22 July 20261H26
Results
1. Entering a new phase 2. 1H26 financial performance 3. Business performance
4. Outlook1H26
Results
Naturgy. Cada día . Everyday
1.Entering a
new phase1H26
Results
Naturgy. Cada día . Everyday
4 Naturgy. Cada día. Everyday1H26
Results
1. Entering a new phase What has changed since FY25: from overhang to growth optionality Naturgy entering a new phase Free float increased to 46% Overhang concerns have cleared Reference shareholders aligned around a common long -term vision on value accretive growth Simplified governance: removing special majorities and becoming more agile Well positioned, with balance sheet capacity to accelerate EPS growth with an attractive
dividend
Track record of financial discipline, operational excellence and consistent delivery underpins credibility for value -accretive growth
5 Naturgy. Cada día. Everyday1H26
Results
3 Sizeable generation fleet in Spain with large customer base as natural hedge (vertically integrated)
CCGTs 7.4 GW
Renewables 5.7 GW Nuclear 0.6 GWLeader in Supply
10m clients
Gas: #1
Electricity: # 313.8 GW1. Entering a new phase Why Naturgy is well positioned Unique portfolio and positioning to accelerate growth 5 Exceeded targets since 2018 2018 –25 opex savings: €500m/yr (36%→25% opex /GM) Enhanced profitability: Track record of capital discipline, execution and value creation 1 Diversified and resilient earnings profile c. 50% of EBITDA from regulated networks and leading market positions 12% gas / 17% elec.
5% 5%
5% 4%
3% 6 Attractive cash yield, BS headroom and EPS
upside potential
ND/EBITDA: 2.2x
S&P FFO/ND: 30% (vs. 18% BBB threshold) Dividend yield: 6.3% (at current prices) 2 Strategic gas and LNG infrastructure in Iberia Gas distribution market share: 67% Gas supply market share: 44% 8LNG tankers with access to 7regasification plants Co-control Medgaz gas pipeline: 10 bcm /yr 4 Balanced international generation portfolio largely regulated or contracted
CCGTs 2.5GW
Renewables 2.7GWContracted/PPA
84%5.2
GW RoIC 2025: 11% (vs. 9% sector) RoE 2025: 21% (vs. 16% sector)1H26 EBITDA contribution
6 Naturgy. Cada día. Everyday1H26 Results1. Entering a new phase Integrated model provides a resilient platform for growth Unique presence across the gas and power value chains supporting resilience, complementarity, operational synergies and integrated margins
Electricity generation
Flexible CCGTs + renewables Vertical integration in Spain and contracted abroadCustomers
Integrated margin
optimization
Large customer base as natural hedgeElectricity networks Platform for electrification Attractive regulated returnsGas/LNG procurement & Energy management Diversified procurement portfolio Strategic positioning in Iberia Security of supply and competitiveness
Gas networks
Strategic role in energy transition and key infrastructure for energy
security
Enabler of renewable gases 17 million
7 Naturgy. Cada día. Everyday1H26 Results1. Entering a new phase …across core markets and significant optionality for accelerationGas Spain: continuity in the 27 -32 framework, adding incentives for digitalisation and biomethane Electricity Spain :investment cap lift expected Tariff reviews in LatAm improve visibility Networks : investments on adequately remunerated and stable regulatory frameworks1 Renewables: organic growth through hybridisation, repowering (EU subsidies) and storage (upcoming capacity payments)+1.0GW additional capacity online during FY26 +2.1GW additional capacity in 2027 -30 of which +1.2GW in batteries, enhancing portfolio flexibility and value2 CCGTs: key actor in ancillary services and potential for higher geographic footprintContinued strong demand for ancillary services, with output at 4.8TWh in
1H26
Puerto Rico 400MW CCGT tender with results expected in summer 20263 Data centers: opportunity to unlock value with limited capital employedProjects under development 900MW + 2GW pipeline Opportunity to expand power generation and supply 4 Renewable gases: large biomethane pipeline, with incentives for biomethane injection in SpainProject pipeline >75 and > 5.5TWh Introduction of mandatory biomethane consumption targets5 Further efficiency upside across businessesProgressing on new efficiency plan with multiple initiatives supported by operational track record and processes optimisation via AI 6Multiple organic growth levers…
8 Naturgy. Cada día. Everyday1H26 Results1. Entering a new phase …while maintaining strict capital disciplineBalance sheet capacity to support incremental growth…
Net debt/LTM EBITDA (x) S&P FFO/ND (%)
3.4x
2.2x
2018 Jun-26
Solid
deleveraging18%30%
2018 Jun-26
Material
headroom vs.
BBB thresholdS&P BBB
threshold
18%Firepower
€10 -12bn
B/S capacity depending on target profile Maintaining BBB rating
9 Naturgy. Cada día. Everyday1H26 Results1. Entering a new phase …anchored in Naturgy's 'value over size' propositionClear and disciplined investment criteria…
Investment criteria
Focus on hard currency geographies (Europe/North America) Bias for electricity and open to selective gas exposure Regulated or benefiting from vertical integration Embedded organic growth Strong industrial rationale Synergy and/or efficiency upside leveraging Naturgy’s know -how EPS accretive near -term Value accretive returns Maintaining a BBB credit rating
Control position
Alignment with stakeholdersPortfolio and
risk profile
Growth and
strategic fit
Financial
discipline
Control and
execution1
2 3 4
2.1H26 financial
performance1H26
Results
Naturgy. Cada día . Everyday
111H26
Results
Naturgy. Cada día. EverydayStrong 1H26 delivery supports guidance upgrade2.1H26 financial performance Strong operational and financial performance in a volatile environment Earnings growth of +6% underpinned by the robustness of the integrated model Robust cash flow generation and disciplined capital allocation Lower net debt to increase by c. €400m in 2H26 due to one -off Sonatrach payment 2026 first interim dividend of 0.60 €/share payable on 29 JulyEBITDA (€m)
2,975
1H25: 2,848
Net income (€m)
1,215
1H25: 1,147
Net debt (€m)
11,745
FY25: 12,317
121H26
Results
Naturgy. Cada día. Everyday2,8482,975176
(11)47
(9)(9)
1H25 Distribution
networksEnergy
managementThermal
generationRenewable
generationSupply Other
adjustments1H26
Regulated activities and thermal generation drove growthEBITDA evolution by business2.1H26 financial performance €m
(67)
131H26
Results
Naturgy. Cada día. EverydayLower net debt to increase by c. €400m in 2H26 due to one -off Sonatrach paymentCash flow and Net debt2.1H26 financial performance
€m 1H26 1H25
EBITDA 2,975 2,848
Taxes (307) (243) Financial result (308) (245) Other cash items (44) (212) Funds from operations 2,316 2,148 Change in WC (15) 494 Cash flow from operations 2,301 2,642
Investment1(844) (897)
Tax equity, contributions & subsidies 43 28 Dividends to minorities & other cash items (241) (493) Free cash flow after minorities 1,259 1,28012,31711,745
(1,259)157530
Net debt
FY25FCF
after
minoritiesPerimeter
change, FX
& othersDividends Net debt
1H26
1Average
cost of debt4.0% % fixed 62%
S&P FFO/ND 30%
Notes:
1. Capex as defined in the Alternative Performance Metrics annex; 2. Including perimeter changes ( -€14m), FX (+€135m,) derivatives and ot hers (+€36m ) 2.Dividends paid net of the associated dividends linked to the Total return swap (€17m)2
3.Business
performance1H26
Results
Naturgy. Cada día . Everyday
151H26
Results
Naturgy. Cada día. EverydayStrong LatAm growth; Spain to benefit from upcoming 2027 -32 gas regulatory resetSpain:
•Lower remuneration under the 2021 -26 regulatory period and softer demand, partly offset by operational improvements •Proposed 2027 -32 remuneration framework reinforces the strategic role of gas networks, enhancing stability and providing improved downside protection against demand variations oParametric model maintained introducing incentives for digitalisation , biomethane injection and emissions reduction Mexico: regulatory tariff increases and positive FX impact Brazil: positive r egularizations from prior periods along with higher demand for power generation due to lower hydro; preparation for concession retender in 2027 Argentina: tariff increases offset by FX and costs inflation Chile: tariff review 2026 -29 with full net asset value recognition;
higher supply margins from optimisation of surplus gas volumes 29 1H25 Spain Mexico Brazil Argentina Chile 1H2683031
(6)16 883
Investment (€m)
173Gas networks
(17)EBITDA (€m) Key highlights3. Business performance
161H26
Results
Naturgy. Cada día. EverydaySolid underlying growth with the new framework in Spain resetting the baseSpain: higher remunerated asset base and updated remuneration from new 2026 -31 regulatory period Reported growth includes +€74m net one -off retroactive adjustments relating to prior regulatory periods; further positive one-offs may arise in 2027 -28, subject to regulatory resolution Panama: weather -driven demand growth offset by USD depreciation; stepped -up investment plan focused on network reliability and substations Argentina: 2026 -30 electricity tariff review approved in February 2026, incorporating inflation -linked increases, partly offset by FX and cost inflation; 10 -year concession renewal secured in 2Q26108 1H25 Spain Panama Argentina 1H265149 6 637
Investment (€m)
257Electricity networks
Includes FX impact: (-€12m)EBITDA (€m) Key highlights3. Business performance
171H26
Results
Naturgy. Cada día. EverydayLNG optionality and risk management delivering value on top of a largely hedged positionEnergy management
EBITDA (€m)
Sustained strong performance against a strong 1H25 that also benefited from a supportive scenario; higher contributions from hedging and the Sonatrach agreement were partly offset by the expiry of the Oman contract Focus on risk management and potential opportunities from market volatility, leveraging contractual flexibility, LNG tanker fleet and downstream positions EU confirmed the ban on long -term Russian Gas/LNG from 2027 •No gas shortfall risk for Naturgy –sufficient US long -term volumes with destination flexibility to cover committed sales •Ban structured as a force majeure event by the EUKey highlights3. Business performance 1H25 Scenario &
contract
terminationHedging 1H26524 513
(116)105
181H26
Results
Naturgy. Cada día. EverydayCCGTs remain structurally key to Spain's security of supply and renewable back -up1H25 Spain LatAm 1H2631356
(9)360Thermal generation
EBITDA (€m)
Investment (€m)
73Spain:
•Strong demand for ancillary services and flexible generation, driven by renewables penetration and grid stability needs •Fleet reliability, flexibility and efficiency remain a key
competitive advantage
LatAm :
•Mexico CCGTs: stable underlying performance, offset by USD depreciation and one -off Hermosillo repair costs •Mexico PPAs: renewals on track, with year -end closing expected on similar terms to the current schemeKey highlights3. Business performance
191H26
Results
Naturgy. Cada día. Everyday+360MW added in 1H26 with additional 630MW expected in 2H261H25 Spain USA LatAm Australia 1H26322 2 4 4
(19)313Renewable generation
EBITDA (€m)
Investment (€m)
245Spain:
•Higher installed capacity offset by lower hydro •Selective growth focusing on repowering and battery
hybridization
•Vertically integrated position offsets the impact of lower
pool prices
USA: new capacity in operation with additional 125MW to become operational in 2H26 LatAm : growth driven by higher wind production in Mexico Australia: 360MW of new PV capacity commissioned in 2Q26;
reported results impacted by non -cash negative PPA mark -to-
market movementsKey highlights3. Business performance
201H26
Results
Naturgy. Cada día. EverydaySector -wide margin pressure contained by integrated model, with repricing underwaySupply
EBITDA (€m)
Investment (€m)
75Key highlights
Electricity:
•Margin pressure across the sector from higher ancillary
services costs
•Impact contained by Naturgy's balanced, vertically
integrated position
•Commercial re -pricing underway to reflect current market
conditions
Gas:
•Continued pressure in the regulated tariff (TUR) •Prioritising margin preservation over market share in a competitive environment3. Business performance 386 319 1H25 Gas regulated
tariff
(TUR)Higher
ancillary
services costsOther 1H26(35)(25) (7)
4.Outlook1H26
Results
Naturgy. Cada día . Everyday
221H26
Results
Naturgy. Cada día. EverydayScenario 2026 Recent trends point to renewed volatility and upside price riskIberian electricity pool (€/MWh)
CO2(€/t)TTF (€/MWh)
JKM (USD/MMBtu)Brent (USD/ bbl) Henry Hub (USD/MMBtu)507090110130 Jan-26 Mar-26 May-26 Jul-26 Sep-26 Nov-2610305070 Jan-26 Mar-26 May-26 Jul-26 Sep-26 Nov-26
510152025
Jan-26 Mar-26 May-26 Jul-26 Sep-26 Nov-262.03.04.05.0 Jan-26 Mar-26 May-26 Jul-26 Sep-26 Nov-265356595125 Jan-26 Mar-26 May-26 Jul-26 Sep-26 Nov-26
5060708090
Jan-26 Mar-26 May-26 Jul-26 Sep-26 Nov-264. Outlook
Source:
Forwards (20/07/2026 )
231H26
Results
Naturgy. Cada día. EverydayWinter 2026 -27 outlook Winter 2026 -27 planning must act now to prepare for likely gas shortages and price spikes4. Outlook
Source:
Gas Infrastructure EuropeRussian gas ban measures remove ~10 -13% of EU gas supply during peak periods, and were approved when a well -supplied market was still expected Hormuz risk removes ~20% of global LNG , sharply reducing availability, with no clear timeline for resumption LNG market already tight , with signs of further tightening ahead Asian demand destruction has eased pressure recently, but it may not be sustainable —a rebound would divert cargoes away from EuropeEU gas storage at its lowest in 5 years , trending toward a 10 -year low Market tightness has pushed TTF into backwardation , so there is no economic incentive to ramp -up gas injections EU gas storage is highly weather -sensitive; a cold winter, as seen in recent years, could risk shortages by February 2027 Downside scenarios only crystalize once it is too late to actEU gas storage projections based on historical patterns (% full)
0%20%40%60%80%100%
jul-26 aug-26 sep-26 oct-26 nov-26 dec-26 Jan-27 feb-27 mar-27 Range Central scenario Jul-26 Aug -26 Sep-26Oct-26Nov -26 Dec-26 Jan-27Feb-27Mar-27Evolution of gas prices (USD /MMBtu)
0510152025
Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-2623 Oct -25:
19th sanctions
package26 Jan -26:
RePowerEU
regulation25 Jun -26:
sanctions
extended
28 Feb -26:
Hormuz
conflict begins15 Jun -26:
initial peace
agreement
8 Jul -26:
end of
ceasefire
EU Measures to ban Russian gas Hormuz conflict milestones TTF JKM
241H26
Results
Naturgy. Cada día. EverydayUpgraded guidance 2026 Keymetrics revised upwards, above consensus4. Outlook
above
5.35.4above
5.5 Guidance Consensus Revised
guidanceabove
1.92.0above
2.1 Guidance Consensus Revised
guidancearound
13.513.0around
13.0
Guidance Consensus Revised
guidance
Guidance
Above consensus
Guidance
Above consensus
Guidance in line with consensus EBITDA (€bn) Net income (€bn) Net debt (€bn) FY26 dividend
Note:
1. Min DPS of 1.80€/share shall be adjusted to reflect treasury shares in 2026 (currently 0.9% of capital)
1.80DPS1(€/share)
6.3%Dividend yield
(at current prices)
1H26
Results
Appendix
Naturgy. Cada día . Everyday
261H26
Results
Naturgy. Cada día. EverydayAppendix Alternative Performance Metrics (i/iv) Naturgy's financial disclosures contain magnitudes and metrics drafted inaccordance with International Financial Reporting Standards (IFRS) and others that arebased ontheGroup's disclosure model, referred toasAlternative Performance Metrics (APM), which areviewed asadjusted figures with respect tothose presented inaccordance with IFRS .
The chosen APMs areuseful forpersons consulting thefinancial information asthey allow ananalysis ofthefinancial performance, cash flows and financial situation ofNaturgy, and acomparison with other companies .Below isaglossary ofterms with thedefinition oftheAPMs :
Alternative performance
metricsDefinition and termsReconciliation of values Relevance of use30 June 2026 30 June 2025 EBITDAEBITDA = Net sales –Procurements + Other operating income –Personnel expenses, net – Other operating expenses + Gain/(loss) on disposals of fixed assets + Release of fixed asset grants to income and other Euros 2,975 million Euros 2,848 millionEBITDA (“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, in general, 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, net. + Own work capitalised + Other operating expenses -Taxes Euros 871 million = 301 + 38 + 756 -
224Euros 855 million = 290 + 39 + 820 -
294Measure of the expenses incurred by the Group to carry out its business activities, without considering taxes. Amount allowing comparability with other companies.
Capital expenditure (CAPEX)Investment in intangible assets + Investment in property, plant and equipment + Investment payments (growth companies, associated and business units) Euros 844 million = 174 + 659 + 11 Euros 897 million = 177 + 720 + 0Measure 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) and in investments, through the acquisition of companies.
26 Naturgy. Cada día. Everyday
271H26
Results
Naturgy. Cada día. EverydayAppendix Alternative Performance Metrics (ii/iv)
27Alternative performance
metricsDefinition and termsReconciliation of values Relevance of use 30 June 2026 30 June 2025 Net capital expenditure (Net CAPEX) CAPEX -Other proceeds from investing activities Euros 801 million = 844 –43 Euros 869 million = 897 -28Measurement of the investment effort in each period in assets of the different businesses, including accrued and unpaid investments, and in assets acquired through subsidiary companies. It allows knowing the investment effort in maintenance and growth investments (resources invested in the development and growth of the Group's activities).
Gross financial debtNon -current financial liabilities + Current financial liabilities Euros 16,533 million = 15,310 + 1,223Euros 16,911 million = 13,389 + 3,522 Comparative information as of December 31 of the previous year:
Euros 16,763 million = 13,992 + 2,771Measure 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 debtGross financial debt –Cash and cash equivalents –Derivative financial assets linked to financial liabilities Euros 11,745 million = 16,533 -4,686 – 102Euros 13,689 million = 16,911 -3,104 -
118 Comparative information as of December 31 of the previous year:
Euros 12,317 million = 16,763 -4,357 -
89 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 + Equity )50.0% = 11,745 / (11,745 + 11,735) 58.4% = 13,689 / (13,689 + 9,759) Comparative information as of December 31 of the previous year:
52.0% = 12,317 / (12,317 + 11,373) 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 borrowings –Interest income Euros 276 million = 361 -85 Euros 257 million = 355 -98Measure of the cost of financial debt net of income from financial interests. This indicator is widely used in capital markets to compare different companies.
Naturgy. Cada día. Everyday
281H26
Results
Naturgy. Cada día. EverydayAppendix Alternative Performance Metrics (iii/iv)
28Alternative performance
metricsDefinition and termsReconciliation of values Relevance of use 30 June 2026 30 June 2025 EBITDA / Cost of net financial debtEBITDA / Cost of net financial debt 10.8x = 2,975 / 276 11.1x = 2,848 / 257 Comparative information as of December 31 of the previous year:
10.1x = 5,334 / 529 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 / LTM (last twelve months) EBITDANet financial debt / EBITDA from the last twelve months2.2x = 11,745 / 5,4612.6x = 13,689 / 5,367 Comparative information as of December 31 of the previous year:
2.3x = 12,317 / 5,334Measure of the Group's ability to generate resources to meet financial debt payments.
This indicator is widely used in capital markets to compare different companies.
Net free cash flowCash flow generated from operating activities + Cash flows from investing activities + Cash flows from financing activities – Receipts/payments from financial liability instruments Euros 729 million = 2,301 –988 -1,088 + 504Euros -1,628 million = 2,642 –1,032 -
3,889 + 651Measure of cash generation to assess the funds available to debt service.
Free cash flow after non -
controlling interestsNet free Cash Flow + Dividends from parent company net of those received by group companies + Purchase of own shares -Sale of own shares -associated dividends Euros 1,259 million = 729 + 547 + 0 -17Euros 1,280 million = -1,628 + 576 + 2,332Measure 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.
Average cost of gross financial debtCost of borrowings -cost of lease financial liabilities -Other refinancing costs / annual average of the monthly weighted average of the gross financial debt (excluding lease financial liabilities) 4.0% = (361 -39 -6) * (365 / 182) / 15,7233.9% = (355 -42 -5) * (365 / 181) /
15,729
Comparative information as of December 31 of the previous year:
3.9% = (708 -83 -11) / 15,712 Measure of the effective interest rate of financial debt. This indicator is widely used in capital markets to compare different companies.
Naturgy. Cada día. Everyday
291H26
Results
Naturgy. Cada día. EverydayAppendix Alternative Performance Metrics (iv/iv)
29Alternative performance
metricsDefinition and termsReconciliation of values Relevance of use 30 June 2026 30 June 2025 LiquidityCash and other equivalent liquid + Undrawn and fully committed lines of credit Euros 10,210 million = 4,686 + 5,524Euros 8,596 million = 3,104 + 5,492 Comparative information as of December 31 of the previous year:
Euros 9,917 million = 4,357 + 5,560 Measure of the Group's ability to face any type of payment.
Economic value distributedProcurements + 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 Euros 8,552 million = 6,190 + 756 + 307 + 301 + 38 + 413 + 547 + 0Euros 8,465 million = 6,112 + 820 + 243 + 290 + 39 + 385 + 576 + 0Measure 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) Naturgy. Cada día. Everyday
301H26
Results
Naturgy. Cada día. EverydayAppendix
ESG Metrics
301H26 1H25 Change Comments Health and safety Frequency Index1units 0.5 0.6 -24.6%Significant reduction in accidents with lost time, although with more leave days per accident Severity Index2units 17.0 14.7 15.6%
Environment
GHG Emissions3M tCO 2e 6.1 6.4 -4.7%Lower CCGT production in Spain and Mexico, as well as higher renewable generation Emission factor t CO 2/GWh 229 238 -3.8% Emissions -free installed % 47.0 44.9 4.7%Higher renewable installed capacity and renewable generation, particularly in Spain and Australia Emissions -free net production % 43.3 42.2 2.6% Interest in people Number of employees4persons 6,645 6,693 -0.7% Workforce quite stable during the last year Women representation % 37.5% 36.1% 3.9% Advancing in the implementation of gender diversity policies Training hours per employee % 18.7 17.5 6.9%Growth reflecting increased efforts in Technical and digital training (IA School, Computational Thinking, Data Analytics) Society and integrity Economic value distributed5€m 8,552 8,465 1.0% Stable evolution in the period Complaints received by the ethics committee units 58 53 9.4% Complaints within normal levelsNotes:
1. In accordance
toESRS criteria
2. Calculated for
every 1,000,000
working hours
3. Scopes 1 and 2
4. Managed
workforce
5. As defined in
Alternative
Performance
Metrics annex
Naturgy. Cada día. Everyday
311H26
Results
Naturgy. Cada día. EverydayAppendix •This document isthe property ofNaturgy Energy Group, S.A.(Naturgy) and has been prepared forinformation purposes only and contains inside information perthe 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 tofuture results, operations, capital expenditures orstrategy .
•Naturgy cautions that forward -looking information issubject tovarious risks and uncertainties, difficult topredict and generally beyond the control ofNaturgy .These risks and uncertainties include the current volatile market and regulatory uncertainty, aswell asthose identified inthe documents containing more comprehensive information filed byNaturgy and their subsidiaries inthedifferent supervisory authorities ofthesecurities markets inwhich their securities arelisted and,inparticular, theSpanish National Securities Market Commission .
•Except asrequired byapplicable law, Naturgy does not undertake any obligation topublicly update orrevise any forward -looking information and statements, whether asaresult ofnew information, future events orotherwise .
•This document includes certain alternative performance measures (“APMs”), asdefined inthe Guidelines onAlternative Performance Measures issued bythe European Securities and Markets Authority inOctober 2015 .
•This document does not constitute anoffer orinvitation topurchase orsubscribe shares, inaccordance with the provisions ofthe restated text ofthe Securities Market Law approved byRoyal Legislative Decree 4/2015 ,of23October and their implementing regulations .Inaddition, this document does not constitute anoffer ofpurchase, sale orexchange, norarequest foranoffer ofpurchase, sale orexchange ofsecurities, inany other jurisdiction .
•The information and any opinions orstatements made inthis document have not been verified byindependent third parties ;therefore, nowarranty ismade astothe impartiality, accuracy, completeness orcorrectness oftheinformation ortheopinions orstatements expressed herein .Disclaimer 31 Naturgy. Cada día. Everyday
This presentation is property of Naturgy Energy Group, S.A.
©Copyright Naturgy Energy Group, S.A
capitalmarkets@naturgy.com
www.naturgy.com
Av. de América 38, Madrid Naturgy. Cada día. Everyday