Engie Sa Ord

so that our future looks like this and sounds like this. We at Engie, with our more than 90,000 employees across 30 countries, are striving daily to make the energy transition a reality. For over 150 years, we've been advancing industrial, human, and societal progress, together shaping the future we all want to see and hear. We produce and transport decarbonized secure and affordable energy. Our renewable and flexible assets generate electrons that are available at the right time and in the right place. Our bio-methane and hydrogen facilities produce green molecules. Our power transmission lines and gas infrastructures transport, distribute, and store this energy. Our district heating and cooling networks, onsite production, and energy performance activities help decarbonize cities and industries. We manage energy assets, and we supply energy to our customers, households, businesses, and local authorities. By 2030, we will offer 24-7 carbon-free electricity upon request to all our customers with hourly matching. By 2045, we want to be net zero carbon across all three scopes. And it's on the strength of all this that we aim to become the best energy transition utility.

So good morning, everyone. I'm delighted to welcome you to NGIS 2025 PULIA results and the medium-term outlook presentation. And of course, we'll have the pleasure to present in detail the acquisition of UKPN. We have two speakers today, our CEO, Catherine McGregor, and our CFO, Pierre-Francois Rioletti. A quick view of the agenda for this morning. In the first part, Catherine and Pierre-Francois will review our results and the main events of 2025. In the second part, Catherine will lead us through UKPN's acquisition and Pierre-Francois through the valuation and the financing of the transaction. Then Catherine will present our medium-term outlook and Pierre-Francois our capital allocation strategy before some concluding remarks from Catherine. Finally, there will be a Q&A session. We take questions from the floor and online. With that, over to Catherine for the review of 2025.

Thank you very much, Delphine, and good morning, everyone. I'm super pleased to address you here from London. in what are truly exciting times for ENGIE. We have a packed agenda for you this morning, so I'm going to get started, kicking off with a very brief summary of our 2025 results. 2025 proved another highly active year. We have continued to establish ourselves as a utility, we like this word, at ENGIE, which means that we are both diverse and growing, balanced both operationally and geographically, agile in seizing opportunities through our flexible and green power portfolio, a trusted partner in supporting our customers to achieve their decarbonization targets, and on track to meeting this goal that we have to become the best energy transition utility. Performance in 2025, well, in an unpredictable geopolitical, political environment, and with normalizing energy prices, Engie was able to extend its track record of robust financial performance with 2025 net income at the top end of the guidance range. We moved a big step forward in renewables with record new capacity and big ticket projects around the world. We ranked once again as the global leader in corporate PTAs. And in Belgium, we ended both merchant nuclear protection and our exposure to nuclear waste liabilities. At our upcoming AGM on 29th of April, we will be proposing a dividend of 1.35 euros per share, corresponding to a payout of 67% based on the current number of shares outstanding today. Summary of our headlines number, EBIT excluding nuclear was virtually flat at 8.8 billion euros. Infrastructure was up significantly, driven by the positive impact of new tariffs in France and Europe, as well as performance. Renewables and flexible generation was almost stable, with a contribution from newly commissioned plants offsetting headwinds such as lower hydro volumes. Supply and energy management performed excellently on a commercial level, but was negatively impacted as market conditions normalized. And across our businesses, we have delivered on our performance goal, which we are very pleased with. Net recurring income group share amounted to 4.9 billion euros versus 5.5 billion euros in 2024. Cash flow from operations was up year on year to 13.6 billion euros with substantial free cash flow from our networks and downstream activities. I'm really pleased with the resilience of our results which show that our integrated model is able to deliver pretty much whatever the underlying conditions. Moving on to the next slide, 2025 was also a record year for new renewables and vests with over 6 gigawatts of additional capacity around the world. We commissioned 2.4 gigawatts in the U.S. and that was led by batteries as we successfully rolled out the pipeline that was taken on when we acquired VIP back in 2023. But we also added 1.6 gigawatts both in Europe and LATAM and 600 megawatts in AMEA. A truly global and balanced footprint in terms of operational capacity, plants under construction and pipeline is a unique attribute and provides us with the optionality and the agility to react to or even to anticipate headwinds or tailwinds in particular countries. We raised our renewable and best portfolio to 57 gigawatts by the end of 2025, at which time almost 8 gigawatts was under construction, continuing to execute on budget and very close to schedule. We maintain our leading position in PPAs, signing 4.8 gigawatts in 2025, of which 3.6 gigawatts of corporate clean PPAs. 2025 was a pivotal year for ENGIE in Belgium. When you look at 2025, we started the year with almost 4 gigawatts of consolidated nuclear capacity selling output at open market prices, almost 3 gigawatts of gas-powered capacity on a 90% merchant, and 11 billion euros of waste management liabilities on our balance sheet. And we ended the year with quasi-regulated nuclear production at two extended reactors, now co-owned with the Belgian government, no nuclear emission output, no nuclear waste management liabilities, plus a new gas-fired plant at Flemal and major new base use at Villevaude, both benefiting from capacity payment. The two reactors were reconnected to the grid on or ahead of schedule, and Villevaude was open two months ahead. We have delivered and we stand ready to remain a strong contributor to the energy system in Belgium for years to come. With that, I'm going to hand it over to Pierre-Francois who will summarize our 2025 financial performance.