Slides
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29 October 2026 9M26 Results
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1. 9M26 group performance 2. Business performance 3. Outlook 9M26 Results Naturgy. Cada día. Everyday
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1. 9M26 group performance 9M26 Results Naturgy. Cada día. Everyday
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4 9M26 Results Naturgy. Cada día. Everyday Consistent delivery on our commitments 1. 9M26 group performance Key highlights Strong operational performance in a volatile environment 9M26 results support further guidance upgrade Robust cash generation despite gas price- driven working capital and one-off Sonatrach payment Solid balance sheet provides flexibility and growth optionality Second 2026 interim dividend of 0.60 €/share payable on 5 November EBITDA (€m) 4,380 9M25: 4,214 (+4%) Net income (€m) 1,758 9M25: 1,668 (+5%) Net debt (€m) 12,307 FY25: 12,317
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5 9M26 Results Naturgy. Cada día. Everyday Energy prices rose further in 3Q on renewed Middle East tensions and supply risks Energy markets evolution1 Source: Platts, Heren, Bloomberg, ICE, OMIE Note: 1. Average prices for the period Iberian electricity pool (€/MWh) CO2(€/t) TTF (€/MWh) JKM (USD/MMBtu) Brent (USD/bbl) Henry Hub (USD/MMBtu) 50 70 90 110 130 Jan. Mar. May. Jul. Sep. 20 40 60 80 Jan. Mar. May. Jul. Sep. 0 50 100 150 200 Jan. Mar. May. Jul. Sep. 2 3 4 5 Jan. Mar. May. Jul. Sep. 5 15 25 Jan. Mar. May. Jul. Sep. 60 70 80 90 Jan. Mar. May. Jul. Sep. 2025 2026 1. 9M26 group performance
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6 9M26 Results Naturgy. Cada día. Everyday 4,214 4,380 267 (42) 78 14 (147) (5) 9M25 Distribution networks Energy management Thermal generation Renewable generation Renewable gases Supply Other adjustments 9M26 EBITDA growth driven by networks and thermal generation EBITDA evolution by business €m 1 Gas regulated tariff (TUR) provisions and higher ancillary services costs Spain electricity networks retroactive adjustments: +€126m Growth: +4% 1. 9M26 group performance Higher margins offset by Oman contract expiry
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7 9M26 Results Naturgy. Cada día. Everyday Solid balance sheet provides flexibility and growth optionality Cash flow and Net debt €m 9M26 9M25 EBITDA 4,380 4,214 Taxes (392) (324) Financial result (459) (400) Other cash items 31 (189) Funds from operations 3,560 3,301 Change in WC (968) 556 Cash flow from operations 2,592 3,857 Investment1 (1,280) (1,389) Tax equity, contributions & subsidies 120 168 Dividends to minorities & other cash items (355) (485) Free cash flow after minorities 1,077 2,151 12,317 12,307 (1,077) (23) 1,090 Net debt FY25 FCF after minorities Perimeter change, FX & others Dividends Net debt 9M26 2 Average cost of debt 4.0% % fixed 60% S&P FFO/ND 29% Notes: 1. Capex as defined in the Alternative Performance Metrics annex;2. Dividends paid net of the associated dividends linked to the Total return swap (€34m) 1. 9M26 group performance
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2. Business performance 9M26 Results Naturgy. Cada día. Everyday
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9 9M26 Results Naturgy. Cada día. Everyday New regulatory frameworks and tariff updates approved in Spain, Chile, Mexico and Argentina Spain: • End of 2021-26 regulatory period amid softer demand – New 2027-32 framework, in place since October, adds stability, downside protection and new incentives for digitalisation, biomethane injection and emissions reduction Mexico: tariff updates and FX appreciation; higher investment in network renewal and new interconnections Brazil: higher demand from power generation amid lower hydro; lower losses and FX appreciation Argentina: new regulatory framework (May 2025) and tariff increases partly offset by FX and inflation Chile: tariff review 2026-29 with full net asset value recognition; stronger supply margins supported by scenario 41 9M25 Spain Mexico Brazil Argentina Chile 9M26 1,342 22 6 32 1,412 Investment (€m) 269 Gas networks (31) EBITDA (€m) Key highlights Includes FX impact: €23m 2. Business performance
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10 9M26 Results Naturgy. Cada día. Everyday Solid underlying growth with new regulatory frameworks in Spain, Panama and Argentina Spain: updated remuneration from new 2026-31 regulatory period and larger remunerated asset base Panama: weather-driven demand growth partly offset by USD depreciation; stepped-up investment in network reliability and substations; new 2026-30 framework in place since September Argentina: 2026-30 electricity tariff review approved in February 2026, incorporating inflation-linked increases, partly offset by FX and cost inflation; 10-year concession renewal secured in 2Q26 168 9M25 Spain Panama Argentina 9M26 756 15 14 953 Investment (€m) 382 Electricity networks Includes FX impact: -€9m EBITDA (€m) Key highlights Electricity networks retroactive adjustments: +€126m 2. Business performance
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11 9M26 Results Naturgy. Cada día. Everyday Largely de-risked position delivers a solid performance against a strong 2025 Energy management EBITDA (€m) Hedging at higher price levels vs. 9M25 Pricing agreement with Sonatrach until 2027 ensures competitive procurement and increases commercial visibility EU confirmed the ban on long-term Russian gas/LNG imports into EU from 2027 Deliveries to non-EU countries permitted in 2027 under an exemption, subject to several cumulative conditions Key highlights 9M25 Volume Scenario & hedging 9M26 718 676 2. Business performance (215) 173 Includes FX impact: -€12m
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12 9M26 Results Naturgy. Cada día. Everyday CCGTs remain structurally key to Spain's security of supply 9M25 Spain LatAm 9M26 523 77 1 601 Thermal generation EBITDA (€m) Investment (€m) Spain: • Higher CCGT output driven by ancillary services and grid stability needs, supporting security of supply and higher renewables penetration • Fleet flexibility and efficiency remain a key competitive advantage LatAm: • Mexico CCGTs: strong operating performance offset by USD depreciation and one-off Hermosillo repair costs • Mexico PPAs: renewals on track for 1Q27 closing expected on similar terms to the current scheme Key highlights 106 2. Business performance Includes FX impact: -€7m
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13 9M26 Results Naturgy. Cada día. Everyday New 473MW added in 9M26 with additional 500MW expected in 4Q26 9M25 Spain USA LatAm Australia 9M26 452 9 16 9 (20) 466 Renewable generation EBITDA (€m) Investment (€m) Spain: • Higher installed capacity and energy prices partly offset by lower hydro • Selective growth focusing on repowering and battery hybridization • Natural hedge with own supply business USA: additional 125MW into operation in 3Q26 LatAm: growth mainly driven by higher wind output in Mexico and FX appreciation Australia: 360MW of new PV capacity commissioned in 2Q26; reported results impacted by non-cash PPA mark-to-market movements Key highlights 371 2. Business performance Includes FX impact: +€5m
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14 9M26 Results Naturgy. Cada día. Everyday TUR provisions and higher ancillary services costs weigh on results Supply EBITDA (€m) Investment (€m) Key highlights Electricity: • Higher ancillary services costs weigh on margins • Impact contained by Naturgy's balanced, vertically integrated position Gas: • Regulated tariff (TUR) margins turned further negative due to the cap on formula increases, leading to provisions – TUR tariff adjustment subject to ordinary court proceedings • Prioritising margin preservation over market share in a competitive environment 500 353 116 9M25 Gas regulated tariff (TUR) Higher ancillary services costs Other 9M26 Gas regulated tariff (TUR) provisions: -€100m 2. Business performance (107) (49) 9
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3. Outlook 9M26 Results Naturgy. Cada día. Everyday
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16 9M26 Results Naturgy. Cada día. Everyday Scenario 2026 Forward curves point to elevated prices into winter Iberian electricity pool (€/MWh) CO2(€/t) TTF (€/MWh) JKM (USD/MMBtu) Brent (USD/bbl) Henry Hub (USD/MMBtu) 50 70 90 110 130 150 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 Oct-26 Nov-26 Dec-26 10 30 50 70 90 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 Oct-26 Nov-26 Dec-26 5 10 15 20 25 30 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 Oct-26 Nov-26 Dec-26 2.0 3.0 4.0 5.0 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 Oct-26 Nov-26 Dec-26 5 35 65 95 125 155 185 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 Oct-26 Nov-26 Dec-26 50 60 70 80 90 100 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 Oct-26 Nov-26 Dec-26 Source: Forwards (26/10/2026) 3. Outlook
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17 9M26 Results Naturgy. Cada día. Everyday Guidance 2026 9M26 results support further guidance upgrade 1.80 DPS 0.60 2nd interim dividend payable 5 November FY26 dividend (€/share)EBITDA (€bn) 5.3 5.5 above 5.6 February Revised July Revised October 3. Outlook Net income (€bn) 1.9 2.1 around 2.2 February Revised July Revised October Net debt (€bn) 13.5 13.0 below 13.0 February Revised July Revised October
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18 9M26 Results Naturgy. Cada día. Everyday Towards 2027 Improved 2027 visibility across key businesses, with balance sheet capacity for value-accretive growth Networks Spain gas 2027-32 framework: model continuity adding new investment incentives and enhanced downside protection Spain electricity: investment cap lift unlocks incremental investment in 2027 -30 vs. former plan LatAm: new regulatory frameworks approved; start of concession retender/extension processes in Brazil and Panama Energy management Earnings visibility from largely hedged position Yamal: deliveries to non-EU countries permitted in 2027 under an exemption, subject to several cumulative conditions Thermal generation Continued strength of CCGTs reinforcing security of supply and supporting higher renewables penetration Capacity payments scheme in progress Renewables +1.0GW additional capacity online during FY26 +2.1GW additional capacity in 2027-30 of which +1.2GW in batteries, enhancing portfolio flexibility and value Supply Commercial policy being adapted to evolving market conditions Estimated impact of the new TUR scheme provisioned for 2027 3. Outlook
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19 9M26 Results Naturgy. Cada día. Everyday Conclusions Higher guidance, greater 2027 visibility and growth optionality 1. Delivery 9M26 results support further guidance upgrade 2. Visibility Improved 2027 visibility across key businesses 3. Optionality Strong balance sheet for disciplined, accretive growth, alongside an attractive dividend 3. Outlook
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9M26 Results Appendix Naturgy. Cada día. Everyday
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9M26 Results 21Naturgy. Cada día. Everyday 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 use30 September 2026 30 September 2025 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 4,380 million Euros 4,214 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, in general, 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 1,329 million = 462 + 58 + 1,199 - 390 Euros 1,280 million = 431 + 59 + 1,227 - 437 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 + Investment payments (growth companies, associated and business units) Euros 1,280 million = 273 + 994 + 13 Euros 1,389 million = 273 + 1,116 + 0 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 its resources and facilitate the comparison of the investment effort between periods. It is made up both of maintenance and growth investments (funds invested in the development or for the expansion of the Group's activities) and in investments, through the acquisition of companies. 21Naturgy. Cada día. Everyday
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9M26 Results 22Naturgy. Cada día. Everyday Appendix Alternative Performance Metrics (ii/iv) 22 Alternative performance metrics Definition and terms Reconciliation of values Relevance of use 30 September 2026 30 September 2025 Net capital expenditure (Net CAPEX) CAPEX - Other proceeds from investing activities Euros 1,160 million = 1,280 - 120 Euros 1,221 million = 1,389 – 168 Measurement of the investment effort in each period in assets of the different businesses, including accrued and unpaid investments, and in assets acquired through subsidiary companies. It allows knowing the investment effort in maintenance and growth investments (resources invested in the development and growth of the Group's activities). Gross financial debt Non-current financial liabilities + Current financial liabilities Euros 17,313 million = 15,832 + 1,481 Euros 17,005 million = 13,815 + 3,190; Comparative information as of December 31 of the previous year: Euros 16,763 million = 13,992 + 2,771 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 12,307 million = 17,313- 4,841 – 165 Euros 12,913 million = 17,005 - 3,999 – 93 Comparative information as of December 31 of the previous year: Euros 12,317 million = 16,763 - 4,357 – 89 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 ) 53.7% = 12,307 / (12,307 + 10,624) 55.3% = 12,913 / (12,913 + 10,423) Comparative information as of December 31 of the previous year: 52.0% = 12,317 / (12,317 + 11,373) 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 419 million = 548 - 129 Euros 393 million = 528- 135 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. Naturgy. Cada día. Everyday
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9M26 Results 23Naturgy. Cada día. Everyday Appendix Alternative Performance Metrics (iii/iv) 23 Alternative performance metrics Definition and terms Reconciliation of values Relevance of use 30 September 2026 30 September 2025 EBITDA / Cost of net financial debt EBITDA / Cost of net financial debt 10.5x =4,380 /419 10.7x = 4,214 / 393 Comparative information as of December 31 of the previous year: 10.1x = 5,334 / 529 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 2.2x = 12,307 / 5,500 2.4x = 12,913 / 5,287 Comparative information as of December 31 of the previous year: 2.3x = 12,317 / 5,334 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 149 million = 2,592 – 1,421 -771 - 251 Euros -785 million= 3,857 – 1,388 - 3,846 + 592 Measure of cash generation to assess the funds available to debt service. Average cost of gross financial debt Cost of borrowings - cost of lease financial liabilities - Other refinancing costs / annual average of the monthly weighted average of the gross financial debt (excluding lease financial liabilities) 4.0% = (548 - 59 - 9)(365/273) / 15,812 3.9% = (528 - 61 - 8) * (365 / 273) / 15,686 Comparative information as of December 31 of the previous year: 3.9% = (708 - 83 - 11) / 15,712 Measure of the effective interest rate of financial debt. This indicator is widely used in capital markets to compare different companies. Naturgy. Cada día. Everyday
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9M26 Results 24Naturgy. Cada día. Everyday Appendix Alternative Performance Metrics (iv/iv) 24 Alternative performance metrics Definition and terms Reconciliation of values Relevance of use 30 September 2026 30 September 2025 Liquidity Cash and other equivalent liquid + Undrawn and fully committed lines of credit Euros 10,378 million = 4,841 + 5,537 Euros 9,580 million = 3,999+ 5,581 Comparative information as of December 31 of the previous year: Euros 9,917 million = 4,357 + 5,560 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 + Dividends paid by the parent company + Discontinued activities expenses Euros 13,371 million = 9,519 + 1,199 + 392 + 462+ 58 + 617 + 1,124 +0 Euros 12,601 million = 8,878 + 1,227 + 324 + 431 + 59 + 582 + 1,100 + 0 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) Naturgy. Cada día. Everyday
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9M26 Results 25Naturgy. Cada día. Everyday Appendix ESG Metrics 25 9M26 9M25 Change Comments Health and safety Frequency Index1 units 0.61 0.41 48.8% The increase in accidents with lost time has been accompanied as well by higher average leave days per accidentSeverity Index2 units 43.6 9.8 - Environment GHG Emissions3 M tCO2 e 10.1 10.0 1.0% Increase explained by higher CCGT production in Spain, coupled with lower nuclear and renewable productionEmission factor t CO2/GWh 246 234 5.1% Emissions-free installed % 47.4 45.3 4.6% Higher overall renewable installed capacity and productionEmissions-free net production % 44.2 42.0 5.2% Interest in people Number of employees4 persons 6,639 6,670 -0.5% Stable workforce evolution during the period Women representation % 37.6% 36.4% 3.3% Advancing in the implementation of gender diversity policies Training hours per employee hours 36.1 27.9 29.4% Growth reflecting increased efforts in Technical and digital training (IA School, Computational Thinking, Data Analytics) Society and integrity Economic value distributed5 €m 13,371 12,601 6.1% Increase mostly explained by higher procurements Complaints received by the ethics committee units 91 87 4.6% Complaints within normal levels Naturgy. Cada día. Everyday Notes: 1. In accordance with ESRS criteria; 2. Calculated for every 1,000,000 working hours; 3. Scopes 1 and 2; 4. Managed workforce; 5. As defined in Alternative Performance Metrics annex
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9M26 Results 26Naturgy. Cada día. Everyday 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 26Naturgy. Cada día. Everyday
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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 Naturgy. Cada día. Everyday