Naturgy earns 1,668 million as of September, 5.6% more, and projects a record result for 2025

Naturgy obtained a net profit of 1,668 million euros in the first nine months of the year, which represents an increase of 5.6% compared to the same period of the previous year, the company reported, thus confirming its objective of exceeding the record figure of 2,000 million euros in profits in 2025. The gross operating result (Ebitda) of the group, the first gas company and the third largest electricity company in Spain, stood at 4,214 million euros at the end of September, with a drop of 1.8% compared to the first nine months. of 2024.

These first nine months of 2025 were marked by gas and electricity prices that remained higher compared to the same period in 2024, in a context of geopolitical tensions and macroeconomic uncertainty. These factors contributed to a decoupling between the gas and oil price indices, with oil prices during the period below the average for the same period last year, the company said.

Thus, the energy company highlighted that this “solid performance reflects the diversification and resilience of the company, with a balanced combination of risks, activities and geographies.” In the period, Naturgy generated strong cash flow while maintaining a solid balance sheet despite the share repurchase for 2,332 million euros completed last June, with which it acquired 9% of its capital with its self-takeover bid.

However, the majority of the repurchased shares were already placed with institutional investors in the capital markets, which has allowed it to raise its ‘free float’ to around 19%, a level sufficient to return to the main international stock indices. especially those from the MSCI family.

Investments for 1,389 million

During the first nine months of the year, the group chaired by Francisco Reynés invested 1,389 million euros, mainly in distribution networks and selective renewable developments. The group’s installed renewable generation capacity reached 7.8 gigawatts (GW), with 1.5 GW of additional capacity currently under construction. The group’s investment philosophy continues to be leveraged by its strict financial discipline and focusing on those projects and territories with the highest profitability.

Net debt at the end of the first nine months of 2025 stood at 12,913 million euros, compared to 12,201 million euros at the end of 2024. The net debt/Ebitda ratio for the last twelve months was 2.4 times, already reflecting the impact of the share repurchase. The company plans to close 2025 with a net debt of around 13 billion euros, which represents a net debt/Ebitda ratio of less than 2.5 times. On the other hand, the company’s board of directors has approved the payment of a second dividend of 0.6 euros per share on November 5, which, together with the one paid last July, totals 1.2 euros per share so far.

Naturgy’s 2025-2027 strategic plan contemplates a minimum remuneration of 1.7 euros for its shareholders in this year, subject to maintaining the ‘BBB’ rating. This minimum remuneration rises to 1.80 euros in 2026 and 1.90 euros in 2027. The final dividend per share will increase proportionally to the size of treasury stock at the end of each year, given that treasury shares do not collect a dividend and the corresponding amount is redistributed among the rest of the shares.