Naturgy reinforced its renewable energy growth strategy during the first half of 2026, one of the pillars of its 2025-2027 Strategic Plan. The company already operates 8.4 GW of installed renewable capacity , including battery storage systems, and is progressing with the construction of approximately 1.3 GW more , of which it expects roughly half to be operational before the end of the year.
The expansion of its renewable energy portfolio coincides with an improvement in its financial results. Between January and June, the group achieved EBITDA of €2.975 billion , 5% higher than in the same period of the previous year, while net profit grew by 6% to €1.215 billion . Based on this performance, Naturgy decided to revise its forecasts for the end of 2026 upwards.
Investments made during the first half of the year focused primarily on distribution networks and renewable energy generation projects , the two priority areas identified by the company to sustain its growth in the coming years. The strategy aims to develop assets based on profitability, certainty in execution, and long-term value creation.
Thanks to this evolution, Naturgy expects to close 2026 with an EBITDA of over EUR 5.5 billion and a net profit above EUR 2.1 billion , figures that improve the forecasts initially contemplated in its strategic plan and are above the market consensus.
The company also strengthened its financial position during the first half of the year. Net debt decreased to €11.745 billion , compared to €12.317 billion at the end of 2015, reducing the net debt-to-EBITDA ratio to 2.2x . According to the company, this level provides it with room to continue evaluating growth opportunities without compromising financial discipline.
Renewables are gaining importance in the growth strategy
The development of new projects confirms the leading role renewable energy will play in Naturgy's roadmap for the coming years. In addition to expanding its operational capacity, the company continues to incorporate battery storage into its portfolio, a technology that is gaining importance for providing flexibility to the electricity system and facilitating greater integration of renewable generation.
With the projects currently under construction, Naturgy plans to continue selectively increasing its installed capacity, prioritizing those markets and technologies that offer greater profitability and revenue visibility.
The strengthening of the renewable energy business marks a new phase for the company, which also saw progress in other strategic indicators. The free float exceeded 46%, the highest level in its history, following transactions involving share capital, reinforcing the stock's liquidity and its attractiveness to investors.
In light of the results obtained, the Board of Directors also approved the payment of a first interim dividend for 2026 of EUR 0.60 per share , which will be paid on July 29.
Naturgy's CEO, Francisco Reynés, stated that the company is entering this new phase "with a solid balance sheet, a new shareholding structure, and a strategy focused on financial discipline and sustainable value creation." He also warned that the evolution of international gas prices anticipates a challenging winter for Europe, and therefore the group will continue working to guarantee security of supply while maintaining the development of its renewable energy portfolio.