Naturgy Energy Group (NTGY) investor relations material

Financial performance and results

• Net sales reached €19,455m in 2025, with EBITDA at €5,334m and net profit at €2,023m, marking record highs in the company's history.

• Free cash flow increased to €2,242m, and dividends distributed reached €1,676m, the highest in 183 years.

• Net debt stood at €12,317m, with a net debt/EBITDA ratio of 2.3x, maintaining a BBB credit rating.

• Capital discipline and strong liquidity of €9,917m supported financial stability.

• All 2025 financial commitments were exceeded, including EBITDA, net profit, and dividend per share.

Strategic transformation and operational excellence

• Transformation initiatives from 2018–2025 focused on efficiency, risk management, and digitalization.

• Opex/margin ratio improved from 36% in 2018 to 25% in 2025, outperforming EU peers.

• LNG coverage at the start of each year rose from 29% in 2018 to 100% in 2025.

• Fixed-price sales contracts and inframarginal generation volumes increased, enhancing risk management.

• Investment prioritized networks and renewables, with 47% of 2025 capex in distribution and 36% in renewables.

Energy transition and sustainability

• Renewable capacity grew to 43% of total generation, with 20 GW in operation by 2025.

• Total GHG emissions reduced from 151 MtCO2eq in 2018 to 107 MtCO2eq in 2025.

• Coal-fired plants closed, and 1.2 GW of new renewable projects under construction.

• Focus on responsible energy transition while maintaining supply security.