Naturgy Energy Group (NTGY) AGM 2026 summary

Opening remarks and agenda

• Hybrid AGM convened in person and remotely; declared duly constituted on first call, with 78.8% of share capital represented, including treasury shares without voting rights.

• Agenda covered FY2025 results, the transformation begun in 2018, outlook for 2026, shareholder structure and resolutions.

Financial performance review

• FY2025 delivered the strongest results and metrics in 183 years; investment exceeded profit, taxes and fees exceeded €12bn, and shareholder distributions were nearly €1.7bn.

• Net debt was €12.3bn; net debt/EBITDA was described as among the sector’s lowest, with a BBB S&P rating and liquidity of ~€10bn.

• Investments exceeded €2.1bn, mainly in gas and electricity networks and renewable generation; average debt cost fell from 4% to 3.9%.

• Management said FY2025 exceeded commitments on operating profit, net result, debt and dividend per share.

Board and executive committee updates

• GIP’s exit left three board seats vacant; a Strategic Review or Vision Committee was created to analyze issues ahead of board decisions.

• Proposed four-year appointments or renewals for Ramón Adell, Jaime Siles, Francisco Reynés and Lars Bespolka; all were approved.

• Francisco Reynés said his Naturgy executive role and dedication were exclusive; he receives no remuneration for his non-executive CriteriaCaixa board role.