Naturgy Energy Group, S.a. · BME:NTGY
Naturgy Energy — H1 2026 Earnings Presentation
32 slides from Naturgy Energy's earnings presentation, Jul 22, 2026
Slide 1: 1H26 Results
Naturgy y Cada dia. Everyday 1H26 Results 22 July 2026 ©
Slide 2: Agenda
1H26 Results 1. Entering a new phase 2. 1H26 financial performance 3. Business performance 4. Outlook Naturgy. Cada día. Everyday
Slide 3: 1. Entering a new phase
1H26 Results 1. Entering a new phase Naturgy. Cada día. Everyday
Slide 4: What has changed since FY25: from overhang to growth optionality
1. Entering a new phase 1H26 Results What has changed since FY25: from overhang to growth optionality Free float increased to 46% Overhang concerns have cleared Reference shareholders aligned around a common long-term vision on value accretive growth Simplified governance: removing special majoritie
Slide 5: Why Naturgy is well positioned
1. Entering a new phase 1H26 Results Why Naturgy is well positioned 1 Diversified and resilient earnings profile 2 Strategic gas and LNG infrastructure in Iberia c. 50% of EBITDA from regulated networks and Gas distribution market share: 67% leading market positions Gas supply market share: 44% 8 LN
Slide 6: Integrated model provides a resilient platform for growth
1. Entering a new phase 1H26 Results Integrated model provides a resilient platform for growth Gas/LNG procurement Electricity generation & Energy management Flexible CCGTs + renewables Diversified procurement portfolio Customers Vertical integration in Spain Strategic positioning in Iberia and cont
Slide 7: Multiple organic growth levers
1. Entering a new phase 1H26 Results Multiple organic growth levers… Gas Spain: continuity in the 27-32 framework, adding incentives for Networks: investments on adequately remunerated digitalisation and biomethane 1 and stable regulatory frameworks Electricity Spain: investment cap lift expected Ta
Slide 8: Balance sheet capacity to support incremental growth
1. Entering a new phase 1H26 Results Balance sheet capacity to support incremental growth… Net debt/LTM EBITDA (x) S&P FFO/ND (%) Firepower S&P BBB 30% threshold €10-12bn 3.4x 18% B/S capacity depending 18% on target profile 2.2x Maintaining BBB rating 2018 Jun-26 2018 Jun-26 Material Solid headroom
Slide 9: Clear and disciplined investment criteria
1. Entering a new phase 1H26 Results Clear and disciplined investment criteria… Investment criteria Focus on hard currency geographies (Europe/North America) Portfolio and 1 risk profile Bias for electricity and open to selective gas exposure Regulated or benefiting from vertical integration Embedde
Slide 10: 2. 1H26 financial performance
1H26 Results 2. 1H26 financial performance Naturgy. Cada día. Everyday
Slide 11: Strong 1H26 delivery supports guidance upgrade
1H26 2. 1H26 financial performance Results Strong 1H26 delivery supports guidance upgrade EBITDA (€m) Strong operational and financial 2,975 performance in a volatile environment 1H25: 2,848 Earnings growth of +6% underpinned by the robustness of the integrated model Net income (€m) Robust cash flow
Slide 12: EBITDA evolution by business
1H26 2. 1H26 financial performance Results EBITDA evolution by business €m 176 47 (11) (9) (67) (9) 2,848 2,975 1H25 Distribution Energy Thermal Renewable Supply Other 1H26 networks management generation generation adjustments Regulated activities and thermal generation drove growth Naturgy. Cada dí
Slide 13: Cash flow and Net debt
1H26 2. 1H26 financial performance Results Cash flow and Net debt €m 1H26 1H25 Average 4.0% cost of debt EBITDA 2,975 2,848 % fixed 62% Taxes (307) (243) Financial result (308) (245) S&P FFO/ND 30% Other cash items (44) (212) 12,317 530 11,745 Funds from operations 2,316 2,148 157 Change in WC (15)
Slide 14: 3. Business performance
1H26 Results 3. Business performance Naturgy. Cada día. Everyday
Slide 15: Gas networks
1H26 3. Business performance Results Gas networks EBITDA (€m) Key highlights Spain: 31 16 883 830 29 • Lower remuneration under the 2021-26 regulatory period and (6) softer demand, partly offset by operational improvements (17) • Proposed 2027-32 remuneration framework reinforces the strategic role
Slide 16: Electricity networks
1H26 3. Business performance Results Electricity networks EBITDA (€m) Key highlights 108 9 6 637 Spain: higher remunerated asset base and updated remuneration from new 2026-31 regulatory period 514 Reported growth includes +€74m net one-off retroactive adjustments relating to prior regulatory period
Slide 17: Energy management
1H26 3. Business performance Results Energy management EBITDA (€m) Key highlights 524 105 513 Sustained strong performance against a strong 1H25 that also benefited from a supportive scenario; higher contributions from hedging and the Sonatrach agreement were partly offset by the (116) expiry of the
Slide 18: Thermal generation
1H26 3. Business performance Results Thermal generation EBITDA (€m) Key highlights 56 Spain: 360 313 (9) • Strong demand for ancillary services and flexible generation, driven by renewables penetration and grid stability needs • Fleet reliability, flexibility and efficiency remain a key competitive
Slide 19: Renewable generation
1H26 3. Business performance Results Renewable generation EBITDA (€m) Key highlights 322 2 4 4 Spain: 313 (19) • Higher installed capacity offset by lower hydro • Selective growth focusing on repowering and battery hybridization • Vertically integrated position offsets the impact of lower pool price
Slide 20: Supply
1H26 3. Business performance Results Supply EBITDA (€m) Key highlights 386 Electricity: 319 (35) • Margin pressure across the sector from higher ancillary (25) (7) services costs • Impact contained by Naturgy's balanced, vertically integrated position • Commercial re-pricing underway to reflect curr
Slide 21: 4. Outlook
1H26 Results 4. Outlook Naturgy. Cada día. Everyday
Slide 22: Scenario 2026
1H26 4. Outlook Results Scenario 2026 Brent (USD/bbl) TTF (€/MWh) Iberian electricity pool (€/MWh) 70 125 130 110 95 50 90 65 30 70 35 50 10 5 Jan-26 Mar-26 May-26 Jul-26 Sep-26 Nov-26 Jan-26 Mar-26 May-26 Jul-26 Sep-26 Nov-26 Jan-26 Mar-26 May-26 Jul-26 Sep-26 Nov-26 Henry Hub (USD/MMBtu) JKM (USD/
Slide 23: Winter 2026-27 outlook
1H26 4. Outlook Results Winter 2026-27 outlook Evolution of gas prices (USD/MMBtu) EU gas storage projections based on historical patterns (% full) 23 Oct-25: 26 Jan-26: 25 Jun-26: 25 19th sanctions RePowerEU sanctions 100% package regulation extended 20 80% 15 60% 15 Jun-26: initial peace 10 40% ag
Slide 24: Upgraded guidance 2026
1H26 4. Outlook Results Upgraded guidance 2026 EBITDA (€bn) Net income (€bn) Net debt (€bn) FY26 dividend DPS1 (€/share) 1.80 above above around above 5.4 5.5 2.0 2.1 13.5 around 5.3 above 13.0 13.0 1.9 Dividend yield (at current prices) 6.3% Guidance Consensus Revised Guidance Consensus Revised Gui
Slide 25: Appendix
1H26 Results Appendix Naturgy. Cada día. Everyday
Slide 26: Alternative Performance Metrics (i/iv)
Appendix 1H26 Results Alternative Performance Metrics (i/iv) Naturgy's financial disclosures contain magnitudes and metrics drafted in accordance with International Financial Reporting Standards (IFRS) and others that are based on the Group's disclosure model, referred to as Alternative Performance
Slide 27: Alternative Performance Metrics (ii/iv)
Appendix 1H26 Results Alternative Performance Metrics (ii/iv) Alternative performance Reconciliation of values Definition and terms Relevance of use metrics 30 June 2026 30 June 2025 Measurement of the investment effort in each period in assets of the different businesses, including accrued and unpa
Slide 28: Alternative Performance Metrics (iii/iv)
Appendix 1H26 Results Alternative Performance Metrics (iii/iv) Alternative performance Reconciliation of values Definition and terms Relevance of use metrics 30 June 2026 30 June 2025 11.1x = 2,848 / 257 Measure of the company's ability to generate operating resources in relation to the cost of EBIT
Slide 29: Alternative Performance Metrics (iv/iv)
Appendix 1H26 Results Alternative Performance Metrics (iv/iv) Alternative performance Reconciliation of values Definition and terms Relevance of use metrics 30 June 2026 30 June 2025 Euros 8,596 million = 3,104 + 5,492 Cash and other equivalent liquid + Measure of the Group's ability to face any typ
Slide 30: ESG Metrics
Appendix 1H26 Results ESG Metrics 1H26 1H25 Change Comments Health and safety Frequency Index1 units 0.5 0.6 -24.6% Significant reduction in accidents with lost time, although with more leave days Severity Index2 units 17.0 14.7 15.6% per accident Environment GHG Emissions3 M tCO2 e 6.1 6.4 -4.7% Lo
Slide 31: Disclaimer
Appendix 1H26 Results Disclaimer • 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
Slide 32: Copyright and contact details
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