Slides
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February 2025 2024 RESULTS Strategic update 2025-2030
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2024 RESULTS Strategic update 2025-2030 2024 results and 2025 targets 01 High execution of the Strategic Plan02 Energy context. Natural gas infrastructures for the energy transition03 Consolidation of green hydrogen as an energy vector04 Energy infrastructure for a decarbonised future and a catalyst for growth05 ESG Commitment 07 06 Financial forecasts Conclusions 08
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2024 RESULTS Strategic update 2025-2030 2024 results and 2025 targets
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01 02 03 04 05 06 07 08 4 01 Sale of stake in Tallgrass Energy Divestment in line with strategic priorities: Asset rotation with a focus on Spain and Europe 1.1 Key milestones Key milestones in 2024 that reinforce the strategy 4 2024, a key year for Enagás with an improvement in the company’s business risk profile and a significant reduction in the level of leverage Strengthening the balance sheet to undertake renewable hydrogen investments from 2027 Enagás rating improved to BBB+ GSP award resolution The Court rules in favour of Enagás and a seven-year period of uncertainty comes to an end It removes uncertainty for TGP dividend recovery Change in capital structure Sustainable dividend policy and in line with peers A year of major progress for hydrogen H2med and the first axes of the Spanish Hydrogen Backbone, included in the 1st list of Projects of Common Interest Enagás has received the mandate from the Spanish Government for the development of PCIs projects
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01 02 03 04 05 06 07 08 5 01 1.2 Tallgrass Energy Sale of stake in Tallgrass Energy for $1.1 billion 5 ▪ Improvement in financial expenses associated with debt by ~€40 M annually (2025-2026 period) ▪ Significant reduction in net debt (-€1 Bn) ▪ Gross debt cost reduction of 40 bps in 2026 ▪ Improved business risk profile ▪ Credit rating upgrade to BBB+ from BBB, by S&P and Fitch ▪ Solidity of Enagás’ dividend policy, as well as its long-term sustainability ▪ Strengthening the Balance Sheet for the Hydrogen Investment Plan from 2027 onwards Leverage Income statement Balance sheet Business profile
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01 02 03 04 05 06 07 08 6 01 1.3 GSP award resolution ICSID sides with Enagás in GSP award 6 It stressed that the company acted in good faith as a third party and left Enagás’ reputation and honour intact ▪ Closing a long process of uncertainty of more than seven years since the early termination of the GSP contract ▪ Other amounts not considered in the award and which could represent a potential improvement to the arbitration award: - ~ $94 M2 request for rectification of the award due to a possible material error in the quantification of compensation - ~$230 M bank guarantees and performance bond. Potential recovery through GSP’s bankruptcy proceedings subject to ICSID arbitration ▪ The Tribunal also considers that the inclusion of Enagás Internacional in category 2 of Law 30737, which prevents the company from repatriating the dividends of its subsidiary Transportadora de Gas del Perú (TGP), constitutes a violation of the Spain-Peru APPRI Note 1: Principal plus interests. The loss from the GSP award (€326.3 M) is tax deductible and has a positive impact of €80.6 M on corporate tax Note 2: Enagás’ percentage of stake in GSP has not been taken into account for the calculation of the expenses associated with the maintenance of the concession assets during the first year and non-compliance with the investment schedule ▪ ICSID sides with Enagás (20/12/2024) and condemns Peru to pay the company $194 M1 for the violation of the Agreement for the Promotion and Reciprocal Protection of Investments, signed between the Republic of Peru and the Kingdom of Spain (APPRI)
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01 02 03 04 05 06 07 08 7 01 1.4 Spanish Gas System Contributing to the security of supply in Spain and Europe 7 100% availability of facilities and security of supply Sustained growth of industrial demand (+4%) Spain has received natural gas from 14 different countries, positioning itself as a key entry point for LNG to Europe 100% filling of the Underground Storage Facilities in August, exceeding the filling obligations established according to European and national regulationsDaily record of demand in the last two years, with 1,671 GWh/daydriven by gas demand for electric generation (Dec. 11) Spain, the first EU country to define detailed rules and procedures for monitoring, control and authorisation of vessel loadings carried out in the System to ensure that the reloaded LNG does not come from Russia Periods of low wind and solar generation have been covered by +85% by combined cycles to guarantee the electricity supply (Dec. 8-11)
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01 02 03 04 05 06 07 08 8 01 - Higher industrial consumption (+4.2%) with growing demand in the refining, construction and cogeneration sectors +3.2% Industrial + Residential demand 1.5 Gas demand Evolution of natural gas demand 8 176.8 TWh 169.7 TWh 2023 2024 Industrial demand +4.2% -4.2% due to a lower gas demand for electricity generation (-21.9%) because of an increase in renewable generation, mainly hydro and solar 311.7 TWh Total natural gas demand Natural gas is essential for industry and guarantees electricity supply
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01 02 03 04 05 06 07 08 9 01 1.6 Income statement Financial results above annual targets 9 €M 2024 2023 Var. % Total revenues 913.2 919.6 (0.7%) Operating expenses (338.4) (338.8) (0.1%) Results from affiliates 185.81 199.51 (6.8%) EBITDA 760.7 780.3 (2.5%) Depreciation and amortisation (292.6) (271.2) 7.9% PPA (39.4) (52.1) (24.5%) EBIT 428.7 456.9 (6.2%) Financial result (58.9) (82.5) (28.6%) Corporate income tax (59.2) (73.6) (19.6%) Non-controlling interests (0.6) (0.5) 19.1% Net Profit (without non-recurring impact) 310.1 300.3 3.2% Asset rotation impacts and GSP award (609.4)2 42.23 Net profit (299.3) 342.5 Note 1: Different consolidation scope in 2023 and 2024, due to asset rotation Note 2: Accounting loss on the sale of Tallgrass Energy which is broken down into -€356.2 M of impact on financial results (which includes €42 M of translation differences) and -€7.5 M of impact on corporate income tax. Loss due to GSP award, which is broken down into -€326.3M impact on financial results and €80.6M positive impact on corporate tax Note 3: Capital gains from closing of Morelos gas pipeline sale which breaks down into €46.7 M impact on financial results and -€4.5 M impact on corporate income tax ▪ The impact of the regulatory framework on revenues has been offset by the increase in other regulated revenues (mainly COPEX, REVU increase and others) ▪ Recurring operating expenses below annual maximum growth target (~ +1%) in line with those of 2023 ▪ EBITDA above target for the year (€730/€740 M) by effectiveness of Efficiency Plan in expenses and good performance of Affiliates ▪ Improved financial result, mainly due to higher revenues associated with cash remuneration and debt reduction ▪ Net Profit above the high range of annual target (€270/€280 M), excluding impacts of asset rotation and GSP award
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01 02 03 04 05 06 07 08 10 01 1.7 Cash flows and change in net debt Strong reduction in net debt and financial expenses following the sale of Tallgrass Energy 10 Note 1: The amount of net investments includes the divestment of TGE and investments in national and European infrastructure (Stade) Of the sale price of Tallgrass Energy, $95 M are deposited in a scraw until the IRS (Internal Revenue Service) issues a certificate of exemption from the withholding tax, which recognises that Enagás Holding USA has made a loss from the sale of its stake in Tallgrass Energy and therefore has no tax obligations to the American tax authorities. The estimated time to obtain the aforementioned certificate is between 6 and 12 months from the closing of the operation FFO Working Capital Net investment Dividend payment Other €3.347 Bn €2.404 Bn €771 M €74 M€528 M Dividends from affiliates €161 M €64 M Business in Spain (€127 M) International business €898 M €379 M €689 M Net Debt December 2024 Net Debt December 2023 Net investment1
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01 02 03 04 05 06 07 08 11 01 1.8 Financial structure Financial structure at the end of 2024 11 €1.296 Bn Treasury €1.55 Bn Club Deal (Maturity January 2030) €407 M Operational lines (maturity January 2027-January 2029) Current ratings BBB+ BBB+ Note 1: Does not include financial leases (IFRS16) 2024-2026 FFO / ND > 15% 10% Leases (IFRS 16) 80% Capital markets 9% Institutional debt 0.4% Commercial banking 93% EUR 7% USD 38 Liquidity: €3.252 Bn Debt maturities (€M)1 4.8 years Average life of debt Type of debt Leverage (FFO/ND) 16 600 500 750 52 52 52 46 46 46 2025 2026 2027 2028 2029 2030 Bank debt Capital market Institutional debtFunds available from sale of TGE ~€340 M Amortised debt Financial cost of gross debt: 2.6% Over 80% of debt at fixed rate
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01 02 03 04 05 06 07 08 12 01 1.9 Progress on sustainability Leadership in sustainability and achievement of CO2 emission reduction targets 12 ▪ 17 consecutive years in the “Dow Jones Best in Class Index”1 - 2nd position in the Gas Utilities sector (score 87/100) ▪ Highest ESG rating in its sector in the FTSE4Good sustainability index ▪ Best rating in the “Good Corporate Governance Index 2.0” of AENOR for the second consecutive year ▪ Recognition with the top ‘Gold Standard’ rating from OGMP2.0 (Oil and Gas Methane Partnership) for the fourth consecutive year ▪ Presence on the “A list” of the CDP (Carbon Disclosure Project) Climate Change Index Note1: Formerly known as the Dow Jones Sustainability Index Tonnes of CO2 Reducing emissions 294,650 228,155 2023 2024 -22.5% Leadership in the main ESG indices: -5% target surpassed
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01 02 03 04 05 06 07 08 13 01 1.10 2025 Targets 2025 Targets 13 Net profit ~€265 M Financial structure FFO/ND > 15% compatible with BBB+ credit rating Dividend 1.00 euro/share Net Debt ~ €2.4 Bn EBITDA ~€670 M
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2024 RESULTS Strategic update 2025-2030 High execution of the Strategic Plan
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01 02 03 04 05 06 07 08 15 02 2.1 Strategic axes Execution of the three strategic axes 15 1. Security of supply and asset rotation ▪ 100% availability of facilities and security of supply ▪ Strategic focus on Spain and Europe 2. Efficiency Plan ▪ Transformation plan ▪ Thorough control of operational and financial expenses 3. Leadership in the development of renewable hydrogen and other molecules related to the energy transition ▪ Decarbonisation and fighting climate change ▪ Sustainable growth
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01 02 03 04 05 06 07 08 16 02 2.2 Security of supply 100% availability of the Gas System 16 ~ €10 Bn savings on the national energy bill due to the price spread between Spain and Europe (2022-2024) 176.8 TWh 163.5 TWh 2022 2024 +8.1% Main milestones 2022-2024 Increased industrial consumption, with demand growth in refining sectors, chemical- pharmaceutical and cogeneration Contribution to Europe’s security of supply: 177.6 TWh re-exported 22 origins of supply National accumulated consumption greater than 1,000 TWh (Equivalent to 1,000 LNG tankers) UGS filling to 100% 4 months earlier than established by Europe and Spain ~ 2,200 offloading and ~1,000 loading slots contracted until 2039 Up to 50% of the electricity generation in Spain produced by combined cycles, in times of low renewable generation or peak demand (historical record 13/07/2022 and annual record 11/12/2024) Industrial demand Resilience of the Gas System to adverse meteorological phenomena such as DANA October 2024 and evolution of the risk map incorporating those derived from climate change
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01 02 03 04 05 06 07 08 17 02 2.3 Asset rotation2.3 Asset rotation Strategic focus on Spain and Europe 17 USA Divestment 29/07/24 Tallgrass Energy LP (30.2%) Sale price: €1.0 Bn Morelos Divestment 25/04/23 Stake: 50% Sale price: €87 M Note1: Pending closing of the operation GNL Quintero Divestment 28/03/22 Stake: 45.4% Sale price: €601 M Soto La Marina Divestment 27/06/24 Stake1: 50% Sale price: €16 M Hanseatic Energy Hub (1st onshore LNG terminal in Germany) 21/03/24 Stake: 15% Enagás Investment: €27 M TAP 27/01/23 Increase in stake from 16% to 20% Investment: €168 M El Musel E-Hub Reganosa 28/02/23 Acquisition of 130 km of gas pipelines from Reganosa Investment: €54 M 28/02/23 Commissioning: July 2023 Reganosa’s entry into the shareholding with 25% stake (€95 M) Enagás’ current stake: 75% Scale Gas 3 vessels Investment: €35 M Divestments Investments
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01 02 03 04 05 06 07 08 18 02 2.4 Strategic performance Main indicators 2022-2024 €1.855 Bn FFO generated - €1,065 M Reduction in net debt ~ +1% Var. Recurring OPEX (vs. average inflation for the period of +5.2%) €1.275 Bn Dividends paid to shareholders BBB+ Standard & Poor’s and Fitch credit rating upgrade -34% Improvement in net financial expenses associated with debt 18 Effectiveness of the Efficiency Plan: exhaustive control of operational and financial expenses
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2024 RESULTS Strategic update 2025-2030 Energy context. Natural gas infrastructure for the energy transition
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01 02 03 04 05 06 07 08 20 03 Focus on competitiveness and strategic autonomy ▪ Persistence of armed conflicts in the Middle East and the prolongation of the war in Ukraine with new sanctions against Russia ▪ Changes in government and energy policies on a global scale (United States …) 3.1 Energy context Business environment with increasing complexity 20 Volatility in energy markets Need for resilient and interconnected energy systems Need for new energy vectors for climate neutrality Geopolitical context ▪ Reconfiguration of gas flows after the invasion of Ukraine, with a boom in LNG trade ▪ Growing role of gas infrastructure as support for the electricity sector and to facilitate the energy transition Security of supply ▪ Greater global investment in clean technologies with Europe playing a leading role ▪ Development of green molecules and CO2 capture technologies for long-term decarbonisation, complementary to electrification Energy transition
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01 02 03 04 05 06 07 08 21 03 3.2 Security of supply Key role of natural gas infrastructure in Spain bcm Source: Internal preparation based on the PNIEC (National Integrated Energy and Climate Plan) 2023-2030 Note 1: Conventional demand includes industrial, residential/commercial, cogeneration and transmission demand Peak growth in natural gas demand GWh/day Greater demand for combined cycles, which will maintain installed capacity to meet peaks in electrical demand (data centres, electrification of other uses) Greater future volumes of energy gases with increasing peaks in natural gas demand 21 0 200 400 600 800 1.000 1.200 1.400 1.600 1.800 2.000 winter 2022-2023 winter 2023-2024 winter 2024-2025 winter 2030-2031 Gas infrastructure will continue to guarantee the competitiveness and security of supply for the industry, facilitating decarbonisation through its progressive swipe to hydrogen Fundamental role of gas infrastructure as a backup to the electrical system through combined cycles and other energy storage mechanisms, among which hydrogen stands out, in a context of increasing penetration of intermittent renewable generation with a nuclear decommissioning plan and strong increase on demand for data centers (electricity consumption: 2,500 MW of data center power by 2030, according to the Government's AI Strategy 2024) Increase in future volume of energy gas consumption 70% of expected increase compared to the historical average Natural gas – conventional demand1 Natural gas – combined cycles 0 5 10 15 20 25 30 2025 2030 Natural gas – conventional demand1 Natural gas – combined cycles Green hydrogen
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01 02 03 04 05 06 07 08 22 03 3.2 Security of supply The key role of LNG terminals LNG terminals will be key in the short and medium-term, with new roles in the energy transition 22 Decarbonisation of maritime transport ▪ x9 bunkering from Enagás terminals (2022-2024) LNG and bioLNG in the short and medium-term and NH3, methanol and synthetic LNG in the medium and long-term ▪ 84% bunkering in Spain carried out with vessels participated by Enagás (2024) ▪ Spain, pioneer in bioLNG supply thanks to the certification of terminals in Huelva and Barcelona Decarbonisation and energy efficiency industry ▪ Barcelona, 1st global urban network with use of residual cold from regasification as sustainable energy for industrial, tertiary and residential sectors (agreement between Enagás, Veolia and Barcelona council) Security of supply. Contribution of Spanish terminals ~30% EU regasification capacity ~40% EU tank storage capacity ▪ Use of regasification facilities and residual cold from regasification for the development of CO2 logistics chain
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2024 RESULTS Strategic update 2025-2030 Consolidation of green hydrogen as an energy vector
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01 02 03 04 05 06 07 08 24 04 4.1 Leadership in the development of hydrogen in Europe Europe confirms its commitment to hydrogen in 2024 The new European Commission reinforces the commitment to green hydrogen and its infrastructure as essential requirements for the strategic autonomy, decarbonisation and competitiveness 24 SEPTEMBER 9 DRAGHI report JULY 18 Policy guidelines EC 2024-2029 APRIL 8 OJEU1 publication on the 1st PCI/PMI list APRIL 30 Results of the 1st European Hydrogen Bank auction DECEMBER 3 Opening of the 2nd European Hydrogen Bank auction JULY 15 OJEU publication on the Hydrogen and decarbonised gas package OCTOBER 22 Closing of the CEF-E2 funds call DECEMBER 11 Pre-ENNOH3 constitution APRIL 17 LETTA report NOVEMBER 27 Approval of new European Commission by the European Parliament Note1: Official Journal of the European Union Note2: Connecting Europe Facility Energy Funds Note3: European Network of Network Operators for Hydrogen F M J J A S O DM NAJ
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01 02 03 04 05 06 07 08 25 04 4.1 Leadership in the development of hydrogen in Europe EU Member States progress in hydrogen development 25 They have already published their final PNIECs with electrolysis power targets (~52 GW) 17 Member States recognised as hydrogen PCIs in all Member States 48 Infrastructure projects hydrogen PCIs infrastructures ~21,000 km CAPEX and PCIs1 infrastructures ~60,000 €M Electrolysis capacity in 2030 in the H2med corridor according to final PNIECs (GW) 12 6.5 10 3 Note1: Enagás internal estimate based on publicly available information The countries involved in H2med account for 31.5 GW in 2030
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01 02 03 04 05 06 07 08 26 04 4.1 Leadership in the development of hydrogen in Europe Spain and Enagás, at the forefront of the energy transition in Europe The PNIEC reinforces Spain’s leadership, one of the first countries to begin the transposition of the European Hydrogen and Decarbonised Gas Directive 26 JULY 30 Authorisation of the Council of Ministers to Enagás for development of PCIs 1st call for PERTE3 Hydrogen Valleys JANUARY 31 2nd Enagás Hydrogen Day APRIL 8 H2med and the Spanish H2 Backbone on the PCI1 final list OCTOBER 22 Sending of application for CEF-E funds for PCI project studies APRIL 29 Enagás sends the Ministry for Ecological Transition and the Demographic Challenge (MITERD) a proposal for the H2 Backbone APRIL 9 The Hydrogen Technology Observatory is launched by Enagás JUNE 25 JDA (Joint Development Agreement) for the development of BarMar NOVEMBER 7 H2med Call for Interest NOVEMBER 18 Presentation of candidates 2nd PCI/PMI5 list SEPTEMBER 5 MITERD begins transposition of H2 and decarbonised gas package SEPTEMBER 24 Approval PNIEC4 F M J J A S O DM NAJ Actions of the Government of Spain OCTOBER 29 Closing of 1st call for PERTE Hydrogen Valleys J 2025 JANUARY 30 CEF-E funds awarded JANUARY 29 3rd Enagás Hydrogen Day JULY 9 Royal Decree on aid to 7 Spanish projects of the Hy2Use PNIEC2 JANUARY Ratification in Parliament of the designation of Enagás as provisional HTNO DECEMBER 16 Launch of the Mibgas renewable hydrogen price index Note 1: European Project of Common Interest Note 2: Important European Project of Common Interest Note 3: Strategic Projects for Economic Recovery and Transformation Note 4: National Integrated Energy and Climate Plan Note 5: Project of Mutual Interest
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01 02 03 04 05 06 07 08 27 04 Creation of the National Energy Commission (CNE) 2024 H2 circulars Transposition process of the Gas&H2 Package, Initiated through a Prior Public Consultation (PPC) by MITECO (maximum 2 years) 4.2 Regulatory progress in Europe and Spain Upcoming regulatory milestones in Europe and Spain Renewable hydrogen will complete its regulatory framework by 2027 27 Start of ACER1/ENNOH work on H2 Network Codes ENNOH: start TYNDP2 works FEBRUARY 2025 Publication of the Clean Industrial Deal 1Q-26 Publication on the 2nd PCI/PMI list Start of H2 full regulatory framework Transposition process of the Gas&H2 Package, Initiated through a Prior Public Consultation (PPC) by MITECO (maximum 2 years) REDIII transposition process in RD H2 circulars 1H-25 Resolution 2nd auction of the European H2 Bank 2025 2026 2027 Note 1: Agency for the Cooperation of Energy Regulators Note 2: Ten Year Network Development Plan OCTOBER 2025 Constitution ENNOH
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01 02 03 04 05 06 07 08 28 04 Teresa Ribera Executive Vice-President for a Clean, Just and Competitive Transition at the European Commission “Green hydrogen is key to the European strategy for energy autonomy and competitiveness” “H2med will contribute to creating a cohesive and efficient hydrogen ecosystem across the continent that connects producers and consumers” 4.2 Regulatory progress in Europe and Spain 3rd Hydrogen Day Strong institutional support and significant business progress 28 Participating companies announced significant progress in their projects Pedro Sánchez President of the Government of Spain “Spain is the world’s most promising epicentre of green hydrogen” “We are very excited, committing to projects such as H2med, which will be just one piece of this framework of the hydrogen backbone, the first great continental green energy corridor” Cani Fernández Chairwoman of the CNMC1 “A flexible regulatory approach is essential to adjust the deployment of renewable hydrogen to the evolution of the market and technological capabilities” “Spain has to stop being an energy island and hydrogen is probably the best opportunity we have to do this” Note 1: National commission of markets and competition
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01 02 03 04 05 06 07 08 29 04 0 2 4 6 8 10 12 14 16 2030 4.3 Development of the renewable hydrogen market Hydrogen demand in Spain and Europe in 2030 The latest TYNDP forecasts hydrogen demand in 2030 in line with REPowerEU forecast flows through European corridors 29 Demand for low-emissions H2 in EU27, by sector (Mt) Source: TYNDP 2024 Scenarios Report (Ten Year Network Development Plan) prepared by ENTSO-G and ENTSO-E and published in May-24. National Trends+ Scenario, aligned with national policies established in the 2030 Energy and Climate Plans (PNIECs) Residential and commercial Transport Industry Non-energy uses, including ammonia production Power generation E-fuels Demand targets for renewable H2 in Spain in 2030 according to the PNIEC consist of: ▪ Replacing 74% of the current consumption of grey H2 in the industry ▪ Contribution of renewable fuels of non- biological origin (RFNBOs) in the transport sector of 3.56% Note*: Based on REDIII and Refuel Aviation Regulation 0.8 Mt by 2030 Forecast demand in Spain, according to PNIEC targets 3-4.5 Mt (*) Regulatory demand
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01 02 03 04 05 06 07 08 30 04 5,9 €/kg 3,8 €/kg 3,1 €/kg 2,6 €/kg 4.3 Development of the renewable hydrogen market Industrial capacities and economies of scale drive the competitiveness of renewable hydrogen 30 Cost of production for hydrogen (LCOH)* now and in 2030 based on electricity cost (€/Kg) Source: MIBGAS and authors’ own. Evolution of electrolyser manufacturing capacity in Europe (GW/y) 2030 Bull scenario € 60/MWh 2030 Base scenario € 45/MWh 2030 Bear scenario € 35/MWh ▪ Increased manufacturing capacity in Europe will drive reduction in production costs ▪ Global manufacturing capacity in 2030: China (30%), Europe (20%), USA (15%) 2022 2024e 2030 Source: Prepared by the authors based on the Global Hydrogen Review 2024 of the International Energy Agency (IEA). x17 Note: MIBGAS Iberian renewable hydrogen price index (IBHYX) published for 14/01/2025 Estimated LCOH assuming 5,000 FLEH of production, an improvement in process efficiency reaching 70% in 2030 and an electrolysis CAPEX (electrolyser and auxiliary systems, as well as engineering, equipment acquisition and construction costs or EPC) of €800/kW in 2030, in line with IEA forecasts. OPEX is considered as 2.2% of CAPEX 2025 IBHYX MIBGAS Index (Jan-25) ▪ MIBGAS launches the first Iberian index of renewable H2 (IBHYX), with production cost in line with the first European Hydrogen Bank Auction (Spain, most competitive country) 34 52 5.9 3.8 3.1 2.6
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2024 RESULTS Strategic update 2025-2030 Energy infrastructure for a decarbonised future and catalyst for growth
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01 02 03 04 05 06 07 08 32 01 05 PCI project description 5.1 PCI investments: Spanish Hydrogen Backbone Spanish backbone infrastructure essential for decarbonisation and competitiveness 32Source: Enagás ~2,600 km (PCI network, ~21% reusable gas pipeline sections) 2 Underground storage facilities 3 Compressor stations 2030 PCI network commissioning date €4.170 Bn Total gross investment 2024-2030: gross investment €3.310 Bn From 2030 onwards: gross investment €860 M (underground storage facilities) Spanish Hydrogen Backbone in 2030 North-1 storage North-2 storage
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01 02 03 04 05 06 07 08 33 01 05 5.1 PCI investments: Spanish Hydrogen Backbone Proposal for new sections submitted to the 2nd PCI list Network expansion planned from 2030 onwards with the incorporation of new axes 33Source: Enagás Spanish hydrogen infrastructure included in the European Commission’s PCI list, published on April 8, 2024 Spanish hydrogen infrastructure submitted to PCI call for proposals in November 2024 H2med (included in the European Commission PCI list on April 8, 2024) Northern Plateau transversal hydrogen pipeline Southern Plateau transversal hydrogen pipeline, connected to Madrid 1 2 3 4 Guitiriz-Zamora hydrogen pipeline Huelva-Algeciras hydrogen pipeline 1 2 3 4 ▪ Based on results of Call for interest from Enagás (Q42023) ▪ It will connect production and demand centres and strengthen the role of the Iberian Peninsula as a European hub for green hydrogen. 1,480 Km €2.135 Bn Estimated total gross investment ▪ The capillarity of Spain’s Hydrogen Backbone will contribute to the competitiveness and decarbonisation of the industry
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01 02 03 04 05 06 07 08 34 01 05 2023 5.1 PCI investments: Spanish Hydrogen Backbone Progress according to the established schedule for commissioning in 2030 34 DEC 2024 Start of the approval procedure JANUARY 2025 Resolution of CEF funds studies Q125 Awarding of basic and detailed engineering and documents for environmental impact assessment and administrative projects Q125 (18 months) Launch and deployment of the PPCP (Public Participation Concept Plan) of the Spanish Hydrogen Backbone PCI CONSTRUCTIONDEVELOPMENT (Engineering, permits and purchases) CONSTRUCTIONSTUDIES DEVELOPMENT (Engineering, permits and purchases) COMMISSIONING Application for CEF-E funds for construction Permitting process (~36 months) 2024 2025 2026 2027… … 2029 2030 FID (Final Investment Decision)
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01 02 03 04 05 06 07 08 35 01 05 5.2 PCI investments: H2med H2med, a key project for Europe’s decarbonisation and strategic autonomy 35 Source: H2med Note1: The gross investment amount only includes Enagás’ 45% stake in the BarMar project and the Spanish part of the CelZa project 703 km 2 €1.165 Bn1 Enagás gross investment (24-30) 2030 onwards H2med will transport Europe’s most competitive renewable H2 Most advanced H2 corridor in Europe Transport of renewable H2 produced in Europe CelZa (Spanish side) €204 M BarMar (45% Enagás) €961 M PCI project description of hydrogen pipelines International Connections: CelZa and BarMar Commissioning date
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01 02 03 04 05 06 07 08 36 01 05 5.2 PCI investments: H2med H2med will be the first pan-European hydrogen corridor 36 Resolution of CEF funds J F M J J A S O N DA M Awarding of the BarMar geophysical underwater inspection tender Set-up of the BarMar SPV H2med Continuation of the transposition process of the Gas & Hydrogen Package Next steps in 2025 Other H2med milestones in 2025 ▪ Award of the BarMar Environmental Impact Study ▪ Award of Pre-FEED Phase I of the BarMar Compressor Station ▪ Award of the basic engineering framework agreement for the CelZa hydrogen pipelines and compressor stations ▪ Award and deployment of the CelZa PPCP
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01 02 03 04 05 06 07 08 37 01 05 5.2 PCI investments: H2med Call for Interest H2med: high participation and support from the entire sector 37 168 companies, 528 projects in an open, transparent and non-discriminatory process High potential for production volumes Covering up to 20% of total REPowerEU targets by 2030 Great export capacity of the Iberian Peninsula 2 Mt in 2032 via H2med, consolidating the results of the prior consultation with the Spanish market North African countries show interest 2040 onwards to cover European hydrogen demand France: Significant volumes with a domestic market and exports Consumption projects that include national production and ammonia imports Germany: Significant consumption in the west of the country H2med reaches half of its capacity in 2035 H2med makes a significant contribution to meet the expected German demand Up to 17-21 Mt/year in 2040 according to the German Ministry for Economic Affairs and Climate Action The Match-making platform supports further market development More than 500 projects: a good basis for fostering dynamic cross-border trade connections
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01 02 03 04 05 06 07 08 38 01 05 5.2 PCI investments: H2med The Spanish Hydrogen Backbone and H2Med receive 100% of the European CEF funding requested from CINEA 38 Decisive support from the European Commission to the Spanish backbone infrastructure and H2med Projects submitted by Enagás ▪ In the total of this call, the European Commission will allocate almost €1.250 Bn in CEF grants for cross-border energy infrastructure projects ▪ CINEA has approved CEF funding of around €250 M in this call for development studies for hydrogen infrastructure projects. ▪ The funds granted for H2med corridor projects (€97.3 M) represent 39% of the figure approved by CINEA for hydrogen infrastructure €97.3 M for projects related to H2med corridor 39% funds awarded to H2 Storage North-1 €7.7 M BarMar €28.3 M HY-FEN €15 M RHYn €3.6 M Spanish Hydrogen Backbone €32.5 M CelZa €7.2 M Portuguese Hydrogen Backbone €2.9 M
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01 02 03 04 05 06 07 08 39 01 05 ▪ Decarbonisation of maritime transport and other non- energy uses (fertilizers, chemicals) ▪ Boosting the multi- molecule terminal ▪ Decarbonisation of industries with process emissions without abatement alternatives, especially cement plants ▪ Boosting the multi- molecule terminal ▪ Decarbonisation of land transport, boosting H2 penetration in mobility ▪ Decarbonisation of maritime transport and other sectors located in areas not connected to the gas system CO2 Renewable ammonia (NH3) Bunkering and small scale (LNG / BioLNG) Renewable H2 for mobility 5.3 Scale Green Energy Scale Green Energy: new partnership for the development of other infrastructures and services to boost decarbonisation 39
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01 02 03 04 05 06 07 08 40 01 05 5.3 Scale Green Energy Infrastructures will be essential for the development of new businesses that drive the energy transition CO2 Renewable ammonia (NH3) Bunkering Renewable H2 for mobility Construction and O&M of pipelines, liquefaction plants and CO2 vessels, promoting the creation of CCUS logistics hubs around LNG terminals Construction and O&M of ammonia port infrastructure around production concentration areas close to LNG terminals Construction and O&M of LNG/bioLNG bunkering vessels and small-scale export terminals Construction and O&M of hydrogen refuelling stations (HRS) for non-electrifiable fleets through a platform model that integrates all agents of the value chain Target Decrease of 4 Mt/year of emissions in Spanish cement plants, with potential 10.4 Mt/y (Call for Interest) Management of 1 Mt/year by 2030 in Huelva and Algeciras (higher concentration of declared projects) ▪ Contribution to LNG bunker business (x2 forecast demand 2023-2027), prioritising ships with a ‘pull’ effect in Enagás terminals ▪ Development of infrastructures in the Mediterranean and Northern Europe 12 HRS in 2030 (estimated 15% in National Action Framework) Degree of progress ▪ Agreements with 70% of main polluters ▪ Proposals to be submitted to Innovation Fund: MOSUSOL NETCO2 and CO2NECTA ▪ Progress with stakeholders: preferential right agreements signed (Votorantim, Holcim, CEMEX, Molins and Heidelberg) ▪ Ongoing business development plan with a high degree of progress: o High interest identified from promoters in potential collaborations with Enagás. o Pre-agreements reached with two promoter companies o Agreements reached with other European operators. ▪ 3 bunkering vessels: 50% Haugesund Knutsen (in operation), 50% Levante LNG (in operation) and 100% Canarias (under construction) ▪ Ravenna terminal (19%) ▪ Broad portfolio of projects in both bunkering vessels and small-scale terminals ▪ 1 HRS ▪ 7 LNG stations ▪ 8 CNG stations ▪ EcoHynet Project in development: o Development of 6 HRS in European Transport Corridors (TEN-T) o Support obtained from the European Commission (CEF- AFIF) CO2 Renewable ammonia (NH3) Bunkering and small scale (LNG / BioLNG) Renewable H2 for mobility 40
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01 02 03 04 05 06 07 08 41 01 05 5.3 Scale Green Energy Projects 41Note 1: Spin-off of the Enagás S.A group that was created to lead energy efficiency projects in the field of Liquefied Natural Gas (LNG) Regasification Plants Note 2: Underground Storages ~€130 M Total net investment ▪ CO2 capture project at Holcim facilities (Sagunto Port) ▪ Enagás will participate in the construction of a 7 km pipeline to transport 800,000 tCO2/year to the Saggas regasification terminal (72.5% owned by Enagás) ▪ With E4E technology1, the residual cold of the LNG will be used to liquefy CO2 and store it until it is loaded onto a ship ▪ Enagás, Holcim and Saggas are developing the project to submit it to Innovation Funds in April 2025 Key figures ▪ CO2 capture project at the Molins facilities (Catalonia) for transport to the offshore CO2 UGS2 (Port of Tarragona) ▪ Enagás will participate in the construction of a ~100 km pipeline to transport +1 MtCO2/year to UGS2 ▪ Molins and Enagás are developing the project to submit it to Innovation Funds in April 2025 -10 net MtCO2e during first 10 years of operation 2028-2029 Start construction 2031 Commissioning -6.5 net MtCO2e during first 10 years of operation 2028-2029 Start construction 2031 Commissioning CO2NECTA MOSUSOL NETCO2
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01 02 03 04 05 06 07 08 42 01 05 5.3 Scale Green Energy Projects 42 Key figures ECOhynet ▪ Project for the development of six new hydrogen refuelling stations (HRS) to meet the decarbonisation needs of mobility segments that are difficult to electrify, in a national scope in European Transport Corridors (TEN-T) ▪ Solution based on platforms that bring together the entire value chain (producers, OEMs1), to offer hydrogen supply services to fleets ▪ Enagás plans to build 6 hydrogen refuelling stations nationwide in European Transport Corridors (TEN-T) Supply capacity for 6.000 kg/day, aprox. 300 trucks/day 2025 Start construction 2027 Commissioning Scale Gas receives CEF funding requested to deploy six hydrogen refuelling stations in Spain Note 1: Original Equipment Manufacturer Madrid Sevilla Alicante Valencia Port Sagunto Port Barcelona Port
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2024 RESULTS Strategic update 2025-2030 Financial forecasts
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01 02 03 04 05 06 07 08 44 06 6.1 Regulatory view: Natural Gas 44 Reasonable profitability of regulated activity as a whole ▪ Ensure energy supply, support the electrical system and integrate renewable energies Role of Enagás and the Gas System infrastructure in the current regulatory period (2021-2026) critical for: ▪ Increase competitiveness of Spanish industry. Enagás, designated the most efficient TSO in Europe according to CEER1 ▪ Sustainability and financial health in the Gas System since 2016, allowing for a progressive reduction in tolls ▪ RoR - Publication of the methodology proposal (1Q2025) ▪ Remuneration Framework Circulars - Consultation process in October 2025. Final text objective in July 2026 Note 1: Report from the Council of European Energy Regulators (CEER):“TSO Cost Efficiency Benchmark TCB21- Model Specification Gas” (Jan 2025) Note 2: Financial Remuneration Rate Regulatory calendar FRR2 OPEX Adequate capture of capital costs in line with macroeconomic developments Standard costs updated according to present values and evolution over the period ▪ Ensure reasonable profitability ▪ Long-term gas infrastructure sustainability due to its criticality in the energy transition Other items Incentives for continuity of supply and sustainability of infrastructure Key aspects of the next remuneration period (2027-2032)
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01 02 03 04 05 06 07 08 45 06 6.1 Regulatory vision: Hydrogen 45 Milestones for model approval ▪ Transposition into national legal framework of general bases included in the EU Package ▪ Transfer of powers to the new CNMC1/CNE2 (functions already included in the Bill to reestablish the CNE) for the development of the remuneration framework in regulatory circulars ▪ Incentive to promote the development of new infrastructure for renewable energy complying with energy policy guidelines ▪ Adequate remuneration of assets in progress and collection since investments are realized Development of a regulated hydrogen system, with a remuneration framework that guarantees reasonable profitability of the activity Proposal for a model methodologically similar to that of natural gas, including: Note 1: National Markets and Competition Commission Note 2: National Energy Commission
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01 02 03 04 05 06 07 08 46 06 6.2 Main indicators Profitable and sustainable growth, compatible with a solid dividend policy, balance sheet structure, and compliance with credit metrics 46 Investments Commitment to dividend policy Growth Commitment to current ratings 2024E 2025E 2026E Current ratings BBB+ BBB+ €1/sh €1/sh €1/sh EBITDA (CAGR) €465 M2025 - 2026 €3.570 Bn2027 - 2030 €4.035 Bn 2025 - 2030 ~ +2.5%2024 – 2030 (base Dec.24) ~ +9.5%2026 – 2030
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01 02 03 04 05 06 07 08 47 06 6.3 Investment plan Update of the 2022 – 2030 investment plan Investment plan increases by 45% with renewable hydrogen capex as the main player 47 2022-2030 Strategic Plan July 2022 Net investment in H2 2025-2030 Strategic update February 2025 Net investment in CO2 Realised investment 2022-2024 H2 €680 M H2 €3.125 Bn €2.450 Bn €130 M €715 M €2.775 Bn €4.035 Bn €605 M Investment prioritisation Note: The intensity of public aids considered for the Spanish Backbone PCIs is 50% in the study phase (already obtained) and 20% in the construction phase: total net investment 2024-2030 = €2.645 Bn In the case of H2med, taking into account Enagás’ 45% stake in BarMar, public aids of 50% in the study phase (already obtained) and 40% in the construction phase, and a capital structure (60% debt; 40% equity): Total net investment 2024-2030 = €481 M
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01 02 03 04 05 06 07 08 48 06 6.3 Investment plan 83% of total eligible investment until 2030 according to EU taxonomy For its contribution to the environmental objective of mitigating climate change according to activities defined by the taxonomy regulation 48 Note 1: Innovation, technology and digitalisation, international assets and Enagás Renovable Note: In addition to eligible activities according to the EU taxonomy of sustainable activities, the investment plan includes otherineligible actions amounting to €157 million (mainly corresponding to the electrification of compressor stations, activities linked to compliance with the European regulation on the reduction of methane emissions) that have a very significant contribution to the decarbonisation of the company’s operations Total net investment 2025-2030€4.035 Bn Others1 €165 M €520 M Natural gas infrastructure and transition €225 M Scale Green Energy €3.125 Bn H2 infrastructures Eligible according to taxonomy €3.365 Bn Biomethane connections and infrastructure renewal for H2 €180 M CO2 transport and HRS €3.125 Bn H2 infrastructures Innovation in technologies associated with the energy transition €10 M €50 M
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01 02 03 04 05 06 07 08 49 06 6.4 Efficiency plan Enagás reaffirms its commitment to the Efficiency Plan High level of operational efficiency and improved financial results after the sale of Tallgrass Energy 49 2022 2024 Average 2025E - 2026E 2022 2024 2026E €82 M €54 M ~ €50 M ~ +1.5% CAGR ~ +1% ~ +1.5% ~ -40% 2022-2024 Below the average annual inflation rate in Spain (~ +5%) 2024-2026 Forecast to remain below CPI estimated in the long-term (~2%) Evolution of recurring operating expenses Evolution of net financial result associated with debt Improved financial results as a result of the sale of the stake in Tallgrass Energy
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01 02 03 04 05 06 07 08 50 06 DCF 22-26 JULY 2022 Change in capital structure FFO improvement Investment prioritisation WC and others TGE UPDATED DCF 22- 26 6.5 Improved Cash Flow 22-26 Significant reduction in net debt of ~€2 Bn since the presentation of the 2022-2030 Strategic Plan 50 -€10 M €2.275 Bn €820 M €1.0 Bn DCF 2022-2026 Presented in July 2022 €465 M DCF 2022-2026 Presented in February 2025 Net debt 2026 €4.4 Bn €2.3 Bn Ratings BBB BBB+ FFO/ND 2024-2026 14% 25.5% €250 M €540 M €30 M Change in capital structure to strengthen balance sheet Improvement in FFO mainly due to improvements in net financial results Lower net investments, investment prioritisation Compliance with asset rotation plan with the sale of TGE (July 2024) ~€2 Bn Reduction net debt Net Debt Reduction of €2 Bn in 2026, compared to Net Debt expected in the Strategic Plan 2022-2030, presented in July 2022.
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01 02 03 04 05 06 07 08 51 06 FFO Working Capital Net investment Dividend payment Other 6.6 Cash flows and evolution of net debt Solid and visible cash flow generation that allows stable current net debt to be maintained until 2026 51 €2.404 Bn €2.325 Bn €200 M €285 M €805 M Dividends from affiliates €330 M €46 M Net Debt December 2026 Net Debt December 2024 Business in Spain €290 M International business (€90 M)1 €525 M €1.135 Bn Other2 Note 1: Of the sale price of Tallgrass Energy, $95 M are deposited in a scraw until the IRS (Internal Revenue Service, the American tax authority) issues a certificate of exemption from the withholding tax, which recognises that Enagás Holding USA has made a loss from the sale of its stake in Tallgrass Energy and therefore has no tax obligations to the American tax authorities. The estimated time to obtain said certificate is between 6 and 12 months from the closing of the operation Note 2: The exchange rate used for projections is 1.08€/$ Note: For prudence and cash purposes, the collection of the GSP award is estimated after 2026
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01 02 03 04 05 06 07 08 52 06 6.7 Dividend policy Shareholder remuneration compatible with the hydrogen investment plan A strategic priority for Enagás 52 FFO pay-out ~40% sustainable dividend policy beyond 2026 and in line with peers €1/sha re Sustainable dividend Balance structure reinforcement, compatible with: Aligned with peer companies Shareholder remuneration 2024-2026 €1/share ▪ National and international ▪ Attractive dividend yield ▪ FFO visibility: High predictability of cash flows (stable regulatory framework and high visibility of dividends from international affiliates) ▪ Cash Flow: ~40% estimated average FFO (2024-2026) ▪ Sustainability for the future: Stability in cash flows from the company’s traditional business from 2026 and contribution of investment in H2 ▪ Hydrogen backbone infrastructure investment plan associated with PCI projects ▪ Solid and optimal balance structure, according to credit agency requirements to maintain BBB+ rating
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01 02 03 04 05 06 07 08 53 06 6.8 Growth profile The investment plan will accelerate growth from 2026 53 RAB 2024 2030E x 1.5 ~ €2.1 Bn ~ €2.7 Bn* 2026 2030E ~ €2.7 Bn ~ €2.1 Bn ~ €2.7 Bn* x 1.8 ~ €4.8 Bn ~ €3.1 Bn ~ €4.8 Bn 2024 2030E CAGR ~2.5% 2026 2030E CAGR ~9.5% EBITDA Note*: Does not include investment in BarMar interconnection Cumulative investment to 2030 of €317 M, not including grant receipt, which will be in 2031. Total investment net of subsidy € 234M Natural gas Hydrogen
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2024 RESULTS Strategic update 2025-2030 ESG commitment
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01 02 03 04 05 06 07 08 55 07 7.1 Value chain decarbonisation Decarbonisation as a key element of the ESG strategy 55 Due diligence and sustainability in new investments Decarbonisation of the energy sector Digital, cultural and people transformation ESG STRATEGY Note 1: It includes the actions, goals and resources to ensure a strategy and business model compatible with the transition towards a sustainable economy and with limiting global warming to 1.5ºC as set out in the Paris Agreement, in accordance with the requirements of the new Corporate Sustainability Reporting Directive (CSRD) Note 2: Corporate Sustainability Reporting Directive The 2025-2030 Strategic Update includes all the elements of the company’s1 Transition Plan to mitigate climate change in line with the CSRD2
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01 02 03 04 05 06 07 08 56 07 7.1 Value chain decarbonisation “Net Zero 2040” commitment in our operations 56 Note 1: In accordance with the SBTi (Science Based Targets Initiative) methodology and compatible with limiting global warming to 1.5°C. The emission reduction targets for scopes 1 and 2 include the Global Methane Alliance’s commitment to reduce methane emissions arising from our activity by 45% in 2025 and 60% in 2030, compared to 2015 Note 2: In accordance with the SBTi methodology and aligned with a “well below 2ºC” scenario by 2030 and compatible with limiting global warming to 1.5°C by 2050 Note 3: Reduction of at least 90% of our CO2e emissions and offsetting of residual emissions with nature-based solutions projects Decarbonisation of the value chain (tCO2e)2 The “Net Zero 2040” is maintained Decarbonisation of own operations (tCO2e)1 Emission reduction targets scope 1 and 2 Emission reduction targets scope 3 “Net Zero 2050” commitment across the entire value chain 825,210 752,635 618,910 412,605 82,520 2021 2024 2030 2040 2050 9% 25% 50% 90% Net Zero3 304,760 228,155 151,160 23,160 2018 2024 2030 2040 25% 50% 92% Net Zero3 New “Net Zero 2050” target
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01 02 03 04 05 06 07 08 57 07 ▪ Plan for the implementation of electric motor compressors (EM) in compressor stations and underground storage facilities ▪ Use of biomethane for own consumption (1) ▪ Reduction of methane emissions in accordance with EU Regulation 2024/1787 ▪ Analysis and prevention of hydrogen emissions in the future network Own operations 7.1 Value chain decarbonisation Action plan to achieve decarbonisation commitments 57Note 1: Possible additional measure where feasible from a commercial and regulatory standpoint Value chain ▪ Adaptation of existing infrastructure and development of new hydrogen transmission and storage infrastructures ▪ Development of new logistics chains (with a focus on transport and storage) for other molecules linked to the energy transition (CO2, NH3) ▪ Boosting natural gas, hydrogen and its derivatives in mobility ▪ Collaboration on decarbonisation with affiliates, the supply chain and businesses and industry associations
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01 02 03 04 05 06 07 08 58 07 Digital Transformation Plan Driving towards a more digitalised and resilient energy model, aligned with Enagás’ strategic objectives and the challenges of the energy sector 58 ▪ Hyloop+ Project First primary hydrogen standard in Europe and first renewable gas calibration bench in Spain ▪ Hydrogen Technology Observatory▪ Modernisation and digitalisation of the Third-Party Access Logistics System (SL-ATR) Technological renewal project for processes throughout the natural gas value chain:contracting, scheduling, distributions, balance and settlement ▪ Advanced digital transformation of the transport network SCADA system Technology that is more advanced and integrable with other solutions such as digital twins, location systems, IoT, predictive models, etc ▪ Digital Workplace 3.0 Automation and analytics in the workplace through Microsoft’s Power Platform and AI application with Copilot ▪ BIM implementation and digital twin development Optimising the design, construction and operation of key infrastructures Real-time virtual replica of each infrastructure, facilitating monitoring and predictive analysis ▪ 2025-2027 Cybersecurity Strategic Plan Improve cybersecurity and infrastructure resilience against digital threats and risks 7.2 Digital Transformation Plan Initiative with +40 partners who share and publish knowledge on technologies, throughout the renewable H2 value chain ▪ Modernisation and digitalisation of the Logistics Measurement System (LMS) Adoption of AI models for detection, localisation and measurement improvement Importance of cybersecurity in relation to business resilience and continuity Artificial Intelligence as a disruptive and transformative element of our business
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2024 RESULTS Strategic update 2025-2030 Conclusions
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01 02 03 04 05 06 07 08 60 08 60 Conclusions 2024, a year of key milestones which have significantly improved Enagás’ risk profile and balance sheet Between 2025 and 2030, Enagás will invest 4 billion euros, with 3.1 billion euros earmarked for new investments in renewable hydrogen, which will be the engine of growth for the company 2025: Configuration of the natural gas and hydrogen remuneration models Gas infrastructures will continue to guarantee the security of energy supply, the competitiveness of industry and facilitate decarbonisation Enagás will play a leading role in key infrastructure and services for decarbonisation via Scale Green Energy, including CO2 The investment plan will accelerate growth, with an estimated CAGR of +9.5% between 2026 and 2030 Sustainable dividend policy beyond 2026, aligned with peer companies With the new European Commission, the hydrogen network is more than ever a priority in Europe H2med and the Backbone obtain 100% of the amount applied for the CEF-E funds
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2024 RESULTS Strategic update 2025-2030 Limitation of liability This document may contain market assumptions, information from various sources and forward -looking statements regarding the financial conditions, operating results, business, strategy and plans of Enagás S.A. and its subsidiaries. Such forward-looking statements, information and assumptions are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from such forward-looking statements and assumptions as a result of various factors. Enagás, S.A. makes no representations or guarantees as to the accuracy, completeness or precision of the information contained herein. This report should in no way be taken as a promise or representation as to the past, present or future state of affairs of the company or its group. Analysts and investors are cautioned not to place undue reliance on forward -looking statements, which involve significant assumptions and subjective opinions, and which therefore may not prove to be correct. Enagás does not undertake to update the information contained herein or to correct any inaccuracies it may contain. Nor does it undertake to publicly disclose the results of any revisions that may be made to such forward -looking statements to reflect events or circumstances after the date of this presentation, including, without limitation, changes in Enagás’ business or strategic acquisitions or to reflect the occurrence of unanticipated events or a change in its valuations or assumptions.
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February 2025 Reliable energy for a decarbonised future Thank you very much