Naturgy Energy Group S.A.

Investor Presentation • Feb 27, 2024

27 February 2024

2023

Results

2. Scenario

• 3. Key highlights 2023
• 4. Consolidated results
• 5. Results by business unit
• 6. Summary and priorities 2024

Year review 2023

Continuous adaptation to the environment

1. Including M&A in 2023 (ASR wind acquisition and other renewable projects in Spain and Australia) 2. Under different stages of development

Gas and power prices evolution in Europe

Gas and power prices remain highly correlated

Spain electricity prices among the most competitive in Europe in 2023

Source: Heren, OMIE, GME, EPEX, Eurostat

Note:

1. Day ahead prices

Energy markets evolution

Decreasing gas and power prices¹ towards historical average levels

Lower volatility vs. 2022 although above historical average levels

Source: Platts, Heren, Bloomberg, ICE, OMIE Note:

Main regulatory measures and proposals

Key highlights 2023

	Step up in energy transition investment	€2,944m Investment (+53% vs. FY22)	1
	Progress on renewable development	6.5GW Installed capacity (+1GW vs. FY22)	2
	Headway in renewable gases	70 projects1 Biomethane and hydrogen	3
2023	Increased regulatory visibility in LatAm Networks	2025 Up to and beyond	4
	Security of supply at competitive prices	249 / 21TWh Gas / power supply globally	5

1. Step up in energy transition investment

Increased investment efforts in renewables

Breakdown2:	FY22	FY23	Var.
Energy management	€5m	€4m	n.m.
Supply	€132m	€135m	+2%
Thermal generation	€164m	€149m	-9%
Networks	€776m	€908m	+17%
Renewable generation	€828m	€1,729m	>100%

Notes:

1. Including M&A. In 2023, ASR wind acquisition and other renewable projects in Spain and Australia. In 2022, renewable projects in Spain 2. Excluding Holdings

2. Progress on renewable development

3. Headway in renewable gases

Leading renewable gases developments in Spain, a key contributor to decarbonization

Notes:

1. Including 2 of the largest projects in Spain (La Robla 280MW and Meirama 30MW) both under advanced stage of development 2. Spain's proportional part based on the biomethane production potential estimated by the EC

Progress on renewable gases			Large biomethane potential in Spain
Projects under different stages of development		TWh ∼326		>3x
Biomethane:	Hydrogen:		∼160	8x ∼20
>60	>101	Spain gas demand 2023	Biomethane potential	PNIEC 2030 target

Networks transition

• Nedgia ready to distribute biomethane with no modifications
• Nedgia's modern networks (98%) can operate with 20-30% hydrogen blending

Spain lagging behind EU peers in biomethane plants

4. Increased regulatory visibility in LatAm Networks

	Regulatory period	2023 developments
Panama electricity	2022-26	Fourth tariff review approved with updated tariffs and visibility up to 2026
Mexico gas	2021-25	Fifth tariff review approved with updated tariffs and visibility up to 2025
Chile gas	2022-25	Increasing focus on long-term regulation
Brazil gas	2023-27	Positive developments towards final definition of 2018-22 tariff review and ongoing negotiations for 2023-27 and concession extension
Argentina gas & electricity	2023-27 & 2021-25	Inflation adjustment applied in 2023, positive proposals by the regulator (possibility of 20 years concession extension, and full tariff review)

5. Security of supply at competitive prices

Playing a key role in addressing the energy trilemma

• During 2023, Naturgy distributed 378TWh and 32TWh of gas and electricity respectively, and supplied 249TWh and 21TWh of gas and electricity respectively
• Essential role of CCGTs to guarantee security of supply in the face of higher volatility and renewable intermittency (7.4GW and 2.4GW CCGTs baseload capacity in Spain and Mexico respectively)

Security of supply Competitive prices Sustainability

• Spain electricity prices among the most competitive in Europe in 2023

• Since beginning of the energy crisis and price escalation, Naturgy adjusted prices for >2 million customers (70% of its liberalized customers)

• Step up in energy transition investment (€2,944m in FY23)

• Committed to growth in renewables (~19GW pipeline)
• Leading renewable gases developments in Spain with over 60 biomethane and 10 hydrogen projects
• More than 38,000 self-supply installations (~1GW capacity) connected to Naturgy's electricity networks as of the end of 2023 (2x vs. 2022)

Consolidated results

Highlights

EBITDA and Investment mix¹

Note: 1. Excluding Holdings

Reinforced balance sheet and balanced cash flow uses

Stable Net debt with balanced cash flow uses

Continued balance sheet reinforcement

1.Does not include cost from IFRS 16 debt 2. Including ASR wind acquisition and other renewable projects in Spain and Australia 3. Including corporate tax and other taxes paid 4. Including FX, derivatives variation, difference of accrued interests vs. paid and non-cash

impacts and others

Notes:

19

Shareholder remuneration

Total dividend of 1.40 €/share against 2023 results as committed

Total dividend 2023: 1.40 €/share

ESG progress

Solid progress on key ESG metrics towards 2025 targets
	Environment			Social		Governance
	Emissions reduction	Biodiversity	Enhance diversity	Extending ESG throughout supply chain	ESG as a part of mgmt. incentives	Climate change risks & taxonomy reporting
	Reduction of tCO2 , ( scopes 1+2+3)1	Projects (#)	Women in mgmt. positions	Suppliers ESG audited	Variable pay ESG linked	TCFD & Taxonomy implementation
2020	16%	265	27%	70%	3%	Partial
2023	X% 30%	XX 353	X% 36%	XX 84%	20%	Partial
2025	27%	>350	>40%	95%	20%	100%

Environment

Significant progress on the decarbonization of our activities and growing investment in energy transition activities

Advancing in energy transition

Renewable installed capacity (GW) FY23 Taxonomy aligned investment (€m)

Social

Large economic contribution to society, promoting equality and diversity, and supporting vulnerable customers

Contribution to society
	Economic value distributed
	Suppliers & Admin.	86%
€20,193m	Investors and others	11%
	Employees	3%

Diversity and local communities

	FY22	FY23
Women in management positions (%)	34	36	2pp
Purchases from local suppliers (%)	80	90	10pp

Naturgy's Foundation FY23 Energy rehabilitation plan (homes rehabilitated) 810 Since start 4,435 Social innovation projects (benefited people) 1,132 Since start 5,756 School of energy (trained people) 4,134 Since start 35,084 Volunteer program (benefited people) 33,387

Since start 73,187

Governance

Progress on the implementation of governance best practices Recognized in international ESG indexes

ESG management remuneration (%)	Supply chain ESG audits (%)
	x2			1pp
FY22 FY23		FY22	FY23
10 20		83	84
FY23 breakdown		FY23 reporting implementation (%)
		Taxonomy		100
Health & safety	5%	TCFD		75
Diversity	5%	TNFD		25
Employees Environment	5% 5%	ESRS		In progress for final implementation in 2024

Best practices				ESG recognitions and indexes
ESG management remuneration (%)		Supply chain ESG audits (%)				Recognized commitment with health & safety and
	x2		1pp			good practices in diversity Presence since 2014
FY22	FY23	FY22	FY23
10	20	83	84			Recognized strong culture, leadership and commitment with the future 800 candidate companies
FY23 breakdown					A-		60/100
		FY23 reporting implementation (%)
		Taxonomy	100		4.4/5		77/100
Health & safety	5%	TCFD	75				Gold medal
Diversity	5%
Employees	5%	TNFD	25		60/100
Environment	5%	ESRS	In progress for final implementation in 2024

Commitment and delivery

Track record of growing EBITDA, investment and dividends while reducing Net debt

EBITDA guidance revised upwards during 2023 and exceeded

Capital allocation 2021-23

During the 2021-23 period €6.4bn were dedicated to invest, mainly in energy transition

Results by business unit

27

Gas networks

Growth driven by tariff updates in LatAm; demand declines in Spain, Brazil and Chile

Spain: lower regulated remuneration due to 2020 tariff review and lower demand (mainly in residential and commercial segments), partially offset by lower gas losses

• Mexico: higher reserved capacity for distribution by third parties, lower energy losses and positive FX impact, partly offset by lower supply margins
• Brazil: tariff updates partially offset by lower demand, particularly in the power generation segment, due to abundant hydro resource in the year
• Argentina: tariff updates and higher sales in generation and TPA segments not enough to compensate for marked FX depreciation
• Chile: positive comparison vs. FY22 due to the TGN provision registered in 2022. Gas distribution benefited from higher tariffs, while gas supply experienced some margin compression due to scenario

Electricity networks

Record investments in Spain and approved regulatory review in Panama

• Spain: record investments up to regulatory limit, lower remuneration vs. prior year as 2022 registered the collection of accrued remuneration from 2017-2019
• Panama: higher demand due to higher temperatures and approved tariff review from July 2023
• Argentina: tariff updates were not sufficient to compensate for opex inflation and marked FX depreciation

Energy management

Lower sales and margins as market rebalances and prices stabilize closer to historical average levels

• Comparison affected by the negative impact of the financial hedging ineffectiveness accounted for in 2022, with the majority of such contracts expired in 2023
• Lower sales and gas prices due to scenario were compensated by the termination in 2022 of sales and hedging contracts with negative margins in Europe and Iberia

Thermal generation

Thermal generation remains essential to guarantee

• renewables resource partially offset by higher CCGT unitary margins
• GPG thermal: higher production and margins in Dominican Republic as well as higher margins in the surplus market in Mexico partly offset by lower availability in PPAs and negative FX

Renewable generation

Growing installed capacity and production

• Spain: higher hydro production as well as commissioning of new capacity (153MW) and ASR Wind integration (422MW) partly offset by lower sales prices
• USA: beginning of trial operation of 7V Solar Ranch (300MW), Grimes PV plant construction underway (263MW COD in 2Q25)
• GPG renewables: higher production in Mexico and recovery of the commercial operation in Chile offset by lower hydro production in Panama and Costa Rica. Increased installed capacity in Australia (119MW), although end of La Joya

Supply

Higher margins in power supply vs. 2022 thanks to a more balanced power generation / supply integrated position

• Power: higher margins vs. 2022, supported by growing fixed priced contracts as well as lower costs compared to 2022, which was affected by the cost of energy sales not covered via own inframarginal generation
• Gas: healthy margins although below 2022 levels, due to transfer of customers from liberalized to regulated tariffs in residential segment

Summary and priorities 2024

Summary

Energy scenario rebalancing post 2022

Strong results and cash flow supported by investments and energy scenario

Balance sheet strength allows for investment step up

"Iberian exception" cap on gas prices for CCGTs Exceeded guidance and delivered on commitments

"Iberian exception" cap on gas prices for CCGTs output Focus on sustainability, security of supply and competitive prices

Priorities 2024

Networks Markets

• Ongoing regulatory management in Spain and LatAm
• Adequate regulatory framework in electricity networks Spain
• Gas meters in Spain
• Concession extension in gas networks Brazil
• Gas networks transition with growing volumes of biomethane in Spain

• 290 networks connection requests equivalent to 10.7TWh/year

• Energy management: pipeline contracts to reflect 2024 market conditions

• Thermal generation:
• CCGTs critical role recognition in Spain
• PPAs extension in Mexico
• Renewable generation: organic growth plan execution
• Up to 1.2GW and 2.3GW COD in 2024 and 2025 respectively
• Renewable gases: continued growth in Spain

• 70 projects in biomethane and hydrogen

• Supply: balanced integrated position

Capital allocation

• Dividend at 1.40 €/share per annum subject to BBB rating
• Investment plan of ~€3bn in 2024 with focus on renewables
• Balance sheet strength (preserving BBB rating)

Appendix

2023

Results

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:

Alternative performance		Reconciliation of values	Relevance of use
metrics	Definition and terms	31 December 2023 31 December 2022
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	Euros 5,475 million	Euros 4,954 million	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	Euros 1,929 million = 580 + 79 + 1,780 - 510	Euros 1,794 million = 547 + 74 + 1,511 – 338	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	Euros 2,136 million = 327 + 1,809	Euros 1,907 million = 333 + 1,574	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/iii)

Alternative performance		Reconciliation of values
metrics	Definition and terms	31 December 2023	31 December 2022	Relevance of use
Net Investments (net CAPEX)	CAPEX- Other investment receipts/(payments)	Euros 2,060 million = 2,136 – 76	Euros 1,833 million = 1,907 – 74	Measure of the investment effort of each period without considering the assets transferred or contributed by third parties.
Gross financial debt	"Non-current financial liabilities" + "Current financial liabilities"	Euros 15,970 million = 13,426+ 2,544	Euros 16,301 million = 13,999 + 2,302	Measure of the Group's level of financial debt. 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"	Euros 12,090 million = 15,970 - 3,686 – 194	Euros 12,070 million = 16,301 - 3,985 – 246	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")	50.3% = 12,090 / (12,090 + 11,929)	54.7% = 12,070 / (12,070 + 9,979)	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.
Cost of net financial debt	Cost of financial debt - "Interest (financial revenues)"	Euros 485 million = 675 - 190	Euros 501 million = 568 - 67	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	11.3x = 5,475 / 485	9.9x = 4,954 /501	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 = 12,090 / 5,475	2.4x = 12,070/4,954	Measure of the Group's ability to generate resources to meet financial debt payments.

Appendix

Alternative Performance Metrics (iii/iii)

Alternative performance		Reconciliation of values
metrics	Definition and terms	31 December 2023	31 December 2022	Relevance of use
Free Cash Flow after minorities	Net Free cash flow + Parent company dividends net of collected by other group companies + Purchase of treasury shares + Investment payments (group companies, associates and business units)	Euros 2,536 million = 474 + 1,441 + 10 + Euros 1,914 million = 744 + 1,153 + 0 + 611 17		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 + Cash flows from investing activities + Cash flows from financing activities – Receipts/payments from financial liability instruments	Euros 474 million = 4,857 – 2,739 - 2,263 + 619	Euros 744 million = 4,242 - 1,486 – 2,854 + 842	Measure of cash generation to assess the funds available to debt service.
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)	3.9% = (675 - 84 - 29) / 14,325	3.0% = (568-85-31) / 15,099	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	Euros 9,237 million = 3,686 + 5,551	Euros 9,482 million = 3,985 + 5,497	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	Euros 20,193 million = 15,106 + 1,780 + 377 + 580 + 79 + 817 + 1,454 + 0	Euros 32,089 million = 27,194 + 1,511 + 762 + 547 + 74 + 837 + 1,164 + 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

Appendix

		FY23	FY22	Change	Comments
Health and safety
Accidents with lost time1	units	9	8	12.5%	Health and safety metrics show an increase in accidents vs. FY22, although
LT Frequency rate2	units	0.13	0.12	8.3%	within the expected range considering the Group's characteristics
Environment
GHG Emissions3	M tCO2 e	12.9	15.1	-14.6%
Emission factor	t CO2/GWh	247	279	-11.5%	Lower CCGT production in Spain
Emissions-free installed capacity	%	41.0	37.5	9.3%	New renewable capacity coming into operation
Emissions-free net production	%	38.6	29.4	31.3%	Higher hydro production and increase in renewable installed capacity
Interest in people
Number of employees4	persons	7,010	7,112	-1.4%	Stable workforce evolution
Training hours per employee	hours	41.5	35.9	15.6%	Positive response to follow-up campaigns and new platforms and courses in operation
Women representation4	%	33.9	32.7	3.7%	Significant women representation in new hirings
Society and integrity
Economic value distributed5	€m	20,193	32,089	-37.1%	Decrease explained mainly by lower procurement costs
Notifications received by the ethics committee	units	80	43	86.0%	Enhanced monitoring and reporting procedures

Notes:

1. In accordance to OSHA criteria

2. Calculated for every 200,000 working hours

3. Scopes 1 and 2

4. In accordance with consolidation criteria

5. As defined in the Alternative Performance Metrics annex

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.

capitalmarkets@naturgy.com

www.naturgy.com

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