Naturgy reported a net profit of €1,215 billion in the first half of 2026, up 6% compared with the same period of the previous year, while EBITDA reached €2,975 billion, an increase of 5%. This performance reflects the strength of the Group’s integrated business model, disciplined operational and financial management, and its ability to adapt to demanding market conditions. Naturgy therefore continues to deliver on its commitments to all stakeholders and advances the execution of its 2025-2027 Strategic Plan from a position of strength.
The Group further strengthened its financial profile during the period. Net debt stood at €11.745 billion at the end of June, compared with €12.317 billion at year-end 2025, supported by strong cash generation. The last-twelve-month net debt/EBITDA ratio stood at 2.2x, a level that provides the company with significant flexibility and financial capacity to pursue new growth opportunities while maintaining the financial discipline and capital allocation principles that characterize Naturgy.
Naturgy focused its investments during the period on distribution networks and renewable generation projects, the two main growth pillars identified in its 2025-2027 Strategic Plan, under strict criteria of profitability, execution certainty and long-term value creation.
In Renewables, installed capacity reached 8.4 GW, including batteries. The company also has approximately 1.3 GW under construction, around half of which is expected to enter operation before the end of 2026, reinforcing the Group’s selective growth strategy and contribution to the energy transition.
New growth phase and improved targets
The company is entering a new phase of growth supported by a very strong financial structure and significant capacity to seize opportunities that create value in a selective and sustainable manner.
In addition, the performance achieved during the first half of the year enables Naturgy to upgrade its 2026 targets under the 2025-2027 Strategic Plan. Based on the updated guidance, EBITDA is expected to exceed €5.5 billion at year-end, an increase of 4%, while net profit is forecast to surpass €2.1 billion, up 10%. Both figures are above market consensus. Net debt is also expected to decrease to €13 billion, representing an improvement of 4%.
Another key milestone during the first half of the year was the increase in the company’s free float, which now exceeds 46%, the highest level in Naturgy’s history. This achievement more than fulfils one of the company’s key commitments to enhance share liquidity and strengthen its attractiveness to investors.
In view of the results achieved, the Board of Directors has approved the payment of a first interim dividend against 2026 earnings of €0.60 per share, to be paid on 29 July. This distribution is in line with the shareholder remuneration policy set out in the 2025-2027 Strategic Plan and remains subject to maintaining the company’s BBB credit rating, which is not at risk.
“Naturgy once again demonstrates the strength of its business model and its ability to deliver on its commitments even in a highly demanding environment. The company is entering a new phase with a strong balance sheet, a renewed shareholder structure and a strategy focused on financial discipline and sustainable value creation. The evolution of international gas prices points to a challenging winter ahead, and the company continues to work to ensure its commitment to security of supply,” said Francisco Reynés, Naturgy’s Executive.