Naturgy Energy Group, S.a. · BME:NTGY
Naturgy Energy — Q1 2026 Earnings Presentation
26 slides from Naturgy Energy's earnings presentation, Apr 29, 2026
Slide 1: 1Q26 Results
Naturgy y 1Q26 ay Results es Toor see ee ans a = oul TED rye ee ed 29 April 2026
Slide 2: Agenda
FY25 1Q26 Results 1. Financial performance 2. Business unit highlights 3. Conclusions & outlook 2
Slide 3: 1. Financial performance
FY25 1Q26 Results 1. Financial performance 3
Slide 4: Energy markets evolution
1Q26 1. Financial performance Results Energy markets evolution1 Brent (USD/bbl) TTF (€/MWh) Iberian electricity pool (€/MWh) 2025 110 60 150 2026 50 90 100 40 70 50 30 50 20 0 January February March January February March January February March Henry Hub (USD/MMBtu) JKM (USD/MMBtu) CO2 (€/t) 5 25 90
Slide 5: Highlights
1Q26 1. Financial performance Results Highlights 1Q26 results (vs. 1Q25, €m) Strong operational and financial EBITDA Net income performance in a volatile environment 1,362 530 Earnings growth of +5% underpinned by robust 1,279 506 performance across businesses Robust cash flow generation and discipl
Slide 6: EBITDA evolution by business unit
1Q26 1. Financial performance Results EBITDA evolution by business unit EBITDA €m growth: +6% 39 18 15 16 0 0 (5) 1,279 1,362 1Q25 Distribution Energy Thermal Renewable Renewable Supply Holding 1Q26 networks management generation generation gases & rest EBITDA growth driven by broad-based business p
Slide 7: Cash flow and Net debt
1Q26 1. Financial performance Results Cash flow and Net debt €m 1Q26 1Q25 Average 3.9% cost of debt EBITDA 1,362 1,279 % fixed 66% Taxes (77) (26) Financial result (135) (110) S&P FFO/ND 28% Other cash items (44) (125) 12,317 96 548 12,151 Funds from operations 1,106 1,018 Change in WC 275 414 (810)
Slide 8: 2. Business unit highlights
FY25 1Q26 Results 2. Business unit highlights 8
Slide 9: Gas networks
1Q26 2. Business unit highlights Results Gas networks EBITDA (€m) Key highlights Spain: 10 11 374 380 • Lower remuneration in the 2021-26 regulatory period and lower (4) (4) (7) demand offset by operational improvements • Proposed 2027-32 remuneration framework reinforces the Includes FX impact: (€1
Slide 10: Electricity networks
1Q26 2. Business unit highlights Results Electricity networks EBITDA (€m) Key highlights 1 2 253 Spain: higher remunerated asset base and updated remuneration 6 244 from new 2026-31 regulatory period Comparison affected by the retroactive recognition of Includes FX impact: (€10m) remuneration reflec
Slide 11: Energy management
1Q26 2. Business unit highlights Results Energy management EBITDA (€m) Key highlights 237 Negligible exposure to gas prices in 2026 primarily driven by (40) hedging 198 Focus on risk management and potential opportunities from market volatility, leveraging contractual flexibility, LNG tanker fleet a
Slide 12: Thermal generation
1Q26 2. Business unit highlights Results Thermal generation EBITDA (€m) Key highlights 20 179 Spain: 161 (2) • Strong CCGT demand for ancillary services to guarantee system stability and security of supply • Fleet reliability, flexibility and efficiency as key competitive advantage • Lower nuclear p
Slide 13: Renewable generation
1Q26 2. Business unit highlights Results Renewable generation EBITDA (€m) Key highlights 17 5 185 Spain: 170 (2) (5) • Higher installed capacity and higher hydro and wind output • Selective renewables growth focusing on repowering and battery hybridization • Vertically integrated position offsets th
Slide 14: Supply
1Q26 2. Business unit highlights Results Supply EBITDA (€m) Key highlights Electricity: 166 166 • Sector experiencing margin pressure due to higher system- wide ancillary services costs • Commercial offering adapted to reflect current market conditions • Margin pressure contained by a balanced verti
Slide 15: 3. Conclusions & outlook
FY25 1Q26 Results 3. Conclusions & outlook 15
Slide 16: Scenario 2026
1Q26 3. Conclusions & outlook Results Scenario 2026 Brent (USD/bbl) TTF (€/MWh) Iberian electricity pool (€/MWh) 70 95 130 110 65 50 90 30 35 70 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)
Slide 17: Key developments for the balance of 2026
1Q26 3. Conclusions & outlook Results Key developments for the balance of 2026 Networks Energy management Thermal generation Final regulatory framework for gas Security of supply and disciplined risk Ongoing grid support and voltage control distribution Spain management (physical + hedging) to in Sp
Slide 18: Key takeaways
1Q26 3. Conclusions & outlook Results Key takeaways Middle East conflict increased energy price volatility from late February Earnings growth of +5% underpinned by robust performance across businesses Balance sheet strength provides strategic flexibility Well positioned to navigate volatility throug
Slide 19: Appendix
FY25 1Q26 Results Appendix 19
Slide 20: Alternative Performance Metrics (i/iv)
Appendix 1Q26 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 21: Alternative Performance Metrics (ii/iv)
Appendix 1Q26 Results Alternative Performance Metrics (ii/iv) Alternative performance Reconciliation of values Definition and terms Relevance of use metrics 31 March 2026 31 March 2025 Measurement of the investment effort in each period in assets of the different businesses, including accrued and un
Slide 22: Alternative Performance Metrics (iii/iv)
Appendix 1Q26 Results Alternative Performance Metrics (iii/iv) Alternative performance Reconciliation of values Definition and terms Relevance of use metrics 31 March 2026 31 March 2025 Measure of the company's ability to generate 10.4x =1,279 / 123 operating resources in relation to the cost of EBI
Slide 23: Alternative Performance Metrics (iv/iv)
Appendix 1Q26 Results Alternative Performance Metrics (iv/iv) Alternative performance Reconciliation of values Definition and terms Relevance of use metrics 31 March 2026 31 March 2025 Euros 11,194 million = 5,732 + 5,462 Cash and other equivalent liquid + Comparative information as of December Meas
Slide 24: ESG Metrics
Appendix 1Q26 Results ESG Metrics 1Q26 1Q25 Change Comments Health and safety Frequency Index1 units 0.00 0.91 -100% No accidents with lost time produced during 1Q26 Severity Index2 units 0.0 28.4 -100% Environment GHG Emissions3 M tCO2 e 2.8 2.8 - Higher CCGT production in Spain, following the rein
Slide 25: Disclaimer
Appendix 1Q26 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 26: This presentation is property of Naturgy Energy Group, S.A. ©Copyright Naturgy Energy Group, S.A
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