Naturgy Energy: 1H26 beat and guidance upgrade provides stronger setup into 2026

Research evidence excerpt

Naturgy Energy: 1H26 beat and guidance upgrade provides stronger setup into 2026

Equity Research

European Utilities & Clean Energy

22 July 2026

Naturgy Energy

1H26 beat and guidance upgrade

provides stronger setup into 2026

Naturgy’s 1H26 beat and upgraded 2026 guidance reinforce a NTGY.MC/NTGY SM EQUAL WEIGHT

POSITIVEstronger earnings setup. With improving free float, €10–12bn EuropeanEnergy Utilities & Clean

balance sheet firepower, ~6% yield and growing exposure to Price Target EUR 30.00

Spain’s fast-expanding data-centre theme, we see scope for Price (21-Jul-26) EUR 28.50 Potential Upside/Downside +5.3%

Source: Bloomberg, Barclays Researchoutperformance.

Naturgy delivered a solid 1H26 beat and raised 2026 guidance, reinforcing a positive setup European Utilities & Clean Energy

for the year. Group EBITDA reached €2,975m, ~3% ahead of Bloomberg consensus at €2,888m, Peter Crampton

+44 (0)20 3555 0125while net income of €1,215m was ~4% above consensus at €1,166m. Net debt of €11,745m was

peter.crampton2@barclays.com

broadly in line with the €11,794m expectation. In our view, the outperformance was

Barclays, UK

underpinned by stronger delivery across the core divisions, particularly Networks, supported by

Latin American tariff updates, higher returns in Spanish power distribution and lower-than- Dominic Nash, PhD

+44 (0)20 3134 2364expected minority interests. The strength of the 1H26 print also translated into upgraded 2026

dominic.nash@barclays.com

guidance, with Naturgy now targeting EBITDA above €5.5bn versus company-collected

consensus of ~€5.4bn, net income above €2.1bn versus consensus of ~€2.0bn, and net debt of

~€13.0bn, in line with consensus. Laura Marconi

+44 (0)20 3555 0762

We expect Naturgy shares to outperform the European Utilities sector (SX6P) today.