Naturgy has delivered solid performance in the first nine months of 2025, making firm progress toward all commitments outlined in its 2025–2027 Strategic Plan. The group posted net income of €1,668 million through September, up 6% year-on-year, reaffirming its goal of surpassing €2 billion by year-end, in line with market guidance. EBITDA stood at €4,214 million, matching record levels from the same period last year, despite a highly uncertain environment, particularly in the energy sector. These results underscore the group’s operational strength, resilience, and the value of its diversified business model.
Among the key milestones of the period, Naturgy increased its free float above 18% following the placement of shares acquired in the public tender offer on own shares conducted in the first half of the year. This move enables the company to meet the criteria for re-entry into major international stock indices, especially those of the MSCI family.
Naturgy expects to close 2025 with a net debt of around €13 billion, resulting in a net debt/EBITDA ratio below 2.5x. This robust financial profile provides the company with ample flexibility and optionality to seize opportunities.
The Board of Directors has approved a dividend of €0.60 per share to be paid on November 5, adding to the €0.60 already paid in July. The strategic plan includes a minimum shareholder remuneration of €1.70 per share, subject to maintaining a BBB credit rating.
Strategic Role in security of supply and driving the energy transition
The group maintained a strong investment pace during the first nine months of the year, enabling continued transformation of its business model and consolidating its position as a strategic player in its core markets. Naturgy invested €1,389 million during the period, primarily in its distribution networks and new renewable generation capacity—both essential to accelerating the energy transition.
Over the past year, the company added 1 GW of renewable energy to its generation portfolio, bringing total installed capacity to 7.8 GW, with an additional 1.5 GW currently under construction. Naturgy’s investment philosophy remains anchored in strict financial discipline and focused on projects and geographies which present the most attractive returns.
In recent times, the company is playing a critical role in ensuring security of supply for Spain’s energy system through its combined cycle gas plants. These facilities have significantly increased production to support the system operator in voltage control, contingency response, and the progressive integration of renewable energy sources.
“Naturgy continues to demonstrate its commitment to delivering on all the objectives of its current Strategic Plan, which balances shareholder value creation with its commitment to address the energy trilemma. Thanks to the efforts of our entire team and amid a highly complex geopolitical context, the company has achieved strong results and executed the placement of its treasury shares in record time, paving the way for its return to major stock indices,” said Naturgy’s Executive Chairman, Francisco Reynés.