Naturgy today presented its 2025 results, which demonstrate the company’s ability to deliver on all its commitments—despite an energy environment that deteriorated in the second half of the year. Net profit reached 2.023 billion euros, investments exceeded 2.1 billion euros, the company’s contribution to society in taxes and fees amounted to nearly 1.3 billion euros, and dividends distributed to shareholders totalled around 1.7 billion euros.
Investment focused primarily on distribution networks and the development of renewable energies, both key to advancing the energy transition. The company also finalised commercial and pricing conditions through 2027 for its gas supply contract via pipeline from Algeria and secured new LNG supply agreements with the United States. Naturgy also made progress in the integration of biomethane into the Spanish gas networks, which now amounts to 170 GWh.
Naturgy also launched the new commercial platform NewCo, a pioneering initiative in the sector in terms of both ambition and execution timelines. Finally, the company underscored its key role in ensuring security of electricity supply in Spain, supporting the system with its fleet of 17 combined-cycle units, located across 10 sites in the country.
Net debt as of December 2025 remained stable at around 12.3 billion euros, with a flatter debt maturity profile. Liquidity reached close to 10 billion euros, providing the company with significant flexibility to capture opportunities. Naturgy’s corporate rating assigned by S&P remains at BBB with a stable outlook.
The successful voluntary tender offer carried out in the first half of 2025, the substantial increase in free float, and greater stock liquidity have enabled Naturgy to rejoin major international stock indices earlier than initially expected. Combined with the excellent results achieved, these developments have boosted Naturgy’s attractiveness as an investment.
Naturgy’s executive chairman, Francisco Reynés, stated: “These results once again demonstrate the commitment and capability of the entire Naturgy team to deliver on its promises. They also reaffirm that the company continues to advance decisively along its roadmap. The transformation launched in 2018 has enabled us to build a stronger, more efficient organisation that is better prepared to face the future from a position of greater strength, supported by a sound balance sheet and a clear strategy.”
A successful transformation
Naturgy embarked in 2018 on a transformation that has significantly strengthened its competitiveness and delivered a very attractive return to investors. Between 2018 and 2025, Naturgy generated around 41 billion euros in cash, of which more than 16 billion was allocated to investment, nearly 12 billion to shareholder remuneration, more than 8 billion to taxes and fees, and more than 4 billion to debt reduction. These figures surpass all goals set out in the two strategic plans concluded to date.
As a result, shareholder return over the last eight years has exceeded 10% annually. Return on invested capital (ROIC) more than doubled, reaching 11.3% in 2025, while return on equity (ROE) increased from 9.2% in 2018 to 21.5% in 2025, both metrics outperforming European peers at year-end.
Looking ahead, the company expects to maintain the same level of results in 2026 despite the challenging conditions in the energy environment, supported by its proactive risk management and hedging strategy. Naturgy forecasts EBITDA above 5.3 billion euros and net profit of around 1.9 billion euros, plans to make organic investments of around 2.1 billion euros, and expects net debt to stand at around 13.5 billion euros. The company also commits to distributing a dividend of at least 1.8 euros per share, higher than in 2025. All these objectives are aligned with the 2025–27 Strategic Plan and reflect the management team’s commitment to the established roadmap.
In terms of immediate strategic priorities, Naturgy will focus on: i) capturing opportunities in the data centre sector; ii) maintaining the resilience of its distribution networks, with continued emphasis on proactive regulatory management; iii) further reducing exposure to market risk in energy management; iv) ensuring energy supply supported by its fleet of combined-cycle plants; v) continuing to develop renewable generation while maintaining financial discipline in investment analysis; vi) strengthening its commitment to biomethane as a key decarbonisation vector; and vii) consolidating its innovative commercial management model centred on improving customer service.
According to Francisco Reynés, “Naturgy maintains its commitment to providing customers with the level of service they deserve and will continue to prioritise security of supply across all the countries where it operates. We will keep advancing towards responsible and effective decarbonisation, while creating value for our shareholders through an attractive remuneration policy and strengthening financial market confidence thanks to a growing free float and increasing liquidity.”.
The Board of Directors has agreed to convene the Annual General Meeting on 24 March in Madrid, at which it will submit for approval all the aforementioned proposals, as well as the payment of a third and final dividend of €0.57 charged to 2025. With this amount, the total dividend per share would reach €1.77, above the €1.70 initially committed.
Following recent changes in shareholder structure, the Board of Directors has agreed to appoint Lars Bespolka—proposed by IFM—as a new proprietary director, bringing IFM’s representation from two to three directors. The Board has also been informed by shareholder BlackRock–GIP that one of its three proprietary directors will resign, bringing its representation to two. The Board will also propose to the Annual General Meeting the renewal of the mandates of directors Jaime Siles and Ramón Adell.
Additionally, the governing body has unanimously agreed to bring forward and extend the mandate of the executive chairman until 2030.
To enhance strategic long-term focus, the Board has created a Strategic Vision Committee, chaired by Francisco Reynés, with representation from all shareholder groups on the Board.
The presidencies of existing committees have also been rotated: Audit and Control Committee, chaired by Helena Herrero; Appointments, Remuneration and Corporate Governance Committee, chaired by Claudi Santiago; and Sustainability Committee, chaired by Pedro Sainz de Baranda.