Naturgy raises its forecasts for 2026 and estimates a profit close to €2.200 billion. It maintains stable net debt and capacity for operations of up to €12.000 billion.
According to information published by El Correo, Naturgy achieved a net profit of €1.758 billion between January and September 2026. With these figures, the energy company has revised its targets upwards and now estimates a profit close to €2.200 billion for the entire year.
The turnover reached €15.374 billion, a 5.4% increase compared to the same period in 2025. The gross operating profit (EBITDA) stood at €4.380 billion, with an increase of 3.9%, in a context marked by the escalation of the conflict in the Middle East and its effect on the energy market.
The growth in EBITDA comes mainly from distribution networks. According to the company, the new regulatory framework, a larger base of regulated assets in electricity distribution in Spain, which includes €126 million in retroactive adjustments from previous periods, and tariff updates in Latin America, especially in Mexico, influenced this. Lower demand and remuneration in gas distribution in Spain offset part of this improvement.
Net debt at the end of September was €12.307 billion, almost the same as the €12.317 billion with which it closed 2025. The net debt/EBITDA ratio stood at 2.2 times. Between January and September, the company invested €1.280 billion, mainly in distribution networks and renewable projects, and its installed renewable capacity reached 8.6 gigawatts.
Naturgy has up to €12.000 billion available for corporate operations. Its General Director of Financial Markets and Corporate Development, Steven Fernández, explained in a conference with analysts that the company is exploring several opportunities, with a preference for the electricity sector over gas and a focus on Western Europe and North America. He indicated that the list of opportunities is very limited and is at varying stages of progress.
Fernández expressed confidence that the company could close some agreement soon:
“We are optimistic and believe that in the coming months, probably already in the first quarter of 2027, we will be in a position to start delivering some results here.”
The company, chaired by Francisco Reynés, reaffirms that any inorganic operation will continue to be subject to value creation criteria and the preservation of the “BBB” rating. Regarding this, the company stated:
“This approach will allow us to assess inorganic growth opportunities with financial discipline, without the increase in size being an objective in itself.”
Regarding dividends, Naturgy paid its first interim dividend for 2026 of €0.60 per share on July 29. The second, of the same amount, will be paid on November 5, in line with its commitment of €1.80 per share for the entire year. The company will also present its strategic plan with a horizon of 2030 throughout 2027.
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