Interim report
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29 October 2025 9M25 Results
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9M25 Results Contents 1. Executive summary 3 2. Key comparability factors 6 3. Consolidated results 7 4. Results by business unit 9 4.1. Distribution networks 9 4.2. Energy markets 13 5. Cash flow 18 6. Financial position 20 7. ESG metrics and highlights 22 Annexes: • Annex I: Financial Statements 24 • Annex II: Communications to the CNMV 36 • Annex III: Alternative Performance Metrics 37 • Annex IV: Contact details 38 • Annex V: Disclaimer 39 2
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9M25 Results 3 1. Executive summary During9M25, gas and electricitypricesremainedhighercomparedto the same periodin 2024, drivenby ongoinggeopoliticaltensionsand macroeconomicuncertainty. These factorscontributedto a decoupling betweengas and oil priceindexes,with oil pricesduringthe periodcomparingbelow9M24 average. During the period, Naturgydelivereda robust EBITDA of €4,214m, maintainingrecord levels in line with 9M24. Thissolidperformancereflectsthe Company’sdiversificationand resilience,witha balancedmix of risks, activities and geographies. Net income for 9M25 reached €1,668m, marking a c. 6% increase compared to 9M24. Naturgy generatedstrong cash flow during the period, maintaininga solid balance sheet despite the €2.3bn share repurchase completed in June 2025. The majority of the repurchased shareshas alreadybeenreallocatedto institutionalinvestorsin the capitalmarkets. Networksdeliveredstable results when excludingone-off items from 9M24, driven by higher regulatory remunerationin Spain electricitydistributionand tariff updates in Latin America, offset by negative FX depreciation in 9M25. Energy management was a key contributor, supported by diversified gas procurementsand proactiverisk management. Thermalgenerationdeliveredstrongresults,particularlyin Spain, driven by higher demand and productionin ancillaryservice markets. This performancehighlights the essentialrole of flexible generationassets – especiallyCCGTs – in maintainingsystem stabilityand security of supply. As renewablespenetrationcontinues to increase, so does the system’s reliance on CCGTs to providecriticalbalancingand supportservices. Naturgy also continuedto expand its installed renewable capacity advancing in decarbonization. Renewables results improved supported by higher installedcapacity,particularlyin Australia. In Spain,higherrenewablecapacitywas offsetby lower hydro and wind output. The supplybusinessexperiencedlower resultscomparedto 9M24, as 9M24 benefited from the favorablejudicialrulingon the collectionof electricitysubsidies. During 9M25, Naturgy invested €1,389m, primarily in distribution networks and selected renewable developments. Renewableinstalledcapacityreached7.8GW, with 1.5GW of additionalcapacitycurrently under construction. Capital disciplineand profitabilityremain a cornerstonein the current environment, maintaininga selectiveapproachto growthin renewables. Net debt as of the end of the firstnine monthsof 2025 stoodat €12,913 million,up from €12,201 million at year-end 2024. The net debt to LTM EBITDA ratio stood at 2.4x, even after the impact of the €2,332 million share repurchase completed in June 2025. As part of Naturgy’s commitment under its 2025– 2027 StrategicPlan, €496 millionof the repurchasedshares were placed on the market on August 4 to enhance the free float of the Company and its share liquidity, and another placement of €879m has followedwiththe same objectiveon October7. 9M25 review Note: 1. As of FY24 1 (€m) 9M25 9M24 Change EBITDA 4,214 4,292 -1.8% Net income 1,668 1,580 5.6% Capex 1,389 1,444 -3.8% Net debt 12,913 12,201 5.8% Free cash flow after minorities 2,151 1,089 97.5%
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9M25 Results 4 Completionof the €2.3bn sharerepurchaseand subsequentplacementsand bilateralsale On 24 June 2025, Naturgy successfullycompleteda voluntarypartialpublic tender offer to repurchase up to 9.1% of its share capital,aimed at restoringthe company’sfree float and enhancingshareliquidity. The offer targeted 88 million shares (9.1% of share capital) at a price of €26.50 per share, totaling €2,332m. All referenceshareholdersparticipated,reducingtheirshareholdingsas intended. Alignedwith the StrategicPlan 2025-27, Naturgy’sobjectivewas to reintroducethe repurchasedshares into the capitalmarketsto improvefree float and liquidity. To this end, the companyexecuteda seriesof transactions. On 4 August2025, Naturgycompleted: • An accelerated bookbuild offering (ABB) of 19,305,000 treasury shares (2% of share capital) to institutionalinvestors. • A bilateral sale of 34,100,000 treasury shares (3.5% of share capital) to an internationalfinancial institution. Both transactionswere priced at 25.9 €/share, reflectingthe tender offer price adjusted for the €0.60 dividendpaid on 30 July 2025. In connectionwith the bilateralsale, Naturgy enteredinto a Total return swap (TRS) with the financial institution,retainingeconomic exposure to these shares. The TRS will be settledin cashand grantsNaturgyexclusivelyeconomicrights. • On 7 October 2025, Naturgy completed a second ABB, placing an additional34,100,000 treasury shares(3.5% of sharecapital)for €879m, againdirectedat institutionalinvestors. Followingthese transactions,Naturgytreasuryshares representapproximately0.9% of its share capital, and the company’sfree floathas increasedto 18.7%, up from 10% priorto the tenderoffer. Through the swift disposal of approximately9% of its share capital and the reduction of reference shareholderstakes, Naturgy has reaffirmedits commitmentto enhancingshare liquidityand increasing freefloat—key stepstowardinclusionin majorstockindices,particularlythoseof the MSCI family. Naturgy’sfirst 2025 interim dividendof 0.60 €/sharewas paid in cash on 30 July 2025; the 2024 final dividendof 0.60 €/sharewas paid in cash on 9 April2025 for a totaldividendof €1.60 per sharein 2024. The 2nd 2025 interim dividendof 0.60 €/shareis payableon 5 November,on track for a minimum total DPS of 1.70 €/sharein 2025. As part of the StrategicPlan 2025-27, Naturgyrevisedits dividendpolicy establishingan annualdividendper sharetrajectoryincreasingfrom a minimumof €1.7 in 2025 to €1.8 in 2026 and €1.9 in 2027, subject to maintaininga BBB credit rating. The final dividendper share will be proportionallyincreasedbasedon the size of the treasurystock as at the end of each year,since treasury shares do not receive dividends and their correspondingamount is redistributedamong the remaining shares.
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9M25 Results 5 Energydemandand commodityprices During the first nine monthsof 2025, averagegas and electricityprices in Europewere higher compared to 9M24, affected by macro-economic uncertainty and geopolitical developments as well as lower temperatures. These factors contributed to a decoupling between gas and oil price indexes, with oil tradingbelow its 9M24 average. In this context,the HH, TTF and JKM comparedon average58%, 26%, and 17% above 9M24, respectively. Also, wholesale electricity prices were 21% higher on average comparedto 9M24. Conversely,averageBrentpricescompared14% belowthe 9M24. Demandhad a mixed evolutionacrossmarkets. Spain’sgas demandremainedstable(-0.3%), while Chile experiencedgrowth of 11.4%. On the other hand, Brazil, Argentina and Mexico showed reductions of 4.7%, 4.3% and 1.1%, respectively. In electricity distribution, Spain posted a 1.5% increase, while Argentinaand Panamadecreasedby 5.3% and 0.4%, respectively. Outlook2025 Based on the company’s solid performance in the first nine months of 2025 and the current energy outlookfor the remainderof the year, Naturgy reaffirmsits guidancethat it can achievean EBITDA and consolidatednet income attributableto the parentcompanyexceeding€5.3bn and €2.0bn, respectively. Furthermore,followingthe recent share placementsNaturgy expectsto end the year with an improved 2025 Net debtpositionof approximately€13.0bn, whichtranslatesinto a 2025 Net debt to EBITDAratio of approximately2.3x. This reflectsthe strongcurrenttradingand performancein 2025 and provideswith valuablebalancesheetflexibilityand optionalitygoingforward.
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9M25 Results 6 2. Key comparability factors Note: 1. Exchange rate as of 30 September 2025 considering Argentina as hyperinflationary economy 1 EBITDA Net income USD/€ 1.12 2.9% -22 -11 MXN/€ 21.80 13.0% -29 -7 BRL/€ 6.32 10.9% -23 -6 ARS/€ 1,621.07 50.0% -59 -25 CLP/€ 1,069.85 5.0% -15 -7 Other - - -5 0 Total - - -153 -56 FX effect (€m) Change (%)9M25 Perimeterchanges There are no significanttransactionscompleted in 9M25 with a relevant impact in comparabilityvs. 9M24 results. Foreignexchangeimpact Exchangeratefluctuationsin the periodare summarizedbelow:
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9M25 Results 7 Net sales totaled€14,586m in 9M25, up 4.8% vs. 9M24, supportedby higherenergyprices both in gas and electricity. ConsolidatedEBITDA reached €4,214m in 9M25, in line with 9M24 record highs. The Group posted strong results supported by higher contribution from liberalized activities, notably in Energy management, benefiting from its diversified procurement sources and proactive hedging of US LNG volumes. Thermalgenerationdeliveredstrongresults,particularlyin Spain,drivenby higherdemand and production in ancillary service markets. This performance highlights the essential role of flexible generationassets– especiallyCCGTs– in maintainingsystemstability. Depreciation,amortization,and impairmentexpensesamountedto €-1,224m for the period,marking a 6.7% increasecomparedto 9M24. Impairmentof creditlossesamountedto €-92m in 9M25. Financialresulttotaled€-400m, a 13.0% increasevs. 9M24. This increaseis mainlyexplainedby positive one-offs in 9M24. Cost of net financialdebt increaseddue to higherfinancialliabilities,despitethe lower averagecost of gross financialdebt in the period (3.9% vs. 4.0% in FY24)1. As of 30 September2025, 66% of grossdebtis at fixedratesand 67% is denominatedin Euros. Equity-accountedaffiliatescontributed€109m in 9M25 as detailedbelow. 3. Consolidated results Note: 1. Both excluding cost from IFRS 16 debt (€m) 9M25 9M24 Change Net sales 14,586 13,924 4.8% EBITDA 4,214 4,292 -1.8% Other results 14 -193 - Depreciation, amortisation and impairment expenses -1,224 -1,147 6.7% Impairment of credit losses -92 -59 55.9% EBIT 2,912 2,893 0.7% Financial result -400 -354 13.0% Profit/(loss) of companies measured under the equity method 109 88 23.9% Income tax -680 -652 4.3% Income from discontinued operations - -22 -100.0% Non-controlling interest -273 -373 -26.8% Net income 1,668 1,580 5.6% Profit/(loss) of companies measured under the equity method 9M25 9M24 Change Qalhat 5 13 -61.5% Electricity Puerto Rico 56 45 24.4% Chile societies 24 19 26.3% Renewable Generation and Cogeneration 1 -4 - Medgaz/Medina 16 13 23.1% Others 7 2 - Total 109 88 23.9% Financial result (€m) 9M25 9M24 Change Cost of net financial debt -393 -368 6.8% Other financial expenses/income -7 14 - Total -400 -354 13.0%
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9M25 Results 8 Income attributed to non-controllinginterests totaled €-273m in 9M25, as exhibited in the following table: The reductionis largelydue to Gas Chile,followingthe positiveimpactfrom the reversalof TGN provisions in 9M24, as well as lower income from LatAm affiliates. Conversely, the reduction in Other equity instruments,which includesaccruedintereston DeeplySubordinatedNotes (hybrids),is explainedby the €500m hybridredemptionwithoutreplacementcompletedin April 2024 and the €169m boughtback in May 2025 as part of a liability management transaction. As of 30 September 2025, the nominal of hybridsoutstandingamountsto €331m. All in all,Net incomereached€1,668m in 9M25, a 5.6% increasecomparedto 9M24. Note: 1. Including LatAmthermal, LatAmand Australia renewables, gas distribution in Brazil, Mexico and Argentina, and electricity distribution in Panama 1 Income attributed to non-controlling interests (€m) 9M25 9M24 Change Spain gas Networks -48 -56 -14.3% Chile gas Networks -79 -146 -45.9% Other affiliates -135 -152 -11.2% Other equity instruments -11 -19 -42.1% Total -273 -373 -26.8% The effectivetax rate for 9M25 stoodat 25.9%, vs. 24.8% in 9M24.
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9M25 Results 4.1. Distribution networks 9 Please refer to Annex for additional P&L disclosure EBITDA decreased -8.2% to €2,087m in 9M25 compared to 9M24, mainly as a result of the positive impact in Chile gas from TGN provision reversal registered in 9M24 (€105m), and FX depreciation in 9M25 (€-128m) compared to 9M24. Spain electricity distribution improvement was driven by a higher asset base and the recognition of higher remuneration that was overdue from previous years. Argentina gas benefited from significant regulatory tariff updates, which were partially offset by FX depreciation and cost inflation. These positives were partly offset by the decrease in Chile gas, as explained by the positive impact from TGN registered in 9M24. In Brazil gas and Argentina electricity, regulatory tariff updates were offset by negative FX impact of €-22m and €-16m respectively. Mexico decreased mainly because of negative FX impact (€-24m), while Spain gas distribution was affected by the annual adjustment in regulated remuneration. Last, Panama electricity showed lower demand due to mild temperatures and higher opex to support the quality upgrade plan. 4. Results by business unit EBITDA (€m) 9M25 9M24 Change Spain gas 583 613 -4.9% Mexico gas 181 208 -13.0% Brazil gas 211 221 -4.5% Argentina gas 114 90 26.7% Chile gas 253 392 -35.5% Spain electricity 565 531 6.4% Panama electricity 159 182 -12.6% Argentina electricity 32 46 -30.4% Holding -11 -10 10.0% Total 2,087 2,273 -8.2%
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9M25 Results 10 Spain gas 9M25 EBITDA reached €583m, down 4.9% vs. 9M24, driven by adjustments from the regulatory framework. Demand was stable, with overall gas sales (excludingLPG)and connectionpointsdecreasingby 0.3% and 0.4% respectivelyvs. 9M24. Mexico gas 9M25 EBITDA reached €181m, a decrease of 13.0% compared to 9M24. This decline is almost fully explained by the negative FX impact (€- 24m), which offset tariff updates. Overall gas sales decreased by 1.1% while connection points grew by +0.7%. Brazil gas 9M25 EBITDA totaled €211m, a decrease of 4.5% compared to 9M24. The inflation-led tariff update in Rio (January ’25) was offset by the negative FX impact, which amounted to €-22m in the period. Overall gas sales decreased by 4.7% when compared to 9M24, while connection points increased by 0.4%. Gas sales (GWh) (-0.9%) Gas connection points (‘000) (+0.1%) 5.333 5.314 1.188 1.193 699 709 1.578 1.589 2.263 2.265 9M24 9M25 Argentina Mexico Chile Brazil Spain 11,061 11,070 116.925 116.560 30.725 29.286 26.982 30.047 39.252 38.833 78.544 75.180 9M24 9M25 Argentina Mexico Chile Brazil Spain 292,428 289,906
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9M25 Results 11 Argentina gas 9M25 EBITDA amounted to €114m, 26.7% higher than in 9M24, reflecting significant tariff increases, compensating for the negative FX impact of €-43m in the period. Overall gas sales decreased by 4.3%, with dispar performance among segments. Generation+TPA and GNV segments decreased by 14.0% and 10.4% respectively, with commercial remaining stable (-0.8%). On the other hand, retail showed moderate growth (+2.0%), while the industrial segment grew significantly (+57.2%). Connection points remained stable (+0.1%). Chile gas 9M25 EBITDA totaled €253m, down 35.5% when compared to 9M24. Comparison is affected by the positive impact from TGN provision reversal registered in 9M24 (€105m). In addition, negative FX impact totaled €-19m in the period. The supply business experienced lower margins when compared to 9M24. Total gas distributed decreased by 4.6%, mainly driven by the retail (-5.9%) and industrial (-3.4%) segments. In the supply activity, gas sales increased by 17.8%, while TPA sales increased by 18.4%. Connection points increased by 1.4%. Gas network (km) (+0.5%) 57.056 57.191 8.402 8.464 8.351 8.430 23.281 23.401 40.282 40.619 9M24 9M25 Argentina Mexico Chile Brazil Spain 137,372 138,105
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9M25 Results 12 Panama electricity 9M25 EBITDA amounted to €159m, down 12.6% vs. 9M24, driven by lower demand caused by warmer temperatures and higher Opex to support the quality upgrade plan. FX impact amounted to €-4m in the period. Electricity sales decreased by 0.4%, while connection points grew by 1.5%. Argentina electricity 9M25 EBITDA amounted to €32m, down 30.4% vs. 9M24, mainly as a result of FX depreciation, impacting €-16m in the period, which offset the positive regulatory tariff updates. Electricity sales decreased by 5.3%, while connection points increased by 1.5% vs. 9M24. Electricity connection points (‘000) (+0.8%) Electricity network (km) (+0.8%) Electricity sales (GWh) (+0.7%) Spain electricity 9M25 EBITDA amounted to €565m, a 6.4% increase vs. 9M24, mainly driven by a higher remunerated asset base and the recognition of higher remuneration that was overdue from previous years. The new regulatory proposal for the period 2026-2031 continues under review. Connection points increased by 0.6% during the period, while electricity sales increased by 1.5%. 19,684 19,979 4,444 4,427 1,635 1,549 9M24 9M25 Argentina Panama Spain 3,852 3,875 786 798 264 268 9M24 9M25 Argentina Panama Spain 115,840 116,419 30,659 31,259 10,339 10,457 9M24 9M25 Argentina Panama Spain 25,763 25,955 4,902 4,941 156,838 158,135
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9M25 Results 4.2. Energy markets 13 Please refer to Annex for additional P&L disclosure The Energy markets businesses posted an aggregate EBITDA of €2,162m, representingan increase of 5.2% whencomparedto 9M24. The first nine months of 2025 have been marked by higher margins in Spain thermal generation and higherrenewableinstalledcapacity,with Energymanagementbenefitingfrom its diversifiedprocurement sources and proactive hedging. LatAm thermal generation and supply activities comparisons were affectedby positiveone-offsregisteredin 9M24. Energy managementbenefitedfrom diversifiedprocurementcontractswhich were aligned with market conditions,proactivehedgingof US LNG volumes,and eliminationof tax levies. Spanishthermalgenerationdeliveredstrong results,drivenby higher demand and productionin ancillary service markets. This performancehighlightsthe essentialrole of flexiblegenerationassets – especially CCGTs – in maintainingsystem stability. As renewablespenetrationcontinuesto increase,so does the system’srelianceon CCGTs to providecriticalbalancingand supportservices. LatAm thermalgeneration results compared below 9M24 due to the lower production and margins in Mexico; in addition, the comparisonwas affectedby the positiveone-off registeredin 9M24, relatedto foregoneprofits. Renewablesgrew supportedby higherinstalledcapacity,which was partiallyoffsetby reducedwind and hydro output in Spain. LatAm remained flat, while Australia grew significantly,benefiting from higher installedcapacity. ContributionfromUnitedStatesincreasedfromhigherinstalledcapacityas well. The Renewable gases business segment, which includes the management of renewable gas projects, remainsat its earlystagesof development. Finally, the comparisonin the Supply business in Spain was affected by 9M24 positive one-offs, in this case relatingto the favorablejudicialruling on the collectionof electricitysubsidies. Furthermore,supply experiencedlowermarginsamid a verycompetitiveenvironment. EBITDA (€m) 9M25 9M24 Change Energy management 718 611 17.5% Thermal generation 523 430 21.6% Spain 304 166 83.1% LatAm 219 264 -17.0% Renewable generation 452 439 3.0% Spain 334 342 -2.3% USA 7 4 75.0% LatAm 60 63 -4.8% Australia 51 30 70.0% Renewable gases -8 -2 - Supply 500 594 -15.8% Holding -23 -16 43.8% Total 2,162 2,056 5.2%
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9M25 Results 14 Gas sales (GWh) (+5.5%) Energy management 9M25 EBITDA reached €718m, 17.5% higher than in 9M24. The activity benefited from its diversified energy sources and proactive hedging of US LNG volumes, gas procurement contracts aligned with market conditions and elimination of tax levies. FX impact amounted to €-7m. Negotiations with Sonatrach for 2025-27 gas procurement prices remain ongoing. Naturgy continues to assess new gas procurement opportunities as a key energy transition enabler. The EU has formally adopted a prohibition on the purchase, import, or transfer, directly or indirectly into the Union, of LNG originating or exported from Russia starting in January 2027 in the case of long terms gas contracts. Total gas sales reached 127TWh, a 5.5% increase vs. 9M24. Thermal generation: Spain 9M25 EBITDA reached €304m, an 83.1% increase vs. 9M24, despite higher maintenance to cope with a more demanding operating regime. The activity benefited from higher demand for flexible generation in ancillary services markets, driven by higher renewables penetration. This demonstrates the critical role of flexible generation assets, which support voltage control, contingency response, and compensate for PV drop-off in the evening at peak demand. In addition, Naturgy has pioneered the implementation of a single remote-control center operating the entire fleet, enabling best in class efficiency and flexibility. Total production increased by 44.3%, with CCGTs increasing by 70.4% and nuclear decreasing by 5.5%. Pool prices increased by 21.0% vs. 9M24, averaging €63.4/MWh in the period. Spain thermal power production (GWh) (+44,3%) Pool Price2 (€/MWh) Pool fwd prices1 (€/MWh) 62.4 63.4 65.3 52.4 Notes: 1. Average price of 1Y ahead forward Spanish base prices in the Iberian Energy Derivatives Exchange (OMIP) in the period 2. Average price in the daily power generation market 3,072 2,902 5,858 9,984 9M24 9M25 CCGTs Nuclear 80,387 82,302 14,095 22,788 25,920 21,930 9M24 9M25 Third parties CCGT LNG 120,042 127,020 8,930 12,866
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9M25 Results CCGTs Nuclear Other 15 9M25 thermal installed capacity (MW) LatAm thermal power production (GWh) (-8.6%)Thermal generation: LatAm 9M25 EBITDA reached €219m, down 17.0% vs. 9M24. This reduction is explained by lower production and margins in Mexico CCGTs. In addition, the comparison was affected by a positive one-off compensation registered in 9M24, related to foregone profits. FX impact amounted to €-8m in the period. Overall production decreased by 8.6%, with Mexican CCGTs production down by 8.5% while production in Dominican Republic decreased by 11.2% compared to 9M24. Renewable generation: Spain 9M25 EBITDA amounted to €334m, down 2.3% vs. 9M24. Higher prices and installed capacity were offset by lower hydro and wind production in the period. Despite investment pace being slowed by permit delays, installed capacity as of 30 September 2025 reached 5,481MW, 243MW higher than in 9M24, of which 49MW wind and 194MW solar capacity. Total production decreased by 8.5%, with hydro and wind decreasing by 13.3% and 11.6%, respectively, while solar increased by 35.2%. Renewable generation: USA 9M25 EBITDA amounted to €7m vs. €4m in 9M24, following the entry into operation of the Grimes solar plant (261MW). Higher revenues were partially offset by higher Opex to attend increased capacity. Total production in 9M25 reached 624GWh (+58.4% vs 9M24). Total renewable installed capacity (MW) (+14.1%) 10,977 10,045 546 485 9M24 9M25 Other CCGTs 1 2,134 2,134 3,378 3,703 1,285 1,870 61 116 9M24 9M25 Others Solar Wind Hydro 11,523 10,530 10,675 92.4% 5.7% 1.9% 6,858 7,823 Note: 1. Includes batteries
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9M25 Results 16 Total renewable production (GWh) (+4.9%) 9M25 renewable installed capacity (MW) (technology) Renewable generation: Australia 9M25 EBITDA amounted €51m, 70.0% higher than in 9M24, driven by additional capacity coming into operation. FX impact reached €-3m in the period. Installed capacity as of 30 September 2025 reached 951MW vs. 492MW in 9M24 (+459MW). Current installed capacity includes 758MW in wind, 128MW in solar and 65MW in battery storage. Overall production reached 1,743GWh in the period, 2.3x above 9M24. Renewable generation: LatAm 9M25 EBITDA reached €60m, a 4.8% decrease vs. 9M24. Higher overall production were offset by negative FX impact (€-6m). Installed capacity reached 828MW as of 30 September 2025, with hydro and solar production increasing by 14.0% and 1.1% respectively, while wind production deceased by 2.7%. Renewable gases The Companycontinuesleadingthe renewablegas developmentsin Spainas a key pillarof decarbonization. Currently,Naturgyhas threebiomethaneproductionprojectsin operationwith 4.1MW of installedcapacity: the Elena Plant, in Cerdanyola del Vallès (Barcelona),which was the first to inject renewable gas from landfillsinto the gas distributionnetwork; the plant locatedat EDAR Bens (wastewatertreatmentplant),in A Coruña, and the Vila-sana plant (Lleida), installed on the Porgaporcs livestock farm. To these plants, Naturgywilladd one additionalplantin Valenciaduring4Q25. In addition, Naturgy has established three partnerships: two with agricultural and livestock waste managementfirms, HispaniaSilva and BioecoEnergías, and a third with the projectdeveloperID Energy,to developbiomethaneplantsacrossSpainuntil2030. Hydro Wind Solar Others 47.3% 27.3%23.9% 1.5% 7,823 1 4,019 3,550 5,075 5,498 1,511 2,101 208 191 9M24 9M25 Others Solar Wind Hydro Note: 1. Includes batteries 10,813 11,340
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9M25 Results 17 Electricity sales (GWh) (+3.6%) Gas sales (GWh) (+0.5%) Supply 9M25 EBITDA reached €500m, down 15.8% vs. 9M24, with the comparison affected by the favorable judicial ruling on the collection of electricity subsidies registered in 9M24 (+€63m). Conversely, the business benefited from the termination of the extraordinary energy levy in Spain. Electricity supply increased its client base, although experienced slight margin contraction, particularly in the SM&E and residential segments due to scenario. Power sales increased by 3.6%, explained by SME and residential segments up +47.6% and +1.8%, respectively, while the industrial segment decreased by 5.6%. Gas supply showed margin resilience in the industrial segment, with lower margins in regulated tariffs (TUR). Gas sales increased by 0.5% vs. 9M24, with SME and residential segments up +13.0% and +4.1%, respectively, while the industrial segment experienced a modest decrease (-0.8%). Total number of contracts decreased vs. 9M24 (- 2.6%). Last, Naturgy successfully completed the transfer of its client base in Spain into a new digital transformative platform, significantly enhancing client service. Contracts (‘000) (-2.6%) 9.919 10.329 37.743 37.444 1.061 1.199 9M24 9M25 SME Industry Residential Spain 48,723 48,972 6.994 7.121 5.205 4.914 1.374 2.028 9M24 9M25 SME Industry Residential Spain 13,573 14,063 3.432 3.329 4.313 4.355 2.882 2.672 9M24 9M25 Services Electricity Gas 10,627 10,356
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9M25 Results 18 Cash flow evolution (€m) Notes: 1. Funds from operations (FFO) 2. Cash flow from operations (CFO) 3. Net of cessions and contributions 4. Dividends paid net of those received by Group companies 5. Tender offer on own shares (€2,332m) net of the 2.0% placement of shares (€496m) completed on 4 August 2025 6. Net Free Cash flow (FCF) Investments (Capex) The breakdown of capex by type and business is exhibited below: FFO remained strong in the period underpinned by stable distribution networks and positive evolution in liberalized activities, delivering a strong FCF after capex and minorities. Net debt increased by €0.7bn during 9M25 to €12,913m as of 30 September 2025 (vs. €12,201m as of FY24), reflecting the net impact (€1,836m) of own shares repurchase completed in June 2025 (€2,332m) and placement made on August 4 for c.€500m. Despite this temporary impact, the company’s balance sheet and liquidity remains robust, providing with substantial flexibility and strength for the implementation of the strategic plan. Maintenance capex in 9M25 amounted to €579m, 15.6% above 9M24 figure. 5. Cash flow EBITDA 9M25 Taxes, fin. & other FFO WC var. CFO Growth capex Maint. capex Div. Min. & other FCF after min. Divid. Treasury shares FCF33 4 556 4,214 3,857 2,151 (785) (570) (651)(913) 3,301 (485) (1,836) 1 2 6 (€m) 9M25 9M24 Change Distribution Networks 375 341 10.0% Energy Markets 194 151 28.5% Rest 10 9 11.1% Total investments 579 501 15.6% Maintenance capex (1,100) 5
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9M25 Results 19 Wind farm in Australia Growth capex in the period representedclose to 60% of totalcapexand amountedto €810m in 9M25. Growthcapexin the periodincluded: ▪ A totalof €251m investedin networksdevelopmentin Spain and LatAm, of which €125m in Spain, €52m in Panama, €23m in Chile, €19m in Argentina,€19m in Mexicoand €13m in Brazil. ▪ A total of €454m invested in the development of various renewableprojects,of which €252m in Spain, €106m in UnitedStatesand €96m in Australia. ▪ €104m in the Supplyactivity. ▪ €1m in renewablegases Naturgy remains committedto selectiverenewablesdevelopmentand has reached 7.8GW of installed capacity as of 30 September 2025. In this respect, close to 1GW of additional capacity came into operationsince the end of 9M24, of which 243MW in Spain, 459MW1 in Australia,and 261MW in the UnitedStates. In the United States, Grimes photovoltaic project (261MW) in Texas, Naturgy’s second plant in this geography, started operations, such that Naturgy’s total installed capacity in the United States has reached563 MW. In addition,the Group has currentlyclose to 1.5GW of renewablecapacity under construction,of which 1.0GW in Spain, 0.1GW in the United States, and 0.4GW in Australia. Out of this capacity,during 4Q25 Naturgy expects to put into operation additional 262MW in Spain. Other projects under construction include Bundaberg (100MW) in Queensland and Glenellen (260MW) in New South Wales, both in Australia,and Mark Centerin the USA,whichare expectedto becomeoperationalin 2026. The Company continues leading the renewable gas developments in Spain as a key pillar of decarbonization. Currently,Naturgy has three biomethaneproductionprojectsin operationwith 4.1MW of installedcapacity: the Elena Plant, in Cerdanyoladel Vallès (Barcelona),which was the first to inject renewable gas from landfills into the gas distribution network; the plant located at EDAR Bens (wastewatertreatmentplant), in A Coruña, and the Vila-sana plant (Lleida),installedon the Porgaporcs livestockfarm. To theseplants,Naturgywilladd one additionalplantin Valenciaduring4Q25. In addition, Naturgy has established three partnerships: two with agricultural and livestock waste managementfirms, HispaniaSilva and Bioeco Energías, and a third with the projectdeveloperID Energy, to developbiomethaneplantsacrossSpainuntil2030. (€m) 9M25 9M24 Change Distribution Networks 251 219 14.6% Energy Markets 559 724 -22.8% Total investments 810 943 -14.1% Growth capex Note: 1. Including batteries
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9M25 Results 20 As of 30 September 2025, Net debt amounted to €12,913m, €0.7bn above year-end 2024 figure (€12,201m), mainly reflectingstrong cash flow generationin the period, offset by the impact of the tender offer on own shares completed in June 2025 for €2,332m (9.1% of the company’s share capital), and the subsequent share placement on 4 August 2025 for c.€500m (2.0% of the share capital). Net debt to EBITDA reached 2.4x as of 30 September 2025, vs. 2.3x as of FY24, which evidences the Group's strong financial position and comfortable leverage. Naturgymaintainsa solidBBB ratingwithstableoutlookunderbothS&P and Fitchratingagencies. 6. Financial position Liquidity Liquidity as of 30 September 2025 remained strong at €9,580m, including €3,999m in cash and equivalentsand €5,581m in undrawnand fullycommittedcreditlines. In addition,the amountavailable underthe ECP programreaches€887m as of 30 September2025. The detailof the Group’scurrentliquidityis exhibitedbelow: Brazil Argentina Mexico Panama Holding & others 9M25 FY24 CLP USD BRL ARS MXN USD EUR/Others Cash and equivalents €m 3,999 5,626 246 109 197 94 149 73 3,131 Undrawn commited credit lines €m 5,581 5,611 - 26 35 - 93 74 5,353 Total €m 9,580 11,237 246 135 232 94 242 147 8,484 Consolidated Group Chile Liquidity In May 2025, Naturgy carried out two bond issuancesunder its EMTN program,each worth €500m, with maturitiesof 6 and 10 years and coupons of 3.375% and 3.875%, respectively. The proceeds were used for a bond tender offer amounting to €831m, with maturitiesbetween 2026 and 2027. Additionally,the proceedswerealsousedto repurchasepartof the perpetualsubordinatednotesfor an amount of €169m. Furthermore,during 2025, bonds under the same program matured for a total amountof €1,201m, withan averagecouponof 1.04%. During the nine-month period ended September 30, 2025, issuances under the ECP program amountedto €579m, with€113m outstandingas of September30, 2025. Bond issuances were also carried out in Chile for €37m with a 5-year maturity and a fixed rate of 3.30%, and €74m with a 10-year maturityand a fixedrateof 3.50% linkedto Unidadde Fomento(UF). In Panama,bonds were issued for €61m with a 5-year maturityand a fixed rate of 7%, and for €48m with a 7-yearmaturityand a floatingrateof 3-monthSOFR + 3.5% margin. Also in Panama,a new USD Club Dealloan has been formalizedfor an amountof $350m over 5 yearsat a SOFR + 3.50%, replacing the previousloanuponits maturitydate. In Spain, Naturgy has formalizeda second tranche of the EuropeanInvestmentBank (EIB) facility for renewable projects for an amount of €250m over 17 years and a floating rate linked to 6-month Euribor. The group continues to work on strengthening its financial profile. In this regard, new financing agreementshave been formalized with credit institutionsin Spain for €2,816m and in international businesses for €402m. Additionally, refinancing operations with credit institutions amounted to €2,115m in Spainand €403m in internationalbusinesses
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9M25 Results Debt structure 21 Credit metrics Note: 1. Does not include cost from IFRS 16 debt 1 Credit metrics 9M25 FY24 EBITDA/Net financial debt cost 10.7 10.9 Net debt /LTM EBITDA 2.4 2.3 Brazil Argentina Mexico Panama Australia Holding & others 9M25 FY24 CLP USD BRL ARS MXN USD AUD EUR/Others Net financial debt €m 12,913 12,201 192 -59 -10 -66 463 906 920 10,567 Average cost of debt % 3.9 4.0 7.5 6.7 14.6 31.1 9.6 7.5 5.8 2.6 % fixed rated (gross debt) % 66 68 56 65 2 - 45 10 92 68 Consolidated Group Chile Financial debt by currency Gross debt maturities (€m) 674 2,815 1,125 2,872 3,089 6,430 2025 2026 2027 2028 2029 2030+ The weightedaverage maturityof the undrawncredit lines stands at over 3.5 years, accordingto the followingdetail: (€m) 2025 2026 2027 2028 2029 2030+ Undrawn commited credit lines 65 648 423 1,350 1,094 2,001
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9M25 Results 22 Health & safety metrics show a significant decrease in accident metrics compared to 9M24, which showed exceptionallyhigh figures. The 2024-25 global plan on Health & Safety launched by Naturgy, withtransversalactions,is contributingto improvethe situation. The increase in GHG emissions, both in absolute and relative terms, is explained by higher CCGT production in Spain, particularly to attend the growing ancillary services demand following April’s blackout. Growth in renewableinstalledcapacityand productionhas allowedto increasethe emissions- free installedcapacityand net production. Naturgycontinuesincreasingits renewableinstalledcapacity in its coremarkets,reaching7.8GW1 of renewableoperationalpoweras of 30 September2025. In terms of governance,the Group continues to progress on gender parity and women representation, whilecomplaintsto the EthicsCommitteeshowa slightincrease,althoughat similarlevelsvs. 9M24. Trainingsper hour shows a slight reductionin the period, explainedby differenttimings of the training programsamongdifferentyears,and evenwithinquartersin the year. Last, ESG targets continue to be a relevant part of managementincentives,reaching20% since 2023, and incorporating four different dimensions including emissions-free installed capacity, employee satisfaction,health& safetyand diversitymetrics. 7. ESG metrics and highlights Note: 1. Including batteries 9M25 9M24 Change Comments Health and safety Frequency Index1 units 0.41 0.99 -58.6% Severity Index2 units 9.8 31.7 -69.0% Environment GHG Emissions3 M tCO2 e 10.0 8.6 16.3% Emission factor t CO2/GWh 234 226 3.5% Emissions-free installed capacity % 45.3 42.2 7.3% Emissions-free net production % 42.0 38.8 8.2% Interest in people Number of employees 4 persons 6,670 6,888 -3.2% Workforce evolution reflecting continued efficiency efforts Women representation 5 % 36.4% 35.0% 4.0% Advancing in the implementation of gender diversity policies Training hours per employee hours 27.9 28.4 -1.6% Stable considering the non-systematic nature of many training programs, which varies each year, and even among quarters within the year Society and integrity Economic value distributed6 €m 12,601 11,730 7.4% Increase explained mainly by higher energy prices Complaints received by the ethics comittee units 87 85 2.4% Complaints in levels similar to previous year Notes: 1. In accordance to ESRS criteria 2. Calculated for every 1,000,000 working hours 6. As defined in Alternative Performance Metrics annex Strong increase in CCGT production in Spain, particularly in ancillary services Naturgy's 24-25 global plan on Health & Safety contributes to improve health & safety ratios 3. Scopes 1 and 2 5. Spain 4. Managed workforce Higher renewable installed capacity and production
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9M25 Results Annexes
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9M25 Results Annex I: Financial Statements Consolidated income statement 24 (€m) 9M25 9M24 Change Net sales 14,586 13,924 4.8% Procurement -8,878 -8,118 9.4% Gross margin 5,708 5,806 -1.7% Operating expenses -790 -780 1.3% Personnel costs -490 -490 - Own work capitalised 59 57 3.5% Other operating income 164 227 -27.8% Taxes -437 -528 -17.2% EBITDA 4,214 4,292 -1.8% Other results 14 -193 - Depreciation, amortisation and impairment expenses -1,224 -1,147 6.7% Impairment of credit losses -92 -59 55.9% EBIT 2,912 2,893 0.7% Financial result -400 -354 13.0% Profit/(loss) of companies measured under the equity method 109 88 23.9% Profit before taxes 2,621 2,627 -0.2% Income tax -680 -652 4.3% Income from discontinued operations - -22 -100.0% Non-controlling interest -273 -373 -26.8% Net income 1,668 1,580 5.6%
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9M25 Results Consolidated balance sheet 25 (€m) 30/09/2025 31/12/2024 Non-current assets 29,374 30,091 Intangible assets 5,829 5,980 Property, plant and equipment 19,190 19,467 Right of use assets 1,157 1,229 Equity-accounted investments 626 647 Non-current financial assets 379 419 Other non-current assets 385 340 Deferred tax assets 1,808 2,009 Current assets 7,912 10,745 Non-current assets available for sale - - Inventories 990 807 Trade and other accounts receivable 2,652 3,841 Other current financial assets 271 471 Cash and cash equivalents 3,999 5,626 TOTAL ASSETS 37,286 40,836 (€m) 30/09/2025 31/12/2024 Equity 10,423 11,653 Equity attributable to the parent company 8,358 9,478 Non-controlling interest 2,065 2,175 Non-current liabilities 19,407 20,954 Deferred revenues 1,224 1,129 Non-current provisions 1,646 1,841 Non-current financial liabilities 13,815 15,095 Deferred tax liabilities 1,852 1,945 Other non-current liabilities 870 944 Current liabilities 7,456 8,229 Liabilities linked to non-current assets available for sale - - Current provisions 388 361 Current financial liabilities 3,190 2,927 Trade and other accounts payable 3,610 4,762 Other current liabilities 268 179 TOTAL LIABILITIES AND EQUITY 37,286 40,836
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9M25 Results Summary cash flow statement 26 (€m) 9M25 9M24 Change EBITDA 4,214 4,292 -1.8% Taxes -324 -295 9.8% Financial result -400 -354 13.0% Other items -189 -435 -56.6% Funds from operations 3,301 3,208 2.9% Change in working capital 556 -233 - Cash flow from operations 3,857 2,975 29.6% Growth capex -651 -691 -5.8% Maintenance capex -570 -495 15.2% Dividends to minorities -117 -100 17.0% Others -368 -600 -38.7% Free cash flow after minorities 2,151 1,089 97.5% Dividends, share buy-back & others -2,936 -865 - Net free cash flow -785 224 -
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9M25 Results 9M EBITDA by business unit 27 (€m) 9M25 9M24 Distribution Networks 2,087 2,273 Spain gas 583 613 Mexico gas 181 208 Brazil gas 211 221 Argentina gas 114 90 Chile gas 253 392 Spain electricity 565 531 Panama electricity 159 182 Argentina electricity 32 46 Holding -11 -10 Energy Markets 2,162 2,056 Energy management 718 611 Thermal generation 523 430 Spain 304 166 LatAm 219 264 Renewable generation 452 439 Spain 334 342 USA 7 4 LatAm 60 63 Australia 51 30 Renewable gases -8 -2 Supply 500 594 Holding -23 -16 Rest -35 -37 TOTAL EBITDA 4,214 4,292
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9M25 Results Results by business unit 1. Distribution networks 28 Spain gas (€m) 9M25 9M24 Change Net sales 740 736 0.5% Procurement -56 -23 - Gross margin 684 713 -4.1% Other operating income 23 25 -8.0% Personnel expenses -38 -38 - Taxes -12 -12 - Other operating expenses -74 -75 -1.3% EBITDA 583 613 -4.9% Depreciation, provisions and other results -191 -195 -2.1% EBIT 392 418 -6.2% Mexico gas (€m) 9M25 9M24 Change Net sales 599 485 23.5% Procurement -376 -239 57.3% Gross margin 223 246 -9.3% Other operating income 11 16 -31.3% Personnel expenses -18 -16 12.5% Taxes -1 -1 - Other operating expenses -34 -37 -8.1% EBITDA 181 208 -13.0% Depreciation, provisions and other results -50 -58 -13.8% EBIT 131 150 -12.7%
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9M25 Results 29 Brazil gas (€m) 9M25 9M24 Change Net sales 799 1,140 -29.9% Procurement -521 -856 -39.1% Gross margin 278 284 -2.1% Other operating income 27 27 - Personnel expenses -17 -14 21.4% Taxes -4 -5 -20.0% Other operating expenses -73 -71 2.8% EBITDA 211 221 -4.5% Depreciation, provisions and other results -49 -49 - EBIT 162 172 -5.8% Argentina gas (€m) 9M25 9M24 Change Net sales 462 443 4.3% Procurement -250 -246 1.6% Gross margin 212 197 7.6% Other operating income 18 13 38.5% Personnel expenses -28 -35 -20.0% Taxes -30 -28 7.1% Other operating expenses -58 -57 1.8% EBITDA 114 90 26.7% Depreciation, provisions and other results -14 -11 27.3% EBIT 100 79 26.6% Chile gas (€m) 9M25 9M24 Change Net sales 621 678 -8.4% Procurement -313 -234 33.8% Gross margin 308 444 -30.6% Other operating income 1 4 -75.0% Personnel expenses -21 -20 5.0% Taxes -4 -3 33.3% Other operating expenses -31 -33 -6.1% EBITDA 253 392 -35.5% Depreciation, provisions and other results -24 -1 - EBIT 229 391 -41.4%
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9M25 Results 30 Spain electricity (€m) 9M25 9M24 Change Net sales 685 642 6.7% Procurement - - - Gross margin 685 642 6.7% Other operating income 21 16 31.3% Personnel expenses -38 -35 8.6% Taxes -18 -17 5.9% Other operating expenses -85 -75 13.3% EBITDA 565 531 6.4% Depreciation, provisions and other results -205 -195 5.1% EBIT 360 336 7.1% Panama electricity (€m) 9M25 9M24 Change Net sales 739 749 -1.3% Procurement -533 -522 2.1% Gross margin 206 227 -9.3% Other operating income 7 5 40.0% Personnel expenses -7 -7 - Taxes -6 -5 20.0% Other operating expenses -41 -38 7.9% EBITDA 159 182 -12.6% Depreciation, provisions and other results -51 -53 -3.8% EBIT 108 129 -16.3% Argentina electricity (€m) 9M25 9M24 Change Net sales 128 147 -12.9% Procurement -71 -68 4.4% Gross margin 57 79 -27.8% Other operating income 17 12 41.7% Personnel expenses -11 -14 -21.4% Taxes -5 -5 - Other operating expenses -26 -26 - EBITDA 32 46 -30.4% Depreciation, provisions and other results -2 -3 -33.3% EBIT 30 43 -30.2%
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9M25 Results 31 2. Energy markets Energy management (€m) 9M25 9M24 Change Net sales 4,727 3,983 18.7% Procurement -3,974 -3,203 24.1% Gross margin 753 780 -3.5% Other operating income 17 15 13.3% Personnel expenses -25 -21 19.0% Taxes -1 -126 -99.2% Other operating expenses -26 -37 -29.7% EBITDA 718 611 17.5% Depreciation, provisions and other results -68 -265 -74.3% EBIT 650 346 87.9% Thermal generation Spain (€m) 9M25 9M24 Change Net sales 1,861 1,101 69.0% Procurement -1,228 -674 82.2% Gross margin 633 427 48.2% Other operating income 2 7 -71.4% Personnel expenses -49 -47 4.3% Taxes -208 -151 37.7% Other operating expenses -74 -70 5.7% EBITDA 304 166 83.1% Depreciation, provisions and other results -110 -94 17.0% EBIT 194 72 - LatAm (€m) 9M25 9M24 Change Net sales 603 602 0.2% Procurement -342 -293 16.7% Gross margin 261 309 -15.5% Other operating income 1 1 - Personnel expenses -17 -16 6.3% Taxes -1 -1 - Other operating expenses -25 -29 -13.8% EBITDA 219 264 -17.0% Depreciation, provisions and other results -47 -61 -23.0% EBIT 172 203 -15.3%
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9M25 Results 32 Renewable generation Spain (€m) 9M25 9M24 Change Net sales 577 563 2.5% Procurement -39 -31 25.8% Gross margin 538 532 1.1% Other operating income 17 11 54.5% Personnel expenses -34 -34 - Taxes -98 -81 21.0% Other operating expenses -89 -86 3.5% EBITDA 334 342 -2.3% Depreciation, provisions and other results -203 -186 9.1% EBIT 131 156 -16.0% USA (€m) 9M25 9M24 Change Net sales 19 8 - Procurement - - - Gross margin 19 8 - Other operating income 5 10 -50.0% Personnel expenses -4 -4 - Taxes -2 -2 - Other operating expenses -11 -8 37.5% EBITDA 7 4 75.0% Depreciation, provisions and other results -26 -7 - EBIT -19 -3 - LatAm (€m) 9M25 9M24 Change Net sales 122 114 7.0% Procurement -34 -20 70.0% Gross margin 88 94 -6.4% Other operating income 9 10 -10.0% Personnel expenses -10 -11 -9.1% Taxes -2 -2 - Other operating expenses -25 -28 -10.7% EBITDA 60 63 -4.8% Depreciation, provisions and other results -19 -24 -20.8% EBIT 41 39 5.1%
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9M25 Results 33 Australia (€m) 9M25 9M24 Change Net sales 78 32 - Procurement -1 - - Gross margin 77 32 - Other operating income 1 - - Personnel expenses -4 -4 - Taxes -1 - - Other operating expenses -22 2 - EBITDA 51 30 70.0% Depreciation, provisions and other results -36 -21 71.4% EBIT 15 9 66.7% Renewable gases (€m) 9M25 9M24 Change Net sales 28 34 -17.6% Procurement -23 -27 -14.8% Gross margin 5 7 -28.6% Other operating income - - - Personnel expenses -8 -5 60.0% Taxes - - - Other operating expenses -5 -4 25.0% EBITDA -8 -2 - Depreciation, provisions and other results -3 -4 -25.0% EBIT -11 -6 83.3% Supply (€m) 9M25 9M24 Change Net sales 5,330 5,118 4.1% Procurement -4,646 -4,340 7.1% Gross margin 684 778 -12.1% Other operating income 8 77 -89.6% Personnel expenses -56 -56 - Taxes -44 -82 -46.3% Other operating expenses -92 -123 -25.2% EBITDA 500 594 -15.8% Depreciation, provisions and other results -166 -165 0.6% EBIT 334 429 -22.1%
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9M25 Results 34 Capex Growth capex (€m) 9M25 9M24 Change Distribution Networks 251 219 14.6% Spain gas 33 29 13.8% Mexico gas 19 23 -17.4% Brazil gas 13 8 62.5% Argentina gas 3 3 - Chile gas 23 20 15.0% Spain electricity 92 85 8.2% Panama electricity 52 37 40.5% Argentina electricity 16 14 14.3% Holding - - - Energy Markets 559 724 -22.8% Energy management - - - Thermal generation - - - Spain - - - LatAm - - - Renewable generation 454 633 -28.3% Spain 252 243 3.7% USA 106 206 -48.5% LatAm - 1 -100.0% Australia 96 183 -47.5% Renewable gases 1 3 -66.7% Supply 104 88 18.2% Holding - - - Rest - - - TOTAL Capex 810 943 -14.1%
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9M25 Results 35 Maintenance capex (€m) 9M25 9M24 Change Distribution Networks 375 341 10.0% Spain gas 53 50 6.0% Mexico gas 35 24 45.8% Brazil gas 28 31 -9.7% Argentina gas 20 13 53.8% Chile gas 13 15 -13.3% Spain electricity 170 158 7.6% Panama electricity 56 50 12.0% Argentina electricity - - - Holding - - - Energy Markets 194 151 28.5% Energy management 4 5 -20.0% Thermal generation 133 93 43.0% Spain 114 71 60.6% LatAm 19 22 -13.6% Renewable generation 36 44 -18.2% Spain 21 36 -41.7% USA - - - LatAm 12 3 - Australia 3 5 -40.0% Renewable gases 1 - - Supply 20 9 - Holding - - - Rest 10 9 11.1% TOTAL Capex 579 501 15.6%
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9M25 Results Annex II: Communications to the CNMV 36 Summarised below are the regulatory disclosures to the Comisión Nacional del Mercado de Valores (CNMV)sinceFY24 results’presentation: InsideInformation ▪ Naturgydisclosesthe reporton earningsfor the firsthalf of 2025 (disclosed23 July 2025, registration number2818). ▪ Naturgy files the presentation on earnings for the first half of 2025 (disclosed 23 July 2025, registrationnumber2819). ▪ Naturgyannouncesthe launch of an acceleratedbookbuildofferingand a bilateralsale (disclosed04 August2025, registrationnumber2865). ▪ Naturgydisclosesthe finaltermsof the acceleratedbookbuildofferingand the bilateralsale (disclosed 05 August2025, registrationnumber2866). ▪ Naturgy announces the launch of an accelerated bookbuild offering (disclosed 06 October 2025, registrationnumber2930). ▪ Naturgy disclosesthe final terms of the acceleratedbookbuildoffering(disclosed06 October 2025, registrationnumber2932). OtherRelevantInformation ▪ Naturgy discloses the first half 2025 financial information (disclosed 1 August 2025, registration number36285). ▪ Naturgy announces its 9M 2025 results release (disclosed 14 October 2025, registrationnumber 37187). Additional regulatory disclosures can be found at: www.cnmv.es www.naturgy.com
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9M25 Results Naturgy’sfinancialdisclosurescontain magnitudesand metrics drafted in accordancewith International FinancialReportingStandards(IFRS) and others that are based on the Group'sdisclosuremodel, referred to as AlternativePerformanceMetrics(APM),which are viewedas adjustedfigureswith respectto those presentedin accordancewith IFRS. Below is a glossaryof terms with the definitionof the APMs (available as wellin our webpage). 37 Annex III: Alternative Performance Metrics 30 September 2025 30 September 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 4,214 million Euros 4,292 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, net + Own work capitalised + Other operating expenses - Taxes Euros 1,280 million = 431 + 59 + 1,227 - 437 Euros 1,270 million = 433 + 57 + 1,308 - 528 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 1,389 million = 273 + 1,116 + 0 Euros 1,444 million = 214 + 1,220 + 10 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. Net capital expenditure (Net CAPEX) CAPEX - Other proceeds from investing activities Euros 1,221 million = 1,389 – 168 Euros 1,186 million = 1,444 – 258 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 17,005 million = 13,815 + 3,190 Euros 17,191 million = 14,347 + 2,844 Comparative information as of December 31 of the previous year: Euro 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 12,913 million de euros = 17,005 – 3,999 – 93 Euros 11,956 million = 17,191 – 5,077 – 158 Comparative information as of December 31 of the previous year: 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) 55.3% = 12,913 / (12,913 + 10,423) 50.3% = 11,956 / (11,956 + 11,834) Comparative information as of December 31 of the previous year: 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 393 million = 528 - 135 Euros 368 million = 527 – 159 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. EBITDA / Cost of net financial debt EBITDA / Cost of net financial debt 10.7x = 4,214 / 393 11.7x = 4,292 / 368 Comparative information as of December 31 of the previous year: 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 2.4x = 12,913 / 5,287 2.2x = 11,956 / 5,454 Comparative information as of December 31 of the previous year: 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 -785 million = 3,857 – 1,388 – 3,846 + 592 Euros 224 million = 2,975 – 1,264 – 217 – 1,270 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 Euro 2,151 million = -785 + 1,100 + 2,332 – 496 Euro 1,089 million = 224 + 865 + 0 – 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% = (529 - 61 - 8) * (365 / 272) / 15,686 4.0% = (527 - 65 - 13) * (365 / 272) / 15,034 Comparative information as of December 31 of the previous year: 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. Liquidity Cash and other equivalent liquid + Undrawn and fully committed lines of credit Euros 9,580 million = 3,999+ 5,581 Euros 10,627 million = 5,077+ 5,550 Comparative information as of December 31 of the previous year: 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 12,601 million = 8,878 + 1,227 + 324 + 431 + 59 + 582 + 1,100 + 0 Euros 11,730 million = 8,118 + 1,308 + 295 + 433 + 57 + 632 + 865 + 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) Relevance of useAlternative performance metrics Definition and terms Reconciliation of values
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9M25 Results CapitalMarkets Avenidade América38 28028Madrid Spain capitalmarkets@naturgy.com Naturgy website: www.naturgy.com 38 Annex IV: Contact details
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9M25 Results This document is the property of Naturgy Energy Group, S.A. (Naturgy) and has been prepared for information purposesonly. This communicationcontains forward-looking informationand statements about Naturgy. Such information can includefinancialprojectionsand estimates,statementsregardingplans,objectivesand expectationswith respectto futureoperations,capitalexpendituresor strategy. Naturgycautionsthat forward-lookinginformationare subject to variousrisks and uncertainties,difficultto predict and generallybeyondthe controlof Naturgy. These risksand uncertaintiesincludethose identifiedin the documents containingmore comprehensiveinformationfiled by Naturgy and their subsidiariesbefore the differentsupervisory authorities of the securities markets in which their securities are listed and, in particular, the Spanish National SecuritiesMarketCommission. Except as required by applicablelaw, Naturgy does not undertakeany obligationto publicly update or revise any forward-lookinginformationand statements,whetheras a resultof new information,futureeventsor otherwise. This document includes certain alternative performance measures (“APMs”), as defined in the Guidelines on AlternativePerformanceMeasures issued by the EuropeanSecuritiesand Markets Authorityin October 2015. For further information about this matter please refer to this presentation and to the corporate website (www.naturgy.com). This document does not constitutean offer or invitationto purchase or subscribeshares, in accordancewith the provisionsof the restated text of the SecuritiesMarket Law approved by Royal LegislativeDecree 4/2015, of 23 Octoberand theirimplementingregulations. In addition,this documentdoes not constitutean offerof purchase,sale or exchange,nor a requestfor an offerof purchase,saleor exchangeof securities,in anyotherjurisdiction. The informationand any opinionsor statementsmade in this documenthave not been verifiedby independentthird parties; therefore, no warranty is made as to the impartiality, accuracy, completeness or correctness of the informationor the opinionsor statementsexpressedherein. 39 Annex V: Disclaimer