Full Year 2025 Naturgy Energy Group SA Earnings Call Transcript
Key Points
- Naturgy Energy Group SA (GASNY) met its 2025 guidance, reinforcing its track record of consistent delivery.
- The company achieved a record EBITDA of €5.3 billion and net income of €2 billion for 2025.
- Naturgy's balance sheet remains strong, providing strategic flexibility with a net debt to EBITDA ratio of 2.3 times.
- The company has increased its free float and stock liquidity, leading to a return to major indices like the MSCI.
- Naturgy's commitment to the energy transition is evident, with significant investments in renewables and a diversified LNG portfolio.
- The Networks segment reported a 5% decline in EBITDA due to currency depreciation and a one-off positive impact in Chile in 2024.
- Gas benchmarks and Brent prices softened in the second half of 2025, impacting revenue.
- The company faces challenges in the regulatory environment, particularly with the new OpEx standard and incentive mechanisms in Spain.
- There is a potential increase in net debt to €13.5 billion in 2026 due to liabilities and payments to the CNMC.
- The renewable generation segment in Spain faces challenges with permitting delays and limited profitability due to negative prices.
Good morning everyone and thank you for joining our full year 2025 results presentation. This is Abel Arbat speaking from the capital markets team at the Naturgy.
Next to me sits our executive Chairman Mr. Francisco Renez, the general counsel to the board, Manuel Garcia Cavaleda, the global head of financial markets and corporate development, Mr. Steven Fernandez, and the global head of control and energy planning, Ms. Rita Ruialda.
Today's presentation is a bit longer than usual as we aim to cover the results, but also to address some of the key themes and opportunities for 2026.
As usual, we will start the presentation and then move to the Q&A session at the end of the call.
Please, as usual, submit your questions through the webcast platform.
And with that, let me hand it over to Steven Fernandez, to kick off the presentation.
Thank you, Abel, and good morning to
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