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FY25 Results 18 February 2026
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2 FY25 Results 1. Key highlights 2. Consolidated results FY25 3. Results by business unit 4. Transformation 2018-2025 5. Key themes for 2026 6. Outlook 2026 FY25 Results
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3 FY25 Results FY25 Results 1. Key highlights
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4 FY25 Results 1. Key highlights Key highlights Strong 2025 results, reinforcing track record of consistent delivery Transformation throughout 2018-2025 underpins value creation and credibility Firm commitment to energy transition with gas increasingly recognised as essential Strengthened balance sheet provides strategic flexibility Increased free float and liquidity to return to major indexes Governance adapted to align with long-term objectives and ambitions Guidance 2026 well supported by business fundamentals and risk management
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5 FY25 Results FY25 Results 2. Consolidated results FY25
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6 FY25 Results 2. Consolidated results FY25 Energy markets evolution1 84 77 72 66 1H24 2H24 1H25 2H25 30 38 43 33 1H24 2H24 1H25 2H25 39 87 62 69 1H24 2H24 1H25 2H25 2.2 2.5 3.6 3.4 1H24 2H24 1H25 2H25 11 13 14 12 1H24 2H24 1H25 2H25 64 67 71 77 1H24 2H24 1H25 2H25 Iberian electricity pool (€/MWh) CO2 (€/t) TTF (€/MWh) JKM (USD/MMBtu) Brent (USD/bbl) Henry Hub (USD/MMBtu) Note: 1. Average prices for the period Source: Platts, Heren, Bloomberg, ICE, OMIE
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7 FY25 Results Source: Bloomberg 2. Consolidated results FY25 FX evolution1 1,017 1,025 1,044 1,104 1H24 2H24 1H25 2H25 5.49 6.16 6.29 6.32 1H24 2H24 1H25 2H25 1.08 1.08 1.09 1.17 1H24 2H24 1H25 2H25 18.52 21.13 21.81 21.54 1H24 2H24 1H25 2H25 977 1,067 1,416 1,704 1H24 2H24 1H25 2H25 USD vs. EURBRL vs. EUR ARS vs. EUR CLP vs. EUR MXN vs. EUR Note: 1. Average currency prices except for Argentina as hyperinflationary economy
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8 FY25 Results Guidance achieved despite challenging environment Results reinforce track record of consistent delivery Continued gains in operational efficiency and risk management, improving profitability Strong cash flow and capital discipline drive net debt levels below 2025 guidance Strengthened balance sheet provides strategic flexibility 2. Consolidated results FY25 FY25 results (vs. FY24, €m) EBITDA 5,334 5,365 Dividends 1,676 1,345 Net income 2,023 1,901 Net debt 12,317 12,201 Investment1 2,142 2,280 Taxes & levies 1,272 1,235 Note: 1. Capex as defined in the Alternative Performance Metrics annex
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9 FY25 Results ◼ EUR 63% ◼ USD 11% ◼ LatAm 26% ◼ Gas 56% ◼ Electricity 44% ◼ Networks 50% ◼ Liberalized 50% Currency Activity Business unit EBITDA contribution FY25€m FY24 FY25 Net sales 19,267 19,455 Gross margin 7,702 7,606 EBITDA 5,365 5,334 EBIT 3,549 3,580 Financial result & associates (345) (362) Profit before taxes 3,204 3,218 Income taxes (835) (833) Minorities & discontinued operations (468) (362) Net income 1,901 2,023 2. Consolidated results FY25 Income statement evolution Earnings resilience supported by balanced mix of activities, risks and currencies
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10 FY25 Results Investment 2,142 Rest Renewable generation 771 372 Networks 998 Strong cash flow and disciplined capital allocation Sources & Uses FY25 (€m) Notes: 1. Including tender offer on own shares (€2,332m, 9.1% capital) net of the subsequent share placements on 7 August and 9 October 2025 (5.5% capital) 2. Capex as defined in the Alternative Performance Metrics annex Renewable capacity in operation (GW) By geography ◼ Spain 5.7 ◼ Australia 1.0 ◼ LatAm 0.8 ◼ USA 0.6 By technology ◼ Wind 3.7 ◼ Hydro 2.1 ◼ PV + Storage 2.2 Cogeneration 0.1 Investments mainly in networks and renewables (€m) 8.1 8.1 2. Consolidated results FY25 Capital allocation 4,525 2,142 116 1,676 249 941 131 Sources Uses Cash flow from operations Investment2 Dividends Others Share repurchase1 Net debt increase 4,890 4,890Tax equity, contributions & subsidies 2
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11 FY25 Results Notes: 1. Capex as defined in the Alternative Performance Metrics annex 2. Naturgy internal estimate 3. Reclassification of Chilean renewable generation companies as held for sale with debt deconsolidation (€251m) as well as FX, derivatives and others (€8m) 4. Including tender offer on own shares (€2,332m, 9.1% capital) net of the subsequent share placements on 7 August and 9 October 2025 (5.5% capital) €m FY24 FY25 EBITDA 5,365 5,334 Taxes (663) (774) Financial result (465) (504) Other cash items (303) (145) Funds from operations 3,934 3,911 Change in WC 58 614 Cash flow from operations 3,992 4,525 Investment1 (2,280) (2,142) Tax equity, contributions & subsidies 314 249 Hybrid redemption (500) (169) Dividends to minorities & other cash items (108) (221) Free cash flow after minorities 1,418 2,242 12,201 12,317 (2,242) (259) 1,676 941 Net debt FY24 FCF after minorities Perimeter change & others Dividends Share repurchase net of placements Net debt FY25 4 3 Average cost of debt 3.9% % fixed 66% S&P FFO/ND 27%2 2. Consolidated results FY25 Cash flow and Net debt evolution Financing operations for €11bn in 2025, including bonds, loans and credit lines Solid balance sheet provides strategic flexibility
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12 FY25 Results Final dividend per share increased to account for treasury shares 2. Consolidated results FY25 DPS against year results (€/share) Shareholder remuneration 1.40 1.60 1.70 1.77 FY23 FY24 FY25 2025 total dividend: 1.77 €/share 0.60 1st interim 2025 30 July-25 0.60 2nd interim 2025 5 November-25 0.57 Final 2025 (subject to AGM) 31 March-26 DPS floor
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13 FY25 Results 2. Consolidated results FY25 Delivered 2025 guidance 5,365 above 5,300 5,334 FY24 FY25 guidance FY25 1,901 above 2,000 2,023 FY24 FY25 guidance FY25 1.60 min 1.70 1.77 FY24 FY25 guidance FY25 12,201 around 13,000 12,317 FY24 FY25 guidance FY25 EBITDA (€m) Net income (€m) Net debt (€m) DPS (€/share) Commitment and delivery
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14 FY25 Results FY25 Results 3. Results by business unit
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15 FY25 Results Results impacted by one-offs in 2024 and FX Spain: • Gas: remuneration adjustments according to current regulation and residential demand recovery • Electricity: higher remunerated asset base and retroactive recognition of remuneration from previous years Mexico: regulatory tariff increase offset by FX (-€24m) Brazil: regulatory tariff increase offset by FX (-€22m) Argentina: tariff increase offset by FX (-€94m) and costs inflation; gas distribution remuneration increase 2025-29 approved in April 2025 Chile: comparison affected by TGN one-off provision reversal in 2024; lower supply margins and FX impact (-€23m) Panama: lower demand, tariff adjustments and negative FX impact; opex reflecting ongoing quality upgrade plan Key highlights 64 FY24 TGN provision reversal Spain Mexico Brazil Argentina Chile Panama FY25 2,890 (29) (10) (39) (28) 2,735 (8) EBITDA (€m) Investment (€m) 998 3. Results by business unit Networks (105) Includes FX impact: -€172m
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16 FY25 Results Prioritizing security of supply while building new capabilities that reduce risk and enhance optionality 3. Results by business unit Energy management EBITDA (€m) Evolving gas procurement portfolio focused on long-term security, competitiveness, and a disciplined risk profile • Execution of a long-term US sourced LNG gas procurement agreement with Venture Global starting in 2030, with additional opportunities under evaluation • Contract expiries in 2025: Oman 23TWh and ENI 16TWh • Agreement with Sonatrach on price until 2027 increasing commercial visibility, subject to the customary authorizations Majority of gas exposure hedged in advance Strengthening and expanding downstream capabilities • Commissioning of the world’s first US Jones Act compliant LNG vessel, enabling delivery of US LNG to Puerto Rico • Chartering of the first small-scale LNG vessel dedicated to LNG bunkering supply • Expansion across European gas infrastructure, including Zeebrugge, French underground storage, and entry into the German market Key highlights FY24 Scenario Hedging Other FY25 752 (94) (40) 815197
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17 FY25 Results Essential role of CCGTs in maintaining system stability and security of supply FY24 Spain Special Hydrocarbon Tax LatAm FY25 602 138 (49) 837 3. Results by business unit Thermal generation 146 EBITDA (€m) Investment (€m) 174 Key highlights Spain: • Structural change/shift in the role of CCGTs with strong demand for ancillary services • Largest CCGT fleet in Spain with 7.4GW acting as backbone to energy security • Positive €146m one-off related to the recovery of the Special Hydrocarbon Tax (IEH) borne between 2014 and 2018 following a positive court ruling • Fleet reliability, flexibility and efficiency as key competitive advantage LatAm: • Lower production and margins in Mexico CCGTs • Comparison affected by positive one-off in 2024, related to insurance compensation in Mexico CCGTs
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18 FY25 Results New capacity in operation in Spain with selective renewables growth abroad FY24 Spain USA LatAm Australia FY25 576 (23) 4 (6) 35 586 3. Results by business unit Renewable generation EBITDA (€m) Investment (€m) 771 Key highlights Renewables growth driven by strict financial discipline Investment includes 1.2GW under construction in 2025 expected to become operational by 4Q26 Spain: • Higher prices and installed capacity (+505MW vs. FY24) offset by lower hydro and wind production as well as higher generation taxes • Focused on repowering and battery hybridization to reinforce vertically integrated position USA: entry into operation of the Grimes solar plant (261MW) LatAm: stable production offset by FX Australia: new capacity in operation since 9M24 (+459MW)
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19 FY25 Results Stable volumes and margin pressure partly offset by integrated position and operational efficiency 648 535 3. Results by business unit Supply EBITDA (€m) Investment (€m) 165 Key highlights Electricity: overall sector experiencing lower margins across segments • Naturgy’s 2026 commercial offering adapted to reflect current market conditions Gas: net decline as a result of losses in the regulated tariff (TUR) which cannot be fully offset by stable sales and margin resilience in liberalized sales • The Company has started a judicial process for the recovery of regulated tariff losses (TUR) New digital commercial platform (NewCo): • Fully customized, leveraging GenAI • Simplification of products and processes leading to enhanced client service and efficiency FY24 Electricity Gas 2024 one-offs FY25 (42) (48) (23)
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20 FY25 Results FY25 Results 4. Transformation 2018-2025
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21 FY25 Results 4. Transformation 2018-2025 Key drivers of transformation since 2018 1 Engaged in a responsible energy transition 2 Continued focus on efficiency and derisking 3 Balanced capital allocation and financial discipline 4 Strengthened balance sheet 5 Track record of consistent delivery 6 Created value for shareholders
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22 FY25 Results 4. Transformation 2018-2025 1. Engaged in a responsible energy transition Selective renewables growth with flexible generation to ensure security of supply Note: 1. Includes 1.2GW under construction Renewable capacity in operation (as % of total) 14% 11% 9% 20% 11% 151 107 80% 30% FY18 FY25 FY18 FY25 GHG total emissions (MtCO2eq) Installed generation capacity in operation (GW) FY18 Coal phase out New renewable generation FY25 16.2 (1.8) 5.6 20.0 Renewable generation Renewable generation Flexible Generation CCGTs Flexible Generation CCGTs Coal Nuclear Nuclear 1 No emissions Low emissions High emissions No emissions Low emissions Hydro Wind Solar 1% BESS1% 24% 43%
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23 FY25 Results 4. Transformation 2018-2025 2. Continued focus on efficiency and derisking Note: 1. Based on latest available information Operational excellence and derisking of liberalized activities 36% 25% 35% FY18 FY25 EU peers' average 2,400 1,900Opex (€m) Opex/Margin (%) Simplification LNG hedging at the beginning of each year Balance between generation and fixed-price sales contracts (TWh) FY18 FY25 29% 100% Procurement and supply volumes referenced to the same price indexation 10.3 20.7 12.1 12.6 FY18 FY25 ◼ Inframarginal generation ◼ Fixed-price sales contracts 1 Portfolio simplification focusing on energy transition, regulated and contracted assets OneGrid: sharing of best practices among businesses and countries New digital platform leveraging GenAI: enhancing customer experience and reducing product offering
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24 FY25 Results 4. Transformation 2018-2025 Strong cash flow and disciplined capital allocation 3. Balanced capital allocation and financial discipline Note: 1. Including tender offer on own shares (€2,332m, 9.1% capital) net of the subsequent share placements on 7 August and 9 October 2025 (5.5% capital) Investment criteria Thresholds for investment to ensure returns with spread over WACC Mainly focused on networks and renewables Maintaining BBB rating throughout the period Industrial role with majority control Sources & Uses 2018-25 (€bn) 40.9 16.2 11.7 0.9 8.1 4.0 Sources Uses Cash flow Investment Shareholder remuneration Net debt reduction & hybrid redemption Net share repurchase1 40.9 40.9 Taxes and levies
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25 FY25 Results Low leverage provides strategic flexibility Rating BBB Stable outlook S&P / Fitch Liquidity €9,917m FY25 4. Transformation 2018-2025 4. Strengthened balance sheet Net debt and hybrids (€m) Net debt/LTM EBITDA (x) 15,154 12,317 Jan-18 Dec-25 1,500Hybrids 16,654 12,648 Net debt 3.9x 2.3x Jan-18 Dec-25 331
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26 FY25 Results 4. Transformation 2018-2025 5. Track record of consistent delivery Strategic Plan 2018-2022 €bn Target 2022 FY22 results EBITDA 4.6 5.0 Opex efficiency (vs. 2018) 0.5 0.7 Accumulated shareholder remuneration 6.9 7.2 Net debt 15.1 12.1 Strategic Plan 2021-2025 €bn Target 2025 revised in 1H23 FY25 results EBITDA 4.8 5.1 5.3 Net income 1.6 1.8 2.0 DPS (€/share) 1.2 1.4 1.77 Net debt 16.9 16.0 12.3 Consistent delivery above targets
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27 FY25 Results Improvement of profitability and delivery of unlevered double-digit TSR Notes: Consolidated ratios based on book values 1. ROIC estimated as EBIT after taxes divided by average invested capital (Equity + Net debt) 2. ROE estimated as Net income divided by average Equity in the period (excluding minorities) 3. Based on Bloomberg consensus estimates Total shareholder return (TSR, 2018-25) Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 10.4% Annualized TSR 4. Transformation 2018-2025 6. Created value for shareholders ROIC1 5.0% 11.3% 6.8% 9.1% FY17 FY25 9.2% 21.5% 10.1% 16.4% FY17 FY25 ROE2 European peers average3Naturgy
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28 FY25 Results FY25 Results 5. Key themes for 2026
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29 FY25 Results Fleet reliability, flexibility and efficiency as key competitive advantage 5. Key themes for 2026 Rising value of flexible generation Note: 1. Naturgy estimates Key drivers Structural change/shift in the role of CCGTs in recent years Rising value of flexible generation Spanish system Capacity: 7.4GW in CCGTs + 0.6GW in nuclear Plant location key to provide grid support and voltage control Operational flexibility: ~3,500 starts in 2025 (vs. 700 in 2019) Best in class and most efficient operator (single control center operating entire fleet) Capacity payments assumed from 2027 Naturgy Spain Capacity: 2.6GW Ongoing discussions for PPAs extension in Mexico (2027-35) Lower margins and availability in excess capacity market Naturgy LatAm Spain CCGT production1 (TWh) Production (TWh) 15 11 4 4.4 FY25 FY26E Spain 15.4 19.0 LatAm 13.3 13.9 FY25 FY26E CCGTs Nuclear 26.6 13.413.3 25.4 FY23 FY25 Pool OMIE Ancillary services
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30 FY25 Results 5. Key themes for 2026 Stable volumes and market position; margin pressure contained by integrated position and high % of contracted sales for 2026 Electricity sales (GWh) 12,262 12,100 6,523 6,300 FY25 FY26E 18,785 18,400 Industrial Retail Gas sales (GWh) 17,010 17,000 51,353 50,000 FY25 FY26E 68,363 67,000 Industrial Iberia Retail ~65% ~70% ~75% ~80% % 2026 contracted sales as % of 2025 sales Supply visibility for 2026 Stable market share and volumes to preserve margins amid a highly competitive environment Balanced and vertically integrated position Excellence in client service and efficiency supported by new digital commercial platform • Simplification and reduction in number of energy plans offered from 634 in 2024 to 342 in 2025 • First call resolution improvement from 80% in 2024 to 94% in 2025 • Customer satisfaction levels improved from 9.4 in 2024 to 9.6 in 2025 Margin visibility into 2026 based on the high % of already contracted sales • Electricity: 65% and 70% contracted for industrial and retail segments respectively • Gas: 75% and 80% contracted for industrial and retail segments respectively Limited exposure to lower-margin regulated tariffs in the sales mix Key drivers
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31 FY25 Results Significant reduction in the gas risk profile while maintaining focus on security of supply and optionality 5. Key themes for 2026 Gas volume long-term procurement contracts (TWh) Derisking energy management Agreement with Sonatrach on price until 2027 increasing commercial visibility, subject to the customary authorizations Negligible total gas exposure in 2026 primarily driven by hedging • US volumes fully hedged through 2027, with a significant portion of 2028 already hedged • Residual long procurement position offset by short sales, minimizing net exposure Hedged volumes locked in above current market levels • Active hedging management captures incremental margin without increasing risk • Fleet of 8 LNG tankers and downstream positions provide further optimization potential Long-term procurement strategy prioritizes security of supply and disciplined risk management • Up to 2.0 new bcm under long-term SPA with additional procurement opportunities under evaluation • Proactive management of the upcoming EU ban on Russian gas imports effective 2027 50 52 71 76 39 38 43 6 FY25 FY26E Algeria US Yamal Other 203 172 Key drivers
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32 FY25 Results Improved visibility in electricity networks with expected stability in gas 5. Key themes for 2026 Resilience in networks Spain New regulatory framework 2026-31 with increased financial remuneration to 6.58% and strong adjustment to opex remuneration Investment plan for SP 2025-27 (c. €300-350m/year) subject to approval of Government networks planning One-off retroactive recognition of remuneration from previous years in 2026 New regulatory framework 2027-32 from October 2026 Current parametric formula expected to be maintained with adjustment to remuneration parameters Accelerated biomethane production and distribution (Nedgia distributed 170GWh in 2025, +53% vs. 2024) Gradual rollout of gas-smart meters Electricity distribution Spain Gas distribution Spain RAB (€bn) Opex (€/connection point) Gas demand (TWh) Opex (€/km) 4.5 4.6 FY25 FY26E 1.4 1.2 FY25 FY26E 28 27 FY25 FY26E 119 123 FY25 FY26E Key drivers
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33 FY25 Results 5. Key themes for 2026 Profitable renewables growth driven by selective investments and vertically integrated position in Spain Disciplined development of renewables generation Growing asset base to cover clients decarbonization needs 1.2GW under construction expected to become operational by 4Q26 Group Low-risk, flexible portfolio focused on repowering and battery hybridization Opportunity to capture value from unique, non-replicable power and hydro assets, suitable for data centers and pumped-storage solutions 640MW of additional capacity, +115MW repowering to be fully operational by 4Q26 Spain Additional 360MW to become operational in 2026 Supply via long-term PPAs for 10-15 years Australia Additional 125MW to become operational in 2026 Supply via long-term PPAs for 10-15 years Asset rotation for projects under development USA Capacity in operation (GW) 1.3 3.7 3.9 2.1 3.1 2.2 2.1 2.0 Technology 8.1 9.5 3.7 Wind PV+Hibrid. Hydro BESS Cog. Geography FY25 FY27EFY18 3.1 5.7 6.70.5 0.8 0.80.6 0.71.0 1.3 Spain LatAm USA 8.1 9.5 3.7 Australia FY25 FY27EFY18 Key drivers
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34 FY25 Results 5. Key themes for 2026 Naturgy to become the leading player in biomethane in Spain Ramping up biomethane footprint Source: 1. SEDIGAS Spain biomethane potential estimated at 160TWh or 8x the PNIEC 2030 target of 20TWh Biomethane is an efficient solution to decarbonize the transportation, residential and industrial sectors Gas networks ready to distribute biomethane with no modifications Forthcoming Spanish policy package in 2026 expected to accelerate biomethane production and use for decarbonisation Strong progress in the development of the biomethane portfolio, with more than 75 projects in the pipeline, equivalent to 5.5TWh Investment plan delayed by slow administrative processes (20 environmental authorizations in 2025 vs. 140 plants under review, including 40 from Naturgy) Spain’s biomethane plant evolution1 (#) 12 24 FY24 FY25 Naturgy’s project pipeline >75 >5.5 TWh Naturgy’s projects under permitting 40 3.0 TWh 111 170 FY24 FY25 Nedgia biomethane distribution (GWh) Key drivers
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35 FY25 Results Opportunity to unlock value with very limited capital employed Naturgy’s business model Naturgy’s locations with suitable access or potential for obtaining access to power consumption Location Self-consumption capacity (MW) Renewable 500 CCGTs 400 Pipeline (mainly CCGT) 2,000 Data center Investor Data center Company 100%control Power land sale Additional services (PPAs) Data centers opportunity Spain is one of the fastest-growing DC markets: • Low construction and power costs • Strategic geographical position • Attractive hub for international data traffic Naturgy well positioned to capture opportunities from DC expansion: • Strong presence in thermal generation (8GW) and renewables (5.7GW) in Spain • Multi-energy player with the flexibility to adapt to the final client’s energy scheme • Integrated solutions (combining grid access, energy, and network reliance and redundancy) 5. Key themes for 2026 Investment opportunity
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36 FY25 Results 5. Key themes for 2026 Ordinary tariff reviews across businesses with demand growth Proactive regulatory management in networks LatAm Panama electricity 2022-26 Tariff review 2026-30 with inflation recognition and higher losses recognition Higher demand vs. 2025 and ongoing quality upgrade plan Regulatory period Key drivers Mexico gas 2023-25 Tariff review 2026-30 with inflation recognition Industrial demand recovery vs. 2025 Chile gas 2022-25 Tariff review 2026-29 with full asset value recognition Slight margin contraction in supply due to energy scenario Brazil gas 2023-27 Preparation for concession retender in 2027 Tariff review 2023-27 according to RAB increase Argentina gas & electricity 2023-27 & 2021-25 Gas tariff review 2025-29 approved in April 2025 reflecting inflation Electricity tariff review 2026-30 approved in February 2026 reflecting inflation
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37 FY25 Results Reestablishment of free float leading to increase in stock liquidity Note: 1. Voting rights attributed to CVC 5. Key themes for 2026 Restored free float and liquidity Key developments in FY25 Voluntary tender offer on own shares at 26.50 €/share on 24 June (9.1% of capital) Placement and bilateral sale totalling 9.0% of share capital • Two market placements (ABBs) for an aggregate 5.5% of capital • Bilateral sale of 3.5% of capital to financial institution Return to MSCI indexes on 25 November GIP BlackRock 7.1% placement on 10 December ADTV in January 2026 4.8x above January 2025 26.0% 15.5% 13.8% Corporación Financiera Alba1 5.0% 11.4% 4.1% Free float 23.3% Treasury shares 0.9%
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38 FY25 Results Governance adapted to align with long-term objectives and ambitions 5. Key themes for 2026 Future Board composition Appoint Mr. Lars Bespolka as director by co-option, at the proposal of IFM, increasing its proprietary directors from two to three Indication from BlackRock-GIP that one of its three proprietary directors will resign, reducing the number of its proprietary directors from three to two Renew two proprietary directors whose terms had expired (Jaime Siles - IFM and Ramón Adell - CriteriaCaixa) until 2030 Early renewal of Mr. Francisco Reynés as Executive Chairman until 2030, beyond the current Strategic Plan New Strategic Vision Committee chaired by the Executive Chairman and incorporating representatives of all Board groups 15 members Resolutions regarding governance Executive Chairman Independents
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39 FY25 Results FY25 Results 6. Outlook 2026
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40 FY25 Results 6. Outlook 2026 Energy markets outlook1 72 66 68 66 1H25 2H25 1H26 2H26 43 33 31 30 1H25 2H25 1H26 2H26 62 69 39 65 1H25 2H25 1H26 2H26 3.6 3.4 3.5 3.8 1H25 2H25 1H26 2H26 14 12 11 11 1H25 2H25 1H26 2H26 71 77 79 78 1H25 2H25 1H26 2H26 Iberian electricity pool (€/MWh) CO2 (€/t) TTF (€/MWh) JKM (USD/MMBtu) Brent (USD/bbl) Henry Hub (USD/MMBtu) Note: 1. Average prices for the period Source: Platts, Heren, Bloomberg, ICE, OMIE, FWDs as of 11/02/2026
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41 FY25 Results Note: 1Average currency prices except for Argentina as hyperinflationary economy Source: Bloomberg, FWDs as of 11/02/2026 6. Outlook 2026 FX outlook vs. EUR1 1,044 1,104 1,025 1,031 1H25 2H25 1H26 2H26 6.29 6.32 6.28 6.57 1H25 2H25 1H26 2H26 1.09 1.17 1.19 1.20 1H25 2H25 1H26 2H26 21.81 21.54 20.70 21.10 1H25 2H25 1H26 2H26 1,416 1,704 1,835 2,106 1H25 2H25 1H26 2H26 USD vs. EURBRL vs. EUR ARS vs. EUR CLP vs. EUR MXN vs. EUR
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42 FY25 Results 6. Outlook 2026 Guidance 2026 5,334 above 5,300 FY25 FY26E 2,023 above 1,900 FY25 FY26E 2,142 around 2,100 FY25 FY26E 12,317 around 13,500 FY25 FY26E 1.77 min 1.80 FY25 FY26E DPS (€/share)Net debt (€m) EBITDA (€m) Net income (€m) Investment (€m) Maintaining record results despite complex scenario Note: 1. Does not include proceeds from potential unwinding of TRS or treasury shares 1
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43 FY25 Results 6. Outlook 2026 Closing remarks Strong 2025 results, reinforcing track record of consistent delivery Transformation throughout 2018-2025 underpins value creation and credibility Firm commitment to energy transition with gas increasingly recognised as essential Strengthened balance sheet provides strategic flexibility Increased free float and liquidity to return to major indexes Governance adapted to align with long-term objectives and ambitions Guidance 2026 well supported by business fundamentals and risk management
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44 FY25 Results FY25 Results Appendix
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45 FY25 Results Appendix Alternative Performance Metrics (i/iv) Naturgy'sfinancialdisclosurescontainmagnitudesand metricsdraftedin accordancewith InternationalFinancialReportingStandards(IFRS)and othersthat are basedon the Group'sdisclosure model,referredto as AlternativePerformanceMetrics(APM),whichareviewedas adjustedfigureswithrespectto thosepresentedin accordancewithIFRS. The chosenAPMsare usefulfor personsconsultingthe financialinformationas theyallowan analysisof the financialperformance,cashflowsand financialsituationof Naturgy,and a comparison withothercompanies. Belowis a glossaryof termswiththe definitionof the APMs: Alternative performance metrics Definition and terms Reconciliation of values Relevance of use31 December 2025 31 December 2024 EBITDA EBITDA = Net sales – Procurements + Other operating income – Personnel expenses, net – Other operating expenses + Gain/(loss) on disposals of fixed assets + Release of fixed asset grants to income and other Euros 5,334 million Euros 5,365 million EBITDA (“Earnings Before Interest, Taxes, Depreciation and Amortization”) measures the Group´s operating profit before deducting interests, taxes, depreciations and amortizations. By dispensing with the financial, tax and accounting expenses magnitudes that do not entail a cash outflow, it allows evaluating the comparability of the results over time. It is an indicator widely used in the markets to compare the results of different companies. Operating expenses (OPEX) Personnel expenses + Own work capitalized + Other operating expenses - Taxes Euros 1,986 million = 632 + 80 + 1,879 - 605 Euros 2,028 million = 643 + 80 + 2,001 - 696 Measure of the expenses incurred by the Group to carry out its business activities, without considering taxes. Amount allowing comparability with other companies. Capital expenditure (CAPEX) Investment in intangible assets + Investment in property, plant and equipment + Cash flows from Group company acquisitions, net of cash and cash equivalents Euros 2,142 million = 418 + 1,721 + 3 Euros 2,280 million = 340 + 1,925 + 15 Measure of the investment effort of each period in assets of the different businesses, including accrued and unpaid investments. It allows to know the allocation of the resources, and it eases the comparison of the investment effort between periods. It is made up both of maintenance and growth investments (resources invested in the development or growth of the Group's activities), including investments in Group's company acquisitions, net of cash and cash equivalents. 45
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46 FY25 Results Appendix Alternative Performance Metrics (ii/iv) 46 Alternative performance metrics Definition and terms Reconciliation of values Relevance of use 31 December 2025 31 December 2024 Net capital expenditure (Net CAPEX) CAPEX - Other proceeds from investing activities Euros 1,893 million = 2,142 – 249 Euros 1,966 million = 2,280 – 314 Measurement of the investment effort in each period without considering the assets transferred or contributed by third parties. Gross financial debt Non-current financial liabilities + Current financial liabilities Euros 16,763 million = 13,992 +2,771 Euros 18.022 million = 15,095+ 2,927 Measure of the Group's level of financial debt. Includes current and non-current concepts. This indicator is widely used in capital markets to compare different companies. Net financial debt Gross financial debt – Cash and cash equivalents – Derivative financial assets linked to financial liabilities Euros 12,317 million = 16,763 - 4,357 – 89 Euros 12,201 million = 18,022 - 5,626 – 195 Measure of the Group's level of financial debt including current and non-current items, after discounting the cash and cash equivalents balance and asset derivatives linked to financial liabilities. This indicator is widely used in capital markets to compare different companies. Leverage (%) Net financial debt / (Net financial debt + Equity ) 52.0% = 12,317 / (12,317 + 11,373) 51.1% = 12,201 / (12,201 + 11,653) Measure of the weight of external resources in the financing of business activity. This indicator is widely used in capital markets to compare different companies. Cost of net financial debt Cost of borrowings – Interest income Euros 529 million = 708 - 179 Euros 490 million = 710 - 220 Measure of the cost of financial debt net of income from financial interests. This indicator is widely used in capital markets to compare different companies.
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47 FY25 Results Appendix Alternative Performance Metrics (iii/iv) 47 Alternative performance metrics Definition and terms Reconciliation of values Relevance of use 31 December 2025 31 December 2024 EBITDA / Cost of net financial debt EBITDA / Cost of net financial debt 10.1x = 5,334 / 529 10.9x = 5,365 / 490 Measure of the company's ability to generate operating resources in relation to the cost of financial debt. This indicator is widely used in capital markets to compare different companies. Net financial debt / LTM (last twelve months) EBITDA Net financial debt / EBITDA from the last twelve months 2.3x = 12,317 / 5,334 2.3x = 12,201 / 5,365 Measure of the Group's ability to generate resources to meet financial debt payments. This indicator is widely used in capital markets to compare different companies. Net free cash flow Cash flow generated from operating activities + Cash flows from investing activities + Cash flows from financing activities – Receipts/payments from financial liability instruments Euros -375 million=4,525–1,869- 3,670+639 Euros 73 million = 3,992 – 1,821 - 239 -1,859 Measure of cash generation to assess the funds available to debt service. Free cash flow after non- controlling interests Net free cash flow + Parent company dividends net of colleted by other group companies + Purchase of treasury shares Euros 2,242 million= -375 + 1,676 + 2,332 - 1,374 -17 Euros 1,418 million = 73 + 1,345 + 0 Measure of cash generation corresponding to operating and investment activities. It is used to evaluate funds available to pay dividends to shareholders and to attend debt service. Average cost of gross financial debt Cost of borrowings - cost of lease financial liabilities - other refinancing costs, projectec in annual terms / monthly weighted average of the gross financial debt (excluding lease financial liabilities) 3.9% = (708 - 83 - 11) / 15,712 4.0% = (710 - 85 - 15) / 15,251 Measure of the effective interest rate of financial debt. This indicator is widely used in capital markets to compare different companies.
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48 FY25 Results Appendix Alternative Performance Metrics (iv/iv) 48 Alternative performance metrics Definition and terms Reconciliation of values Relevance of use 31 December 2025 31 December 2024 Liquidity Cash and other equivalent liquid + Undrawn and fully committed lines of credit Euros 9,917 million = 4,357 + 5,560 Euros 11,237 million = 5,626 + 5,611 Measure of the Group's ability to face any type of payment. Economic value distributed Procurements + Other operating expenses (includes Taxes) + Income tax payments + Personnel expenses + Work carried out for fixed assets + Financial expenses + Parent company dividends net of colleted by other group companies + Discontinued activities expenses Euros 17,689 million = 11,849 + 1,879 + 774 + 632 + 80 + 793 + 1,682 + 0 Euros 17,173 million = 11,565 + 2,001 + 663 + 643 + 80 + 842 + 1,357 +22 Measure of the company´s value considering the economic valuation generated by its activities, distributed to the different interest groups (shareholders, suppliers, employees, public administrations and society)
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49 FY25 Results Appendix ESG Metrics 49 FY25 FY24 Change Comments Health and safety Frequency Index1 units 0.46 0.89 -48.3% Naturgy's 24-25 global plan on Health & Safety contributes to improved health & safety ratiosSeverity Index2 units 21.7 32.0 -32.2% Environment GHG Emissions3 M tCO2 e 13.3 11.9 12.1% Strong increase in CCGT production in Spain, particularly in ancillary services Emission factor t CO2/GWh 244 234 4.3% Emissions-free installed % 46.0 43.7 5.3% Higher renewable installed capacity not sufficient to compensate a more thermal production mix in Spain to improve system reliabilityEmissions-free net production % 39.4 43.0 -8.4% Interest in people Number of employees4 persons 6,637 6,812 -2.6% Workforce evolution reflecting continued efficiency efforts Women representation % 36.8% 35.4% 4.0% Advancing in the implementation of gender diversity policies Training hours per employee % 49.6 46.0 7.8% Growth reflecting increased efforts in Technical and digital training (IA School, Computational Thinking, Data Analytics) Society and integrity Economic value distributed5 €m 17,689 17,173 3.0% Increase explained mainly by higher energy prices Complaints received by the ethics committee units 125 117 6.8% Complaints within normal levels Notes: 1. In accordance to OSHA criteria 2. Calculated for every 200,000 working hours 3. Scopes 1 and 2 4. In accordance with consolidation criteria 5. As defined in the Alternative Performance Metrics annex
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50 FY25 Results Appendix • This document is the property of Naturgy Energy Group, S.A. (Naturgy) and has been prepared for information purposes only and contains inside information per the 2014 market abuse regulation. • This communication contains forward-looking information and statements about Naturgy. Such information can include financial projections and estimates, statements regarding plans, objectives and expectations with respect to future results, operations, capital expenditures or strategy. • Naturgy cautions that forward-looking information is subject to various risks and uncertainties, difficult to predict and generally beyond the control of Naturgy. These risks and uncertainties include the current volatile market and regulatory uncertainty, as well as those identified in the documents containing more comprehensive information filed by Naturgy and their subsidiaries in the different supervisory authorities of the securities markets in which their securities are listed and, in particular, the Spanish National Securities Market Commission. • Except as required by applicable law, Naturgy does not undertake any obligation to publicly update or revise any forward-looking information and statements, whether as a result of new information, future events or otherwise. • This document includes certain alternative performance measures (“APMs”), as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority in October 2015. • This document does not constitute an offer or invitation to purchase or subscribe shares, in accordance with the provisions of the restated text of the Securities Market Law approved by Royal Legislative Decree 4/2015, of 23 October and their implementing regulations. In addition, this document does not constitute an offer of purchase, sale or exchange, nor a request for an offer of purchase, sale or exchange of securities, in any other jurisdiction. • The information and any opinions or statements made in this document have not been verified by independent third parties; therefore, no warranty is made as to the impartiality, accuracy, completeness or correctness of the information or the opinions or statements expressed herein. Disclaimer 50
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This presentation is property of Naturgy Energy Group, S.A. ©Copyright Naturgy Energy Group, S.A capitalmarkets@naturgy.com www.naturgy.com Av. de América 38, Madrid