Naturgy Raises 2026 EBITDA Guidance to More Than €5.6 Billion
Key Facts
Naturgy raised its 2026 financial guidance on October 29, expecting EBITDA to exceed €5.6 billion and net profit to reach about €2.2 billion. The announcement came after net profit rose 5.4% to €1.76 billion in the first nine months, compared with €1.67 billion in the same period of 2025. The company also reported EBITDA of €4.38 billion for the period, up 4% year on year. Naturgy had already raised its forecast in July, before the new revision in October. The update sets a higher annual earnings target as the company describes energy markets as high-priced and volatile.
The new EBITDA guidance compares with more than €5.5 billion in the previous forecast, while the net profit target rose from more than €2.1 billion to about €2.2 billion. In July, the company said it expected to exceed both previous levels, following first-half results showing EBITDA of €2.975 billion, up 5%, and net profit of €1.215 billion, up 6%. The nine-month figures update the performance picture after the first-half results and the July revision. Naturgy said its updated targets are based on a strategy combining operating efficiency, financial discipline, security of supply and emissions reduction. The company did not say the new forecasts resulted from exceeding earlier internal estimates.
The company attributed its performance to strength in regulated activities and thermal generation, which offset lower contributions from energy management and marketing activities. Naturgy operates 17 combined-cycle power plants with total capacity of 6.8 gigawatts, which it says help support the security of electricity supply in Spain. The results came as energy prices remained high and volatile, with further increases in the third quarter, particularly in wholesale gas and electricity markets. The company said Middle East disruptions affected oil and gas supply chains, liquefied natural gas infrastructure and transport routes, including the Strait of Hormuz. It said prices "remained high and volatile, with further increases in the third quarter, particularly in wholesale gas and electricity markets."
Naturgy invested about €1.281 billion in the first nine months, with a significant portion of spending focused on distribution networks and renewable energy projects. Installed renewable capacity stood at 8.6 gigawatts at the end of September, after 473 megawatts were added during the period. The company expects to bring a further 504 megawatts online in the fourth quarter, raising its operating capacity to nearly 10 gigawatts by year-end. It also expects to bring an additional 1 gigawatt of capacity online during 2026, followed by 2.1 gigawatts between 2027 and 2030, including 1.2 gigawatts of battery storage. These additions link its renewable energy and storage expansion plans to its investment horizon over the coming years.
On financing, net debt stood at €12.307 billion at the end of September, with net debt to EBITDA at about 2.2 times. Naturgy said it has financial capacity of up to €12 billion to consider potential company deals, provided any transaction meets value-creation criteria and preserves its BBB credit rating. The company approved a second interim dividend for 2026 of €0.60 per share, payable on November 5. The targeted total dividend for the fiscal year is €1.80 per share. GASNY shares closed at $6.79 on October 28, according to EL7 data.
Naturgy said it will present its next strategic plan during 2027, with a horizon extending to 2030. This follows its statement that it is delivering on the commitments in its current strategic plan. The company expects to bring 504 megawatts of renewable capacity online in the fourth quarter, as part of its forecast to add 1 gigawatt during the year. The announced additional capacity program also extends to 2.1 gigawatts between 2027 and 2030, including 1.2 gigawatts of battery storage. Payment of the second interim dividend is scheduled to begin on November 5.