Naturgy Energy Group
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Naturgy Energy Group (NTGY) investor relations material

Naturgy Energy Group Q1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 2026 earnings summary29 Apr, 2026

Executive summary

  • Net income rose to €530m in 1Q26, up 4.7% year-over-year, supported by robust performance across all business units amid volatile energy markets driven by Middle East conflict.

  • EBITDA increased 6.5% to €1,362m from €1,279m in 1Q25, with broad-based growth across segments.

  • Free cash flow after minorities reached €810m, up 11.6%, and net debt decreased to €12,151m, preserving balance sheet flexibility.

  • Capex declined 17.9% to €339m, focused on networks and renewables.

  • Final 2025 dividend of €0.57/share was paid in March; total 2025 dividend was €1.77/share, up 10.6% from 2024.

Financial highlights

  • Net sales fell 6.9% year-over-year to €5,101m, but EBITDA and EBIT grew 6.5% and 5.8%, respectively.

  • Funds from operations increased to €1,106m from €1,018m in 1Q25.

  • Average cost of debt held steady at 3.9%, with 66% of debt at fixed rates.

  • Net debt/LTM EBITDA at 2.2x; EBITDA/cost of net financial debt at 10.4x.

  • Liquidity at €10,230m, including €4,746m in cash and €5,484m in undrawn credit lines.

Outlook and guidance

  • Well positioned to navigate continued market volatility through 2026, leveraging flexibility, risk management, and disciplined capital allocation.

  • Improved visibility for 2026 with regulatory clarity and ongoing execution of growth projects, including 1.2GW of renewables under construction.

  • Uncertainty persists regarding the duration and macroeconomic impact of the Middle East conflict.

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