Naturgy Energy Group, S.a. · BME:NTGY
Naturgy Energy — 9M 2026 Earnings Presentation
27 slides from Naturgy Energy's earnings presentation, Oct 29, 2026
Slide 1: 9M26 Results
Naturgy y Cada dia. Everyday 9M26 Results 29 October 2026
Slide 2: Agenda
9M26 Results 1. 9M26 group performance 2. Business performance 3. Outlook Naturgy. Cada día. Everyday
Slide 3: 1. 9M26 group performance
9M26 Results 1. 9M26 group performance Naturgy. Cada día. Everyday
Slide 4: Key highlights
9M26 1. 9M26 group performance Results Key highlights EBITDA (€m) Strong operational performance in a 4,380 volatile environment 9M25: 4,214 (+4%) 9M26 results support further guidance upgrade Net income (€m) Robust cash generation despite gas price- 1,758 driven working capital and one-off Sonatrac
Slide 5: Energy markets evolution
9M26 1. 9M26 group performance Results Energy markets evolution1 Brent (USD/bbl) TTF (€/MWh) Iberian electricity pool (€/MWh) 2025 130 80 200 2026 110 150 60 90 100 40 70 50 50 20 0 Jan. Mar. May. Jul. Sep. Jan. Mar. May. Jul. Sep. Jan. Mar. May. Jul. Sep. Henry Hub (USD/MMBtu) JKM (USD/MMBtu) CO2 (
Slide 6: EBITDA evolution by business
9M26 1. 9M26 group performance Results EBITDA evolution by business €m Spain electricity networks retroactive Gas regulated tariff (TUR) provisions adjustments: +€126m and higher ancillary services costs Growth: +4% 267 78 14 1 (42) (147) (5) Higher margins offset by Oman contract expiry 4,214 4,380
Slide 7: Cash flow and Net debt
9M26 1. 9M26 group performance Results Cash flow and Net debt €m 9M26 9M25 Average 4.0% cost of debt EBITDA 4,380 4,214 % fixed 60% Taxes (392) (324) Financial result (459) (400) S&P FFO/ND 29% Other cash items 31 (189) 12,317 1,090 12,307 Funds from operations 3,560 3,301 Change in WC (968) 556 (1,
Slide 8: 2. Business performance
9M26 Results 2. Business performance Naturgy. Cada día. Everyday
Slide 9: Gas networks
9M26 2. Business performance Results Gas networks EBITDA (€m) Key highlights 6 32 1,412 Spain: 1,342 41 22 (31) • End of 2021-26 regulatory period amid softer demand Includes FX impact: €23m – New 2027-32 framework, in place since October, adds stability, downside protection and new incentives for d
Slide 10: Electricity networks
9M26 2. Business performance Results Electricity networks Electricity networks retroactive EBITDA (€m) adjustments: +€126m Key highlights 15 14 953 168 Spain: updated remuneration from new 2026-31 regulatory 756 period and larger remunerated asset base Panama: weather-driven demand growth partly off
Slide 11: Energy management
9M26 2. Business performance Results Energy management EBITDA (€m) Key highlights 718 173 676 Hedging at higher price levels vs. 9M25 Pricing agreement with Sonatrach until 2027 ensures competitive (215) procurement and increases commercial visibility EU confirmed the ban on long-term Russian gas/LN
Slide 12: Thermal generation
9M26 2. Business performance Results Thermal generation EBITDA (€m) Key highlights 77 1 601 Spain: 523 • Higher CCGT output driven by ancillary services and grid stability needs, supporting security of supply and higher Includes FX renewables penetration impact: -€7m • Fleet flexibility and efficien
Slide 13: Renewable generation
9M26 2. Business performance Results Renewable generation EBITDA (€m) Key highlights 16 9 466 Spain: 452 9 (20) • Higher installed capacity and energy prices partly offset by lower hydro Includes FX impact: +€5m • Selective growth focusing on repowering and battery hybridization • Natural hedge with
Slide 14: Supply
9M26 2. Business performance Results Supply EBITDA (€m) Gas regulated tariff (TUR) Key highlights provisions: -€100m 500 Electricity: 9 353 • Higher ancillary services costs weigh on margins (107) (49) • Impact contained by Naturgy's balanced, vertically integrated position Gas: • Regulated tariff (
Slide 15: 3. Outlook
9M26 Results 3. Outlook Naturgy. Cada día. Everyday
Slide 16: Forward curves point to elevated prices into winter
Source: 2.0 3.0 4.0 5.0 50 70 110 130 150 90 Jan-26 Jan-26 Forwards (26/10/2026) Feb-26 Feb-26 Mar-26 Mar-26 Apr-26 Apr-26 May-26 May-26 Scenario 2026 Jun-26 Jun-26 Jul-26 Jul-26 Aug-26 Aug-26 Brent (USD/bbl) Sep-26 Sep-26 Oct-26 Oct-26 Nov-26 Henry Hub (USD/MMBtu) Nov-26 Dec-26 Dec-26 10 30 50 70 9
Slide 17: Guidance 2026
9M26 3. Outlook Results Guidance 2026 EBITDA (€bn) Net income (€bn) Net debt (€bn) FY26 dividend (€/share) DPS 1.80 above around 5.5 5.6 2.1 13.5 below 5.3 2.2 13.0 1.9 13.0 2nd interim dividend 0.60 payable 5 November February Revised Revised February Revised Revised February Revised Revised July O
Slide 18: Towards 2027
9M26 3. Outlook Results Towards 2027 Spain gas 2027-32 framework: model continuity adding new investment incentives and enhanced downside protection Networks Spain electricity: investment cap lift unlocks incremental investment in 2027-30 vs. former plan LatAm: new regulatory frameworks approved; st
Slide 19: Conclusions: Delivery, Visibility, Optionality
9M26 3. Outlook Results Conclusions 1. 2. 3. Delivery Visibility Optionality 9M26 results support Improved 2027 visibility Strong balance sheet for further guidance upgrade across key businesses disciplined, accretive growth, alongside an attractive dividend Higher guidance, greater 2027 visibility
Slide 20: Appendix
9M26 Results Appendix Naturgy. Cada día. Everyday
Slide 21: Alternative Performance Metrics (i/iv)
Appendix 9M26 Results 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
Slide 22: Alternative Performance Metrics (ii/iv)
Appendix 9M26 Results Alternative Performance Metrics (ii/iv) Alternative performance Reconciliation of values Definition and terms Relevance of use metrics 30 September 2026 30 September 2025 Measurement of the investment effort in each period in assets of the different businesses, including accrue
Slide 23: Alternative Performance Metrics (iii/iv)
Appendix 9M26 Results Alternative Performance Metrics (iii/iv) Alternative performance Reconciliation of values Definition and terms Relevance of use metrics 30 September 2026 30 September 2025 Measure of the company's ability to generate 10.7x = 4,214 / 393 operating resources in relation to the co
Slide 24: Alternative Performance Metrics (iv/iv)
Appendix 9M26 Results Alternative Performance Metrics (iv/iv) Alternative performance Reconciliation of values Definition and terms Relevance of use metrics 30 September 2026 30 September 2025 Euros 9,580 million = 3,999+ 5,581 Cash and other equivalent liquid + Comparative information as of Decembe
Slide 25: ESG Metrics
Appendix 9M26 Results ESG Metrics 9M26 9M25 Change Comments Health and safety Frequency Index1 units 0.61 0.41 48.8% The increase in accidents with lost time has been accompanied as well by Severity Index2 units 43.6 9.8 - higher average leave days per accident Environment GHG Emissions3 M tCO2 e 10
Slide 26: Disclaimer
Appendix 9M26 Results 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
Slide 27: Contact details
This presentation is property of Naturgy Energy Group, S.A. ©Copyright Naturgy Energy Group, S.A [email protected] www.naturgy.com Av. de América 38, Madrid Naturgy. Cada día. Everyday