Green bonds

2. Allocation principles and frameworks

Since 2017, and in line with best market practices, the Group’s green bonds are governed by the terms of a referential framework – Green/Financing Framework – which is updated regularly. The last version of the Green Financing Framework is dated March 2026, and fully complies with the Green Bond Principles 2025 (GBP) administered by the International Capital Market Association.

The principles of the Green Financing Framework of March 2026 are as follows:

• the funds raised are allocated to projects supporting the transition to a low-carbon economy directly linked to ENGIE’s strategy (“eligible green projects”). The eligible green projects must fall in a pre-defined category of projects and meet certain technical criteria. These eligibility criteria were determined by ENGIE and reviewed by Moody’s Investors Service.
• until the funds raised are entirely allocated to eligible green projects (or after, in case of a substantial change in allocations), ENGIE is committed to providing information in its Universal Registration Document on the fund allocations made during the period concerned;
• the funds may be allocated to eligible green projects carried out after the issue of the green financing instrument, or used to refinance capex or opex on eligible green projects having taken place in the 24 months prior to the issue of the green financing instrument . The allocated amounts are calculated after deduction of any external funding already dedicated to these projects;
• the funds raised can be allocated to refinancing other green financing instruments previously issued by ENGIE. For each issue, ENGIE undertakes to allocate at least 50% of the funds raised to new spending (on eligible green projects) not allocated before;
• as of December 31 of each year, the Group must hold cash (and cash equivalents) of an amount at least equal to the funds raised by the green bond(s), less amounts allocated to fund eligible green projects at that date.

A Green Financing Committee meets regularly to discuss market developments and projects likely to be financed by green bonds. It is jointly led by the ESG Department and the Corporate Finance Department and brings together the contributing GBUs and support functions.

3. Contribution of funded projects to Sustainable Development Goals

The June 23 Green Financing Framework defines eligible project categories which contribute to at least two of the United Nations Sustainable Development Goals (“SDGs”), namely goal 7. Affordable and Clean Energy and goal 13. Climate Action.

The categories of projects and their eligibility criteria are available in the Green Financing Framework.

4. Impact reporting methodology

Calculating the contribution of eligible projects to avoided CO₂ emissions

Methodology of the calculation since 2024

ENGIE uses the concept of avoided emissions for its customers to enhance the decarbonizing nature of its products and services. The Group has developed an internal calculation methodology and a database of emission factors which are regularly updated to bring them into line with international standards on the subject.

For a given customer need (e.g. electricity supply), the emissions avoided by an ENGIE product or service correspond to the difference between the baseline emissions and the emissions of the ENGIE product/service. All emissions are calculated using the LCA (Life Cycle Assessment) approach. The baseline corresponds to the market average of solutions that the customer would have had access to in order to satisfy its needs, in the absence of ENGIE. For each ENGIE product generating avoided emissions, particular care is therefore taken in defining the baseline, in order to build a credible and consistent scenario over time of user behaviour by country. In particular, this baseline evolves over time to reflect the decarbonization of energy systems.