Naturgy Energy Group (NTGY) Q3 2026 earnings summary

Executive summary

• 9M26 EBITDA rose 3.9% to €4,380m and net income increased 5.4% to €1,758m; stronger networks and Spanish thermal generation supported the results.

• Performance and cash generation supported a second FY26 guidance upgrade despite volatile markets and working-capital pressure.

• Net debt was €12,307m, broadly stable versus FY25; balance-sheet capacity supports disciplined, value-accretive growth.

Financial highlights

• Net sales increased 5.4% to €15,374m and EBIT rose 6.2% to €3,092m; financial result was -€459m versus -€400m in 9M25.

• FFO increased 7.8% to €3,560m; €968m of working-capital outflow contributed to CFO falling 32.8% to €2,592m.

• Free cash flow after minorities was €1,077m; investment was €1,280m versus €1,389m in 9M25.

• Main growth drivers included networks and thermal generation; Energy Management and Supply results declined.

Outlook and guidance

• FY26 guidance was raised to EBITDA above €5.6bn, net income around €2.2bn and year-end net debt below €13.0bn.

• FY26 dividend guidance remained €1.80/share; the €0.60/share second interim dividend was payable November 5.

• 2027 visibility improved across key businesses; planned 2027–30 additions include 2.1GW of renewable capacity, including 1.2GW of batteries.

• 504MW of renewable capacity was expected to enter operation in 4Q26; close to 1.2GW was under construction at period-end.

• Existing 2025–27 plan targets remain a floor, with greater 2027 visibility expected alongside FY26 results.