Naturgy has presented its results for the first nine months of 2026, during which it achieved a Ebitda of 4.380 billion euros (4% more) and a net profit of 1.758 billion euros (5% higher than the same period of the previous financial year). The company highlights that this performance is due to a solid operational performance in a volatile international environment.
Market context and annual forecasts
The period has been marked by the conflict in the Middle East and its impact on the supply chains of oil and gas, global routes (such as the Strait of Hormuz) and liquefied natural gas (LNG) infrastructures. In this scenario of high and volatile energy prices, the company has employed market hedges as a risk management tool, a strategy continued since the beginning of the war in Ukraine.
Thanks to the performance achieved, Naturgy has raised its annual targets for the end of 2026:
Ebitda: above 5.600 billion euros.
Net profit: above 2.200 billion euros.
Net debt: below 13.000 billion euros.
Financial strength and shareholder remuneration
Net debt stood at 12.307 billion euros at the end of September, maintaining a net debt to Ebitda ratio of 2.2x. This financial stability supports the entity's flexibility, which has a financial capacity of up to 12.000 billion euros for potential corporate operations under strict profitability and rating preservation criteria.
Regarding shareholder remuneration, the company has reaffirmed its dividend policy and has approved a second interim dividend of 0.60 euros per share, payable on 5 November. The total remuneration for the financial year will reach 1.80 euros per share, representing an annual yield of 6% at current share prices.
Investments, energy transition and supply security
Between January and September, Naturgy allocated 1.281 billion euros in investment, primarily boosting distribution networks and renewable projects. Installed renewable capacity reached 8.6 GW after incorporating 473 MW during the period, with plans to add another 504 MW in the fourth quarter to approach 10 GW operational by year-end. This is complemented by its commitment to battery storage and the development of green gas.
In parallel, the company ensures electric supply security in Spain thanks to its 17 combined cycles (6.8 GW of total power).
The executive chairman, Francisco Reynés, has stated that the results reflect the organisation's commitment in a very demanding geopolitical and market context. He also emphasised that this effort allows for raising the forecasts for the year while maintaining financial discipline, supply security, and returns to shareholders, in line with the company's new corporate purpose. Looking ahead, Naturgy plans to present its new strategic plan with a horizon of 2030 over the next year.