Naturgy Energy Group (NTGY) Q1 2026 earnings summary

Executive summary

• EBITDA rose 6.5% to €1,362m and net income increased 4.7% to €530m, with broad-based performance amid energy-market volatility.

• Free cash flow after minorities grew 11.6% to €810m; net debt stood at €12,151m, preserving balance-sheet flexibility.

• Funds from operations reached €1,106m, up 9.6% year over year.

• Networks, Energy Management and Spanish Thermal Generation supported earnings; no gas procurement contracts were linked to the Middle East.

• Renewable installed capacity reached 8.1GW, with 1.2GW under construction.

Financial highlights

• Net sales fell 6.9% to €5,101m, while EBITDA grew 6.5% and EBIT increased 5.8%.

• Capex declined 17.9% to €339m; €192m was growth capex, mainly for networks and renewables.

• The financial result worsened 22.7% to -€135m, reflecting lower financial income.

• The 2025 dividend totaled €1.77/share, including the €0.57/share final dividend paid in March.

• €548m of dividends were paid in the quarter while net debt remained stable at €12,151m.

Outlook and guidance

• Q1 began ahead of expectations; guidance may be updated with H1 results after assessing market volatility and evolving conditions.

• Improved 2026 visibility reflects regulatory clarity, risk management and execution of growth projects; management remains focused on disciplined capital allocation.

• Energy forwards point to gradual price normalization in H2, with prices expected to remain above January-February levels; Iberian power prices may remain volatile and weather-dependent.

• More than 70 renewable gas projects are progressing, while permitting delays affect investment timing.