Naturgy reported EBITDA of €4.38 billion in the first nine months of 2026, up 4%, while net profit increased to €1.758 billion, 5% higher than in the same period of the previous year. These results reflect the company’s solid operating performance in a volatile environment and support an upgrade to its full-year targets: EBITDA of more than €5.6 billion, net profit of more than €2.2 billion and net debt below €13 billion at year-end. The company also reaffirms its shareholder remuneration policy and maintains the financial flexibility to pursue growth opportunities that create value.
The period was marked by the conflict in the Middle East and its impact on oil and gas supply chains, liquefied natural gas infrastructure and globally significant transport routes such as the Strait of Hormuz. Energy prices remained high and volatile, with further increases in the third quarter, particularly in gas and wholesale electricity markets.
Market hedging remains one of the instruments used by the company to manage its risk profile and navigate the volatility and uncertainty that have dominated energy markets since the start of the war in Ukraine.
The upgrade to the 2026 targets is underpinned by a strategy that combines operational efficiency, financial discipline and a commitment to security of supply and decarbonisation. Net debt remained broadly stable at €12.307 billion at the end of September 2026, resulting in a net debt/EBITDA ratio of 2.2x, reflecting the strength of the balance sheet and the company’s financial capacity to pursue growth opportunities with discipline.
The company reaffirms its dividend policy for 2026 and has approved the payment of a second interim dividend for 2026 of €0.60 per share, to be paid on 5 November 2026. Total shareholder remuneration for the current financial year will amount to €1.80 per share, representing an attractive annual yield of 6% at current share price levels.
During the first nine months of 2026, Naturgy invested €1.281 billion, mainly in distribution networks and renewable projects. Total installed renewable capacity reached 8.6 GW, following the addition of 473 MW during the period, while a further 504 MW is expected to enter operation in the fourth quarter of 2026, bringing total operational capacity close to 10 GW by year-end.
Security of supply and progress on decarbonisation
Naturgy remains committed to ensuring the security of gas and electricity supply. The company operates 17 combined-cycle power plants with a total capacity of 6.8 GW, which contribute to supporting the security of electricity supply in Spain.
This commitment goes hand in hand with continued progress in the decarbonisation of its businesses.
The company is promoting the development of green gas through the development of production plants and the connection of facilities to its gas network. In renewables and storage, Naturgy expects to commission 1 GW of additional capacity during 2026 and a further 2.1 GW between 2027 and 2030, of which 1.2 GW will correspond to battery storage. This development will help increase the flexibility and value of the portfolio.
Financial flexibility for value-focused growth
Naturgy has financial capacity of up to €12 billion to pursue potential corporate transactions. Any deployment of this capacity will always be subject to minimum return criteria and the preservation of its BBB credit rating.
The company continues to prioritise value creation over size. This approach will enable Naturgy to assess inorganic growth opportunities with financial discipline, without considering increased scale an objective in itself.
Naturgy, which is delivering on the commitments set out in its current strategic plan, will present its future strategic plan with a 2030 horizon during the course of next year.
Francisco Reynés, Naturgy’s Executive, said: “The results we are presenting to the market today once again demonstrate the strong commitment of the entire Naturgy team. Against a highly demanding geopolitical and market backdrop, marked by a high degree of uncertainty, everyone working at Naturgy has once again given their very best every day. This collective effort has enabled us to further strengthen our guidance for the year, while maintaining our traditional financial discipline and our commitment to shareholders and to ensuring security of supply for our customers. These results also demonstrate once again how, every day, delivering on our commitments is at the heart of our corporate and personal purpose. It is precisely this ‘every day’, this daily commitment, that we have sought to reflect in our new corporate purpose, recently unveiled.”