Spanish energy group Naturgy recorded a net profit of €1.67bn ($1.76bn) over the first nine months of the year, compared to €1.58bn ($1.66bn) in the same period in 2024. The company aims to exceed €2bn ($2.11bn) in net profit by the end of 2025, a target previously communicated to the markets. This result is mainly supported by stable energy prices and solid performance from its regulated activities, despite ongoing geopolitical tensions.
Stable EBITDA performance
Earnings before interest, taxes, depreciation and amortisation (EBITDA) reached €4.21bn ($4.44bn), matching the level reported in 2024. This performance was achieved in a context marked by energy market uncertainty and international tensions. Naturgy, formerly Gas Natural Fenosa, benefited from a balanced portfolio between regulated contracts and liberalised operations. The group maintains a strategic presence in both Iberian and Latin American markets.
The financial results align with expectations from the board of directors, chaired by Francisco Reynés, who reaffirmed the annual objective during the publication. Stable cash flow allowed the company to continue its dividend distribution programmes without adjustment.
Free float increase through takeover bid
Naturgy launched a voluntary public takeover bid for 10% of its capital, approved by its main shareholders, including Spanish fund Criteria Caixa, Australian fund IFM and Algerian company Sonatrach. The operation aims to increase the company’s free float and improve stock liquidity. This initiative is part of a broader strategy to rebalance the company’s shareholder structure.
No information was provided regarding future capital increases or similar transactions. The group confirmed that the takeover bid would not alter existing governance agreements among current shareholders.
Strategic debate over nuclear extension
The results publication comes as Naturgy, alongside Iberdrola and Endesa, formally requested that the Spanish government extend operations at the Almaraz nuclear power plant, currently set for closure in 2028. The group holds a minority stake in this facility, considered strategic for national grid stability.
This request has triggered debate within the Spanish government, which maintains its phased nuclear exit schedule. The issue remains sensitive in the context of securing energy supply and could influence future investment strategies of major sector players.
