double-digit equity returns €3.7bn • EBIT doubled since 2016 to €0.5bn in 2020 (€bn) 0.5 • Commissioning of 2,800 km regulated power lines in Brazil 1.2 by end of 2021 3.2 2.5 Clear strategy • Mainly gas and power transmission • Primarily Latin America Geography Technology

• Focus on organic growth and selective acquisitions Latin America Gas Europe Power Others

Putting strategy into action | May 2021 43 Thermal

Thermal In Europe • Significant phase-out of dispatchable capacity by 2030 Dispatchable resources needed in Europe − ~36GW and ~70GW to be retired/closed by 2025 and 2030 respectively (GW) • Power demand growth of >15% to 2040 +20% Gas • ENGIE’s gas fleet positioned to benefit from tighter demand / supply equation

Source: Eurelectric, 90% decarbonization of EU 2020 2045 economy scenario (with power sector being fully carbon neutral by 2045)

Putting strategy into action | May 2021 44 Thermal

Contract visibility EBIT 2020 • Asset-Based PPA / Tolling (€bn) >10 years average remaining PPA duration • Double-digit equity returns with strong cash generation 69% 0.91 Long-term Merchant optionality 31% contracted €1.3bn Short-term • CRM, ancillaries and higher market spreads 0.4 contracted/ Merchant Operational excellence • Driving continuous performance excellence and maximizing efficiency • Highly experienced workforce, a talent pool for the Group in an evolving energy sector

1. Incl. c. €0.4bn from associates in the Middle-East with an EBIT contribution equal to the share of their net recurring income

Putting strategy into action | May 2021 45 ENGIE a front runner for energy systems of the future

Putting strategy into action | May 2021 46 Renewable gases

• 2141 biomethane production sites in 2020 injecting 4 TWh (TWh) • 28 TWh registered capacity with potential of up to 150 TWh Biomethane to reach • >€2bn investment in Networks triggered by biomethane to 2030 10% 40 of gas mix in France by 2030

ENGIE Targets and growth potential 20

4 TWh production = 10% of market 12 in 2030 in France 4 2020 2023 2025 2030

Capacities connected to ENGIE Networks in France

1. Of which 204 are connected to ENGIE networks (GRDF or GRTgaz)

Putting strategy into action | May 2021 47 Renewable gases

ENGIE uniquely positioned Growing momentum for Hydrogen • Strong policy support

• Push to decarbonize hard-to-abate sectors GREEN Green electrolyser H2 • Improving economics over next decade − Significant decrease in renewable production costs − Capex for large-scale electrolyser projects Power networks Gas networks expected decrease tenfold incl. storage

Thermal plants

ELECTRON

Putting strategy into action | May 2021 48 Renewable gases

First milestones Project purpose

Large scale Yuri production 2021: final investment decision Provide H2 as a feedstock to green 2023: electrolysis of 10 MW ammonia production and create a powered with 18 MW on-site PV local H2 hub and batteries Electrolysis up to 1.6 GW by 2030

Networks Jupiter 10001 2020: electrolysis 1 MW, injection Test design, performance and in GRTgaz pipes reliability of transport networks 2021: synthetic methanation components with pure or blended H2 production start Synthetic methane production

Mobility ZEV H2 production via 2 to 3 electrolysers 2020: electrolysis start and first 20 stations in operation by 2023 to station opening supply c.1k heavy-duty and light-duty vehicles

1. Other partners: Khimod, Leroux & Lotz, CEA, CNR and Terega Putting strategy into action | May 2021 49 Renewable gases

• European Hydrogen Backbone − Infrastructure needed to achieve climate and energy objectives − Connecting large-scale production, storage and demand sites as part of a Hydrogen market at an affordable cost • ~40,000km of pure Hydrogen network by 2040, with ~70% retrofitted from existing gas infrastructures • Pivotal position of France / GRTgaz

Putting strategy into action | May 2021 50 Renewable gases

2025 2030 Strong pipeline Production 0.6GW 1 4GW 1 of projects Green hydrogen capacity

8 GW of green hydrogen Midstream 170km 700km capacity over 70 projects Transmission Pipeline ~20 projects > 50 MW +50 projects < 50 MW 270GWh 1TWh Storage Mobility 50 >100 Refueling stations

1. At 100%

Putting strategy into action | May 2021 51 Capital allocation and financial outlook

Judith HARTMANN CFO

Putting strategy into action | May 2021 52 Driving • New organization with clear accountability Earnings growth Simplification • Exit non-strategic activities and geographies

Improving • More Renewables Value Business mix • Disciplined capital allocation Creation Sustainable dividend • Operational excellence Enhancing • Support functions Performance • Data & Digital

Alignment with climate commitment ‘Strong investment grade’ balance sheet

Putting strategy into action | May 2021 53 Earnings growth Driving €9-10bn 1 Simplification disposals NRIgs guidance 2023: €2.7bn to €2.9bn

Improving €15-16bn Value Business mix growth Capex Creation Sustainable dividend

Enhancing €600m Payout: 65% to 75% Performance EBIT net performance Floor: €0.65

Alignment with climate commitment ‘Strong investment grade’ balance sheet Net Zero on all scopes by 2045 Economic net debt to EBITDA ratio ≤ 4x Coal exit in Europe by 2025, globally by 2027

Exiting non-core Geographical activities refocus reducing Simpler investor proposition footprint to <30 countries by 2023

Accelerating carbon Re-balancing from neutrality: French Networks to Maximizing value through progressive coal exit Renewables and competitive processes Infrastructures

1. Excl. partial disposals in Renewables, incl. €2bn for 2021 already announced and including the assumption of a 100% disposal of ‘BRIGHT’

Putting strategy into action | May 2021 55 Growth Capex1 over 2021-23 Indicative split by GBU

bn1 €15-16 Thermal & Supply, • 100% growth Capex aligned with Others ENGIE’s CO2 reduction targets Energy <10% • ~80% growth Capex expected to Solutions be compatible with draft EU 15-20% -40% Taxonomy Networks vs. 2018-2020 30-35% • 55% already committed c. €6-7bn 40-45% Renewables +20% 40-45% vs. 2018-2020

1. Net of sell down and tax equity proceeds in Renewables

Putting strategy into action | May 2021 56 Improved investment process Clear financial criteria • IRR–WACC: ~200 bps • NPV/Capex: 20-25%

Enhanced focus Capital Picking Increased through GBU Stronger focus on short-term cash allocation most early-stage Capex and CO generation and P&L contribution 2 aligned compelling selectivity budgets with strategy projects Growth Capex increasing Improving Monitoring industrial Capex Return On Capital Employed (ROCE) track delivery record >7.5% 6.8% 2020 WACC < 6%

2019 2023

Putting strategy into action | May 2021 57 Climate commitment core to investment strategy • Projects in line with ambitious climate targets ENGIE commits to the “Race to zero” campaign Green financing front-runner • €12bn green bonds issued to date

GHG emissions trajectory ESG investing sharply increasing in line with ESG investments increased to >$1,000bn assets “Well below 2°C” 1 under management globally in process for SBT certification Policy and regulatory support, e.g. EU Taxonomy

1. Science Based Targets

Putting strategy into action | May 2021 58 Performance plan to deliver €1bn+ gross improvement and €0.6bn additional net EBITover 2021-23

OPERATIONAL EXCELLENCE

Rigourous application of industrial KPIs

Renewables Networks Energy Solutions Thermal & Supply • Captured prices • RAB or CE • Revenue growth • Capacity, availability • Availability • Opex/km • Capacity • Opex/MW 1 Gross improvement• Commissioning p.a. • # gas smart meters • EBIT margin • % contracted EBIT

• Pipeline • Biomethane • CO2 emissions • CO2 emissions • LCOE capacity connected • # contracts • EBIT/contract

Optimize Procurement Improve cash management

SUPPORT FUNCTIONS EXCELLENCE

Putting strategy into action | May 2021 59 EBIT Over 3 years (€bn) Performance €1.0bn -0.2 additional EBIT +0.5 from 2021-23 investments Scope Others 5.7 +0.4 / +0.8 out to 6.1 Thermal & Supply +0.8 5.2 -0.6 Energy Solutions Performance to Scope 5.6 Networks out Others +0.2 +0.1 Investments -0.1 Investments 4.6 Renewables

2020 2021 2023

Putting strategy into action | May 2021 60 Performance plan contributes positively across each activity Evolution 2020-23

• Contribution from growth investment Renewables Significant growth • Higher power prices in France

• Lower remuneration rates in France Networks Largely stable • Growth in international networks

• Covid-19 recovery Energy • Contribution of growth investment Growth Solutions 1 • Disposals driving simplification, mainly ‘BRIGHT’

Thermal & • Lower capacity through coal exit Decrease Supply • Covid-19 recovery Growth

• Higher achieved power prices Nuclear Growth • Lower volumes due to Belgian phase-out

1. As per guidance assumptions, no contribution from ‘BRIGHT' in 2023

Putting strategy into action | May 2021 61 1

Net income growth expected throughout the period driven by investment and performance improvements Current ENGIE 2021 New ENGIE 2023

EBITDA indication EBITDA indication €9.9bn to €10.3bn €10.3bn to €10.7bn

EBIT indication EBIT indication €5.2bn to €5.6bn €5.7bn to €6.1bn

NRIgs guidance NRIgs guidance €2.3bn to €2.5bn €2.7bn to €2.9bn

2021 guidance reaffirmed Key guidance assumption: ‘BRIGHT’ fully contributing No contribution from ‘BRIGHT’ in 2023

Maintain commitment to “Strong investment grade” rating

Introduction of €0.65 dividend floor for 2021-23

Putting strategy into action | May 2021 63 Concluding remarks

Catherine MACGREGOR CEO

Putting strategy into action | May 2021 64 • A simpler, industrial ENGIE with complementary activities aligned to industry mega trends • Strong commitment to Net Zero and ESG performance • A new organization with higher accountability and a stronger performance focus • Driving growth in renewables and distributed infrastructure through disciplined capital allocation

ENGIE uniquely positioned to enable energy systems of the future

Putting strategy into action | May 2021 65 Net Stepping-up Distributed Zero renewables growth infrastructure

2045 3 to 4 to 6GW +8GW All 3 scopes Average annual growth1 By 2025

Performance Green hydrogen Simplification plan production 4 GBUs €0.6bn 4GW From 25 Over 2021 to 2023 In 2030

1. 3GW: 2019-2021, 4GW: 2022-2025, 6W: 2026-2030

Putting strategy into action | May 2021 66 We are an energy utility focusing on renewables and infrastructure supporting our customers’ decarbonization.

We are building today, the low carbon energy systems of tomorrow.

Putting strategy into action | May 2021 67

Finance • 2023 EBIT indication per activity • Balance sheet • Maintenance Capex and Belgian nuclear provisions funding • 2021-2023 key assumptions ESG • Decarbonization of clients • Coal phase out • Commitment to social improvements Renewables • Installed capacity • Pipeline • Ocean Winds Nuclear

Strategic Update | May 2021 69 Overall drivers include FX evolution across each activity, as well as Covid recovery (mainly Supply and Energy Solutions)

2020-23 Drivers 2020-23 EBIT evolution2

 Contribution of growth investments Renewables  Higher achieved power prices in France ++  2020 One-off (Brazilian hydro ruling)

 Progressive impact of lower French remuneration rates Networks  Contribution of growth investments Flat  Assumed average temperature in 2023 Performance improvement plan benefit  Contribution of growth investments Energy Solutions 1 expected +  Disposals driving simplification, mainly ‘BRIGHT’ across activities Thermal &  Decarbonization through coal exit / PPAs termination - Supply  Increasing volumes +

 Higher achieved power prices Nuclear +  Lower volumes due to Belgian phase-out

1. As per guidance assumptions, no contribution from ‘BRIGHT' in 2023 2. Convention: each + amounts to c. €+200 to €+300m, flat -> from €-200m to €+200m, each – amounts to c. €-200 to €-300m Strategic Update | May 2021 70 Finance

Cash sources offsetting uses1 "Strong investment grade" balance sheet2 over 2021-23 over 2021-23 • FFO / net debt higher or equal to 18% (€bn) • Stable economic net debt 9-10 ~8 • Financial net debt increasing from nuclear provision funding • Economic net debt / EBITDA ≤ 4.0x 15-16 21-22

7-8

Sources Uses Disposals Dividends & Other CFFO Growth Capex3 Maintenance Capex

1. Uses do not include nuclear provision funding 2. Assuming no change from expected 2022 Belgian nuclear provision review 3. Net of sell downs and tax equity proceeds in Renewables Strategic Update | May 2021 71 Finance

Maintenance Capex over 2021-23 €7-8bn

c. 50% c. 50% non regulated regulated Networks

Renewables Others Networks Maintenance Capex for regulated Energy Networks activities are part of RAB Solutions (4.10% to 6.25% RAB remuneration rates in France) Nuclear Thermal

Supply

Nuclear provisions funding c. €4bn expected over 2021-23

Strategic Update | May 2021 72 Finance

Outright Power Nuclear Market assumptions Weather conditions Below EBIT Production indications

(% and €/MWh) • Belgium nuclear • 6.27 €/BRL • Normalized • Recurring net financial availability: over 2021-23 temperature in France costs: -€1.5-1.6bn over 93%/93%/88%1 (gas distribution 2021-2023 90% 57% 38% and energy supply) for 2021/22/23 • 1.23 - 1.25 - 1.26 €/USD • Recurring effective tax 46 47 47 for 2021-22-23 • Normalized hydro, rate: • Contingencies on wind and solar • c. 25% for 2021 and Belgian operations: productions 2022 • Market commodity • c. 26% for 2023 • €0.15bn for 2021 prices as of • €0.15bn for 2022 31 Dec. 2020 2021 2022 2023 • €0.12bn for 2023

Outright hedges: volumes & prices, • Nuclear phase-out: as of 31 March 2021 Doel 3 in Oct. 2022, Tihange 2 in Feb. 2023, both 0.9 GW @ share

1. Based on reactors availabilities as published on REMIT as of 01/01/2021

Strategic Update | May 2021 73 ESG

Helping clients incrementally reduce their carbon emissions with a robust methodology

GHG emissions (ton CO2e) ~20 Mt CO2e avoided for clients in 2020 Emissions that would have occurred 1 under a credible baseline1 case (Mt) 1 Production of green energy 2 Decentralized energy ENGIE’s contribution infrastructures to the decarbonization 20 and associated services of a Client = 5 11 Energy Savings certificates Purchase and resell 1 minus 2 of green energy 2 Emissions related to the use of ENGIE’s product or service ~45 Mt CO2e Time avoided / year by 2030

1. The baseline is the most likely alternative in the absence of the product or service provided by ENGIE

Strategic Update | May 2021 74 ESG

3 ways to exit coal • Closing • Conversion • Disposal Pego/Tejo – 576 MW @ 28.1% ENGIE is almost never the sole Safi – 1,250 MW decision-maker in this matter and @ 35.0% closure is often impossible when ILO21 – 125 MW the coal plant contributes to the @ 61.8% energy security, economy and employment of a State

Tocopilla – 243 MW IEM – 348 MW @ 60.0% @ 60.0% Pampa Sul – 317 MW @ 68.7% Conversion CTM1/2 – 303 MW CTA – 162 MW Remaining power @ 60.0% @ 60.0% generation coal Closure and Jorge Lacerda – 777 MW assets Disposals CTH – 162 MW @ 68.7% @ 60.0%

Strategic Update | May 2021 75 ESG

Hiring, Training, Health & Safety Diversity Engagement

Gender Equality Index Apprenticeship3 Safety • France: 871 ; International: 801 • ~ 6,000 FTE1 • “No life at risk” program • Target: 100 globally by 2030 • Target 2030: ≥ 10% of workforce • Injury frequency rate = 3.21.4 • Target: ≤ 2.9 by 2030 Training 1 Afnor diversity • ~70% of employees trained Mental health label extended to • Target 2030: 100% • “No mind at risk” program October 2022 in France • 9 commitments for workplace 2 Employee commitment wellbeing • 90% proud to work for ENGIE • > 84% fully committed ENGIE Care • Social protection for all Group 1. 2020 figures employees worldwide 2. ENGIE internal survey 3. In Europe 4. Excl. Covid-19 effects

Strategic Update | May 2021 76 Renewables

By technology By geography (GW) (GW)

At 100% At % consolidation2 At 100% At % consolidation2

31GW 31GW 3 2 3 22GW 22GW 10 2 Solar 1 AMEA 14 2 <1 Onshore wind North America 6 Offshore wind Latin America <1 10 Hydro Europe 18 13 12 8

2020 2020 2020 2020

1. As of 31 December 2020 2. % of consolidation for full and joint operations affiliates and % holding for equity consolidated companies

Strategic Update | May 2021 77 Renewables

These splits are provided for indicative purpose. They might evolve depending on market evolution and in line with our ambition to get the higher returns.

ENGIE installed capacity at 100% 80GW 2020 - 2030

(GW at 100%) 22

50GW

12 32 Solar 31GW 3 18 Onshore Wind 10 8 Offshore Wind 2 Hydro 18 18 18

2020 2025 2030

1. % of consolidation for full and joint operations affiliates and % holding for equity consolidated companies

Strategic Update | May 2021 78 Renewables

Ocean Winds is the result of a 2019 joint venture by EDPR and ENGIE. This JV comes in the wake of EDPR and ENGIE successful 5-year cooperation as consortium partners in projects in France and the UK

Project visibility for 6.6 GW of capacity Key success factors

Name Country MW gross % OW COD  Large potential market expected for the next decade(s)  Scale Windplus 25 85% 2020 ✓ SeaMade1 487 18% 2021 ✓  A unique set of competitive advantages Moray East 950 57% 2022 ✓ Key differentiators EFGL 30 80% 2023 ✓ Noirmoutier 496 61% 2025-26 ✓  Early mover in Floating with greenfield projects in multiple geographies Moray West 871 62% 2025-26  Large GW project in early stage in Korea, pipeline in Spanish and Greek Mayflower 1,336 50% 2025-26 ✓ islands and preparing tenders in California, France and Scotland Le Tréport 496 61% >2025 ✓ B-Wind 200 100% >2025 Ambition 2025 C-Wind 200 100% >2025 KF Wind 1,500 61% >2025  5 to 7 GW operational and under construction  5 to 10 GW under advanced development Installed Under construction Under development ✓ PPA/Tariff secured 1. COD in Q1 2021

Strategic Update | May 2021 79 Nuclear

Belgian phase-out1

2021 2022 2023 2024 2025 October February February: D1 (0.45 GW) Doel 3 Tihange 2 July: D4 (0.9 GW) 0.9 GW 0.9 GW September: T3 (0.9 GW) October: T1 (0.5 GW) December: D2 (0.45 GW) Total indicative volumes2 c. 44 TWh c. 31 TWh c. 20 TWh

Expected availability Belgium Hedging Belgian provisions

Outright hedges3: volumes & prices (% and €/MWh)

100% 90% 57% 38% 10% >80% Review expected

(no more LTO works) 48 end 2022 46 47 47 42

2020 2021 2022 2023 2024

1. Legal schedule, capacity @ ENGIE share 2. Belgium + France. Indicative volumes @ ENGIE share assuming a theorical 85% availability 3. Volumes nuclear BE/FR + Hydro CNR as of 31 March 2021 Strategic Update | May 2021 80 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 17, 2021 (under number D.21-142). 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.

Strategic Update | May 2021 81 Ticker: ENGI

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