Naturgy Energy Group, S.a. · BME:NTGY
Naturgy Energy — 1H25 Earnings Presentation
32 slides from Naturgy Energy's earnings presentation, Jul 23, 2025
Slide 1: 1H25 Results
1H25 Results 1H25 Results 23 July 2025 1
Slide 2: 1H25 Results agenda
1H25 Results › Key highlights › results 1H25 › Completion of tender offer › 2025 Outlook 2
Slide 3: 1H25 Key highlights
1H25 Key highlights Results › Strong 1H25 performance demonstrating resilience amid macro uncertainty › Outcome of tender offer supports objectives to increase free float and share liquidity to return to MSCI indexes › First 2025 interim dividend, payable on 30 July, adjusted upwards to 0.60 €/sh. t
Slide 4: 1H25 Results
1H25 Results 1H25 Results 4
Slide 5: Evolution of energy markets key indicators
1H25 Evolution of energy markets key indicators1 Results ›1H25 results Brent (USD/bbl) TTF (€/MWh) Iberian electricity pool (€/MWh) › › 2025 84 72 62 43 30 39 1H24 1H25 1H24 1H25 1H24 1H25 Henry Hub (USD/MMBtu) JKM (USD/MMBtu) CO2 (€/t) 4 14 64 71 2 11 Source: Platts, Heren, Bloomberg, ICE, OMIE Not
Slide 6: 1H25 results
1H25 1H25 results Results €m ›1H25 results › EBITDA Net income › 2025 2,848 1,147 1H24: 2,846 1H24: 1,043 Dividend Net debt 576 13,689 1H24: 384 1H24: 12,201 Strong 1H25 results with no extraordinary items, maintaining record highs 6
Slide 7: Income statement evolution
1H25 Income statement evolution Results ›1H25 results › €m 1H24 1H25 EBITDA contribution 1H25 › 2025 Net sales 9,071 9,961 Gross margin 3,770 3,849 Opex & levies (924) (1,001) EBITDA 2,846 2,848 Businesses Activities Geographies D&A (990) (885) EBIT 1,856 1,963 Financial result & associates (159) (1
Slide 8: Cash flow evolution
1H25 Cash flow evolution Results ›1H25 results › €m 1H24 1H25 Gross investment mix 1H25 › 2025 EBITDA 2,846 2,848 Taxes (229) (243) Financial result (215) (245) Other cash items (302) (212) 42% Businesses FFO 2,100 2,148 Change in WC & other cash items (142) 259 Investments1 (711) (869) Hybrids amor
Slide 9: Net debt evolution
1H25 Net debt evolution Results €m ›1H25 results › ND/EBITDA (x) 2.3x 2.1x 2.6x › 2025 Cost of debt (%) 4.0% 3.9% Fixed rate (%) 68% 63% 2,332 13,689 12,201 576 11,357 (1,280) (140) FY24 FCF after FX, derivatives Dividends 1H25 pre- Tender offer 1H25 post- minorities & others tender tender Strong ba
Slide 10: Networks
1H25 Networks Results ›1H25 results EBITDA (€m) Spain: › 30 TGN provision reversal 1H24: +105m • Gas: demand affected by lower 1,460 32 temperatures, offset by regulatory › 2025 (29) (20) adjustments 1,344 (104) (25) • Electricity: better remuneration in both asset base and recognition overdue from
Slide 11: Energy management
1H25 Energy management Results ›1H25 results EBITDA (€m) Higher margins supported by effective hedging › and gas procurement aligned with market conditions 524 › 2025 Ongoing negotiations with Sonatrach for 2025-27 384 gas procurement prices Derisked exposure via proactive hedging of US LNG volumes
Slide 12: Thermal generation
1H25 Thermal generation Results ›1H25 results EBITDA (€m) Spain: › 69 • Higher demand for ancillary services driven › 2025 285 313 by higher renewables penetration (41) • Ancillary services support voltage control, contingency response, and compensate PV drop-off in the evening • Pioneer establishin
Slide 13: Renewable generation
1H25 Renewable generation Results ›1H25 results EBITDA (€m) Growth in renewables driven by strict financial › discipline 12 322 Spain: higher prices and installed capacity › 2025 305 6 (295MW) offset by lower hydro and wind - - production USA: entry into operation of the Grimes solar plant (261MW) L
Slide 14: Supply
1H25 Supply Results ›1H25 results EBITDA (€m) Comparison affected by the favorable judicial ruling compensation for financing of › electricity subsidies +€63m on the financing of electricity subsidies in 1H24 452 Power: increase of client base despite ongoing › 2025 386 competitive environment Gas:
Slide 15: Summary 1H25 results
1H25 Summary 1H25 results Results ›1H25 results › Strong 1H25 results with no extraordinary items, maintaining record highs › 2025 - Stable networks when excluding 1H24 one-offs - Competitive procurement - Proactive risk management - Higher production of CCGTs - Selective growth in renewables - Prog
Slide 16: Completion of tender offer
1H25 Results Completion of tender offer 16
Slide 17: Completion of €2.3bn tender offer
1H25 Completion of €2.3bn tender offer Results › Shareholder structure Share price above tender offer level post-completion ›Completion of tender offer Pre-tender Post-tender € › 24-June: 2025 28 30-May: Settlement 26.7% 24.0% Beginning of acceptance Rioja Bidco 20.7% 18.6% period 85.0% 76.2% 27 20.
Slide 18: Current scenario reaffirms 2025-27 Strategic Plan attractiveness
1H25 Current scenario reaffirms 2025-27 Strategic Plan attractiveness Results EBITDA (€bn) Strong fundamentals drive record results › ›Completion of › Networks resilience 3.5 4.8 5.3 5.3 tender offer › 2025 › Vertical integration balancing power and gas › value of gas in the energy transition Rising
Slide 19: Outlook 2025
1H25 Results Outlook 2025 19
Slide 20: Energy outlook for 2H25
1H25 Energy outlook for 2H251 Results › Brent (USD/bbl) TTF (€/MWh) › ›Outlook 2025 84 77 72 68 38 43 30 36 1H24 2H24 1H25 2H25E 1H24 2H24 1H25 2H25E Iberian electricity pool (€/MWh) CO2 (€/t) 87 79 64 67 71 71 62 Source: 39 Platts, Heren, Bloomberg, ICE, OMIE Note: 1. Real prices up to June and cur
Slide 21: Guidance for the year
1H25 Guidance for the year Results › EBITDA (€m) Net income (€m) › ›Outlook 2025 5,365 Above Above 5,215 5,300 1,901 1,866 2,000 FY24 FY25E FY25E FY24 FY25E FY25E consensus guidance consensus guidance Dividend per share (DPS, €) Net debt (€m) Source: Bloomberg consensus as of 22 July 2025 Notes: 1 1
Slide 22: Efficiency and profitability
1H25 Efficiency and profitability Results › › Opex / Margin (%) ROIC1 (%) ROE3(%) ›Outlook 2025 24 23 17.3 11.4 16.1 11.1 2 Notes: FY24 FY25E FY24 FY25E FY24 FY25E 1. ROIC estimated as EBIT after taxes divided by average invested capital (Equity + Net Debt) 2. Invested capital not considering €2.3bn
Slide 23: Naturgy market valuation
1H25 Naturgy market valuation1 Results › › EV/EBITDA FY25E (x) P/E FY25E (x) Dividend yield FY25E (%) ›Outlook 2025 6% discount 18% discount 44% premium Notes: 1. EV stands for Enterprise Value, P/E for Price Earnings Ratio and dividend 8.6 14.6 6.9 yield estimated as annual max 12.0 DPS/share price
Slide 24: Conclusions
1H25 Conclusions Results › › › Strong 1H25 performance demonstrating resilience amid macro uncertainty ›Outlook 2025 › Outcome of tender offer supports objectives to increase free float and share liquidity to return to MSCI indexes › First 2025 interim dividend, payable on 30 July, adjusted upwards
Slide 25: Appendix
1H25 Results Appendix 25
Slide 26: Alternative Performance Metrics (i/iv)
1H25 Alternative Performance Metrics (i/iv) Results Naturgy's financial disclosures contain magnitudes and metrics drafted in The chosen APMs are useful for persons consulting the financial information as accordance with International Financial Reporting Standards (IFRS) and others they allow an ana
Slide 27: Alternative Performance Metrics (ii/iv)
1H25 Alternative Performance Metrics (ii/iv) Results Alternative performance Reconciliation of values Definition and terms Relevance of use metrics 30 June 2025 30 June 2024 Measurement of the investment effort in Net capital expenditure CAPEX - Other proceeds from investing Restatement of 30 june 2
Slide 28: Alternative Performance Metrics (iii/iv)
1H25 Alternative Performance Metrics (iii/iv) Results Alternative performance Reconciliation of values Definition and terms Relevance of use metrics 30 June 2025 30 June 2024 11.2x = 2,846 / 253 Measure of the company's ability to generate operating resources in relation to EBITDA / Cost of net EBIT
Slide 29: Alternative Performance Metrics (iv/iv)
1H25 Alternative Performance Metrics (iv/iv) Results Alternative performance Reconciliation of values Definition and terms Relevance of use metrics 30 June 2025 30 June 2024 Euros 9,749 million = 4,087 + 5,662 Cash and other equivalent liquid + Undrawn Measure of the Group's ability to face any type
Slide 30: ESG Metrics
1H25 ESG Metrics Results 1H25 1H24 Change Comments Health and safety Frequency Index1 units 0.61 1.33 -54.1% Naturgy's 24-25 global plan on Health & Safety is already contributing to Severity Index 2 units 14.7 28.6 -48.7% improve health & safety ratios Environment GHG Emissions3 M tCO2 e 6.4 5.5 16
Slide 31: Disclaimer
1H25 Disclaimer Results • 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 Nat
Slide 32: 1H25 Results
1H25 Results capitalmarkets@naturgy.com www.naturgy.com Av. de América 38, Madrid 32