Naturgy Energy Group S.A.

Interim / Quarterly Report • Aug 11, 2022

1H 2 2

Results 11 August 2022

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Scenario Consolidated results Results by business unit Summary Appendix

1. Scenario

^{26 23}

1H21 1H22

^{15 13}

12%

1H21 1H22

1H Results

Naturgy's energy demand evolution (TWh)

Demand decline in Spain, Brazil and Mexico

Energy markets evolution

Henry Hub (USD/MMBtu)

Spanish electricity market

Volatile commodity price environment

2.7 5.4

1H21 1H22

FX evolution

Positive FX impact from USD, MXN and BRL

2. Consolidated results

Key highlights

Ordinary EBITDA evolution by geography (€m)

Notes:

^1. Including Renewables and Thermal generation

^2. Including retail Supply as well as exship and industrial gas sales in Spain reported under Markets & procurement unit

^3. Including EMPL whose concession terminated in October 2021

^4. Including International LNG and Markets & procurement units excluding exship and industrial gas sales

1H Results

Ordinary EBITDA evolution by business unit (€m)

Growth in Networks LatAm and Energy management, partially offset by Supply and networks activities in Spain

Note: 1. Of which €108m provisions related to the first instance conviction sentence against Naturgy's Chilean subsidiary Metrogas S.A. in favor of Transportadora de Gas del Norte, S.A. (TGN)

Net income evolution (€m)

Net income growth driven by international activities

Note: 1. Of which €126m provisions related to the first instance conviction sentence against Naturgy's Chilean subsidiary Metrogas S.A. in favor of Transportadora de Gas del Norte, S.A. (TGN)

Cash flow and Net debt evolution (€m)

Cash flow

	1H22
Ordinary EBITDA	2,184
Non-ordinary items	(137)
EBITDA	2,047
Taxes	(194)
Net interest cost	(336)
Other non-cash items	44
Funds from operations	1,561
Change in working capital	868
Cash flow from operations	2,429
Capex1	(684)
Dividends to minorities	(166)
Divestments2	7
Other	(126)
Free cash flow after minorities	1,460

Net debt

(%): avg. cost of debt³

Net debt reduction supported by cash flow generation

Notes:

^1. Net of cessions and contributions

^2. Cash flows from disposals or divestments in group companies or business units

^3. Does not include cost from IFRS 16 debt

3.Results by business unit

Networks Spain

Ordinary EBITDA evolution by key drivers (€m)

• Spain gas networks: lower demand and reduction of regulated remuneration
• Spain electricity networks: growth supported by investment

€145m capex, of which ~83% remunerated

1H22

items

1

Networks LatAm

items

1H21

Ordinary EBITDA evolution by key drivers (€m)

• 33 Chile gas: higher supply margins, partially offset by lower contribution from distribution activities
  • Brazil gas: tariff updates and positive FX partially offset by lower sales
  • Mexico gas: higher supply margins and positive FX impact offset by lower sales
  • Panama electricity: higher sales and positive FX impact
  • Argentina: higher sales and tariff updates

€133m capex, of which ~96% remunerated

Note: 1. Of which €108m provisions related to the first instance conviction sentence against Naturgy's Chilean subsidiary Metrogas S.A. in favor of Transportadora de Gas del Norte, S.A. (TGN)

Energy management

Ordinary EBITDA evolution by key drivers (€m)

Highlights

• by higher procurement costs
• International LNG: higher margins as a result of supportive scenario and open positions
• Pipelines (EMPL): termination of EMPL concession in October 2021
• Spain thermal generation: higher production and electricity prices in bilateral contracts
• International thermal generation: higher margins as result of PPAs as well as positive FX impact

€95m capex, of which ~1% remunerated

Growth driven by International LNG activities

Renewables

Ordinary EBITDA evolution by key drivers (€m)

EBITDA evolution by business line (€m) Highlights

• Spain: higher prices and new capacity offset by lower hydro and wind production, as well as regulatory impacts
• Australia: higher margins on mark-to-market of existing PPAs offset by higher opex
• LatAm: lower production in Mexico and Brazil, partially offset by positive FX impact
• USA: proprietary developments underway

€270m capex, of which ~94% remunerated

Supply

Ordinary EBITDA evolution by key drivers (€m)

• Gas supply: higher margins offset by lower sales and costs linked to contract withdrawals and repricing
• Power supply: lower sales and margins in the industrial segment, impacted by volumes sold and not covered with inframarginal generation

18 Supply Spain affected by contracts with end customers not yet reflecting the increase of gas and electricity prices in major hubs

4.Summary

Summary

• Volatile commodity price environment
• Growth driven by international activities
  • Networks growth driven by LatAm operations
  • Performance in Markets supported by International LNG
  • Higher prices and contract changes in Renewables partially offset by low hydro/wind and regulatory impacts in Spain
  • Ongoing margin pressure in Supply activities in Spain
• Net debt reduction supported by cash flow generation

Appendix

Alternative Performance Metrics (i/iii)

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 Metrics (APM), which are viewed as adjusted figures with respect to those presented in accordance with IFRS.

The chosenAPMs are useful for persons consulting the financial information as they allow an analysisof the financial performance, cash flows and financial situation of Naturgy, and a comparison with other companies.

Below is a glossary of terms with the definition of the APMs. Generally, the APM terms are directly traceable to the relevant items of the consolidated balance sheet, consolidated income statement, consolidated statement of cash flows or Notes to the Financial Statements of Naturgy. To enhance the traceability, a reconciliation is presented of the calculated values.

Alternative performance	Definition and terms	Reconciliation of values
metrics		30 June 2022	30 June 2021	Relevance of use
EBITDA	Operating profit = Net sales - Procurements + Other operating income - Personnel expenses - Other operating expenses + Results from the sale of fixed assets + Allocation of grants relating to fixed assets and others	Euros 2,047 million	Euros 1,678 million	Measure of earnings before interest, taxes, depreciation and amortization and provisions
Ordinary EBITDA	EBITDA - Non-ordinary items	Euros 2,184 million = 2,047 + 137	Euros 1,959 million = 1,678 + 281	EBITDA corrected of impacts like restructuring costs and other non ordinary items considered relevant for a better understanding of the underlying results of the Group
Ordinary Net income	Attributable net income of the period to the parent company - Non-ordinary items	Euros 717 million = 557 + 160	Euros 557 million = 484 + 73	Attributable Net Income corrected of impacts like assets write-down, discontinued operations, restructuring costs and other non-ordinary items considered relevant for a better understanding of the underlying results of the Group
Investments (CAPEX)	Investments in intangible assets + Investments in property, plant & equipment	Euros 721 million = 138 + 583	Euros 439 million = 90 + 349	Realized investments in property, plant & equipment and intangible assets
Net Investments (net CAPEX)	CAPEX - Other proceeds/(payments) of investments activities	Euros 684 million = 721 –37	Euros 413 million = 439 –26	Investments (CAPEX) net of other cash received from investment activities (cessions and contributions)
Gross financial debt	Non-current financial liabilities + "Current financial liabilities"	Euros 16,517 million = 14,418 + 2,099	Euros 16,812 million = 15,114 + 1,698	Current and non-current financial debt

Alternative Performance Metrics (ii/iii)

Alternative performance	Definition and terms	Reconciliation of values
metrics		30 June 2022	30 June 2021	Relevance of use
Net financial debt	Gross financial debt - "Cash and cash equivalents" - "Derivative financial assets associated with debt"	Euros 11,976 million = 16,517 - 4,365 – 176	Euros 12,831 million = 16,812 - 3,965 – 16	Current and non-current financial debt less cash and cash equivalents and derivative financial assets
Leverage (%)	Net financial debt / (Net financial debt + "Net equity")	64.4% = 11,976 / (11,976 + 6,625)	59.1% = 12,831 / (12,831 + 8,873)	The ratio of external funds over total funds
Cost of net financial debt	Cost of financial debt - "Interest revenue"	Euros 248 million = 265 - 17	Euros 240 million = 246 - 6	Amount of expense relative to the cost of financial debt less interest revenue
EBITDA/Cost of net financial debt	EBITDA / Cost of net financial debt	8.3x = 2,047 /248	7.2x = 3,529 /491	Ratio between EBITDA and cost of net financial debt
Net financial debt/ EBITDA	Net financial debt / Last twelve months EBITDA	3.1x = 11,976/ 3,898	3.6x = 12,831/ 3,529	Ratio between net financial debt and EBITDA
Free Cash Flow after minorities	Net Free Cash Flow + Dividends controlling company to third parties + Acquisitions of treasury shares + Inorganic investments payments	Euros 1,460 million = 964 + 481 - 0 + 15	Euros 663 million = 401 + 605 + 0 - 343	Cash flow generated by the Company available to pay to the shareholders (dividends or treasury shares), the payment of inorganic investments and debt payments
Net Free Cash Flow	Cash flow generated from operating activities + Cash flows from investing activities + Cash flow generated from financing activities - Receipts and payments on financial liability instruments	Euros 964 million = 2,429 – 801 - 1,386 + 722	Euros 401 million = 1,287 – 71 - 1,209 + 394	Cash flow generated by the Company available to pay the debt

Alternative Performance Metrics (iii/iii)

Alternative performance metrics	Definition and terms	Reconciliation of values
		30 June 2022	30 June 2021	Relevance of use
Average cost of financial gross debt	Annualized financial expenses of the operations included in gross financial debt , except for those corresponding to IFRS16 debt and other refinancing expenses / weighted monthly average of the gross financial debt (including financial liabilities derivatives instruments and excluding IFRS16 debt)	2.8% = (265-42-13)= 210 * (360/180) / 15,156	2.5% = (510 - 92 – 29) / 15,751	Indicator of financing cost in interest rate
Liquidity	Cash and cash equivalents + Undrawn committed credit lines	Euros 9,898 million = 4,365 + 5,533	Euros 9,424 million = 3,965 + 5,459	Indicator of liquid resources available to meet any payment
Economic value distributed	Procurement + Other operating expenses (including Taxes) + Income tax payments + Personnel costs + Own work capitalized + Financial expenses + Dividends paid by parent company to third parties + Expenses from discontinued operations	Euros 15,923 million = 13,841 + 716 + 194 + 267 + 33 + 391 + 481 + 0	Euros 9,540 million = 6,331 + 642 +204 + 570 + 39 + 286 + 605 + 863	Provides a basic indication of the economic value generated by the activity of the Group for all stakeholders

ESG metrics

		1H22	1H21	Change	Comments
Health and safety
Accidents with lost time1	units	3	6	-50.0%	Significant reduction of accidents in the period, after an unusually high number
LT Frequency rate2	units	0.09	0.15	-40.0%	of accidents in 1H21
Environment
GHG Emissions	M tCO2 e	6.7	6.1	9.8%	Lower hydro production (-64%) has obliged to cover demand with higher CCGT
Emission factor	t CO2/GWh	273	250	9.2%	production in the period. New renewable into operation lowers the increase in terms of emission factor
Emissions-free installed capacity	%	36.7	36.1	1.7%	New wind capacity coming into operation in Spain
Emissions-free net production	%	32.2	38.8	-17.0%	Lower hydro production in Spain in the period vs. 1H21
Interest in people
Number of employees	persons	7,203	8,006	-10.0%	Perimeter changes and workforce optimization
Training hours per employee	hours	15.3	11.1	37.8%	Growth explained by more training hours in risk prevention courses, as well as follow up campaigns and new platforms in operation
Women representation	%	32.6	31.4	3.8%	Increase following group's policies to advance in gender parity
Society and integrity
Economic value distributed	€m	15,923	9,540	66.9%	Increase mostly as a consequence of higher procurement costs
Notifications received by the ethics committee	units	21	39	-46.2%	Good evolution, although partially explained by workforce reduction

Disclaimer

This document is the property of Naturgy Energy Group, S.A. (Naturgy) and has been prepared forinformation purposes only.

This communication contains forward-looking information and statements about Naturgy. Such information can include financial projections and estimates, statements regarding plans, objectives and expectations with respect to future operations, capital expenditures or strategy.

Naturgy cautions that forward-looking information are subject to various risks and uncertainties, difficult to predict and generally beyond the control of Naturgy. These risks and uncertainties include those identified in the documents containing more comprehensive information filed by Naturgy and their subsidiaries before the different supervisory authorities of the securities markets in which their secuirities are listed and, in particular, the Spanish National Securities MarketCommission.

Except as required by applicable law, Naturgy does not undertake any obligation to publicly update or revise any forward-looking information and statements, whether as a result of new information,future events or otherwise.

This document includes certain alternative performance measures ("APMs"), as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority in October 2015. For further information about this matter please refer to this presentation and to the corporate website (https://www.naturgy.com/en/shareholders_and_investors/investors/quarterly_results).

This document does not constitute an offer or invitation to purchase or subscribe shares, in accordance with the provisions of the restated text of the Securities Market Law approved by Royal Legislative Decree 4/2015, of 23 October and their implementing regulations. In addition, this document does not constitute an offer of purchase, sale or exchange, nor a request for an offer of purchase, sale or exchange of securities, in any otherjurisdiction.

The information and any opinions or statements made in this document have not been verified by independent third parties; therefore, no warranty is made as to the impartiality, accuracy, completeness or correctness of the information or the opinions or statements expressedherein.

capitalmarkets@naturgy.com www.naturgy.com

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