Naturgy has presented results for the first half of the year that confirm the objectives of its new 2025–2027 Strategic Plan. The group generated an EBITDA of €2,848 million, a record profit of €1,147 million, and maintained its net debt level below €13,700 million in a context of high volatility and uncertainty. The more than €3,000 million invested by June, including the treasury stock purchase, have not affected financial strength, as the net debt/EBITDA ratio remains below 2.6x. These figures are above current market consensus estimates
This solid performance allows Naturgy to forecast a record net profit above €2,000 million for the full year and an EBITDA exceeding €5,300 million. Both figures are above current market consensus estimates. The company also expects to end 2025 with net debt below €14.700 million, including operational investments and the treasury stock purchase.
The 2025–2027 Strategic Plan includes among its strategic objectives the restoration of the stock’s liquidity. To this end, it foresaw a tender offer on own shares to increase treasury stock to 10% of capital, which the group successfully completed in the first half of the year. The company invested more than €2,300 million in the operation, aimed at increasing free float, and rejoining MSCI indices.
Naturgy’s Board of Directors has approved the payment of a first interim dividend of €0.60 per share on July 30. This amount already reflects the improved shareholder remuneration included in the current strategic plan, which foresees a payment of €1.70 per share for the 2025 fiscal year, upsized to reflect the increase in treasury stock following the successful buyback, as shares held by the company do not receive dividends, which will be instead redistributed among the remaining shareholders based on the level of treasury stock at year- end. The company ranks among the most attractive for shareholders in terms of dividend yield.
More Investment and Stability for the Energy System
In terms of business development, the company has demonstrated during 2025 efficient operational management and the capacity of its assets, especially combined cycle gas turbines, to ensure the stability and competitiveness of the energy system. These plants have become a key element in recent months, providing balance and support to the energy system, enabling safe operation while supporting the gradual integration of renewable energy.
The financial results also reflect the balance between the group’s businesses. Liberalized businesses contributed 53% of EBITDA in the first half, while regulated businesses accounted for 47% of gross profit. The company made operational investments totalling €900 million in the first half of the year, mainly aimed at strengthening its networks—key to driving the energy transition—and developing renewable energy. This investment has increased installed renewable capacity to 7.7 GW, following the commissioning of new facilities in Spain, Australia, and the United States.
The group’s improved financials have also translated into greater social contribution. Naturgy paid a total of €482 million in taxes during the first half of the year, 25% more than in 2024. The effective tax rate as of June 30, 2025, stood at 26.8%.
“These solid results once again demonstrate our credibility in meeting our stated objectives. In a very complex economic and sectorial environment, the group has exceeded market expectations while maintaining a long-term investment focus and the financial discipline in its decision making, qualities that defines us and preserves the strength of our balance sheet,” said Naturgy’s Executive Chairman, Francisco Reynés.