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Naturgy Energy Group (NTGY) investor relations material
Naturgy Energy Group H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Record EBITDA and net income in H1 2025, demonstrating resilience and diversification amid macro uncertainty and higher energy prices.
Completed €2.3bn tender offer/share buyback, increasing free float, treasury stock to 10%, and supporting MSCI index re-entry.
Announced €0.60/share interim dividend, with 2025 dividend guidance raised to €1.7–1.9/share, above consensus.
Strategic Plan 2025–2027 reaffirmed, targeting value creation, growing dividends, and disciplined investment.
2025 guidance for EBITDA and net income set above market expectations.
Financial highlights
EBITDA at €2,848m in H1 2025, net income up 10% to €1,147m, and free cash flow after minorities at €1,280m.
Net sales rose 9.8% year-over-year to €9,961m; gross margin increased to €3,849m.
Net debt at €13,689m after dividend and share buyback; net debt/EBITDA at 2.6x.
Capex in H1 2025 totaled €897m, with growth capex over 60% of total investments.
Liquidity strong at €8,596m, including €3,104m cash and €5,492m undrawn credit lines.
Outlook and guidance
2025 EBITDA guidance above €5.3bn and net income above €2bn, both exceeding consensus.
Dividend per share expected at €1.7–1.9 in 2025, rising to €1.9 in 2027, with best-in-class yield (~7%).
Net debt projected below €14.7bn, with net debt/EBITDA below 2.8x.
Focus on efficiency, capital discipline, and selective renewables growth.
Energy market outlook for H2 2025 shows stable to slightly lower commodity prices, with all LNG volumes hedged.
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