Interim report
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29 October 2026 9M26 Results
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9M26 Results Contents 1. Executive summary 3 2. Key comparability factors 5 3. Consolidated results 6 4. Results by business unit 8 4.1. Distribution networks 8 4.2. Energy markets 12 5. Cash flow 17 6. Financial position 19 7. ESG metrics and highlights 21 Annexes: • Annex I: Financial Statements 23 • Annex II: Communications to the CNMV 35 • Annex III: Alternative Performance Metrics 36 • Annex IV: Contact details 37 • Annex V: Disclaimer 38 2
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9M26 Results 3 1. Executive summary Duringthe first nine monthsof 2026, the globalenergylandscaperemainedshapedby the conflictin the MiddleEast,whichcontinuedto affectoil and gas valuechains,LNG infrastructureand transportroutesof global relevancesuch as the Strait of Hormuz. Energy prices remainedelevatedand volatilethroughout the period, with a renewed increase in the third quarter, particularlyin gas and wholesale electricity markets. Uncertaintyregardingthe durationof the conflictand its broadermacroeconomicimplications, includinginflation,interestrates,economicgrowthand FX, remainselevated. In this context,NaturgydeliveredEBITDA of€4,380m in 9M26, an increaseof 3.9% comparedto 9M25. Net incomein 9M26 amountedto€1,758m, up 5.4% comparedto 9M25. This performancereflectsthe Group’sdiversification,operationalresilienceand disciplinedriskmanagement. Distributionnetworks delivered strong growth, underpinnedby the new remunerationframework and larger regulated asset base in Spanish electricitydistributionand tariff updates across Latin American markets, partially offset by lower demand in Spanish gas distribution. Energy Managementremained a key contributorto earnings,supportedby the energy scenarioand hedged sales, while performancewas temperedby the expiry of the Oman contractand a largely de-risked position. Spain thermalgeneration delivereda strong performance,driven by higher CCGT output on the back of strong ancillaryservices demand, highlighting the structural value and flexibility of Naturgy’s generation portfolio. Renewable generationgrew slightly,as additionaloverall installedcapacity,and higher wind output in Mexico, more thanoffsetlowerhydroproductionin Spainand the non-cashmark-to-marketimpactof AustralianPPAs. The Supply business in Spain faced headwinds, with electricity margins under pressure from higher ancillary services costs and the gas segment affected by the cap on TUR formula increases and associatedprovisions. During 9M26, Naturgy invested€1,280m, primarily in distribution networks and selected renewable projects. Total renewableinstalledcapacity reached 8.6GW², with net 473MW added in 9M26 and an additional504MW expectedto become operationalin 4Q26. In the currentmarket environment,capital discipline and profitabilityremain central to the Group’s strategy, and Naturgy continues to pursue a selectiveand value-drivenapproachto renewablegrowth. Net debt at the end of 9M26 stood at€12,307m, broadlystableversus€12,317m at year-end 2025, as strong cash flow generationabsorbedthe increasein workingcapitalamid rising energy prices,the one- off Sonatrachpayment,and the dividendpaymentsin the period. The net debt / LTM EBITDAratioof 2.2x reflects the strength of the balance sheet and provides the Group with significantfinancialcapacity to pursuevalue-accretivegrowthwitha disciplinedapproach. Naturgy paid its first 2026 interim dividend of€0.60 per share in cash on 29 July 2026 and will pay a second2026 interimdividendof€0.60 per sharein cash on 5 November2026, in line with the 2026 DPS targetof€1.80 per share. 9M26 review (€m) 9M26 9M25 Change EBITDA 4,380 4,214 3.9% Net income 1,758 1,668 5.4% Capex 1,280 1,389 -7.8% Net debt 12,307 12,317 -0.1% Free cash flow after minorities 1,077 2,151 -49.9% Note: 2. Includes batteries 1 Note: 1. FY25
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9M26 Results 4 Energydemandand commodityprices Energy prices remained elevated through the third quarter, reflecting persistent geopolitical risk and supplyconcernsfollowingthe outbreakof the Iran war in late February,with gas and wholesaleelectricity pricesrisingfurtherin September. In this context,Brent in 9M26 averaged33% above 9M25, while TTF and JKM averaged11% and 18% above9M25, respectively. HenryHub averaged7% below9M25. Iberianwholesaleelectricitypriceswere on average17% higher than in 9M25, reversingthe declinesobservedin the first half of the year, while CO₂ pricesaveraged9% above9M25. Demandhad a mixed evolutionacrossmarkets. Gas demand: Brazil+17.0%, Mexico +6.7%, Spain -1.9%, Chile -2.0%, Argentina -13.5%. In electricitydistribution,Spain +17.2%, Panama +6.8% and Argentina +2.6%. Outlook2026 Building on its operationaland financial performancein the first nine months of 2026 and the current energyprice and currencyoutlook,Naturgyfurtherupgradesits FY26 guidanceto EBITDA above€5.6bn and consolidatednet incomeattributableto the parentcompanyaround€2.2bn. The Group also expects to closethe yearwithnet debtbelow€13.0bn and confirmsa 2026 DPS of€1.80 per share. Overall, 9M26 results reflect consistent delivery, with Naturgy further upgrading its 2026 guidance. Visibilityinto2027 has improvedacrosskey businesses. At the same time,Naturgy’sstrongbalancesheet providescapacityfor disciplined,value-accretivegrowth,alongsidean attractivedividend.
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9M26 Results 5 2. Key comparability factors Note: 1. Exchange rate as of 30 September 2026 considering Argentina as hyperinflationary economy 1 Perimeterchanges Therewere no materialperimeterchangesin 9M26 thataffectcomparabilitywith9M25 results. Foreignexchangeimpact Exchangeratefluctuationsin the periodare summarizedbelow: EBITDA Net income USD/€ 1.16 3.9% -29 -17 MXN/€ 20.20 -7.3% 18 5 BRL/€ 5.98 -5.4% 15 5 ARS/€ 1,723.28 6.3% -10 -5 CLP/€ 1,052.45 -1.6% 4 1 AUD/€ 1.65 -5.4% 2 -2 Other - - 0 0 Total - - - -13 FX effect (€m) Change (%)9M26
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9M26 Results 6 Naturgy delivered a solid increase in EBITDA in 9M26 (€4,380m, +3.9% YoY), supported by a strong performanceof regulatedactivitiesand thermalgeneration,which more than offset lower contributions from Supplyand Energymanagement. Distribution networks delivered EBITDA growth, underpinned by the new regulation framework and larger regulatedasset base in Spanish electricitydistribution,which also includes€126m of retroactive adjustments relating to prior regulatory periods, and tariff updates across Latin American markets, particularlyin Mexico,togetherwith higherdemandand FX impactin Brazil. These effectswere partially offsetby lowerdemandand remunerationadjustmentsin Spanishgas distribution. In liberalized activities, Energy management remained a key contributor to earnings, supported by hedgedsalesat higherpricesvs. 9M25 and the Sonatrachagreement,whileperformancewas tempered by the expiry of the Oman contract and a largely de-risked position. Thermal generation in Spain deliveredstrong results,driven by higher CCGT output on the back of strong ancillaryservicesand grid stability needs. Renewable generation grew slightly, as higher installed capacity and market prices in Spain,togetherwith new capacityin Australiaand the USA, and higherwind outputin Mexico,more than offset lower hydro productionin Spain and the non-cash mark-to-market impact of PPAs in Australia. Finally,the Supplybusinessin Spainfacedheadwinds,withelectricitymarginsunderpressurefromhigher ancillaryservicescosts,and the gas segmentaffectedby margin pressurefollowingthe cap on the TUR formulaincreases,withassociatedprovisionsrecognized(€-100m). Depreciation,amortizationand impairmentexpensesamountedto€-1,206m in the period,representing a 1.5% decreasecomparedto 9M25. Impairmentof creditlossesstoodat€-85m in 9M26. The financialresult totalled€-459m, an increaseof 14.8% vs. 9M25, mainly reflectinga higher cost of net financialdebt, lower capitalisationof interestand, to a lesserextent,negativeexchangedifferences. The average cost of gross financial debt remained broadly stable during the period (4.0% vs. 3.9% in FY251). As of 30 September2026, the Group maintainsa well-balanceddebt structure,with 60% of gross debt at fixedratesand 68% denominatedin euros,providingstabilityagainstinterestrateand FX volatility. 3. Consolidated results Note: 1. Both excluding cost from IFRS 16 debt (€m) 9M26 9M25 Change Net sales 15,374 14,586 5.4% EBITDA 4,380 4,214 3.9% Other results 3 14 -78.6% Depreciation, amortisation and impairment expenses -1,206 -1,224 -1.5% Impairment of credit losses -85 -92 -7.6% EBIT 3,092 2,912 6.2% Financial result -459 -400 14.8% Profit/(loss) of companies measured under the equity method 96 109 -11.9% Income tax -679 -680 -0.1% Income from discontinued operations - - - Non-controlling interest -292 -273 7.0% Net income 1,758 1,668 5.4% Financial result (€m) 9M26 9M25 Change Cost of net financial debt -419 -393 6.6% Other financial expenses/income -40 -7 - Total -459 -400 14.8%
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9M26 Results 7 Income attributed to non-controlling interests totalled€-292m in 9M26, a 7.0% increase vs. 9M25, mainlyreflectingthe strongerperformanceof LatAmaffiliates,as shownin the tablebelow. The“Other equityinstruments”captionincludesaccruedintereston deeplysubordinatednotes (hybrids) and reflects the €169m hybrid redemption without replacement completed in May 2025. As of 30 September2026, the nominalamountof hybridsoutstandingstoodat€331m. All in all, net income reached€1,758m in 9M26, representing a 5.4% increase compared to 9M25, primarilydrivenby the improvementin operatingperformance,despitehigherfinancialexpensesand non- controllinginterests. Note: 1. Including LatAm thermal, LatAm and Australia renewables, gas distribution in Brazil, Mexico and Argentina, and electricity distribution in Panama 1 Income attributed to non-controlling interests (€m) 9M26 9M25 Change Spain gas Networks -43 -48 -10.4% Chile gas Networks -84 -79 6.3% Other affiliates -156 -135 15.6% Other equity instruments -9 -11 -18.2% Total -292 -273 7.0% The effectivetax rate for 9M26 stoodat 24.9%, vs. 25.9% in 9M25. Equity-accountedaffiliatescontributed€96m in 9M26 as detailedin the followingtable. Profit/(loss) of companies measured under the equity method 9M26 9M25 Change Qalhat 2 5 -60.0% Electricity Puerto Rico 56 56 - Chile affiliates 25 24 4.2% Renewable Generation and Cogeneration -4 1 - Medgaz/Medina 15 16 -6.3% Others 2 7 -71.4% Total 96 109 -11.9%
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9M26 Results 4.1. Distribution networks 8 Please refer to Annex for additional P&L disclosure Distribution networks businesses once again demonstrated their role as a stable and resilient contributor to group earnings in 9M26, supported by regulatory stability, solid demand dynamics across geographies and disciplined cost management. EBITDA increased by 12.8% year-on-year to€2,354m. In Spain, electricity distribution performance was supported by a higher remunerated asset base and the remuneration framework applicable to the 2026–31 regulatory period, as well as from non-recurring adjustments from previous years (€+126m). By contrast, gas distribution in Spain was impacted by softer demand and remuneration adjustments under the current framework. Looking ahead, the new 2027–32 regulation framework for gas distribution Spain, in place since October 1st, reinforces the strategic role of gas networks, enhancing stability and providing downside protection against demand variations. The framework preserves the parametric remuneration model and introduces additional incentives linked to digitalization, biomethane injection and emissions reduction. In Latin America, performance remained strong overall. In Mexico, tariff updates and peso appreciation supported growth, while in Brazil higher demand from power generation amid lower hydro availability, lower losses and BRL appreciation contributed to margin expansion. Gas Chile benefited from stronger supply margins supported by scenario; a tariff review for the 2026-29 period, with full net asset value recognition, has been approved. Evolution in Panama electricity reflects weather-driven demand growth, partly offset by USD depreciation, while in Argentina both gas and electricity distribution were supported by tariff updates, partially offset by the depreciation of the Argentine peso and cost inflation. Foreign exchange movements — particularly the depreciation of the US dollar and the Argentine peso, coupled with the appreciation of the Mexican peso and Brazilian real — had a net positive impact of€14m on EBITDA in the period. 4. Results by business unit EBITDA (€m) 9M26 9M25 Change Spain gas 552 583 -5.3% Mexico gas 222 181 22.7% Brazil gas 233 211 10.4% Argentina gas 120 114 5.3% Chile gas 285 253 12.6% Spain electricity 733 565 29.7% Panama electricity 174 159 9.4% Argentina electricity 46 32 43.8% Holding -11 -11 - Total 2,354 2,087 12.8%
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9M26 Results 9 Spain gas 9M26 EBITDA reached €552m, down 5.3% vs. 9M25, primarily impacted by softer demand and downward remuneration adjustments under the 2021–26 regulatory framework. The new 2027–32 regulatory framework, in place since October 1st, reinforces the strategic role of gas networks, enhancing stability and providing downside protection against demand variations. The framework preserves the parametric remuneration model and introduces additional incentives linked to digitalization, biomethane injection and emissions reduction. Overall gas sales (excluding LPG) and connection points decreased by 1.9% and 0.5% respectively vs. 9M25. Mexico gas 9M26 EBITDA reached €222m, up 22.7% vs. 9M25, primarily driven by regulatory tariff updates and, to a lesser extent, a positive FX impact of €15m. Higher investments in network renewal and new interconnections are being implemented. Overall gas sales and connection points increased by 6.7% and 0.9% respectively vs. 9M25. Brazil gas 9M26 EBITDA totaled €233m, an increase of 10.4% vs. 9M25. This performance was primarily driven by higher demand from power generation, reflecting lower hydro availability, together with lower losses and the appreciation of the Brazilian real(€14m in the period). Overall gas sales increased by 17.0% when compared to 9M25, while connection points increased by 0.8%. Gas sales (GWh) (-0.7%) Gas connection points (‘000) (+0.1%) 5,314 5,285 1,193 1,202 709 718 1,589 1,603 2,265 2,268 9M25 9M26 Argentina Mexico Chile Brazil Spain 11,07611,070 116,560 114,306 29,286 34,269 30,047 32,947 38,833 41,436 75,180 65,047 9M25 9M26 Argentina Mexico Chile Brazil Spain 288,005289,906
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9M26 Results 10 Argentina gas 9M26 EBITDA amounted to €120m, up 5.3% vs. 9M25. Tariff increases under the five-year regulatory review were partially offset by the depreciation of the Argentine peso (€-7m) and cost inflation. Overall gas sales declined by 13.5% vs. 9M25. Connection points were fairly stable (+0.1%). Chile gas 9M26 EBITDA totaled €285m, up 12.6% when compared to 9M25. Earnings were supported by the tariff review 2026-29 with full net asset value recognition, which enhances medium-term visibility and by stronger supply margins underpinned by the energy scenario. FX impact reached€1m in the period. Total gas distributed decreased by 2.0%. In the supply activity, gas sales decreased by 4.3%, while TPA sales increased by 15.2%. Connection points increased by 1.3%. Gas network (km) (+0.4%) 57,191 57,266 8,464 8,526 8,430 8,518 23,401 23,506 40,619 40,837 9M25 9M26 Argentina Mexico Chile Brazil Spain 138,105 138,653
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9M26 Results 11 Panama electricity 9M26 EBITDA amounted to €174m, up 9.4% vs. 9M25. Growth was mainly supported by weather-driven demand growth, which was partially offset by negative FX impact (€-6m). Stepped-up investment plan is focused on substations and network reliability projects. The new 2026-30 framework is in place since September. Electricity sales increased by 6.8%, while connection points grew by 2.0%. Argentina electricity 9M26 EBITDA amounted to €46m, up 43.8% vs. 9M25, benefiting from the new tariff framework for the 2026–2030 period, approved in February, which incorporates inflation-linked increases. This positive performance was partially offset by adverse FX impact(€-3m) and cost inflation. In 2Q26 Naturgy secured a 10-year concession extension in Energía San Juan. Electricity sales increased by 2.6%, while connection points increased by 1.1% vs. 9M25. Electricity connection points (‘000) (+0.7%) Electricity network (km) (+0.7%) Electricity sales (GWh) (+14.5%)Spain electricity 9M26 EBITDA amounted to €733m, a 29.7% increase vs. 9M25. Performance benefited from the continued expansion of the regulated asset base, and the new remuneration framework for the 2026–2031 regulatory period, which introduced a 100bp increase in the financial remuneration rate to 6.58%. In addition, reported growth includes €126m net one-off retroactive adjustments from prior regulatory periods. Connection points increased by 0.5% during the period, while electricity sales increased by 17.2%. 19,979 23,410 4,427 4,726 1,549 1,590 9M25 9M26 Argentina Panama Spain 3,875 3,893 798 814 268 271 9M25 9M26 Argentina Panama Spain 116,419 116,804 31,259 31,800 10,457 10,580 9M25 9M26 Argentina Panama Spain 25,955 29,726 4,941 4,978 158,135 159,184
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9M26 Results 4.2. Energy markets 12 Please refer to Annex for additional P&L disclosure The Energy Markets businessesdeliveredaggregateEBITDA of€2,068m, representinga 4.3% decrease compared to 9M25, mainly reflecting a more challengingenvironmentin the Spanish supply business, which includes€100m of TUR relatedprovisions,as well as the terminationof the Oman contractand its contributionto the EnergyManagementactivity. Energy Management remained a key contributor to earnings supported by the energy scenario and hedged sales at higher prices vs. 9M25, while performancewas tempered by the expiry of the Oman contractand its associatedvolume. Thermalgenerationin Spain deliveredstrongresults,followinghigherCCGT output,which was drivenby ancillary services and grid stability needs, supporting security of supply and higher renewables penetration. Thermal generation in LatAm was stable, with operational improvementsoffsetting USD depreciation(€-7m) and one-off HermosilloCCGTplantrepaircosts. Renewablegenerationin Spain grew following higher installedcapacity and energy prices, which offset lower hydro production. UnitedStatesshoweda positiveevolutionduringthe period,supportedby higher installed capacity. Growth In LatAm was mainly driven by higher wind output in Mexico and FX appreciation,while in Australiareportedresults continueaffectedby the negativenon-cash PPAs mark- to-marketvaluation,offsettinghigherinstalledcapacity. The Renewable Gases business segment, which encompasses the development and management of renewablegas projects,remainsat an earlystageof development. Finally,the Supply businessin Spain continuesfacing margin pressure,with electricitymargins declining due to higher system costs, while the gas supply segmentcontinuesseeing pressurein the TUR margins due to the cap on formula increases, leading to provisions(€-100m). EBITDA (€m) 9M26 9M25 Change Energy management 676 718 -5.8% Thermal generation 601 523 14.9% Spain 381 304 25.3% LatAm 220 219 0.5% Renewable generation 466 452 3.1% Spain 343 334 2.7% USA 23 7 - LatAm 69 60 15.0% Australia 31 51 -39.2% Renewable gases -7 -8 -12.5% Supply 353 500 -29.4% Holding -21 -23 -8.7% Total 2,068 2,162 -4.3%
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9M26 Results 13 Gas sales (GWh) (-6.1%) Energy management 9M26 EBITDA reached €676m, 5.8% lower than in 9M25. Results benefited from the scenario and hedged sales at higher prices vs. 9M25 as well as the Sonatrach agreement, which ensures competitive procurement and increases commercial visibility until 2027. Higher margins havebeenoffsetby Omancontractexpiry. In relation to the EU ban on long-term Russian Gas/LNG from 2027, deliveries to non-EU countries are permitted in 2027 under an exemption, subject to several cumulative conditions. Total gas sales reached 119,265GWh, a 6.1% reduction vs. 9M25. Thermal generation: Spain 9M26 EBITDA reached €381m, up 25.3% vs. 9M25. Higher CCGT output was driven by ancillary services and grid stability needs, supporting security of supply amid higher renewables penetration. Fleet flexibility and efficiency remain a key competitive advantage for Naturgy. Total production increased by 8.4%, with CCGTs growing by 11.9% and nuclear decreasing by 3.7%. Pool prices increased by 16.9% vs. 9M25, averaging€74.1/MWh in the period. Spain thermal power production (GWh) (+8.4%) Pool Price2 (€/MWh) Pool fwd prices1 (€/MWh) 63.2 74.1 62.4 63.4 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 2,902 2,796 9,984 11,175 9M25 9M26 CCGTs Nuclear 82,302 68,811 22,788 25,166 21,930 25,288 9M25 9M26 Third parties CCGT LNG 127,020 119,265 12,886 13,971
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9M26 Results CCGTs Nuclear Other 14 9M26 thermal installed capacity (MW) LatAm thermal power production (GWh) (+1.5%) Thermal generation: LatAm 9M26 EBITDA reached €220m, stable vs. 9M25 (+0.5%). Mexico CCGTs strong operating performance was offset by USD depreciation and one-off Hermosillo repair costs. FX impact reached€-7m. Renewal of Mexico PPAs on track for 1Q27, with closing expected on similar terms to the current scheme. Overall production increased by 1.5%, with Mexican CCGTs production growing by 0.8% and Dominican Republic growing by 15.5%. Renewable generation: Spain 9M26 EBITDA amounted to €343m, a 2.7% increase vs. 9M25. Higher installed capacity and energy prices were partly offset by lower hydroelectric production. Naturgy remains focused on selective growth, with efforts directed towards repowering and battery hybridization to reinforce its vertically integrated position. In addition, Naturgy benefits from a natural hedge with its own supply business. Installed capacity reached 5,731MW as of 30 September 2026, a net increase of 250MW versus 9M25. Total production decreased by 2.9%, after a quarter with low hydro production. Hydro production decreased by 15.2% in the year while wind remained stable vs 9M25. On the other hand, solar increased by 28.1% in the period. Renewable generation: USA 9M26 EBITDA amounted to €23m vs. €7m in 9M25, driven by higher production, the full-period contribution of the Grimes solar plant (in operation since May 2025) and the entry into operation of the Mark Center solar plant (125MW) in 3Q26. Installed capacity as of 30 September 2026 accounts for 688MW. Total production in 9M26 reached 854GWh (+36.9% vs. 9M25). Total renewable installed capacity (MW) (+9.4%) 10,045 10,127 485 560 9M25 9M26 Other CCGTs 1 2,134 2,134 3,703 3,697 1,870 2,617 116 110 9M25 9M26 Others Solar Wind Hydro 10,530 10,687 10,675 92.4% 5.7% 1.9% 7,823 8,558 Note: 1. Includes batteries
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9M26 Results 15 Total renewable production (GWh) (+2.5%) 9M26 total renewable installed capacity (MW) (technology) Renewable generation: Australia 9M26 EBITDA reached €31m, a 39.2% decrease compared to 9M25. This reduction is mostly explained by the non-cash mark to market evolution of the existing PPAs, which has offset contribution from new installed capacity and a positive€2m FX impact. Installed capacity as of 30 September 2026 reached 1,311MW, 360MW higher than in 9M25 after the Bundaberg and Glenellen solar plants came into operation during 2Q26. Current installed capacity includes 758MW in wind, 488MW in solar and 65MW in battery storage. Overall production reached 1,850GWh in the period, a 6.1% increase vs. 9M25. Renewable generation: LatAm 9M26 EBITDA reached €69m, a 15.0% increase vs. 9M25, supported by increased production in Mexican wind assets, coupled with a €3m of positive FX impact. Installed capacity stands at 828MW as of 30 September 2026. Overall production increased by 12.9%, with wind production increasing by 34.3%, while hydro and solar production decreased by 10.9% and 1.6%, respectively. Renewable gases The Companycontinuesleadingthe renewablegas developmentsin Spainas a key pillarof decarbonization. Currently,Naturgyhas four biomethaneproductionprojectsin operationwith 6.6MW of installedcapacity. Productionin 9M26 reached5.8GWh,a 20.0% increaseover9M25. Naturgy continues to strengthen the development of biomethane plants through its three strategic agreementswith HispaniaSilva,BioecoEnergíasand ID Energy. Thesepartnershipscontinueto advancethe permittingand developmentof biomethaneprojectsthroughoutSpain. Hydro Wind Solar Others 43.2% 24.9%30.6% 1.3% 8,558 1 3,550 3,021 5,498 5,659 2,101 2,739 191 206 9M25 9M26 Others Solar Wind Hydro Note: 1. Includes batteries 11,340 11,625
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9M26 Results 16 Electricity sales (GWh) (-3.0%) Gas sales (GWh) (-14.4%) Supply 9M26 EBITDA reached €353m (-29.4% vs. 9M25), with both main segments suffering from lower margins. The electricity segment has experienced margin pressure due to higher system-wide ancillary services costs. This impact has been contained by Naturgy’s balanced, vertically integrated position. Power sales decreased by 3.0%, mostly explained by the SME and industrial segments, down 24.6% and 4.9% respectively, with the residential segment growing by 4.5%. In gas supply, regulated tariff (TUR) margins turned further negative due to the cap on formula increases, leading to provisions (€-100m). The TUR tariff adjustment is subject to ordinary court proceedings. Naturgy continues prioritizing margin preservation over market share in a competitive environment. Gas sales decreased by 14.4% vs. 9M25, with the SME, industrial and residential segments down 46.6%, 16.3% and 3.9%, respectively. Total number of contracts decreased slightly vs. 9M25 (-0.9%). Contracts (‘000) (-0.9%) 10,329 9,929 37,444 31,349 1,199 640 9M25 9M26 SME Industry Residential Spain 48,972 41,918 7,121 7,442 4,914 4,675 2,028 1,529 9M25 9M26 SME Industry Residential Spain 14,063 13,646 3,329 3,259 4,355 4,401 2,672 2,604 9M25 9M26 Services Electricity Gas 10,356 10,264
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9M26 Results 17 Cash flow evolution(€m) Notes: 1. Funds from operations (FFO) 2. Cash flow from operations (CFO) 3. Net of cessions and contributions 4. Net Free Cash flow (FCF) Investments (Capex) The breakdown of capex by type and business is exhibited below: FFO remained strong during the period, supported by the solid performance of distribution networks and thermal generation. Increased working capital consumption in the period amid rising energy prices and the one-off Sonatrach payment, led to Cash-flow from Operations of€2.6bn, resulting in a FCF after capex and minorities of €1.1bn. Net free cash flow reached €149m in 9M26, contributing to stable net debt in 9M26 and despite the dividends paid in the period. Strong cash generation continues to be a key pillar ofNaturgy’s investment case. Maintenance capex in 9M26 amounted to€569m, a 1.7% decrease vs. 9M25 figure. 5. Cash flow EBITDA 9M26 Taxes, fin. & other FFO WC var. CFO Growth capex Maint. capex Div. Min. & other FCF after min. Divid. and other FCF33 (968) 4,380 2,592 1,077 149 (560) (600) (820) 3,560 (355) (928) 1 2 4 (€m) 9M26 9M25 Change Distribution Networks 381 375 1.6% Energy Markets 167 194 -13.9% Rest 21 10 - Total investments 569 579 -1.7% Maintenance capex
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9M26 Results 18 Wind farm in Australia Growthcapexin the periodamountedto€711m in 9M26. Investmentwas primarilyallocatedto the developmentof renewable generation assets, with a focus on projects already under constructionand close to completion,and the development and reinforcement of distribution networks in Spain and Latin America, ensuring quality of serviceand supportingfuturegrowthin regulatedreturns. In particular,growthcapexin the periodincluded: ▪ A totalof€270m investedin networksdevelopmentin Spain and LatAm, of which€117m in Spain,€66m in Panama,€28m in Chile,€21m in Argentina,€21m in Mexico,and€17m in Brazil. ▪ A total of €332m invested in the developmentof various renewable projects, of which€162m in Spain,€135m in Australia,and€35m in the UnitedStates. ▪ €102m in the Supplyactivity. ▪ €4m in Renewablegases. Naturgyremainscommittedto selectiverenewablesdevelopmentand has reached 8.6GW1 of installed capacityas of 30 September2026. In thisrespect,735MW of additionalnet capacitycameintooperation since9M25, of which250MW in Spain,360MW in Australiaand 125MW in the USA. In addition,Naturgycurrentlyhas closeto 1.2GW of renewablecapacityunder construction,out of which 504MW are expectedto come into operationin 4Q26, all of them in Spain. Capacityunder construction includes 658MW in Spain and 510MW in Australia. The pace of renewable investment moderated compared to previous periods, reflectingthe natural evolution of the project cycle as assets transition from construction to operation. This approach is consistent with Naturgy’s prioritization of returns, executioncertaintyand valuecreationovervolume-led growth. Naturgy continues to strengthen the development of biomethane plants through its three strategic agreementswith HispaniaSilva, Bioeco Energíasand ID Energy. These partnershipscontinueto advance the permittingand developmentof biomethaneprojectsthroughoutSpain. Overall, capital allocationremains aligned with strategic priorities,balancinggrowth opportunitieswith financialdisciplineand shareholderreturns. (€m) 9M26 9M25 Change Distribution Networks 270 251 7.6% Energy Markets 438 559 -21.6% Rest 3 - - Total investments 711 810 -12.2% Growth capex Note: 1. Includes batteries
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9M26 Results 19 As of 30 September2026, Net debt amountedto€12,307m, flat comparedto year-end 2025 figure (€12,317m), reflectinga strongcash flow generationin the period, whichhas allowedto attendcapex, dividends and offset the increase in working capital driven by high energy prices and the one-off paymentto Sonatrach. Net debt/EBITDA (LTM) reached 2.2x as of 30 September 2026, also below FY25 (2.3x), which evidences the Group's strong financial position and comfortable leverage. Naturgy maintains a solidBBB ratingwithstableoutlookunderbothS&P and Fitchratingagencies. The most relevanttransactionsand refinancingsduring9M26 includethe following: • At the corporatelevel,in 3Q26 a new EIB financingwas signedfor€650m which,togetherwith the othertransactions,enablesthe Groupto maintainthe averagematurityof its debt. • In February2026, Naturgy enteredinto a new syndicatedloan agreementfor Thermal Generation LatAmfor USD1,303m, witha 5-yearmaturityand the possibilityof a 2-yearextension. • Therewere also two bond issuesin Chilefor€57m with 5 years maturityand a fixed couponof 3%, and€95m with10 yearsmaturityand a fixedcouponof 3.1%. • €1,267m wereissuedunderthe ECP program,with€203m outstandingas of 30 September2026. Last,bondsunderthe EMTN programfor a totalof€587m, with an averagecouponof 1.25%, matured in the period. 6. Financial position Liquidity The Group maintained a robust liquidity position, supported by cash balances, committed undrawn credit facilitiesand access to capital markets, reaching€10,378m as of 30 September2026, which includes€4,841m in cash and equivalentsand€5,537m in undrawnand fullycommittedcreditlines. In addition,the ECP programhas€797m availableas of 30 September2026. The detailof theGroup’scurrentliquidityis exhibitedin the followingtable: Brazil Argentina Mexico Panama Holding & others 9M26 FY25 CLP USD BRL ARS MXN USD EUR/Others Cash and equivalents €m 4,841 4,357 211 102 277 53 130 74 3,994 Undrawn commited credit lines €m 5,537 5,560 72 26 31 - 97 9 5,302 Total €m 10,378 9,917 283 128 308 53 227 83 9,296 Consolidated Group Chile Liquidity The weightedaveragematurityof the undrawncreditlinesstandsat 2 years,accordingto the following detail: (€m) 2026 2027 2028 2029 2030 2031+ Undrawn commited credit lines 14 357 827 858 1,480 2,001
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9M26 Results Debt structure 20 Credit metrics Note: 1. Does not include cost from IFRS 16 debt 1 Credit metrics 9M26 FY25 EBITDA/Net financial debt cost 10.5 10.1 Net debt /LTM EBITDA 2.2 2.3 Brazil Argentina Mexico Panama Australia Holding & others 9M26 FY25 CLP USD BRL ARS MXN USD AUD EUR/Others Net financial debt €m 12,307 12,317 256 -52 -176 -2 466 1,019 970 9,826 Average cost of debt % 4.0 3.9 8.0 5.7 15.1 29.9 8.4 6.7 6.0 2.7 % fixed rated (gross debt) % 60 66 65 100 2 2 41 30 92 60 Consolidated Group Chile Financial debt by currency Gross debt maturities (€m) 492 1,334 2,139 3,250 1,964 8,134 2026 2027 2028 2029 2030 2031+ The debt structureremainswell diversifiedby currencyand instrument,with a high proportionof fixed- ratefinancingand no significantrefinancingrequirementsin the shortterm. The deleveraging achieved has reinforcedNaturgy’s solid BBB credit profile, with FFO/net debt at around29% and net debt/LTMEBITDAat 2.2x, providingsignificantfinancialflexibilityfor growthwhile maintainingattractiveshareholderremuneration.
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9M26 Results 21 Frequencyindex has suffered an increase during the period, with a higher average leave period as well. The Group-wideHealth& Safetyplanlaunchedin 2024, builtaroundtransversalinitiatives,will contribute to improvehealth& safetystandardsin the longrun. GHG emissions have increasedslightly in the period, both in absolute and relative terms, due to higher CCGT production in Spain, coupled with lower hydro and nuclear production, and despite higher renewable installed capacity. Naturgy continues to advance the developmentof additional renewable capacityin its coremarkets,withcloseto 1.2GW of new capacitycurrentlyunderconstruction. In terms of governance,the Group continues to progress on gender parity and women representation, while complaintsto the EthicsCommitteeshow some increase,althoughwithinnormallevelsin absolute numbers. Trainingsper hour increasedin the period,reflectingthegroup’sincreasedeffortsin Technicaland digital training(IA School,ComputationalThinking,Data Analytics). Last, ESG targets continue to be a relevant part of managementincentives,reaching20% since 2023, and incorporatingfour differentdimensions,includingevolutionof CO2 emissions,employeesatisfaction, health& safetyand diversitymetrics. 7. ESG metrics and highlights 9M26 9M25 Change Comments Health and safety Frequency Index1 units 0.61 0.41 48.8% Severity Index2 units 43.6 9.8 - Environment GHG Emissions3 M tCO2 e 10.1 10.0 1.0% Emission factor t CO2/GWh 246 234 5.1% Emissions-free installed capacity % 47.4 45.3 4.6% Emissions-free net production % 44.2 42.0 5.2% Interest in people Number of employees 4 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 comittee units 91 87 4.6% Complaints within normal levels Notes: 1. In accordance to ESRS criteria 2. Calculated for every 1,000,000 working hours 5. As defined in Alternative Performance Metrics annex Increase explained by higher CCGT production in Spain, coupled with lower nuclear and renewable production The increase in accidents with lost time has been acompanied as well by higher average leave days per accident 3. Scopes 1 and 2 4. Managed workforce Higher overall renewable installed capacity and production
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9M26 Results Annexes
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9M26 Results Annex I: Financial Statements Consolidated income statement 23 (€m) 9M26 9M25 Change Net sales 15,374 14,586 5.4% Procurement -9,519 -8,878 7.2% Gross margin 5,855 5,708 2.6% Operating expenses -809 -790 2.4% Personnel costs -520 -490 6.1% Own work capitalised 58 59 -1.7% Other operating income 186 164 13.4% Taxes -390 -437 -10.8% EBITDA 4,380 4,214 3.9% Other results 3 14 -78.6% Depreciation, amortisation and impairment expenses -1,206 -1,224 -1.5% Impairment of credit losses -85 -92 -7.6% EBIT 3,092 2,912 6.2% Financial result -459 -400 14.8% Profit/(loss) of companies measured under the equity method 96 109 -11.9% Profit before taxes 2,729 2,621 4.1% Income tax -679 -680 -0.1% Income from discontinued operations - - - Non-controlling interest -292 -273 7.0% Net income 1,758 1,668 5.4%
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9M26 Results Consolidated balance sheet 24 (€m) 09/30/2026 12/31/2025 Non-current assets 31,162 29,679 Intangible assets 6,100 5,963 Property, plant and equipment 19,679 19,323 Right of use assets 1,100 1,097 Equity-accounted investments 557 559 Non-current financial assets 476 408 Other non-current assets 572 471 Deferred tax assets 2,678 1,858 Current assets 11,816 9,422 Non-current assets available for sale 322 363 Inventories 1,307 1,003 Trade and other accounts receivable 5,052 3,394 Other current financial assets 294 305 Cash and cash equivalents 4,841 4,357 TOTAL ASSETS 42,978 39,101 (€m) 09/30/2026 12/31/2025 Equity 10,624 11,373 Equity attributable to the parent company 8,416 9,342 Non-controlling interest 2,208 2,031 Non-current liabilities 23,000 19,710 Deferred revenues 1,357 1,260 Non-current provisions 1,783 1,631 Non-current financial liabilities 15,832 13,992 Deferred tax liabilities 2,299 1,925 Other non-current liabilities 1,729 902 Current liabilities 9,354 8,018 Liabilities linked to non-current assets available for sale 315 310 Current provisions 447 590 Current financial liabilities 1,481 2,771 Trade and other accounts payable 6,742 4,222 Other current liabilities 369 125 TOTAL LIABILITIES AND EQUITY 42,978 39,101
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9M26 Results Summary cash flow statement 25 (€m) 9M26 9M25 Change EBITDA 4,380 4,214 3.9% Taxes -392 -324 21.0% Financial result -459 -400 14.8% Other items 31 -189 - Funds from operations 3,560 3,301 7.8% Change in working capital -968 556 - Cash flow from operations 2,592 3,857 -32.8% Growth capex -600 -651 -7.8% Maintenance capex -560 -570 -1.8% Divestments - - - Dividends to minorities -123 -117 5.1% Others -232 -368 -37.0% Free cash flow after minorities 1,077 2,151 -49.9% Dividends, share buy-back & others -928 -2,936 -68.4% Net free cash flow 149 -785 -
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9M26 Results EBITDA by business unit 26 (€m) 9M26 9M25 Var. FX Distribution Networks 2,354 2,087 12.8% 14 Spain gas 552 583 -5.3% - Mexico gas 222 181 22.7% 15 Brazil gas 233 211 10.4% 14 Argentina gas 120 114 5.3% -7 Chile gas 285 253 12.6% 1 Spain electricity 733 565 29.7% - Panama electricity 174 159 9.4% -6 Argentina electricity 46 32 43.8% -3 Holding -11 -11 0.0% - Energy Markets 2,068 2,162 -4.3% -14 Energy management 676 718 -5.8% -12 Thermal generation 601 523 14.9% -7 Spain 381 304 25.3% - LatAm 220 219 0.5% -7 Renewable generation 466 452 3.1% 5 Spain 343 334 2.7% - USA 23 7 228.6% - LatAm 69 60 15.0% 3 Australia 31 51 -39.2% 2 Renewable gases -7 -8 -12.5% - Supply 353 500 -29.4% - Holding -21 -23 -8.7% - Rest -42 -35 20.0% - TOTAL EBITDA 4,380 4,214 3.9% -
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9M26 Results Results by business unit 1. Distribution networks 27 Spain gas (€m) 9M26 9M25 Change Net sales 716 740 -3.2% Procurement -68 -56 21.4% Gross margin 648 684 -5.3% Other operating income 27 23 17.4% Personnel expenses -35 -38 -7.9% Taxes -12 -12 - Other operating expenses -76 -74 2.7% EBITDA 552 583 -5.3% Depreciation, provisions and other results -188 -191 -1.6% EBIT 364 392 -7.1% Mexico gas (€m) 9M26 9M25 Change Net sales 608 599 1.5% Procurement -343 -376 -8.8% Gross margin 265 223 18.8% Other operating income 13 11 18.2% Personnel expenses -18 -18 - Taxes -1 -1 - Other operating expenses -37 -34 8.8% EBITDA 222 181 22.7% Depreciation, provisions and other results -49 -50 -2.0% EBIT 173 131 32.1%
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9M26 Results 28 Brazil gas (€m) 9M26 9M25 Change Net sales 727 799 -9.0% Procurement -434 -521 -16.7% Gross margin 293 278 5.4% Other operating income 35 27 29.6% Personnel expenses -15 -17 -11.8% Taxes -7 -4 75.0% Other operating expenses -73 -73 - EBITDA 233 211 10.4% Depreciation, provisions and other results -50 -49 2.0% EBIT 183 162 13.0% Argentina gas (€m) 9M26 9M25 Change Net sales 606 462 31.2% Procurement -363 -250 45.2% Gross margin 243 212 14.6% Other operating income 23 18 27.8% Personnel expenses -37 -28 32.1% Taxes -40 -30 33.3% Other operating expenses -69 -58 19.0% EBITDA 120 114 5.3% Depreciation, provisions and other results 3 -14 - EBIT 123 100 23.0% Chile gas (€m) 9M26 9M25 Change Net sales 657 621 5.8% Procurement -313 -313 - Gross margin 344 308 11.7% Other operating income - 1 -100.0% Personnel expenses -22 -21 4.8% Taxes -3 -4 -25.0% Other operating expenses -34 -31 9.7% EBITDA 285 253 12.6% Depreciation, provisions and other results -38 -24 58.3% EBIT 247 229 7.9%
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9M26 Results 29 Spain electricity (€m) 9M26 9M25 Change Net sales 830 685 21.2% Procurement - - - Gross margin 830 685 21.2% Other operating income 24 21 14.3% Personnel expenses -34 -38 -10.5% Taxes -19 -18 5.6% Other operating expenses -68 -85 -20.0% EBITDA 733 565 29.7% Depreciation, provisions and other results -212 -205 3.4% EBIT 521 360 44.7% Panama electricity (€m) 9M26 9M25 Change Net sales 778 739 5.3% Procurement -555 -533 4.1% Gross margin 223 206 8.3% Other operating income 6 7 -14.3% Personnel expenses -7 -7 - Taxes -5 -6 -16.7% Other operating expenses -43 -41 4.9% EBITDA 174 159 9.4% Depreciation, provisions and other results -55 -51 7.8% EBIT 119 108 10.2% Argentina electricity (€m) 9M26 9M25 Change Net sales 165 128 28.9% Procurement -94 -71 32.4% Gross margin 71 57 24.6% Other operating income 24 17 41.2% Personnel expenses -11 -11 - Taxes -6 -5 20.0% Other operating expenses -32 -26 23.1% EBITDA 46 32 43.8% Depreciation, provisions and other results -6 -2 - EBIT 40 30 33.3%
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9M26 Results 30 2. Energy markets Energy management (€m) 9M26 9M25 Change Net sales 5,891 4,727 24.6% Procurement -5,177 -3,974 30.3% Gross margin 714 753 -5.2% Other operating income 16 17 -5.9% Personnel expenses -22 -25 -12.0% Taxes -2 -1 100.0% Other operating expenses -30 -26 15.4% EBITDA 676 718 -5.8% Depreciation, provisions and other results -77 -68 13.2% EBIT 599 650 -7.8% Thermal generation Spain (€m) 9M26 9M25 Change Net sales 2,940 1,861 58.0% Procurement -2,262 -1,228 84.2% Gross margin 678 633 7.1% Other operating income 2 2 - Personnel expenses -53 -49 8.2% Taxes -165 -208 -20.7% Other operating expenses -81 -74 9.5% EBITDA 381 304 25.3% Depreciation, provisions and other results -104 -110 -5.5% EBIT 277 194 42.8% LatAm (€m) 9M26 9M25 Change Net sales 585 603 -3.0% Procurement -312 -342 -8.8% Gross margin 273 261 4.6% Other operating income 1 1 - Personnel expenses -20 -17 17.6% Taxes -1 -1 - Other operating expenses -33 -25 32.0% EBITDA 220 219 0.5% Depreciation, provisions and other results -56 -47 19.1% EBIT 164 172 -4.7%
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9M26 Results 31 Renewable generation Spain (€m) 9M26 9M25 Change Net sales 588 577 1.9% Procurement -54 -39 38.5% Gross margin 534 538 -0.7% Other operating income 11 17 -35.3% Personnel expenses -38 -34 11.8% Taxes -79 -98 -19.4% Other operating expenses -85 -89 -4.5% EBITDA 343 334 2.7% Depreciation, provisions and other results -179 -203 -11.8% EBIT 164 131 25.2% USA (€m) 9M26 9M25 Change Net sales 29 19 52.6% Procurement -1 - - Gross margin 28 19 47.4% Other operating income 8 5 60.0% Personnel expenses -4 -4 - Taxes -2 -2 - Other operating expenses -7 -11 -36.4% EBITDA 23 7 - Depreciation, provisions and other results -19 -26 -26.9% EBIT 4 -19 - LatAm (€m) 9M26 9M25 Change Net sales 138 122 13.1% Procurement -38 -34 11.8% Gross margin 100 88 13.6% Other operating income 9 9 - Personnel expenses -9 -10 -10.0% Taxes -2 -2 - Other operating expenses -29 -25 16.0% EBITDA 69 60 15.0% Depreciation, provisions and other results -15 -19 -21.1% EBIT 54 41 31.7%
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9M26 Results 32 Australia (€m) 9M26 9M25 Change Net sales 61 78 -21.8% Procurement -1 -1 - Gross margin 60 77 -22.1% Other operating income 3 1 - Personnel expenses -5 -4 25.0% Taxes -2 -1 100.0% Other operating expenses -25 -22 13.6% EBITDA 31 51 -39.2% Depreciation, provisions and other results -47 -36 30.6% EBIT -16 15 - Renewable gases (€m) 9M26 9M25 Change Net sales 23 28 -17.9% Procurement -18 -23 -21.7% Gross margin 5 5 - Other operating income 1 - - Personnel expenses -8 -8 - Taxes - - - Other operating expenses -5 -5 - EBITDA -7 -8 -12.5% Depreciation, provisions and other results -3 -3 - EBIT -10 -11 -9.1% Supply (€m) 9M26 9M25 Change Net sales 5,243 5,330 -1.6% Procurement -4,696 -4,646 1.1% Gross margin 547 684 -20.0% Other operating income 7 8 -12.5% Personnel expenses -58 -56 3.6% Taxes -43 -44 -2.3% Other operating expenses -100 -92 8.7% EBITDA 353 500 -29.4% Depreciation, provisions and other results -165 -166 -0.6% EBIT 188 334 -43.7%
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9M26 Results 33 Capex Growth capex (€m) 9M26 9M25 Change Distribution Networks 270 251 7.6% Spain gas 32 33 -3.0% Mexico gas 21 19 10.5% Brazil gas 17 13 30.8% Argentina gas 4 3 33.3% Chile gas 28 23 21.7% Spain electricity 85 92 -7.6% Panama electricity 66 52 26.9% Argentina electricity 17 16 6.3% Holding - - - Energy Markets 438 559 -21.6% Energy management - - - Spain - - - Spain - - - LatAm - - - Renewable generation 332 454 -26.9% Spain 162 252 -35.7% USA 35 106 -67.0% LatAm - - - Australia 135 96 40.6% Renewable gases 4 1 - Supply 102 104 -1.9% Holding - - - Rest 3 - - TOTAL Capex 711 810 -12.2%
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9M26 Results 34 Maintenance capex (€m) 9M26 9M25 Change Distribution Networks 381 375 1.6% Spain gas 51 53 -3.8% Mexico gas 45 35 28.6% Brazil gas 34 28 21.4% Argentina gas 27 20 35.0% Chile gas 10 13 -23.1% Spain electricity 139 170 -18.2% Panama electricity 75 56 33.9% Argentina electricity - - - Holding - - - Energy Markets 167 194 -13.9% Energy management 8 4 100.0% Spain 106 133 -20.3% Spain 81 114 -28.9% LatAm 25 19 31.6% Renewable generation 39 36 8.3% Spain 27 21 28.6% USA - - - LatAm 11 12 -8.3% Australia 1 3 -66.7% Renewable gases - 1 -100.0% Supply 14 20 -30.0% Holding - - - Rest 21 10 - TOTAL Capex 569 579 -1.7%
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9M26 Results Annex II: Communications to the CNMV 35 Summarised below are the regulatory disclosures to the Comisión Nacional del Mercado de Valores (CNMV)since1H26results’presentation: InsideInformation ▪ Naturgydisclosesthe reporton earningsfor the firsthalf of 2026 (disclosed22 July 2026, registration number3290). ▪ Naturgy files the presentation on earnings for the first half of 2026 (disclosed 22 July 2026, registrationnumber3291). OtherRelevantInformation ▪ Naturgy discloses the first half 2026 financial information (disclosed 24 July 2026, registration number42079). ▪ Naturgy disclosesthe Regulationsof the Board of Directors (disclosed2 October 2026, registration number42984). ▪ Naturgy announces its 9M 2026 results release (disclosed 15 October 2026, registrationnumber 43182). Additional regulatory disclosures can be found at: www.cnmv.es www.naturgy.com
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9M26 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). 36 Annex III: Alternative Performance Metrics 30 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 interest, taxes, impairments, and amortization. Since it generally excludes financial items, taxes, and accounting expenses that do not involve cash outflows, it allows for the comparability of results over time. It is a widely used indicator in the markets for comparing the performance 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 + Cash flows from Group company acquisitions, net of cash and cash equivalents 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 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 1,160 million = 1,280 - 120 Euros 1,221 million = 1,389 – 168 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 17,313 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. 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, projectec in annual terms / 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. 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 + Parent company dividends net of colleted by other group companies + 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) Relevance of useAlternative performance metrics Definition and terms Reconciliation of values
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9M26 Results CapitalMarkets Avenidade América38 28028Madrid Spain capitalmarkets@naturgy.com Naturgy website: www.naturgy.com 37 Annex IV: Contact details
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9M26 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. 38 Annex V: Disclaimer