▪ 27 FEBRUARY 2020

▪ MAARTEN BLACQUIÈRE

▪ CHIEF FINANCIAL OFFICER

INVESTOR PRESENTATIONENEXIS HOLDING N.V.

ANNUAL RESULTS 2019

KEY HIGHLIGHTS

2

▪ Enexis - a leading publicly owned DSO in the Netherlands

▪ Focusing on excellent grid management and accelerating the energy transition

▪ Enabling the Dutch energy transition in its service area

▪ Committed to Sustainable Development Goals

▪ Operating in a stable and transparent regulatory environment

▪ Consistent solid financial performance

▪ Increasing investments due to sustainability projects

▪ Financial ratios comfortably meet required hurdles

▪ Outlook 2020

Residential

Power Plants

Offshore

wind farms

Export/import

Manufacturing

OfficesGreen Gas

District heating

GeothermicsElectric

Mobility

Wind Solar

3

ENEXIS - A LEADING PUBLICLY OWNED DSO IN THE NETHERLANDS

Linking pin within the energy chain

Large-scale

production

National

Transmission

Grids

Regional

Distribution

Grids

Local sustainable

generation, feed-in

and energy saving

Energy and

metering

services

Service areaShares owned by 5 provinces (75.6%)

and 88 municipalities (24.4%)

Key financials (in million euro’s) Other Key figuresBalance sheet total 8,258 Employees 4,488

Net turnover 1,491 Connections (E+G) 5.2 million

Profit after tax 210 % regulated turnover 91%

Free market Free market Free marketRegulatedRegulated

4

FOCUSING ON EXCELLENT GRID MANAGEMENT AND

ACCELERATING THE ENERGY TRANSITION

5

The related Dutch Climate Law passed Parliament (2018) and Senate (2019) and has 3 main goals:

49% reduction of

greenhouse emissions by

2030

95% reduction of

greenhouse emissions by

2050

100% CO2-neutral

electricity supply by

2050

ENABLING THE ENERGY TRANSITION IN ITS SERVICE AREADUTCH CLIMATE AGREEMENT TARGETS AND REGIONAL STRATEGIES

▪ Provinces and municipalities must present a first plan for the Regional

Energy Strategy (RES) in June 2020

▪ Enexis gained a strong position as a discussion partner in the Regional

Energy Strategies

Targets are set and actions are being taken

4

19

29 27

38 41

54

78

108

0

20

40

60

80

100

120

2011 2012 2013 2014 2015 2016 2017 2018 2019

Annual increase in connections

feeding in to the grid (in thousands)

COMMITTED TO SUSTAINABLE DEVELOPMENT GOALSENEXIS IS CARBON NEUTRAL WITH A STRONG ESG RATING

6

Focus on three

SDGs as primary

focus

Enexis core

activities:

▪ Enexis has a CO2 neutral footprint

▪ Strong ESG rating (71) and low ESG risk rating (21.5), well below subindustry average

Making a direct

contribution on

goals that support

our core activities:

OPERATING IN A STABLE AND TRANSPARENT REGULATORY ENVIRONMENT

▪ Established regulatory framework allows us:

▪ to earn a return on Regulated Asset Base

▪ to recover efficient costs

▪ With the energy transition gaining speed we face increasing grid investments year on year

▪ Gradual further declining WACC in a low interest environment

▪ Utilities in constructive dialogue with ACM (Dutch regulator) regarding treatment of pre-financing of increasing investments

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Preparations and dialogue for the new regulatory period

I• Consultation Period

• 30-9-2019 / 1-1-2021

II

• Preliminary period with draft Method Decision expected around May 2021

• 1-1-2021 / 1-9-2021

III• Method Decision published

• 1-9-2021

IV• Start New Regulatory Period

• 1-1-2022

CONSISTENT SOLID FINANCIAL PERFORMANCE

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Revenue Operational Costs

(excl. Depreciation)

Profit

in € millions

▪ Revenues moved fairly stable. Lower WACC caused downward pressure, which was compensated mainly by CPI

▪ Operational costs increased due to more workload and focus on our priorities, like recruitment and training of

technical personnel, facilitating the energy transition and improving IT-systems

▪ Multi year profits in line with regulatory return for shareholders, with 2019 including € -18 million one-off items (2018:

€ +76 million)

1353 1376 13981445

1491

0

200

400

600

800

1000

1200

1400

2015 2016 2017 2018 2019

447 492 487 468539

0

200

400

600

800

1000

1200

1400

2015 2016 2017 2018 2019

223 207 207

319

210

0

200

400

600

800

1000

1200

1400

2015 2016 2017 2018 2019

9

165 172 196 227289

146 145159

156

17035

107102

97

93

85

7363

79

90

22431

519 520559

642

2015 2016 2017 2018 2019

▪ Energy transition and economic growth lead to increasing gross and net investments for the electricity grid

▪ Replacement of brittle gas pipes to keep the gas grid safe and reliable

▪ Until end of 2019 we have installed Smart Meters at 2.5 million addresses

INCREASING INVESTMENTS DUE TO SUSTAINABILITY PROJECTS

Gross Investments Net Investmentsin € millions

Note: Gross investments -/- advanced customer contributions = Net investments

215 221 246292

378

162 163177

175

186

35107

10293

93

85

7363

82

90

30497

594 588642

747

2015 2016 2017 2018 2019

Endinet (2016 only)

Other

Smart meters

Gas network

Electricity network

FINANCIAL RATIOS COMFORTABLY MEET REQUIRED HURDLES

▪ All ratios well above hurdle rates

▪ The Interest Coverage Ratio benefitted from decreasing interest rates

▪ Due to the increasing investments in our grids and lower WACC, we see a decreasing trend in our FFO / Net Debt.

We are committed to our financial policy, hence safeguarding a minimum A credit rating profile

8,3 8,1

9,910,9

11,5

2015 2016 2017 2018 2019

Min 3.5

30%

26% 25%27%

23%

2015 2016 2017 2018 2019

Min 16%

FFO Interest Coverage FFO/ Net Interest-Bearing Debt Net Interest-Bearing Debt/

(Equity + Net Interest-Bearing Debt)

33%36% 37% 36%

39%

2015 2016 2017 2018 2019

Max 60%

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OUTLOOK 2020

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Regulation

▪ Tariff increase of 0.9% on Electricity for average household customer

▪ Tariff increase of 2.9% on Gas for average household customer

Capex

▪ Capex will increase approximately 10-15% in 2020 mainly because of grid investments related to wind and solar projects on land, smart meters roll out and investments in buildings

Financing

▪ New financing for increasing investments and redemption of a bond

▪ Preparing for potential issuance of a green bond

Profit

▪ € 50 million impact due to higher TenneT transmission costs, will be compensated for in 2022

REFERENCE LINKS

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▪ For more detailed information please visit our website, in particular the investor-relations section.

https://www.enexisgroep.com/investor-relations/

▪ financial statements

▪ credit rating reports

▪ introduction to the regulatory framework

▪ debt redemption schedule

TOGETHER WE ARE WORKING ON A

RELIABLE AND SUSTAINABLE

ENERGY SUPPLY FOR TODAY AND

FOR THE FUTURE.