Naturgy Energy Group S.A.

Investor Presentation • Jul 23, 2024

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23 July 2024

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 about Naturgy. Such information can include financial projections and estimates, statements regarding plans, objectives and expectations with respect to future results, operations, capital expenditures or strategy.

Naturgy cautions that forward-looking information is subject to various risks and uncertainties, difficult to predict and generally beyond the control of Naturgy. These risks and uncertainties include the current volatile market and regulatory uncertainty, as well as those identified in the documents containing more comprehensive information filed by Naturgy and their subsidiaries in the different supervisory authorities of the securitiesmarkets in which their securities are listed and, in particular, the Spanish NationalSecurities 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 MarketsAuthority in October2015.

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 theirimplementing 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 expressed herein.

2. Outlook 2024

3. Track record 2021-24

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4. Future 2025-30

Record results amid a more competitive scenario

Energy markets evolution

Income statement

€m

	1H24
Net sales	9,071
Procurement	(5,301)
Gross margin	3,770
Opex & levies	(924)
EBITDA	2,846
D&A and others	(990)
EBIT	1,856
Financial result	(159)
Profit before taxes	1,697
Income taxes	(382)
Minorities & others	(272)
Net income	1,043

Supply

EBITDA evolution by business unit

EBITDA evolution by key drivers

Cash flow evolution

€m

	1H24
EBITDA	2,846
Taxes	(229)
Financial costs	(215)
Non-cash items	(302)
Funds from operations	2,100
Change in working capital	(99)
Cash flow from operations	2,001
Gross investment	(947)
Tax equity, contributions & subsidies	246
Hybrid redemption	(500)
Dividends to minorities & others	(119)
Free cash flow after minorities	681

Renewable generation	44%
Distribution	40%
Rest	15%

Liquidity and Net debt evolution

Gas networks

• Spain: remuneration adjustments from 2021 regulatory framework as well as demand affected by mild temperatures
• Mexico: regulatory tariff updates and positive FX impact
• Brazil: regulatory tariff updates in a negative inflation environment as well as lower demand in vehicle and residential segments
• Argentina: regulatory tariff updates and higher demand with negative FX impact
• Chile: higher tariffs and demand in distribution as well as positive impact from TGN litigation, partly offset by negative FX

Electricity networks

• Spain: higher remunerated RAB as well as improvement of the impact on energy losses
• Panama: positive impact from regulatory review and higher demand due to rise in temperatures
• Argentina: regulatory tariff updates and higher demand partly offset by FX impact

Energy management

• 2024 price agreement reached with Sonatrach
  • Confirms the solid relationship between Sonatrach and Naturgy
  • Ensures prices reflect current market conditions
  • Underlines commitment to security of supply
• Active management of hedged LNG volumes, resulting in improved target margins
• 2023 results affected by the reversal of the financial hedging ineffectiveness registered in 2022

Thermal generation

• Spain: lower thermal gap due to higher renewable resource led to lower production and lower margins; progress on EU regulatory process to introduce capacity payments in 2025
• Mexico: higher revenue driven by higher availability and production; ongoing negotiations for extension of PPAs beyond 2027

Renewable generation

421 Gross investment (€m)

• Spain: higher installed capacity and higher production, notably increased hydro and wind generation
• USA: start of operation of the first solar plant developed in Texas; higher expenses for the start of operations and the management of the development platform
• LatAm: higher production and prices
• Australia: positive evolution of the markto-market valuation of existing PPAs

Supply

• Final favorable judicial ruling on the collection of the electricity subsidies for liberalized customers in 2016-21 period
• Power: lower prices and margins due to scenario compensated by the termination of regulatory price caps (RDL)
• Gas: margins resiliency supported by higher visibility on procurement costs; growth in service contracts
• Launch of digital platform "NewCo" to transform client interactions, with new AI tools
• First company to redeem energy efficiency certificates in Spain

10), Ok (-10/20), Good (20/40),

Sustainability

Environment Social

Women in management positions 1H23 1H24 35% 37% Employee Net Promoter Score¹ 1H23 1H24 14 29 Awarded "Great place to work" certificate

Steady progress on our transformation

"Iberian exception" cap on gas prices for CCGTs output "Iberian exception" cap on gas prices for CCGTs output Record results amid a more competitive scenario Continuous improvement of operational and risk management Capital discipline and optimization of capital structure Responsible progress on the energy transition with a clear commitment to investment

Energy commodities moderation after 2 years

Source: Real prices up to June and current forwards to year end

Spanish electricity pool (€/MWh)

CO² (€/t)

Positive outlook for 2024

Spain: growth in electricity and stability in gas

LatAm: positive regulatory reviews

Energy management

• 2024 price agreement with Sonatrach
• All LNG volumes sold or hedged

Shareholder remuneration policy

• Annual dividend floor of 1.40 €/share subject to BBB rating
  • 0.50 €/sh. 1 August 2024
  • 0.50 €/sh. November 2024
  • 0.40 €/sh. March 2025

Thermal generation

• Spain: lower production due to lower thermal gap
• LatAm: higher availability and production in Mexico

Renewable gases

Progress on biomethane contracts portfolio development

Renewable generation

Higher production due to new installed capacity in Spain, USA and Australia

Supply

Margins resilience Subsidies for electricity clients favorable resolution

Guidance for the year

Share price performance evolution since 2021 closing

Market valuation Naturgy vs. Iberian peers

Notes:

1. FY21 multiples based on market prices as of 30 December 2021 and reported FY21 financials; FY24E multiples based on market prices as of 22 July 2024 and peers' consensus estimates 2. Iberian peers comprising Iberdrola, Endesa and EDP

Track record 2021-24

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2021 Strategic Plan achievements

Capital discipline	Decarbonization Risk management
Net debt reduction (including hybrids): €2bn Investment 2021-24E: €8.4bn Dividend 2021-24E: €5.3bn Opex efficiency	Increase of renewable capacity in Spain, USA and Australia Creation of a growth platform for renewable gases Boost of self-consumption installations	Risk management and hedging through unprecedented volatility Optimized risk/return via physical sales and financial hedging Additional flexibility via LNG fleet
Regulatory management	Security of supply at competitive prices	Progress on ESG
Proactivity in the face of exceptional measures derived from the 2022 energy crisis	Three agreements with Sonatrach to reflect market conditions	emissions reduction: 15%1 CO 2 41% emissions-free installed capacity

Note:

1. Emission factor (tCO²

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Advancing in energy transition

Value creation through balanced capital allocation

Notes:

Consolidated ratios based on book values 1. ROIC estimated as EBIT after taxes divided by average invested capital (Equity + Net debt) 2. ROE estimated as Net income divided by average Equity in the period

Investment, dividends and net debt evolution (€m)

• Accumulated investment
• Accumulated dividends
• Net debt

Decarbonization is unstoppable requiring all available resources and technologies

New 2025-30 Strategic Plan ready by year-end

Objetives

Ambitious and attractive for all stakeholders

Focused on growth and value creation

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2

Committed to responsible decarbonization

since 1843

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Appendix

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 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:

Alternative performance	Definition and terms	Reconciliation of values
metrics		30 June 2024	30 June 2023	Relevance of use
EBITDA	EBITDA = Revenue – Procurements + Other operating income – Personnel expenses – Other operating expenses + Gain/(loss) on disposals of fixed assets + Release of fixed asset grants to Income and other	2,846 million euros	2,849 million euros	EBITDA ("Earnings Before Interest, Taxes, Depreciation and Amortization") measures the Group´s operating profit before deducting interests, taxes, depreciations and amortizations. By dispensing with the financial, tax and accounting expenses magnitudes that do not entail a cash outflow, it allows evaluating the comparability of the results over time. It is an indicator widely used in the markets to compare the results of different companies.
Operating expenses (OPEX)	Personnel expenses + Own work capitalized + Other operating expenses - Taxes	843 million euros = 288 + 38 + 801 - 284	962 million euros = 318 + 35 + 948 - 339	Measure of the expenses incurred by the Group to carry out its business activities, without considering costs that do not involve cash outflows and taxes. Amount allowing comparability with other companies.
CAPEX	Investments in intangible assets + Investments in property, plant & equipment	937 million euros = 137 + 800	839 million euros = 133 + 706	Measure of the investment effort of each period in assets of the different businesses, including accrued and unpaid investments. It allows to know the allocation of its resources and facilitate the comparison of the investment effort between periods. It is made up both of maintenance and growth investments (funds invested in the development or for the expansion of the Group's activities).

Appendix

Alternative Performance Metrics (ii/iv)

Alternative performance		Reconciliation of values
metrics	Definition and terms	30 June 2024	30 June 2023	Relevance of use
Net Investments (net CAPEX)	CAPEX- Other investment receipts/(payments)	701 million euros = 937 – 236	799 million euros = 839 – 40	Measure of the investment effort of each period without considering the assets transferred or contributed by third parties.
Gross investments	Investemts (CAPEX) (5) + Payments for investments for affiliates acquisition, net of cash and equivalents (3)	947 million euros = 937 million euros +10 million euros	953 million euros = 839 million euros + 114 million euros	Measurement of the investment effort in each period in assets of the different businesses, including accrued and unpaid investments, and in assets acquired through subsidiaries. It provides the investment effort in maintenance and growth investments (resources invested in the development and growth of the Group's activities) and in investments, through the acquisition of companies.
Gross financial debt	"Non-current financial liabilities" + "Current financial liabilities"	16,144 million euros = 13,557 + 2,587	15,560 million euros = 12,778 + 2,782 Comparable information as of 30 June of the previous year: 15,970 million euros = 13,426+ 2,544	Measure of the Group's indebtness. Includes current and non-current concepts. This indicator is widely used in capital markets to compare different companies.
Net financial debt	Gross financial debt - "Cash and cash equivalents" - "Derivative financial assets associated with financial liabilities"	11,838 million euros = 16,144 - 4,087 – 219	10,752 million euros = 15,560 - 4,555 - 253 Comparable information as of 30 June of the previous year: 12,090 million euros = 15,970 - 3,686 – 194	Measure of the Group's level of financial debt including current and non-current items, after discounting the cash and cash equivalents balance and asset derivatives linked to financial liabilities. This indicator is widely used in capital markets to compare different companies.
Leverage (%)	Net financial debt / (Net financial debt + "Net equity")	49.9% = 11,838 / (11,838 + 11,876)	48.1% = 10,752 / (10,752 + 11,596) Comparable information as of 30 June of the previous year: 50,3% = 12,090 / (12,090 + 11,929)	Measure of the weight of external resources in the financing of business activity. This indicator is widely used in capital markets to compare different companies.

Appendix

Alternative Performance Metrics (iii/iv)

Alternative performance metrics	Definition and terms	Reconciliation of values
		30 June 2024	30 June 2023	Relevance of use
Cost of net financial debt	Cost of financial debt - "Interest (financial revenues)"	253 million euros = 355- 102	246 million euros = 326 - 80	Measure of the cost of financial debt without considering income from financial interests. This indicator is widely used in capital markets to compare different companies.
EBITDA/Cost of net financial debt	EBITDA / Cost of net financial debt	11.2x = 2,846 / 253	11.6x = 2,849 / 246 Comparable information as of 30 June of the previous year: 11.3x = 5,475 / 485	Measure of the company's ability to generate operating resources in relation to the cost of financial debt. This indicator is widely used in capital markets to compare different companies.
Net financial debt/ EBITDA	Net financial debt / EBITDA	2.2x = 11,838 / 5,472	1.9x = 10,752 / 5,756 Comparable information as of 30 June of the previous year: 2.2x = 12,090 / 5,475	Measure of the Group's ability to generate resources to meet financial debt payments.
Free Cash Flow after minorities	Net Free cash flow (5) + Parent company dividends net of those collected by other group companies (4) + Purchase of treasury shares (4) + Investment payments (group companies, associates and business units) (3)	681 million euros = 287 + 384 + 0 + 10	1,977 million euros = 1,377 + 480 + 6 + 114	Measure of cash generation corresponding to operating and investment activities. It is used to evaluate funds available to pay dividends to shareholders, the payment of inorganic investments (acquisitions of companies or businesses) and to attend debt service.
Net Free Cash Flow	Cash flow generated from operating activities (3) + Cash flows from investing activities (3) + Cash flows from financing activities (3) – Receipts/payments from financial liability instruments (3)	287 million euros = 2,001 – 740 - 864 - 110	1,377 million euros = 3,151 – 1,239 - 1,324 + 789	Measure of cash generation to assess the funds available to debt service.

Alternative Performance Metrics (iv/iv)

Alternative performance	Definition and terms	Reconciliation of values
metrics		30 June 2024	30 June 2023	Relevance of use
Average cost of financial gross debt	Annualized financial expense of the operations included in the gross financial debt excluding cost of financial lease liabilities and other refinancing expenses / monthly weighted average of the gross financial debt (excluding the debt by lease liabilities)	4.04% = (355 - 46 - 10) * (366 / 182) / 14,878	3.8% = (326 - 41 - 14) * (360 / 180) / 14,446 Comparable information as of 31 December of the previous year: 3.9% = (675 - 84 - 29) / 14,325	Measure of the effective interest rate of financial debt. This indicator is widely used in capital markets to compare different companies.
Liquidity	Cash and other equivalent liquid + Undrawn and fully committed lines of credit	9,749 million euros = 4,087 + 5,662	10,108 million euros = 4,555 + 5,553 Comparable information as of 31 December of the previous year: 9,237 million euros = 3,686 + 5,551	Measure of the Group's ability to face any type of payment.
Economic value distributed	Procurements + Other operating expenses (includes Taxes) + Income tax payments + Personnel expenses + Work carried out for fixed assets + Financial expenses + Dividends paid by the parent company + Discontinued activities expenses before taxes	7,500 million euros = 5,301 + 801 + 229 + 288 + 38 + 437 + 384 + 22	10,176 million euros = 8,102 + 948 - 107 + 318 + 35 + 400 + 480 + 0	Measure of the Company's value considering the economic valuation generated by its activities, distributed to the different interest groups (shareholders, suppliers, employees, public administrations and society).

ESG Metrics

Naturgy V
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		1H24	1H23	Change	Comments
Health and safety
Accidents with lost time1	units	9	4	-	Significant increase in accidents vs. 1H23, although mostly with minor
2 LT Frequency rate	units	0.27	0.12	-	consequences. Naturgy has launched its 24-25 global plan on Health & Safety with transversal actions that should contribute to reduce accidents
Environment
GHG Emissions3	M tCO2 e	5.5	5.9	-6.8%
Emission factor	t CO2/GWh	217	241	-10.0%	Lower CCGT production in Spain due to higher rainfall. Emission factor improvement also as a result of higher renewable installed capacity
Emissions-free installed capacity	%	41.4	38.2	8.4%	New renewable capacity coming into operation
Emissions-free net production	%	45.7	39.3	16.3%	Higher hydro production and increase in renewable installed capacity
Interest in people
Number of employees4	persons	6,899	6,944	-0.6%	Stable workforce evolution
Management women representation5	%	37.0	34.9	6.0%	Progressing in the implementation of gender diversity policies
Training hours per employee	hours	20.9	17.3	20.8%	New training for the whole organization, of which the course for the prevention of working and sexual harassment is to be highlighted
Society and integrity
Economic value distributed6	€m	7,500	10,176	-26.3%	Decrease explained mainly by lower procurement costs
Notifications received by the ethics committee	units	55	46	19.6%	Increase following a new criteria to assign investigations coming through the ethics channel

Notes:

1. In accordance to OSHA criteria

2. Calculated for every 200,000 working hours

3. Scopes 1 and 2

4. Managed workforce

5. Spain

6. As defined in the Alternative Performance Metrics annex

capitalmarkets@naturgy.com

www.naturgy.com

Av. de América 38, Madrid

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