Naturgy Energy Group, S.a. · BME:NTGY
Naturgy Energy — FY2025 Earnings Presentation
51 slides from Naturgy Energy's earnings presentation, Feb 18, 2026
Slide 1: FY25 Results
FY25 Results 18 February 2026
Slide 2: Agenda
FY25 Results 1. Key highlights 2. Consolidated results FY25 3. Results by business unit 4. Transformation 2018-2025 5. Key themes for 2026 6. Outlook 2026 2
Slide 3: 1. Key highlights
FY25 Results 1. Key highlights 3
Slide 4: Key highlights
1. Key highlights FY25 Results Key highlights Strong 2025 results, reinforcing track record of consistent delivery Transformation throughout 2018-2025 underpins value creation and credibility Guidance 2026 well supported by business fundamentals and risk management Firm commitment to energy transiti
Slide 5: 2. Consolidated results FY25
FY25 Results 2. Consolidated results FY25 5
Slide 6: Energy markets evolution
2. Consolidated FY25 Results results FY25 Energy markets evolution1 Brent (USD/bbl) TTF (€/MWh) Iberian electricity pool (€/MWh) 84 87 77 43 62 69 72 66 38 30 33 39 1H24 2H24 1H25 2H25 1H24 2H24 1H25 2H25 1H24 2H24 1H25 2H25 Henry Hub (USD/MMBtu) JKM (USD/MMBtu) CO2 (€/t) 3.6 3.4 14 71 77 13 12 64 6
Slide 7: FX evolution
2. Consolidated FY25 Results results FY25 FX evolution1 CLP vs. EUR BRL vs. EUR USD vs. EUR 1,104 6.16 6.29 6.32 1.17 1,017 1,025 1,044 1.08 1.08 1.09 5.49 1H24 2H24 1H25 2H25 1H24 2H24 1H25 2H25 1H24 2H24 1H25 2H25 MXN vs. EUR ARS vs. EUR 21.13 21.81 21.54 1,704 1,416 18.52 977 1,067 1H24 2H24 1H25
Slide 8: FY25 results (vs. FY24, €m)
2. Consolidated FY25 Results results FY25 FY25 results (vs. FY24, €m) Guidance achieved despite challenging environment EBITDA Net income Investment1 Results reinforce track record 5,334 2,023 2,142 of consistent delivery Continued gains in operational 5,365 1,901 2,280 efficiency and risk managemen
Slide 9: Income statement evolution
2. Consolidated FY25 Results results FY25 Income statement evolution €m FY24 FY25 EBITDA contribution FY25 Net sales 19,267 19,455 Gross margin 7,702 7,606 EBITDA 5,365 5,334 Currency Activity Business EBIT 3,549 3,580 unit Financial result & associates (345) (362) Profit before taxes 3,204 3,218 In
Slide 10: Capital allocation
2. Consolidated FY25 Results results FY25 Capital allocation Sources & Uses FY25 (€m) Investments mainly in networks and renewables (€m) Tax equity, contributions 4,890 4,890 2,142 & subsidies 249 131 Others Net debt increase 116 Rest Share 941 372 repurchase1 Renewable capacity in operation (GW) By
Slide 11: Cash flow and Net debt evolution
2. Consolidated FY25 Results results FY25 Cash flow and Net debt evolution €m FY24 FY25 Average 3.9% cost of debt EBITDA 5,365 5,334 % fixed 66% Taxes (663) (774) Financial result (465) (504) S&P FFO/ND 27%2 Other cash items (303) (145) 12,201 941 12,317 Funds from operations 3,934 3,911 1,676 Chang
Slide 12: Shareholder remuneration
2. Consolidated FY25 Results results FY25 Shareholder remuneration DPS against year results (€/share) 1.77 2025 total dividend: 1.77 €/share 0.60 1st interim 2025 30 July-25 DPS floor 1.60 1.70 0.60 2nd interim 2025 5 November-25 1.40 0.57 Final 2025 (subject to AGM) 31 March-26 FY23 FY24 FY25 Final
Slide 13: Delivered 2025 guidance
2. Consolidated FY25 Results results FY25 Delivered 2025 guidance EBITDA (€m) Net income (€m) above above 5,365 5,334 2,023 5,300 1,901 2,000 FY24 FY25 FY25 FY24 FY25 FY25 guidance guidance Net debt (€m) DPS (€/share) around min 1.77 12,201 13,000 12,317 1.60 1.70 FY24 FY25 FY25 FY24 FY25 FY25 guida
Slide 14: 3. Results by business unit
FY25 Results 3. Results by business unit 14
Slide 15: Networks
3. Results by FY25 Results business unit Networks EBITDA (€m) Key highlights Spain: 2,890 64 2,735 • Gas: remuneration adjustments according to current (105) (29) (10) (8) (39) (28) regulation and residential demand recovery Includes FX impact: -€172m • Electricity: higher remunerated asset base and
Slide 16: Energy management
3. Results by FY25 Results business unit Energy management EBITDA (€m) Key highlights 197 815 Evolving gas procurement portfolio focused on long-term security, 752 (40) competitiveness, and a disciplined risk profile • Execution of a long-term US sourced LNG gas procurement agreement (94) with Ventu
Slide 17: Thermal generation
3. Results by FY25 Results business unit Thermal generation EBITDA (€m) Key highlights 146 Spain: 837 138 • Structural change/shift in the role of CCGTs with strong (49) 602 demand for ancillary services • Largest CCGT fleet in Spain with 7.4GW acting as backbone to energy security • Positive €146m
Slide 18: Renewable generation
3. Results by FY25 Results business unit Renewable generation EBITDA (€m) Key highlights 586 Renewables growth driven by strict financial discipline 576 35 4 (23) (6) Investment includes 1.2GW under construction in 2025 expected to become operational by 4Q26 Spain: • Higher prices and installed capa
Slide 19: Supply
3. Results by FY25 Results business unit Supply EBITDA (€m) Key highlights Electricity: overall sector experiencing lower margins across 648 segments 535 (42) (48) • Naturgy’s 2026 commercial offering adapted to reflect (23) current market conditions Gas: net decline as a result of losses in the reg
Slide 20: 4. Transformation 2018-2025
FY25 Results 4. Transformation 2018-2025 20
Slide 21: Key drivers of transformation since 2018
4. Transformation FY25 Results 2018-2025 Key drivers of transformation since 2018 1 Engaged in a responsible energy transition 2 Continued focus on efficiency and derisking 3 Balanced capital allocation and financial discipline 4 Strengthened balance sheet 5 Track record of consistent delivery 6 Cre
Slide 22: 1. Engaged in a responsible energy transition
4. Transformation FY25 Results 2018-2025 1. Engaged in a responsible energy transition Installed generation capacity in operation (GW) Renewable capacity in operation (as % of total) 43% 20.0 1% BESS 5.6 80% 11% Solar 24% 16.2 1% 9% 20% Wind Renewable No Renewable generation No emissions 14% Hydro g
Slide 23: 2. Continued focus on efficiency and derisking
4. Transformation FY25 Results 2018-2025 2. Continued focus on efficiency and derisking Opex/Margin (%) Simplification Portfolio simplification focusing on energy transition, regulated and Opex 2,400 1,900 contracted assets (€m) OneGrid: sharing of best practices among businesses and countries 36% 3
Slide 24: 3. Balanced capital allocation and financial discipline
4. Transformation FY25 Results 2018-2025 3. Balanced capital allocation and financial discipline Sources & Uses 2018-25 (€bn) Investment criteria 40.9 40.9 Net debt reduction & Thresholds for investment to 4.0 hybrid redemption ensure returns with spread over 8.1 Taxes and levies WACC 0.9 Net share
Slide 25: 4. Strengthened balance sheet
4. Transformation FY25 Results 2018-2025 4. Strengthened balance sheet Net debt and hybrids (€m) Net debt/LTM EBITDA (x) Rating 16,654 S&P / Fitch Hybrids 1,500 12,648 BBB 331 Stable outlook 3.9x Liquidity Net debt 15,154 FY25 12,317 2.3x €9,917m Jan-18 Dec-25 Jan-18 Dec-25 Low leverage provides str
Slide 26: 5. Track record of consistent delivery
4. Transformation FY25 Results 2018-2025 5. Track record of consistent delivery Strategic Plan 2018-2022 Strategic Plan 2021-2025 Target FY22 Target revised FY25 €bn €bn 2022 results 2025 in 1H23 results EBITDA 4.6 5.0 EBITDA 4.8 5.1 5.3 Opex efficiency (vs. 2018) 0.5 0.7 Net income 1.6 1.8 2.0 Accu
Slide 27: 6. Created value for shareholders
4. Transformation FY25 Results 2018-2025 6. Created value for shareholders ROIC1 ROE2 Total shareholder return (TSR, 2018-25) 10.4% Annualized TSR 21.5% 11.3% 16.4% 9.1% 6.8% 5.0% 9.2% 10.1% Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23 Jun-
Slide 28: 5. Key themes for 2026
FY25 Results 5. Key themes for 2026 28
Slide 29: Rising value of flexible generation
5. Key themes FY25 Results for 2026 Rising value of flexible generation Key drivers Spain CCGT production1 (TWh) Spanish Structural change/shift in the role of CCGTs in recent years Pool Ancillary OMIE services system Rising value of flexible generation 26.6 25.4 13.3 13.4 FY23 FY25 Naturgy Capacity
Slide 30: Supply visibility for 2026
5. Key themes FY25 Results for 2026 Supply visibility for 2026 Key drivers Electricity sales (GWh) 18,785 18,400 Stable market share and volumes to preserve margins amid a highly competitive environment Industrial 6,523 6,300 ~65% Balanced and vertically integrated position Retail 12,262 12,100 ~70%
Slide 31: Derisking energy management
5. Key themes FY25 Results for 2026 Derisking energy management Key drivers Gas volume long-term procurement contracts (TWh) Agreement with Sonatrach on price until 2027 increasing commercial visibility, subject to the customary authorizations 203 Negligible total gas exposure in 2026 primarily driv
Slide 32: Resilience in networks Spain
5. Key themes FY25 Results for 2026 Resilience in networks Spain Key drivers RAB (€bn) Opex (€/km) New regulatory framework 2026-31 with increased financial Electricity remuneration to 6.58% and strong adjustment to opex remuneration distribution Investment plan for SP 2025-27 (c. €300-350m/year) su
Slide 33: Disciplined development of renewables generation
5. Key themes FY25 Results for 2026 Disciplined development of renewables generation Key drivers Capacity in operation (GW) Group Growing asset base to cover clients decarbonization needs Technology 1.2GW under construction expected to become operational by 4Q26 9.5 8.1 2.0 2.1 Spain Low-risk, flexi
Slide 34: Ramping up biomethane footprint
5. Key themes FY25 Results for 2026 Ramping up biomethane footprint Key drivers Spain’s biomethane Nedgia biomethane plant evolution1 (#) distribution (GWh) Spain biomethane potential estimated at 160TWh or 8x the PNIEC 2030 target of 20TWh Biomethane is an efficient solution to decarbonize the tran
Slide 35: Data centers opportunity
5. Key themes FY25 Results for 2026 Data centers opportunity Investment opportunity Naturgy’s business model Spain is one of the fastest-growing DC markets: Power land sale Data center Investor • Low construction and power costs 100% control • Strategic geographical position Additional services (PPA
Slide 36: Proactive regulatory management in networks LatAm
5. Key themes FY25 Results for 2026 Proactive regulatory management in networks LatAm Regulatory period Key drivers Tariff review 2026-30 with inflation recognition and higher losses recognition Panama electricity 2022-26 Higher demand vs. 2025 and ongoing quality upgrade plan Tariff review 2026-30
Slide 37: Restored free float and liquidity
5. Key themes FY25 Results for 2026 Restored free float and liquidity Treasury shares 0.9% Key developments in FY25 Free float Voluntary tender offer on own shares at 26.50 €/share on 24 26.0% June (9.1% of capital) 23.3% Placement and bilateral sale totalling 9.0% of share capital • Two market plac
Slide 38: Future Board composition
5. Key themes FY25 Results for 2026 Future Board composition 15 members Resolutions regarding governance Appoint Mr. Lars Bespolka as director by co-option, at the proposal of IFM, increasing its proprietary directors from two to three Indication from BlackRock-GIP that one of its three proprietary
Slide 39: 6. Outlook 2026
FY25 Results 6. Outlook 2026 39
Slide 40: Energy markets outlook
6. Outlook 2026 FY25 Results Energy markets outlook1 Brent (USD/bbl) TTF (€/MWh) Iberian electricity pool (€/MWh) 43 62 69 65 72 66 68 66 33 31 30 39 1H25 2H25 1H26 2H26 1H25 2H25 1H26 2H26 1H25 2H25 1H26 2H26 Henry Hub (USD/MMBtu) JKM (USD/MMBtu) CO2 (€/t) 3.8 14 77 79 78 3.6 3.5 12 71 3.4 11 11 1H
Slide 41: FX outlook vs. EUR
6. Outlook 2026 FY25 Results FX outlook vs. EUR1 CLP vs. EUR BRL vs. EUR USD vs. EUR 1,104 1.17 1.19 1.20 1,044 1,025 1,031 6.29 6.32 6.28 6.57 1.09 1H25 2H25 1H26 2H26 1H25 2H25 1H26 2H26 1H25 2H25 1H26 2H26 MXN vs. EUR ARS vs. EUR 21.81 21.54 21.10 2,106 20.70 1,704 1,835 1,416 1H25 2H25 1H26 2H26
Slide 42: Guidance 2026
6. Outlook 2026 FY25 Results Guidance 2026 EBITDA (€m) Net income (€m) Investment (€m) above above around 5,334 2,023 2,142 5,300 1,900 2,100 FY25 FY26E FY25 FY26E FY25 FY26E Net debt (€m) DPS (€/share) around min 12,317 1.77 13,500 1.80 FY25 FY26E1 FY25 FY26E Maintaining record results despite comp
Slide 43: Closing remarks
6. Outlook 2026 FY25 Results Closing remarks Strong 2025 results, reinforcing track record of consistent delivery Transformation throughout 2018-2025 underpins value creation and credibility Guidance 2026 well supported by business fundamentals and risk management Firm commitment to energy transitio
Slide 44: Appendix
FY25 Results Appendix 44
Slide 45: Alternative Performance Metrics (i/iv)
Appendix FY25 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 46: Alternative Performance Metrics (ii/iv)
Appendix FY25 Results Alternative Performance Metrics (ii/iv) Alternative performance Reconciliation of values Definition and terms Relevance of use metrics 31 December 2025 31 December 2024 Measurement of the investment effort in Net capital expenditure CAPEX - Other proceeds from investing Euros 1
Slide 47: Alternative Performance Metrics (iii/iv)
Appendix FY25 Results Alternative Performance Metrics (iii/iv) Alternative performance Reconciliation of values Definition and terms Relevance of use metrics 31 December 2025 31 December 2024 Measure of the company's ability to generate operating resources in relation to EBITDA / Cost of net EBITDA
Slide 48: Alternative Performance Metrics (iv/iv)
Appendix FY25 Results Alternative Performance Metrics (iv/iv) Alternative performance Reconciliation of values Definition and terms Relevance of use metrics 31 December 2025 31 December 2024 Cash and other equivalent liquid + Undrawn Measure of the Group's ability to face any type Liquidity Euros 9,
Slide 49: ESG Metrics
Appendix FY25 Results ESG Metrics FY25 FY24 Change Comments Health and safety Frequency Index1 units 0.46 0.89 -48.3% Naturgy's 24-25 global plan on Health & Safety contributes to improved health Severity Index2 units 21.7 32.0 -32.2% & safety ratios Environment GHG Emissions3 M tCO2 e 13.3 11.9 12.
Slide 50: Disclaimer
Appendix FY25 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 51: 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