Naturgy has announced an offering of approximately 5.5% of its share capital, thus fulfilling its commitment to increase free float and favour the liquidity of its shares, in line with announcements after the recent partial takeover bid for its treasury shares and presentation of historic results in the first half of 2025.
Structured in two tranches, the operation strengthens the company’s position in capital markets.:
- An accelerated bookbuilt offering of approximately 19.3 million treasury shares, equivalent to 2% of the capital, aimed exclusively at qualified investors. The book has been oversubscribed by more than 3x the volume offered, demonstrating the strong interest of the investment community in Naturgy and its long-term value proposition.
- An additional bilateral sale of up to 3.5% of the capital (34.1 million shares) to an international financial institution, complemented with a total return awp contract through which Naturgy maintains certain economic exposure to these shares, which will be progressively reduced as the international financial institution sells these shares to the market from October onwards.
After both operations have been executed, the company’s free float will stand at approximately 15.1% of its share capital, the key threshold to aspire to Naturgy’s reinstatement into the main international stock market indices, especially those of the MSCI family, in the next review scheduled for November.
Both the accelerated offering and the additional bilateral sale are executed at a price of 25.9 euros per share, which is equivalent to price of the recent partial takeover bid for treasury shares of 26.5 euros per share, discounting the first interim dividend for 2025 of 0.60 euros per share paid by Naturgy on 30 July 2025.
This operation reflects Naturgy’s determination to meet its commitments to the market and to its shareholders, present and future, while strengthening the visibility and liquidity of its shares. As is customary in this type of operation, the company has assumed a 60-day lock-up commitment on remaining treasury shares and on the exposure under the total return swap.
About Naturgy
Naturgy has a history of more than 180 years providing solutions for the progress of society. It forms a group dedicated to the generation, distribution and marketing of energy and services. The company is present in more than 20 countries and is mainly active in Spain, Latin America, the United States and Australia.
Naturgy supplies gas and electricity, in regulated and liberalised markets, to almost 16 million customers globally, having consolidated its position as the leading gas supplier at national level and as a reference in the power sector. In Spain, it also provides users with energy solutions and services for maintenance or repair. In the power generation business, the company has an installed capacity of more than 18 GW and a diversified generation mix.
Naturgy’s business model is committed to the sustainable development of society by guaranteeing a supply of eco-friendly, safe and competitive energy and opting for renewable energies and gases.