Enagás S A : 2024 First Quarter Results Bulletin

Results

January - March 2024

NET PROFIT

65.3 MILLION EUROS (+19,5%)

EBITDA

178,3 MILLON EUROS (+2.7%)

Key figures

Income statement January-March2024 (€M)

Total revenue

Var %

1Q2023 1Q2024 2024/2023

220.6 220.5 0.0%

Balance sheet and		Dec. 2023	Mar. 2024
leverage ratios
Net debt (Bn€)		3.347	3.342
	(1)	4.3x	4.3x

EBITDA	173.6	178.3	2.7%
EBIT	95.9	92.9	(3.1%)
Net profit	54.6	65.3	19.5%

Cash flow and			Var %
Investments	1Q2023	1Q2024	2023/24
Jan - March (M€)
FFO	81.6	163.3	81.7
OCF	4.6	65.4	60.8
Dividends received	41.5	40.9	(0.7)
from affiliates
Net investment	(19.4)	(41.3)	(21.9)

Net Debt/EBITDA
FFO/Net Debt	18.7%2	19.2%3
Financial cost of debt	2.6%	2.8%

1. EBITDA adjusted for dividends obtained from affiliates
2. FFO/ND 18.7%: FFO does not include the payment of taxes associated with the sales of GNL Quintero and Morelos for €72 M. The ratio does not include Rating Agencies' methodology adjustments.
3. FFO/ND 19.2%: the FFO does not include the payment of taxes associated with the sale of Morelos for €4.5 M. The ratio does not include Rating Agencies' methodology adjustments.

Growth in EBITDA and Net profit in 1Q on track to meet annual targets in both metrics

Source: Enagás GTS

Note: Conventional demand = industrial demand + domestic commercial demand

Solid financial structure and high liquidity position

Leverage and liquidity

1. EBITDA adjusted by dividends received from affiliates.
2. FFO/ND 19.2%: the FFO does not include the payment of taxes associated with the sale of Morelos for €4.5 M. The ratio does not include Rating Agencies' methodology adjustments.
3. FFO/ND 18.7%: FFO does not include the payment of taxes associated with the sales of GNL Quintero and Morelos for €72 M. The ratio does not include Rating Agencies' methodology adjustments.

Debt type

• The solid financial position of Enagás remains one of our strengths
• Fixed rate debt above 80% including interest rate hedging instruments

Sustainability

Enagás maintains its leadership in the main sustainability indices, notably the Dow Jones Sustainability World Index, in which it remains for the 16th consecutive year, with one of the highest scores in its sector and the Top 5% S&P Global ESG Score 2023. It has also been included on the CDP A List for Climate Change for the fourth year running, and it maintains the highest ESG rating in its sector in the FTSE4Good sustainability index.

Enagás is a world leader in its sector in Bloomberg's Gender Equality Index and is positioned in the Top 20 of the Equileap ranking of leading companies in gender equality. Enagás has been awarded the highest excellence level (A+) in its certification as an EFR Family-Responsible Company, a leader in work- life balance. Furthermore, Enagás has been recognised by the Top Employers Institute as a 2024 Top Employers Spain company.

Enagás has established its decarbonisation path to achieve carbon neutrality by 2040 with emission reduction targets aligned with the 1.5ºC temperature increase scenario. Since 2014, Enagás has reduced its greenhouse gas emissions by nearly 50%. It has also established the commitment of positive impact on nature and has adhered to the new Pact for biodiversity and natural capital, promoted by the Spanish Business and Biodiversity Initiative (IEEB).

In April, Enagás was certified by AENOR with its highest recognition: the Good Corporate Governance Index 2.0, which evidences the strength of Enagás' corporate governance model and its commitment to transparency.