Naturgy Energy Group, S.a. · BME:NTGY
Naturgy Energy — 9M25 Earnings Presentation
30 slides from Naturgy Energy's earnings presentation, Oct 29, 2025
Slide 1: 9M25 Results
9M25 Results 9M25 Results 29 October 2025 1
Slide 2: Key highlights, results, free float update, 2025 outlook
9M25 Results › Key highlights › results 9M25 › on free float reestablishment Update › 2025 Outlook 2
Slide 3: Key highlights
9M25 Key highlights Results › Robust 9M25 performance amid geopolitical uncertainty › On track to deliver on 2025 guidance Increased free float and liquidity to return to the MSCI indexes ›•• Free float increased from 10% to 18.7% in record time and preserving value Improved share liquidity (ADTV up
Slide 4: 9M25 Results
9M25 Results 9M25 Results 4
Slide 5: Evolution of energy markets key indicators
9M25 Evolution of energy markets key indicators1 Results ›9M25 results Brent (USD/bbl) TTF (€/MWh) Iberian electricity pool (€/MWh) › 14% 26% 21% › 2025 83 71 52 63 32 40 9M24 9M25 9M24 9M25 9M24 9M25 Henry Hub (USD/MMBtu) JKM (USD/MMBtu) CO2 (€/t) 58% 17% 10% 65 72 11 13 2 4 Source: Platts, Heren,
Slide 6: 9M25 results
9M25 9M25 results Results ›9M25 results €m › EBITDA Net income › 2025 4,214 1,668 9M24: 4,292 9M24: 1,580 Dividends YTD1 Net debt2 Notes: 1,100 12,913 1.Paid to outstanding shares only, as treasury shares are not eligible to receive dividends 9M24: 865 FY24: 12,201 2.Does not include the proceeds fr
Slide 7: Income statement evolution
9M25 Income statement evolution Results ›9M25 results › €m 9M24 9M25 EBITDA contribution 9M25 › 2025 Net sales 13,924 14,586 Gross margin 5,806 5,708 Opex & levies (1,514) (1,494) EBITDA 4,292 4,214 Businesses Activities Geographies D&A and other results (1,399) (1,302) EBIT 2,893 2,912 Financial re
Slide 8: Cash flow evolution
9M25 Cash flow evolution Results ›9M25 results › €m 9M24 9M25 Gross investment mix (Capex) › 2025 EBITDA 4,292 4,214 Taxes (295) (324) Financial result (354) (400) 39% Businesses Businesses 45% Other cash items (435) (189) 9M24 9M25 FFO 3,208 3,301 Change in WC & other cash items (333) 357 Investmen
Slide 9: Net debt evolution
9M25 Net debt evolution Results ›9M25 results €m › ND/EBITDA (x) 2.3x 2.4x › 2025 Cost of debt (%) 4.0% 3.9% Fixed rate (%) 68% 66% 2,332 12,913 12,201 1,100 (496) (879) (2,151) (73) FY24 FCF after FX, Dividends Tender offer Placement Net debt Placement minorities derivatives & Jun. 2.0% Aug. 9M25 3
Slide 10: Networks
9M25 Networks Results ›9M25 results EBITDA (€m) TGN provision reversal Key highlights › 1H24: +€105m Spain: 2,283 4 10 › 2025 2,098 • Gas: regulatory adjustments and stable demand (27) (10) (139) • Electricity: higher remunerated asset base and (23) retroactive recognition of remuneration from previ
Slide 11: Energy management
9M25 Energy management Results ›9M25 results EBITDA (€m) Key highlights › Effective hedging and gas procurement aligned with 718 market conditions › 2025 611 Ongoing negotiations with Sonatrach for 2025-27 gas procurement prices Proactive hedging of US LNG volumes Continue to assess new gas procurem
Slide 12: Thermal generation
9M25 Thermal generation Results ›9M25 results EBITDA (€m) Key highlights › 138 Spain: 523 › 2025 430 (45) • Higher demand for ancillary services • Largest CCGT fleet in Spain with 7.4GW acting as backbone to energy security • Higher maintenance to cope with demanding operating regime LatAm: 9M24 Spa
Slide 13: Renewable generation
9M25 Renewable generation Results ›9M25 results EBITDA (€m) Key highlights › Growth in renewables driven by strict financial 21 452 discipline 439 3 › 2025 (8) (3) Spain: higher prices and installed capacity (243MW) offset by lower hydro and wind production USA: entry into operation of the Grimes so
Slide 14: Supply
9M25 Supply Results ›9M25 results EBITDA (€m) Key highlights › Comparison affected by the favorable judicial ruling on the financing of electricity subsidies in 9M24 › 2025 594 amounting to €63m 500 Power: slight margin contraction in the residential and SME segments due to scenario Gas: margins res
Slide 15: Update on free float reestablishment
9M25 Results Update on free float reestablishment 15
Slide 16: Increased free float to return to the MSCI indexes
9M25 Increased free float to return to the MSCI indexes Results › Current development Shareholder Structure ›Update on free float Pre-tender Current reestablishment 1. Tender offer on own shares at › 2025 26.50 €/share (9.1% of capital = €2.3bn) 26.7% 24.0% 2. Placements and bilateral sale totaling
Slide 17: Share price and liquidity evolution
9M25 Share price and liquidity evolution Results › Share price performance (€/sh.) ›Update on free float 24-Jun: 4-Aug: ABB (2.0%) + reestablishment Tender offer bilateral sell (3.5%) 28 › 2025 28-May: settlement 7-Oct: ABB (3.5%) 28-Oct: CNMV 27 Tender offer 26.70 approval 30-Jul: dividend 0.60 26
Slide 18: Outlook 2025
9M25 Results Outlook 2025 18
Slide 19: Evolution of energy markets key indicators
9M25 Evolution of energy markets key indicators1 Results › Brent (USD/bbl) TTF (€/MWh) › ›Outlook 2025 83 75 71 65 40 32 40 32 9M24 4Q24 9M25 4Q25E 9M24 4Q24 9M25 4Q25E Iberian electricity pool (€/MWh) CO2 (€/t) 95 70 78 64 65 66 72 Source: 52 Platts, Heren, Bloomberg, ICE, OMIE Note: 1. Real prices
Slide 20: On track to deliver on 2025 guidance
9M25 On track to deliver on 2025 guidance Results › EBITDA (€m) Net income (€m) › ›Outlook 2025 5,365 Above Above 5,300 1,901 2,000 FY24 FY25E FY24 FY25E guidance guidance DPS (€/share) Net debt (€m) from <14,700 ≥ 1.7 1.6 12,201 ~13,000 FY24 FY25E FY24 FY25E guidance revised guidance Guidance for E
Slide 21: Short term business priorities
9M25 Short term business priorities Results › Networks Energy management Thermal generation › • Final regulatory framework for • Maintain gas procurement contracts • Pending on regulatory visibility for electricity networks Spain aligned with market conditions capacity payments ›Outlook 2025 • Proac
Slide 22: Conclusions
9M25 Conclusions Results › › › Robust 9M25 performance amid geopolitical uncertainty ›Outlook 2025 › On track to deliver on 2025 guidance Increased free float and liquidity to return to the MSCI indexes ›•• Free float increased from 10% to 18.7% in record time and preserving value Improved share liq
Slide 23: Appendix
9M25 Results Appendix 23
Slide 24: Alternative Performance Metrics (i/iv)
9M25 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 25: Alternative Performance Metrics (ii/iv)
9M25 Alternative Performance Metrics (ii/iv) Results Alternative performance Reconciliation of values Definition and terms Relevance of use metrics 30 September 2025 30 September 2024 Measurement of the investment effort in Net capital expenditure CAPEX - Other proceeds from investing Euros 1,221 mi
Slide 26: Alternative Performance Metrics (iii/iv)
9M25 Alternative Performance Metrics (iii/iv) Results Alternative performance Reconciliation of values Definition and terms Relevance of use metrics 30 September 2025 30 September 2024 11.7x = 4,292 / 368 Measure of the company's ability to generate operating resources in relation to EBITDA / Cost o
Slide 27: Alternative Performance Metrics (iv/iv)
9M25 Alternative Performance Metrics (iv/iv) Results Alternative performance Reconciliation of values Definition and terms Relevance of use metrics 30 September 2025 30 September 2024 Euros 10,627 million = 5,077+ 5,550 Cash and other equivalent liquid + Undrawn Comparative information as of Measure
Slide 28: ESG Metrics
9M25 ESG Metrics Results 9M25 9M24 Change Comments Health and safety Frequency Index1 units 0.41 0.99 (58.6%) Naturgy's 24-25 global plan on Health & Safety contributes to improved health Severity Index 2 units 9.83 31.73 (69.0%) & safety ratios Environment GHG Emissions3 M tCO2 e 10.0 8.6 16.3% Str
Slide 29: Disclaimer
9M25 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 30: 9M25 Results
9M25 Results capitalmarkets@naturgy.com www.naturgy.com Av. de América 38, Madrid 30