The group reached an EBITDA of €4,380 million in the first nine months of 2026, up 4%.
Upwardly revises its guidance for full-year 2026: EBITDA above €5,600 million, net profit around €2,200 million, and net debt below €13,000 million.
Advances in the energy transition: invested around €1,300 million through September, mainly in distribution networks and renewable generation projects. Operational renewable generation capacity exceeds 8.6 GW after adding around 500 MW during the period. An additional 500+ MW are expected to come online in the fourth quarter of 2026, bringing total operational capacity close to 10 GW by year-end.
Reaffirms its commitment to shareholder remuneration and approves the payment of a second interim dividend of €0.60 per share on November 5.
Prepared to invest in potential corporate transactions of up to €12,000 million. It also notes that any potential inorganic transaction will always be subject to strict value-creation criteria and the preservation of its BBB credit rating.
Solid operational performance in a volatile environment, enabling the company to raise its full-year targets: EBITDA above €5,600 million, net profit above €2,200 million, and net debt below €13,000 million at year-end. The company also reaffirms its shareholder remuneration policy and maintains financial flexibility to pursue value-accretive growth opportunities.
The upward revision of the 2026 targets fits within a strategy combining operational efficiency, financial discipline, and commitment to security of supply and decarbonization. Net debt remained virtually stable at €12,307 million as of late September 2026, representing a net debt-to-EBITDA ratio of 2.2x, reflecting balance sheet strength and the financial capacity to pursue growth opportunities with discipline.
Naturgy maintains its commitment to gas and electricity security of supply. The company operates 17 combined cycle power plants with a total capacity of 6.8 GW, helping support power supply security in Spain.
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.
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Francisco Reynés, chairman of Naturgy
