Naturgy 2Q26 feedback and review - FY26 upgrade, confident message on outlook and M&A

Research evidence excerpt

Naturgy 2Q26 feedback and review - FY26 upgrade, confident message on outlook and M&A

Global Research

22 July 2026ab

Naturgy Equities

Spain2Q26 feedback and review - FY26 upgrade,

confident message on outlook and M&A Gas Utilities

12-month rating Neutral

12m price target €28.85Upgraded guidance and solid delivery, but Neutral reiterated on limited upside

Prior : €27.05

Following a nice beat in 2Q26 results, management hosted a presentation focused on

strong YTD delivery and associated guidance upgrade, as well as strategic thoughts Price (22 Jul 2026) €29.72

related with the new growth phase the company is at. With free float increased to 46% RIC: NTGY.MC BBG: NTGY SM

and reference shareholders now aligned around a common long-term vision,

management sees good organic growth opportunities and a €10-12bn headroom for Trading data and key metrics

potential M&A - if the right opportunity appears. NTGY raised FY26 n. profit guidance 52-wk range €29.94-24.42

by c11% and reiterated 27E targets, although acknowledged upside risk. A new plan Market cap. €28.8b/US$32.9b

will be presented next year. We've revised our model, including Q2, updated outlook Shares o/s 970m (ORD)

and macro forecasts. Neutral rating on limited upside to our new €28.85 PT (+7%). Free float 15%

Avg. daily volume ('000) 1,930

Integrated business and solid B/S offer a unique position to accelerate growth Avg. daily value (m) €54.5

Management said Naturgy is well-positioned to accelerate growth due to the diversified Common s/h equity (12/26E) €9.97b

and resilient earnings profile, strategic role as a gas player in Spain, sizeable power P/BV (12/26E) 2.8x

generation portfolio - in Spain and abroad - and a solid track record of capital discipline, Net debt to EBITDA (12/26E) 2.4x