Naturgy Energy Group S.A.

Investor Presentation • Feb 4, 2022

FY21 Results February 2022

2

Consolidated results Results by business unit Scenario Summary Appendix

Scenario

Energy demand evolution (TWh)

Ongoing recovery of energy demand

Energy markets evolution

FY20 FY21

JKM (USD/MMBtu)

3.8

FY20 FY21

Significant rise of commodity prices, notably during 2H21

15.0

FX evolution

LatAm currencies depreciation pace moderated in 2021

Consolidated results

Non-ordinary items & FX impact

€m FY21 FY20

	(410)	(197)
	Regulatory fines	-	(1)
	Provisions reversal	6	37
	Sales of land and buildings	5	7
	Procurement agreement	36	(94)
	Lean transformation costs	(39)	-
	Taxes (hydro canon sentence)	188	-
	Withdrawal costs of onerous contracts (gas clients)	(234)	-
	Other	(6)	(17)

EBITDA Net income

€m	FY21	FY20
Restructuring costs	(291)	(144)
Asset write-down	(11)	(1,019)
Provisions reversal	4	28
Sales of land and buildings	3	5
Procurement agreement	28	(76)
Lean transformation costs	(27)
Taxes (hydro canon sentence)	164
Withdrawal costs of onerous contracts (gas clients)	(176)
UFGas agreement	127
Interest sales and corporate transactions	4	10
Discontinued operations	113	17
Other	45	(40)
Total	(17)	(1,219)

Total (454) (265)

Non-ordinary items corresponding mostly to restructuring costs

Non-ordinary items

Key figures (€m)

Key highlights

2021 Ordinary EBITDA above guidance

EBITDA evolution by business unit (€m)

Energy management in international markets offset by supply activities in Spain

Net income evolution by business unit (€m)

Net income growth mainly driven by scenario and optimizations

Cash flow and Net debt evolution (€m)

	FY21
Ordinary EBITDA	3,983
Non-ordinary items	(454)
EBITDA	3,529
Taxes	(864)
Net interest cost	(394)
Other non-cash items	(153)
Funds from operations	2,118
Change in working capital	(1,117)
Cash flow from operations	1,001
Capex1	(1,423)
Dividends to minorities	(429)
Divestments & Other2	2,964
Free cash flow	2,113

Cash flow Net debt

(%): avg. cost of debt³

Net debt reduction offset by above average working capital consumption in 4Q21

Notes:

• 1. Net of cessions and contributions
• 1. Including the disposal of CGE Chile
• 1. Does not include cost from IFRS 16 debt
• 1. Includes mainly the acquisition of Renewables US (-€49m) and the proceeds from the agreement on UFG (€395m)
• 1. Mainly related to UFG agreement completion

Shareholder remuneration FY 2021

DPS (€/sh.)

Total 2021 dividend: 1.20

Final dividend against 2021 to be paid in 1Q22

Results by business unit

Networks Spain

• Gas networks: growth driven by higher demand in the industrial segment and operational improvements
• Electricity networks: growth supported by investment and efficiencies offset by second year financial remuneration adjustment included in regulatory period 2020-25

€374m capex, of which ~84% remunerated

Results supported by recovery of energy demand and operational improvements

Networks LatAm

EBITDA evolution by business line (€m) Highlights

EBITDA FY20 Nonordinary items Ordinary EBITDA FY20 Chile gas Brazil gas Mexico gas Panama elec. Argentina Ordinary EBITDA FY21 Nonordinary items EBITDA FY21

Ordinary EBITDA evolution by key drivers (€m)

• Chile gas: stable results in distribution offset by margin pressure in supply, due to insufficient pass-through of higher gas costs to customers
• Brazil gas: higher demand, tariff updates and operational improvements partially offset by FX
• Mexico gas: demand recovery offset by delayed tariff updates and FX
• Panama electricity: demand recovery despite lower temperatures, offset by tariff decrease per indexation and US\$ depreciation
• Argentina: demand recovery and tariff updates not enough to compensate for impacts of inflation and FX

€246m capex, of which ~96% remunerated

Recovery underway albeit weakness persisting in some regions

Energy management

Ordinary EBITDA evolution by key drivers (€m)

Highlights

• Markets and procurement: higher gas prices compared to 2020
• International LNG: supportive scenario in recent months limited by contracted sales and hedging
• Pipelines (EMPL): termination of EMPL concession in October 2021
• Spain thermal generation: limited profitability amid volatile scenario and surging gas prices
• International thermal generation: higher margins in Mexico as a result of PPAs and higher electricity prices, offset by US\$ depreciation

€98m capex, of which ~11% remunerated

Supportive scenario for gas sales particularly in 2H21

Renewables

Ordinary EBITDA evolution by key drivers (€m)

• ¹⁴⁸ Spain: reduction in bilateral sales price to our supply business
  • Australia: higher capacity offset by lower margins on mark-to-market of existing PPAs
  • LatAm: additional capacity into operation in Chile during 2021
  • USA: proprietary developments underway

New renewable capacity to gradually increase its contribution

Supply

Ordinary EBITDA evolution by key drivers (€m)

• Gas supply: margin pressure for gas sales not reflecting rally of gas prices
• Power supply: substantially lower margins due to sales which had to be backed by buys in the pool

€136m capex, of which ~83% remunerated

Supply affected by contracts with customers not reflecting the increase in gas and electricity procurement costs

4. Summary

Summary

Regulated activities remained stable supported by ongoing recovery of energy demand

Energy management in international markets offset by supply activities in Spain

Supply impacted by contracts with end customers not reflecting the increase of gas and electricity prices in major hubs

Presence across the value chain and risk management were key to navigate ongoing volatility and its transitory impacts on the various activities

Net debt reduction offset by above average working capital consumption in 4Q21

2021 Ordinary EBITDA above guidance amid volatile scenario

22

Appendix

Alternative Performance Metrics (i/ii)

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 metrics	Definition and terms	Reconciliation of values
		31 December 2021	31 December 2020	Relevance of use
EBITDA	Operating profit	Euros 3,529 million	Euros 3,449 million	Measure of earnings before interest, taxes, depreciation and amortization and provisions
Ordinary EBITDA	EBITDA - Non-ordinary items	Euros 3,983 million = 3,529 + 454	Euros 3,714 million = 3,449 + 265	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
OPEX	Personnel costs + own work capitalized + other operating expenses (Taxes not included)	Euros 2,171 million = 940 + 77 + 1,315 - 161	Euros 1,682 million = 798 + 77 + 1,180 - 373	Amount registered in the income statement corresponding to operating expenses excluding taxes
Ordinary Net income	Attributable net income of the period - Non ordinary items	Euros 1,231 million = 1,214 + 17	Euros 872 million = -347 + 1,219	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 1,484 million = 288 + 1,196	Euros 1,279 million = 187 + 1,092	Realized investments in property, plant & equipment and intangible assets
Net Investments (net CAPEX)	CAPEX - Other proceeds/(payments) of investments activities	Euros 1,423 million = 1,484 - 61	Euros 1,228 million = 1,279 - 51	Total investments net of the cash received from divestments and other investing receipts

Alternative Performance Metrics (ii/ii)

Alternative performance metrics	Definition and terms	Reconciliation of values
		31 December 2021	31 December 2020	Relevance of use
Gross financial debt	Non-current financial liabilities + "Current financial liabilities"	Euros 16,812 million = 15,114 + 1,698	Euros 17,539 million = 14,968 + 2,571	Current and non-current financial debt
Net financial debt	Gross financial debt - "Cash and cash equivalents" - "Derivative financial assets"	Euros 12,831 million = 16,812 – 3,965 – 16	Euros 13,612 million = 17,539 – 3,927 – 0	Current and non-current financial debt less cash and cash equivalents and derivative financial assets
Leverage (%)	Net financial debt / (Net financial debt + "Net equity")	59.1% = 12,831 / (12,831 + 8,873)	54.7% = 13,612 / (13,612 + 11,265)	The ratio of external funds over total funds
Cost of net financial debt	Cost of financial debt - "Interest revenue"	Euros 491 million = 510 – 19	Euros 498 million = 515 – 17	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	7.2x = 3,529 / 491	6.9x = 3,449 / 498	Ratio between EBITDA and cost of net financial debt
Net financial debt/EBITDA	Net financial debt / EBITDA	3.6x = 12,831 / 3,529	3.9x = 13,612 / 3,449	Ratio between net financial debt and EBITDA
Market cap	Number of shares (in thousands) outstanding at the end of the period * Price at the end of the period	Euros 27,760 million = 969,614 * Euros 28.63	Euros 18,384 million = 969,614 * Euros 18.96	Total enterprise value based on its market cap
Free Cash Flow after minorities	Free Cash Flow + Dividends and other + Acquisitions of treasury shares + Inorganic investments payments	Euros 2,113 million = 1,149 + 1,278 + 3 – 317	Euros 1,626 million = 79 + 1,359 + 184 + 4	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 1,149 million = 1,001 + 1,896 + 0 – 2,851 + 1,103	Euros 79 million = 3,432 – 1,142 - 190 - 388 – 1,633	Cash flow generated by the Company available to pay the debt

ESG Metrics

		FY21	FY20	Change	Comments
Health and safety
Accidents with lost time1	units	8	4	100.0%	Increase in accident ratio as a consequence of the exceptionally low 2020, notably in
LT Frequency rate2	units	0.10	0.04	-	1Q20
Environment
GHG Emissions3
	M tCO2 e	13.5	15.5	-12.9%	Growing renewable production (+12.1%) coupled with lower thermal (-1.9%) production
Emission factor	t CO2/GWh	261	297	-12.1%	in the period
Emissions-free installed capacity	%	33.0	29.0	13.8%	New renewable capacity coming into operation in Chile, as well as the shutdown of the coal capacity in June 2020
Emissions-free net production	%	35.4	32.4	9.3%	Higher renewable production
Interest in people
Number of employees	persons	7,366	9,335	-21.1%	Perimeter changes and workforce optimization
Training hours per employee	hours	28.8	26.6	8.3%	Reinforced training programs, with a growing relevance of on-line format
Women representation	%	32.4	32.9	-1.5%	Slight reduction as a consequence of higher women representation in companies exiting the consolidation perimeter
Society and integrity
Economic value distributed	€m	22,494	16,235	38.6%	Increase in Economic value distributed following activity growth
Complaints received by the ethics comittee	units	61	80	-23.8%	Complaints within normal parameters, and aligned with the evolution in the number of employees

• Notes:
• 1. In accordance to OSHA criteria

• Calculated for every 200,000 working hours

• Scope 1 and 2

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 Market Commission.

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 (www.naturgy.com).

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.

This presentation is property of Naturgy Energy Group, S.A. Both its content and design are for the exclusive use of its personnel.

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