Naturgy made solid progress in meeting its strategic objectives in the first quarter of 2026 in an energy context marked by high price volatility and uncertainty. The group strengthened its strategic role and its commitment to security of supply, once again demonstrating its resilience in adapting to changes in the environment and delivering on the 2025–2027 Strategic Plan.
Net profit through March reached €530 million, up 5%, and EBITDA increased by 6% to €1,362 million. Performance during the period was supported by the good results of the different businesses and rigorous operational and financial management in a geopolitical and financial environment marked by significant instability stemming from the conflict in the Middle East: Brent and Henry Hub (HH) prices averaged 7% and 8% above the first quarter of 2025, respectively, while other gas indices such as TTF and JKM averaged 34% and 29% below the first quarter of 2025.
Naturgy preserved the strength of its balance sheet in this new context. Net debt at the end of the first quarter stood at €12,151 million, supported by solid cash generation. The annualised net debt/EBITDA ratio for the last twelve months is 2.2x, below the sector average, providing the group with significant financial flexibility and the capacity to accelerate growth.
The company continued to make progress on its commitment to strengthen the liquidity of its shares. Free float exceeds 32% following the latest changes in the shareholder structure, reaching an all-time high, with an average daily trading volume in the first quarter of nearly 4.4 million shares—six times higher than in the same period of the previous year.
As a result, in recent weeks six research firms (JP Morgan, Goldman Sachs, Caixabank BPI, RBC, GVC Gaesco and Renta 4) have updated the target price to above €30. This level implies upside potential for the share price. The average target price in the analysts’ consensus has increased by 11% over the last twelve months.
Operationally, the company currently plays a key role in the Spanish energy system through its 17 combined cycle gas plants and by ensuring supply thanks to its critical infrastructure, Medgaz, and its long-term supply contracts with Algeria. Combined cycle plants have taken on a strategic role in the power system, as they support the system operator in voltage control tasks, respond to contingencies and enable the gradual integration of renewable energy. Naturgy has a fleet of facilities in excellent condition, which receive significant investment from the group every year.
“Naturgy continues to demonstrate the strength of its business model and its execution capability. The company’s results reflect the work of a committed team and show its resilience in a very demanding geopolitical and market context, marked by uncertainty, instability and price volatility. We maintain discipline in capital allocation, a solid financial position and a focus on ensuring competitive supply to all our customers,” said Francisco Reynés, Naturgy’s Executive Chairman.