Nine Months 2025 Naturgy Energy Group SA Earnings Call Transcript
Key Points
- Naturgy Energy Group SA (GASNF) reported a robust operational performance, maintaining a strong balance sheet and delivering on its 2025 guidance.
- The company increased its free float from 10% to almost 19%, enhancing share liquidity and positioning itself for a return to the MSCI indexes.
- Naturgy Energy Group SA (GASNF) approved a second 2025 dividend of EUR0.60, on track for a minimum annual total DPS of EUR1.7 per share.
- The company demonstrated strong cash flow generation, with free cash flow after minorities reaching almost EUR2.2 billion.
- Renewable Generation EBITDA increased due to the commissioning of new capacity and higher electricity prices, particularly in the United States and Australia.
- Networks EBITDA declined by 8% compared to 2024, primarily due to one-off positive impacts in Chile last year and currency depreciation in Latin America.
- The company's net debt stands at EUR12.9 billion, although it is expected to improve by year-end.
- Spanish thermal generation faces uncertainty regarding capacity payments, with no clear indications on the matter yet.
- The supply business experienced a 16% decline in EBITDA compared to 2024, affected by margin pressure and competition.
- Currency depreciation in Latin America, particularly in Argentina and Brazil, negatively impacted results.
Good morning, everyone. This is Abel Arbat speaking from the Capital Markets team at Naturgy. And we thank you for joining our results call for the first nine months of 2025. Next to me sits the Head of Financial Markets and Corporate Development, Mr. Steven Fernandez; and the Head of Control and Energy Planning, Mrs. Rita Ruiz de Alda. As usual, we will begin with the presentation and leave Q&A for the end. (Event Instructions) So without further ado, I'm going to hand it over to Steven to start off on the presentation.
Thank you, Abel, and good morning, everyone. As you have seen this morning, this presentation is basically divided into three main sections that we're going to go through. Firstly, we're going to review the results for the first nine months of the year. Then we're going to give you a little update on the re-establishment of the company's free float following recent moves.
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