Naturgy Energy Group (NTGY) AGM 2025 summary

Opening remarks and agenda

• AGM held on 25 March 2025, with both in-person and remote attendance, confirming legal quorum and notary presence for official minutes.

• Agenda was published in advance, considered read by consensus, and covered 2024 results, 2018-24 transformation, 2025 strategic plan, and proposed resolutions.

Financial performance review

• 2024 saw volatile energy prices, with energy index declines of 20–30%, but net sales reached €19,267m, EBITDA €5,365m, and net profit €1,901m.

• Results aligned with 2023 record despite a more challenging energy scenario.

• Net debt stood at €12,201m, with a net debt/EBITDA ratio of 2.3x and liquidity over €11,000m.

• Operating cash flow was nearly €4bn, with €2.2bn invested and €1.5bn paid in taxes.

• Investments focused on renewables, energy transition, and distribution networks, with Spain receiving half.

Dividend announcements

• 2024 total dividend set at €1.60/share, with interim payments in August and November 2024 and final payment in April 2025.

• New dividend policy aims for annual increases of €0.10/share, with a €0.60 complementary dividend to be paid on April 9, 2025.

• Dividend floor maintained for 2025-27, proportional to treasury shares.

• €9.993bn distributed in dividends from 2018–2024.