Naturgy Energy Group SA

XMUN:GAN

Strong half: Naturgy said first-half 2026 results were strong enough to justify a full-year guidance upgrade, with EBITDA near EUR 3.0 billion and net income of EUR 1.2 billion.

Cash generation: Funds from operations stayed robust at around EUR 2.3 billion, free cash flow after minorities reached almost EUR 1.3 billion, and net debt fell from EUR 12.3 billion to around EUR 11.7 billion.

Guidance raised: Full-year 2026 guidance now calls for EBITDA above EUR 5.5 billion, net income above EUR 2.1 billion, net debt around EUR 13 billion, and a dividend of EUR 1.8 per share.

Strategy reset: Management highlighted a cleaner ownership structure, a larger free float of about 46%, simpler governance, and more room to pursue value-accretive growth.

Regulatory and market backdrop: The company said gas and power markets remain volatile, but it is positioned to navigate that with hedging, flexibility, and integrated assets; it also warned that the Russian LNG ban and tight storage could make winter 2026/27 more difficult.

Growth options: Naturgy emphasized organic growth in networks, renewables with batteries, biomethane, data centers, and selective M&A, but stressed strict discipline and a focus on returns over size.